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The Global Money MarketForeign exchange trading in Britain is centered wholly in London. The London foreign exchange market is a telephonic market consisting of 3 groups: authorized banks, 11 foreign exchange brokers and the Bank of England. British opera-lions arc lo some degree over-seen and controlled by the Bank of England, which limits outstanding positions and calls Continuous eontacl between dealers in banks in many cities around the world is, in essence, the international market. They fix the inlernational conversion value of one currency against another and conflicting opinions are swiftly ironed out by the movement of funds. At any one moment of lime, the value of sterling against the American dollar is the same, whelher yon deal in London, Germany, Tokyo or San Francisco. The major conlrolling factors that affect exchange rates are speculation, interest rates and the balance of payments. In the past, speculalion against the dollar in favour of other currencies has led to the sale of dbllars and the consequent purchase of other currencies. Interest rates dictate the flow of money from one foreign centre to another as money seeks higher yields and Ihe conditions in local money markets plus window dressing operations at Ihe ends of mqnlhs, quarters and the year, react on money flows. So the impact.of a balance of payments surplus or deficit is quite apparent. 11 follows lhal Ihe currency of a country with a constant surplus will always be in demand. But other things quite apart from financial factors affect the foreign exchange market. Political events can move the market quite significantly. At one point exchange rates were controlled and moni-lored by the central banks under the Brellon Woods Agree-menl. This affected member countries of Ihe International Monetary Fund, which meant simply that all such countries would have a parity for their currency against the American dollar, itself lied to gold, and Iheir currency would be pro-
108 109 tected against the dollar to a maximum spread of 3/4 per cent either side of this parity. All comme'rcial companies working on a wider commercial profit margin could rely on the rate movement staying within agreed boundaries. I Using the words in brackets as a guide, explain the mean- \ ing of the following terms and phrases: 1. speculation (profiting from, buying, selling, fluctuating] 2. balance of payments (all economic transactions, a system-1 3. exchange rate (in different countries, the relation, used,| 4. balance of payments surplus (merchandise, services, for-| 5. balance of payments deficit (purchased abroad, merchan 6. parity (equality of, between two convertible currencies, 7. revaluation (a new value to, to give, currency) 8. devaluation (in a crisis, a currency, the legal value of, to 9. floating currency (not fixed, the rate of exchange) 10. spread (to differ, put and call price, in which, an option) II Choose the word or phrase in brackets that would best substitute for the word or phrase in bold print in the following sentences: 1. The Bank of England limits outstanding positions at the London Foreign Exchange, (unpaid, easily noticed, well-known) 2. This control has never prevented the involvement in world money operations. (support, participation, spontaneity) 3. They fix the international conversion value of one cur (put in order, justify, settle) 4. The factors that affect exchange rates mostly are specula- tion, interest rates and the balance of payments, (cause a change of, increase, decrease) 5. The Bank of England will promote a protection to hold (keep a promise, announce, give support to) 6. British export proceeds were invariably received in ster (debts, earnings, credits) (usually, rarely, frequently) 7. The devaluation of sterling accentuated the switch away from the pound. V (selling, buying, a move-from) 8. After sterling had been devalued, rates of exchange were (changeable, unchangeable, flexible) 9. During that period the pound rose against the dollar. (its value increased, stayed at the same level, fell) 10. The EEC is bent on removing fluctuations between their (opposed to, indifferent to, determined to) III Say what is true and what is false. Correct the false sentences: 1. British operations at foreign exchange markets are free of any control.
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2. The global money market means continuous contact be 3. The value of sterling against the American dollar is higher if you deal in London. 4. The balance of payments surplus or deficit has no affect 5. Interest rates dictate the flow of money from one foreign 6. The currency of a country with a constant deficit is rarely 7. Political events have little significance for foreign exchange markets. IV Vocabulary. Opposite». Find pairs ofopposites in the following lists:
1. export proceeds 2. fixed rate 3. international money market 4. maximum spread 5. revaluation 6. surplus 7. supply 8. true value 9. upper limit Collocation. Find the nouns which are qualified in the continuous regular constant telephonic central true financial undesirable floating maximum VI
Combine the words listed below into meaningful two or
interest intervention international local London margin market member money movement VII Using information from the text, write a short summary. i VIII / Demonstrate the meaning of each of the following expressions in sentences of your own: 1. to protect against undesirable speculations 2. to fix the international conversion value 3. the value of a currency against the American dollar 4. to affect exchange rates 5. to t>e in demand 6. to fix a parity for a currency against the dollar 7. to hold a currency within a rate spread of 8. the devaluation of a currency 9. stable rales of exchange 10. the pound rose against the dollar from..... up lo.....
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IX In the sentences of this test every seventh word has been left out. Write in the word that Jits best: The International Monetary Fund was set by the Bretton Woods Agreement of... The Fund was established to encourage.... cooperation in the monetary field and.'.... removal of foreign exchange restrictions, to.... exchange rates and to facilitate a. payments system between mem in which should be confined to... per cent of its par value .... member was required to consult with..... IMF before devaluing or revaluing its........ Members in deficit were obliged by..... terms of the agreement to consult...... the IMF on the procedures being..... to improve their balance of payments.... was agreed that it was essential....... hold discussions to consider the reform...... the international monetary system over.... long term. Active Vocabulary: be entitled to (v) capital goods commitment contractual cover (v) enter into a contract (v) entrepreneur exchange control firm forward exchange cover liquidate (v) option penalty playground rule (v) rule out (v) ruling thin market undervalue (v) whereby
— иметь право — средства производства — обязательства — покрывать, обеспечивать, — заключать контракт — предприниматель — валютный контроль — фирма — форвардное покрытие — ликвидировать, погашать — опцион — штраф — площадка — поставлять, устанавливать, — исключать — господствующий, правящий — вялый, "узкий" рынок — недооценивать — посредством чего-либо
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