1、什么是银团贷款？
1, what's a syndicate loan?
银团贷款又称为辛迪加贷款，以共同出资、共同承担风险为特征的银行联合信贷经营形式，在国家投资信用中得到广泛的应用。银团贷款的当事人为借款人和参加银团的各家银行，后者又可以分为牵头行，代理行和参与行。银团贷款不仅分散了贷款风险而且又为企业筹集巨额资金开辟了渠道，现在已经成为国际上中长期贷款的主要形式之一。
Group loans, also known as syndicate loans, are widely used in the form of joint bank credit operations, characterized by co-financing and shared risk-taking. The parties to the syndicate’s loans are borrowers and banks participating in the consortium, which can be divided into lead banks, agencies, and participating banks.
2、什么是远期利率协议？
2, what is an forward rate agreement?
远期利率协议是一种远期合约，买卖双方商定将来一定时间段的协议利率，并指定一种参照利率。在将来清算日按照规定的期限和本金数额，由一方向另一方支付协议利率和届时参照利率之间差额利息的贴现金额。
The forward interest rate agreement is a forward contract in which the seller and buyer agree on an agreed rate for a future period of time and specify a reference rate.
3、什么是贷款承诺？
3, what's a loan commitment?
贷款承诺是指银行承诺在一定时期内或者某一时间按照约定条件提供贷款给借款人的协议。它属于银行的表外业务，是一种承诺在未来某时刻进行的直接信贷。它可以分为不可撤消贷款承诺和可撤消贷款承诺两种。对于在规定的借款额度内客户未使用的部分，客户必须支付一定的承诺费。
A loan commitment is an agreement whereby the bank undertakes to extend a loan to the borrower on agreed terms for a specified period of time or at a specified time. It is an off-the-shelf business of the bank, a direct credit undertaking to be made at a certain point in the future. It can be divided into an irrevocable loan commitment and a revocable loan commitment.
4、银行承兑汇票的程序是什么？
4 What are the procedures for bank exchange orders?
承兑是指汇票付款人承诺在汇票到期日支付汇票金额的票据行为。在通常情况下，承兑涉及三方当事人，即汇票的出票人，票上所载付款人，持票人。银行承兑汇票的程序如下：首先持票人在汇票到期日前或者出票日起一个月内向付款人提示承兑。其次银行收到持票人提示承兑的汇票后，就应当向持票人签发收到汇票的回单，并且在三日之内决定承兑或者拒绝承兑。最次付款人承兑汇票后，履行到期付款的义务。
As a rule, the acceptance involves three parties, i.e., the issuer of the bill of exchange, the payer on the ticket, the payer on the ticket, the holder of the ticket, and the holder. The procedure for the bank's acceptance of the bill of exchange is as follows: the first holder informs the payer before the bill of exchange expires or within one month of the date on which the bill of exchange is issued.
5、本票、汇票、支票、银行承兑汇票的定义是什么？
本票是指由出票人签发的，承诺自己在见票时无条件支付确定的金额给收款人或者持票人的票据。本票的出票人可以是银行，也可以是企业，可以分为银行本票和商业本票两种，目前在我国使用的是银行本票。本票可以背书转让。
A promissory note is a document issued by the invoicer who undertakes to pay the specified amount unconditionally to the recipient or holder at the time the ticket is presented.
汇票是指由出票人签发的，委托付款人见票时或者在指定日期无条件支付确定的金额给收款人或者出票人的票据。汇票按照出票人的不同可以分为银行汇票和商业汇票两种，汇票也可以背书转让。
A bill of exchange is a document issued by the issuer, which is paid unconditionally to the payee or to the issuer on the date specified. A bill of exchange may be divided into a bank bill and a commercial bill of exchange, depending on the issuer, and a bill of exchange may be transferred by endorsement.
支票是指由出票人签发的，委托办理支票存款业务的银行或者其他金融机构在见票时无条件支付确定的金额给收款人或者持票人的票据。支票共有四种：转帐支票，现金支票，普通支票，划线支票。
Cheques are those issued by the issuer and entrusted to the bank or other financial institution in which the cheque is deposited to pay unconditionally, at the time the ticket is presented, the amount determined to the payee or to the bearer. There are four types of cheques: a transfer cheque, a cash cheque, a regular cheque and a underlined cheque.
银行承兑汇票是指由收款人或者付款人开出的，由付款人向其开户银行提出承兑申请而且经过银行承诺到期兑付的汇票。
A bank bill of exchange is a bill of exchange issued by the payee or the payer, to which the payer makes an application to the depositary bank and is paid when the bank undertakes to do so.
6、什么是系统性风险和非系统性风险？
系统性风险是指由那些能够影响整个金融市场的风险因素引起的，这些因素包括经济周期、国家宏观经济政策的变动等。这种风险不能通过分散投资相互抵消或者削弱。因此又称为不可分散风险。而非系统性风险是一种与特定公司或者行业相关的风险，它与经济、政治和其他影响所有金融变量的因素无关。通过分散投资，非系统性风险可以被降低，而且如果分散是充分有效的，这种风险还可以被消除。因此又被称为可分散风险。
Systemic risks are those caused by risk factors that can affect financial markets as a whole, such as economic cycles, changes in national macroeconomic policies, etc. Such risks cannot be offset or weakened by diversification of investments. They are thus referred to as non-dispersible risk. Not systemic risk is a risk associated with a particular company or industry that has nothing to do with economic, political and other factors affecting all financial variables. Unsystemal risk can be reduced through diversification, and it can be eliminated if it is sufficiently effective.
7、什么是票据贴现，如何计算贴现额？
票据贴现是指银行应客户的要求，买进其未到付款日期的票据，并向客户收取一定的利息的业务。具体程序是银行根据票面金额以及既定贴现率，计算出从贴现日到票据到期日这段时间的贴现利息，并从票面金额中扣除，余额部分支付给客户。票据到期时，银行持票据向票据载明的支付人索取票面金额的款项。贴现额的计算公式为：
At the request of the customer, the bank buys its outstanding instruments and collects a certain amount of interest from the customer. The procedure is that the bank calculates the discount interest between the date of the discount and the date of expiry of the instrument, and deducts the balance from the amount of the ticket, which is paid to the customer.
贴现付款额＝票据面额×（1－年贴现率×未到期天数÷360天）
Discount payments = nominal bills x (1-year discount rate x days not due 360 days)
贴现业务形式上是票据的买卖，但实际上是信用业务，即银行通过贴现间接贷款给票据金额的支付人。
The discount business is in the form of a sale or sale of an instrument, but it is in fact a credit business, i.e. the bank makes an indirect loan to the person who pays the amount of the instrument by discounting it.
8、什么是备用信用证？它有哪些特点？
备用信用证实质上是担保的一个类别，通常与商业票据的发行相联系。备用信用证是一种信用证或者类似安排，构成开证行对受益人的下列担保：一是偿还债务人的借款或者预支给债务人的款项，二是支付由债务人所承担的负债，三是对债务人不履行契约而付款。由此可见，银行开出备用信用证等的行为与传统的商业信用证不同点在于，它并不需要银行进行实际的融资，仅当申请人无力偿还时才需要银行承担债务责任。
Stand-by letters of credit are essentially a category of security, usually linked to the issuance of commercial instruments. A stand-by letter of credit is a letter of credit or similar arrangement that constitutes a guarantee to the beneficiary by the issuing bank to repay the debtor’s loans or advances to the debtor, to pay the debtor’s liabilities and to pay the debtor’s non-performance of the contract. Thus, the behaviour of a bank, such as issuing a stand-by letter of credit, differs from the traditional commercial letter of credit in that it does not require actual financing by the bank and that the bank is liable only when the applicant is unable to pay.
9、什么是票据的背书？
9 and what's the endorsement of the notes?
票据的背书是指票据持有人将票据转让他人时，在票据背面或者粘单上记载有关事项并且签章的票据行为。签章的人称为背书人。接受票据转让的人称为被背书人或者转让人。背书可以分为记名背书和不记名背书两种。经过票据的背书，如果出票人或者付款人到期拒绝支付，票据不能兑现时，背书人负有连带的付款责任。因此，票据的背书是背书人的一种或有负债。
The endorsement of an instrument means the act of writing the matter on the back of the instrument or on a sticker and signing the document when the holder assigns the instrument to another person. The person signing the document is referred to as the endorsement person. The person receiving the transfer is referred to as the endorsement person or the assignor. The endorsement may be divided into endorsements and bearer endorsements.
10、什么是同业拆借市场？该市场的交易主要有哪些？
10, what is the joint venture market? What is the main deal in this market?
同业拆借市场，是指金融机构之间以货币借贷方式进行短期资金融通活动的市场。同业拆借的资金主要用于弥补银行短期资金的不足，票据清算的差额以及解决临时性资金短缺需要。同业拆借市场的主要交易有：
The main transactions in the cooperative lending market are:
（1）头寸拆借，一般为日拆。
(1) The size of the position is reduced, usually by day.
（2）同业借贷，它的期限比较长，从数天到一年不等。
(2) Inter-operative lending, which is of a relatively long duration, varies from a few days to one year.
同业拆借市场的利率确定方式有两种：其一为融资双方根据资金供求关系以及其他影响因素自主决定；其二为融资双方借助中介人经纪商，通过市场公开竞标确定。
Interest rates are determined in two ways: on the one hand, on the other hand, on the other hand, on the basis of the parties'autonomy in determining the supply and demand of funds and other influencing factors, and on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, on the other hand, through an intermediary broker, through open competitive bidding in the market.
11、什么是国家助学贷款？
11, what's a national student loan?
国家助学贷款是由中央和省级政府共同推动的一种信用贷款，由国家指定的商业银行负责发放，对象是在校的全日制高校中经济确实困难的本、专科学生和研究生。其主要优惠政策在于：一是无需担保，二是由中央或省级财政贴息一半。
The main preferential policy is that, on the one hand, no guarantee is required, and on the other hand, the central or provincial financial interest is 50%.
贷款金额主要根据公式确定：学生贷款金额=所在学校收取的学费+所在城市规定的基本生活费-个人可得收入（包括家庭提供的收入、社会等其他方面资助的收入）。一般情况下，学生通过申请国家助学贷款，每年可得到人民币8000元左右的贷款。国家助学贷款的期限一般不超过8年，贷款利率按中国人民银行规定的同期限贷款利率执行，不准上浮。
The amount of the loan is determined mainly on the basis of a formula: the amount of the student loan = the tuition fees charged at the school and the basic living expenses established in the municipality in which it is located — the income available to the individual (including income provided by the family, income financed from other social sources, etc.). In general, the student receives a loan of around RMB 8,000 per year by applying for a loan from the State.
12、什么叫国内生产总值？
12, what's gross domestic product?
国内生产总值，简称GDP（Gross Domestic Product）。是指一个国家或地区使用本国或本地区的生产要素，在一年内创造的最终产品和最终服务的货币价值总额。国内生产总值增长率常常被用来描述一个国家或地区的经济增长情况。但是，国内生产总值的概念具有一定的局限性。它不能反映国民经济增长的结构和质量。片面追求GDP的高速度，容易导致经济出现高投入、高消耗、低效益、不可持续的粗放型增长模式。
Gross domestic product (GDP), or gross domestic product (GDP), refers to the total monetary value of the final product and final service created in a year by a country or region using its own or its own factors of production. GDP growth rates are often used to describe economic growth in a country or region. However, the concept of gross domestic product (GDP) has certain limitations. It does not reflect the structure and quality of national economic growth.
13、什么是绿色GDP?
13, what's green GDP?
人类的经济活动包括两方面的活动。一方面在为社会创造着财富，即所谓“正面效应”，但另一方面又在以种种形式和手段对社会生产力的发展起着阻碍作用，即所谓“负面效应”。这种负面效应集中表现在两个方面，其一是无休止地向生态环境索取资源，使生态资源从绝对量上逐年减少；其二是人类通过各种生产活动向生态环境排泄废弃物或砍伐资源使生态环境从质量上日益恶化。现行的国民经济核算制度只反映了经济活动的正面效应，而没有反映负面效应的影响，因此是不完整的，是有局限性的，是不符合可持续发展战略的。
Human economic activity consists of two types of activity. On the one hand, wealth is created for society, the so-called “positive effect”, but on the other hand, it is an impediment to the development of social productivity in a variety of forms and means, the so-called “negative effect.” This negative effect is concentrated on two aspects, one of which is the endless demand for resources from the ecological environment, which reduces ecological resources from an absolute amount to a yearly level; the other is the deterioration in the quality of the ecological environment as a result of the discharge of waste or the cutting of resources from various productive activities to the ecological environment. The current system of national economic accounting reflects only the positive effects of economic activity, not the negative effects, and is therefore incomplete, limited and inconsistent with sustainable development strategies.
改革现行的国民经济核算体系，对环境资源进行核算，从现行GDP中扣除环境资源成本和对环境资源的保护服务费用，其计算结果可称之为“绿色GDP”。绿色GDP这个指标，实质上代表了国民经济增长的净正效应。绿色GDP占GDP的比重越高，表明国民经济增长的正面效应越高，负面效应越低，反之亦然。
Reforming the current system of national economic accounts to account for environmental resources by deducting from current GDP the costs of environmental resources and the costs of environmental resources protection services, the result of which could be called “green GDP.” The indicator of green GDP essentially represents the net positive effect of national economic growth. The higher the share of green GDP in GDP, the higher the positive effects of national economic growth, the lower the negative effects, and vice versa.
14、我国国内生产总值核算采用什么方法？资料来自何处？数据是如何形成和发布的？
14 What is the methodology for our gross domestic product (GDP) accounting? Where is the information from? How did the data be generated and published?
我国国内生产总值基本上是按国际通行的核算原则，对各种类型资料来源进行加工计算得出的。主要资料来源包括三部分：第一部分是统计资料，包括国家统计局系统的统计资料，如农业、工业、建筑业、批发零售贸易餐饮业、固定资产投资、劳动报酬、价格、住户收支统计资料，国务院有关部门的统计资料，如交通运输、货物和服务进出口、国际收支统计资料；第二部分是行政管理资料，包括财政决算资料、工商管理资料等；第三部分是会计决算资料，包括银行、保险、航空运输、铁路运输、邮电通信系统的会计决算资料等。统计资料在越来越多的领域采用抽样调查方法和为避免中间层次干扰的超级汇总法。基本计算方法采用国际通用的现价和不变价计算方法。
The country's gross domestic product (GDP) is essentially based on internationally accepted accounting principles and is based on the processing of various types of sources of information. The main sources of information are three parts: the first part consists of statistical information, including statistics from the national statistical office system, such as agriculture, industry, construction, catering in wholesale and retail trade, investment in fixed assets, remuneration for labour, prices, household income and expenditure statistics, statistics from relevant departments of the Department of State, such as transport, import and export of goods and services, balance-of-payments statistics; the second part consists of administrative information, including financial accounts, business management information, etc.; the third part consists of accounting accounts, including bank, insurance, air transport, rail transport, postal and telecommunications systems.
人们会发现，不同时期发布的同一年国内生产总值数据往往不一样，这是因为国内生产总值核算数据有个不断向客观性、准确性调整的过程。首先是初步估计过程。某年的国内生产总值，先是在次年的年初，依据统计快报进行初步估计。
One will find that the same year's GDP data are often different from one year to another, because there is a continuous process of adjusting GDP accounting data to objectivity and accuracy. The first is the preliminary estimation process.
统计快报比较及时，但范围不全，准确性不很强。初步估计数一般于次年2月份发表在《中国统计公报》上。其次是在次年第二季度，利用统计年报数据对国内生产总值数据重新进行核实。年报比快报统计范围全，准确度也高，采用这类资料计算得到的国内生产总值数据是初步核实数，一般在第二年的《中国统计年鉴》上公布。
The initial estimates are generally published in the Chinese Statistical Bulletin in February of the following year, followed by a reverification of GDP data in the second quarter of the following year, using statistical annual reports. The annual reports are more comprehensive and accurate than the fast-reporting statistics, and the gross domestic product data derived from the calculations of this type of information are preliminary checks and are generally published in the Chinese Statistical Yearbook for the second year.
至此，工作还未结束，因为国内生产总值核算除了大量统计资料外，还要用诸如财政决算资料、会计决算资料等大量其他资料，这些资料一般来得比较晚，大约在第二年10月左右得到，所以在第二年年底的时候，根据这些资料再做一次核实，叫最终核实。最终核实数在隔一年的《中国统计年鉴》上发布。
At this point, the work has not been completed, as GDP accounting uses, in addition to a large amount of statistical information, a large amount of other information, such as financial and accounting information, which is generally received late, around October of the following year, so that at the end of the second year, it will be verified once again for final verification. Final verifications are published in the Chinese Statistical Yearbook in a year's time.
三次数据发布后，如果发现新的更准确的资料来源，或者基本概念、计算方法发生变化，为了保持历史数据的准确性和可比性，还需要对历史数据进行调整。我国在1995年利用第一次第三产业普查资料对国内生产总值历史数据进行过一次重大调整。
Three times after the release of the data, if new and more accurate sources of information, or changes in basic concepts and methods of calculation, are discovered, historical data will need to be adjusted to maintain the accuracy and comparability of historical data. In 1995, we made a major adjustment to the historical data on gross domestic product (GDP) using data from the first census of the tertiary sector.
15、什么是外汇管制？
15, what's exchange control?
外汇管制是指一国政府利用各种法令和规定，对居民外汇买卖的数量和价格加以严格的行政控制，以达到平衡国际收支、维持利率，以及集中外汇资金并根据政策需要加以分配的目的。
Exchange control means that a Government uses various decrees and regulations to exercise strict administrative control over the volume and price of foreign exchange purchases and purchases by residents in order to balance the balance of payments, maintain interest rates and centralize foreign exchange funds and distribute them according to policy needs.
16、何谓“洗钱”？
16, what do you mean “money-laundering?
“洗钱”是指犯罪分子将贪污、贩毒、走私、黑社会性质的有组织犯罪、恐怖活动及其他犯罪的违法所得及其产生的收益，利用金融系统掩盖、隐瞒这些违法所得的来源、性质和所有权，使其在形式上合法化的行为。
“Money-laundering” means the formal legalization by criminals of the illicit proceeds of corruption, drug trafficking, smuggling, organized crime of a criminal nature, terrorist activities and other crimes, and the use of the financial system to conceal and conceal the origin, nature and ownership of such proceeds.
现今，“洗钱”活动也逐步与上游犯罪相分离，利用计算机等高新技术，利用金融专业服务，借用空壳公司，伪造商业票据，使用衍生金融产品，与金融产品紧密结合，发展成为独立的犯罪行为。特别是在当前经济、资本流动国际化的情况下，日益猖獗的“洗钱”活动越来越具有跨国性质，对金融安全、经济安全和国家安全都构成了严重威胁，因此必须要加强国际协作。
Today, “money-laundering” activities are also increasingly separated from predicate offences, using high-technology technologies such as computers, using financial professional services, borrowing shell companies, counterfeiting commercial instruments, using derivative financial products, and being closely associated with financial products. Particularly in the current context of internationalization of the economy and capital flows, the growing transnational nature of “money-laundering” activities poses a serious threat to financial security, economic security and national security, and international collaboration must be strengthened.
17、什么是金融衍生产品？
金融衍生产品也称金融衍生工具,是一种通过预测股价、利率、汇率等未来市场行情走势，以支付少量保证金签订远期合同或互换不同金融商品的派生交易合约。期货、期权、远期合约、掉期合约等均属此列。通过这些基本形式的组合，就形成了复杂的金融衍生工具。
Financial derivatives are also referred to as financial derivatives, a derivative transaction contract for the payment of a small amount of security to cover future prices, interest rates, exchange rates, etc., or to swap different financial goods. Futures, options, forward contracts, swap contracts, etc. These basic forms combine to create complex financial derivatives.
18、什么是国际储备和国际清偿力？
国际储备是指一国货币当局持有的，可用于弥补国际收支赤字，维持本国货币汇率稳定的国际间可以接受的一切资产。
International reserves are all internationally acceptable assets held by a national monetary authority that can be used to cover balance-of-payments deficits and maintain stability in the exchange rate of the national currency.
国际清偿力的概念比国际储备的概念广一些，是指一个国家为本国国际收支赤字融通资金的能力。它不仅包括货币当局持有的各种国际储备，而且包括该国从国际金融机构或国际资本市场融通资金的能力、该国商业银行所持有的外汇、其他国家希望持有这个国家资产的愿望以及该国提高利率时可以引起资金流入的程度等。
The concept of international liquidity is broader than that of international reserves, referring to the ability of a country to finance its balance-of-payments deficit. It includes not only international reserves held by monetary authorities, but also the ability of the country to finance from international financial institutions or international capital markets, foreign exchange held by commercial banks in the country, the desire of other countries to hold assets in the country, and the extent to which the country can trigger an inflow of funds when it raises interest rates.
19、什么是动产质押和权利质押 ?
动产质押是指借款人或者第三人将其动产移交银行占有，将该动产作为银行债权的担保。动产质押有如下特征：
The pledge of movable property is the transfer of movable property by the borrower or a third person to the possession of the bank as security for the bank’s claim.
（１）动产质权是一种担保物权，即质押权的设定须以有效的债权债务的设定为前提，主债权消失，质权即不存在。
(1) A movable property right is a security right, i.e. a pledge right is created subject to the creation of a valid claim obligation, the principal claim disappears and the security right does not exist.
（２）质物只能是动产，并且是可转移占有权的特定的动产，具有流通性和可转移性。动产质权人必须占有质物，质权人与出质人不能约定由出质人代为占有质物。
(2) The mass can only be movable and a specific movable asset with transferable possessions, which are negotiable and transferable.
权利质押与动产质押的根本区别在于，前者以债权、股权和知识产权中的财产权利为标的物，而后者以有形动产为标的物。如果说动产质权是一种纯粹的物权，权利质权严格来说是一种准物权，共性在于二者都是质押的表现形式，具有质押的一般特征。
The fundamental difference between a pledge of rights and a pledge of movable property is that the former are subject to claims, equity rights and property rights in intellectual property, while the latter is subject to tangible movable property. If the right to encumber movable property is a purely property right, the right to encumbrance is, strictly speaking, a quasi-material right, the commonality is that both are manifestations of the pledge and have the general character of the pledge.
按照我国《担保法》规定，能作为权利质押标的物的权利只限于除财产所有权之外的具有可转让性的特定财产权，至于人身权（如姓名权、肖像权、名誉权、荣誉权、婚姻自由等）和专属权（如专利发明者的身份权、作者的署名权）均不得成为权利质押的标的物。我国《担保法》还明确规定，不动产的所有权不能成为权利质押的标的。
Under our Security Act, the right to pledge property as a pledge of rights is limited to specific transferable property rights other than property ownership, and neither personal rights (such as the right to a name, the right to a portrait, the right to reputation, the right to honour, the freedom of marriage, etc.) nor exclusive rights (such as the right to the identity of the inventor of the patent, the right to the signature of the author) may be the subject of a pledge of rights.
20、什么是反担保？
反担保即担保的担保，它是指第三人为借款人向银行提供担保时，借款人应第三人的要求为第三人所提供的担保。如银行对借款人发放保证贷款时，保证人因要承担风险，故要求借款人为自己再提供担保，借款人为保证人所提供的担保即属反担保。担保旨在保障债权的实现，是对银行利益的保护，而反担保则是对担保人利益的保护，旨在保护担保人不受损失。
Counter-guarantees are security provided by a third person to the bank when the borrower provides security to the bank, and the borrower provides security to the third party at the request of the third party. When the bank issues a guaranteed loan to the borrower, the guarantor is required to provide additional security for itself, and the guarantor is required to provide a counter-guarantee. The security is intended to safeguard the realization of the claim and to protect the interests of the bank, while the counter-guarantee is intended to protect the interests of the guarantor and to protect the guarantor against loss.
借款人为第三人提供的担保形式，既可以是保证，也可以是抵押、质押。因此，借款人为第三人提供担保的内容和程序均适用我国《担保法》关于担保的规定。
The collateral provided by the borrower to a third party may take the form of either a guarantee or a mortgage or a pledge. Thus, the content and procedures in which the borrower provides security to a third party are covered by the provisions of our Security Act.
担保实践证明，反担保的做法能够促使第三人放心大胆地担任借款人的保证人，或者拿出自己的财产为银行设定抵押权和质权。这不仅有利于保障第三人的利益，也有利于担保银行利益的实现。
Security practice has shown that anti-security practices can serve to reassure third parties to act boldly as guarantors of borrowers, or to offer their own property to create collateral and collateral rights for banks. This is not only for the benefit of third parties, but also for the realization of secured bank interests.
21、什么是派生存款？
21, what's the pie's survival money?
派生存款指商业银行通过发放贷款、购买有价证券等方式创造的存款。商业银行吸收到原始存款后，只按规定将一部分现金作为应付提款的准备，其余部分可以用于发放贷款和投资。在广泛使用非现金结算的条件下，取得银行贷款或投资款项的客户并不（或不全部）支取现金，而将其转入自己的银行账户，这就在原始存款的基础上，形成一笔新存款，接受这笔存款的银行除保留一部分作为准备金外，其余部分又用于发放贷款或投资，从而又形成了派生存款。以此类推，便使原始存款得到数倍的扩张。
Deposits made by commercial banks through loans, purchase of securities, etc. The commercial banks absorb only a portion of the cash into the original deposit, as required, and the rest may be used to make loans and investments. Under conditions of extensive use of non-cash settlements, clients who receive bank loans or investments do not (or not all) draw cash into their own bank accounts, which, on the basis of the original deposit, creates a new deposit in which, in addition to retaining a portion of the deposit as a reserve, the remaining portion is used to make loans or investments, thereby multiplying the amount of the original deposit.
22、什么是货币乘数？
22, what's a currency multiplier?
货币乘数是基础货币与货币供应量扩张关系的数量表现，即中央银行创造或缩减一单位的基础货币，能使货币供应量增加或减少的倍数。货币供应量是由基础货币与货币乘数共同决定的。令M表示货币供给量，B表示基础货币，k表示货币乘数，则货币供给的基本模型为：M=B×k
The currency multiplier is the quantitative expression of the relationship between the base currency and the expansion of the money supply, i.e., the central bank creates or reduces a unit of base currency that can increase or reduce the supply of money. The money supply is determined by the base currency and the currency multiplier.
23、什么是并表监管？
23, what is merger control?
并表监管，是指监管当局以整个银行集团为对象，对银行集团的总体经营和所有风险进行监督。这里的银行集团既包括银行直接的分支机构和子公司，也包括集团内的非银行机构和金融附属公司。资本监管、防止资本的重复计算是并表监管的重要核心内容之一。
This includes both direct branches and subsidiaries of banks, as well as non-banking institutions and financial subsidiaries within the group. Capital regulation, the prevention of double counting of capital, is one of the central elements of merger regulation.
巴塞尔银行监管委员会对监管当局的并表监管提出了以下原则：
The Basel Committee on Banking Supervision has proposed the following principles for the supervision of regulatory authorities:
（1）监管当局应了解银行集团的整体结构和主要业务；
(1) The supervisory authority shall be aware of the overall structure and main operations of the banking group;
（2）监管当局应确保银行集团总部全面监测、有效控制其境内外分支机构和附属机构的各项业务，监督整个集团内部的风险管理和内部控制情况，定期获取并核实所有境内外业务的信息；
(2) The supervisory authority shall ensure that the banking group headquarters fully monitors, effectively controls the operations of its branches and subsidiaries within and outside its territory, supervises risk management and internal controls within the group as a whole, and regularly obtains and verifies information on all operations within and outside its territory;
（3）监管当局有权全面审查银行从事的各项银行和非银行业务，无论是银行直接从事的业务（包括海外机构的业务），还是通过附属机构间接从事的业务；
(3) The supervisory authority has the power to conduct a comprehensive review of all banking and non-banking operations carried out by banks, whether directly (including those of overseas institutions) or indirectly through subsidiaries;
（4）监管当局的监管框架能够评估一家商业银行或银行集团从事的非银行业务给这家银行或银行集团带来的风险；
(4) The regulatory framework of the supervisory authority is capable of assessing the risk to a commercial bank or a group of banks of non-banking operations performed by that bank or group of banks;
（5）监管当局有权要求银行集团在并表基础上达到审慎监管标准，包括资本充足率、风险集中等标准，并确定哪些标准适用于单个银行，哪些适用于并表的银行，哪些对两者均适用；
(5) Regulatory authorities have the right to require banking groups to meet prudential regulatory standards, including capital adequacy, risk concentration, etc., on the basis of a balance sheet, and to determine which criteria apply to individual banks, which banks apply to the list and which are applicable to both;
（６）监管当局能够收集各个银行集团的并表财务信息；
(6) The supervisory authority is able to collect and table financial information for each banking group;
（７）监管当局有权对银行集团的境外机构进行现场检查；
(7) The supervisory authority has the right to carry out on-site inspections of offshore institutions of banking groups;
（８）监管当局有权要求银行集团的母公司和附属机构采取纠正措施，必要时限制或界定银行集团整体的业务范围和开展这些业务的海外场所等。
(8) The supervisory authority has the right to require the parent companies and subsidiaries of the banking group to take corrective measures, to restrict or define, if necessary, the overall scope of operations of the banking group and the overseas premises in which these operations are carried out.
24、什么是银行业金融机构监管评级体系？
银行业金融机构监管评级体系是指银行业监管机构根据现场检查、非现场监管和其他渠道获得的银行业金融机构的信息，对该机构的资本充足水平、资产质量、经营管理状况、盈利能力、流动性及市场风险敏感性等方面进行客观定量分析及定性判断，在此基础上对该机构的经营管理和风险状况进行全面评估的方法和过程。
The supervisory rating system for banking financial institutions refers to the methodology and process of conducting a comprehensive assessment of the business management and risk profile of banking institutions based on objective quantitative analysis and qualitative determination of their capital adequacy, asset quality, management status, profitability, liquidity and market risk sensitivity, based on information obtained from on-site inspections, off-site supervision and other sources.
目前，许多国家的银行监管当局都采用了美国的CAMELS评级体系。中国银监会参照CAMELS评级体系及其他评级体系，开发出了针对有关被监管机构的评级体系。
Currently, banking regulators in many countries have adopted the United States CAMELS rating system. The China Banking Supervisory Board has developed a rating system for the relevant regulators, drawing on the CAMELS rating system and other rating systems.
25、什么是银行业跨境监管？
在银行业国际化的背景下，各国的银行监管当局都要负责对本国银行的境外分支机构和境内外资银行实施监管，即在某些情况下担当母国监管者的角色，在另外情况下担当东道国监管者的角色。而且，任何一个跨国银行的分支机构都要同时接受母国和东道国监管当局的监管。实施跨境监管的目的是要确保所有的跨境银行业务都能得到母国和东道国的有效监管。
In the context of the internationalization of banking, national banking regulatory authorities are responsible for regulating the offshore branches of their banks and domestic foreign banks, i.e. acting in some cases as home country regulators and in others as host country regulators. Moreover, branches of any multinational bank are subject to both home and host country regulatory authorities. The purpose of cross-border regulation is to ensure that all cross-border banking operations are effectively regulated in both home and host countries.
为此，母国监管当局应当实施全球并表监管，对银行在世界各地的业务，特别是其外国分行、附属机构的各项业务，进行充分有效的监管；同时，东道国监管当局也应对境内的外国银行机构实施有效监管。母国与东道国监管当局应当建立监管合作机制，及时通报和交流有关信息。
To this end, home country regulatory authorities should implement global and regulatory controls that adequately and effectively regulate the operations of banks around the world, in particular those of their foreign branches and subsidiaries, and host country regulatory authorities should also exercise effective control over foreign banking institutions in their territory. Home country and host country regulatory authorities should establish regulatory cooperation mechanisms to inform and exchange relevant information in a timely manner.
26、何谓互换?
26, what's a swap?
所谓互换（Swap）是指当事双方同意在预先约定的时间内，通过一个中间机构来交换一连串付款义务的金融交易。互换交易有两种类型：货币互换（Currency Swap）和利率互换（Interest Rate Swap）。
Swap refers to a financial transaction in which the parties agree to exchange a series of payment obligations through an intermediary for a period of time to be agreed upon in advance. There are two types of swap transactions: the Exchange Rate Swap (Currecy Swap) and the Interest Rate Exchange (Interest Late Swap).
在货币互换交易中，两个独立的借取不同货币信贷的借款人，同意在未来的时间内，按照约定的规则，互相负责对方到期应付的借款本金和利息。通过这种交换，借款的双方都可以既借到自己所需的货币贷款，又同时避免了还款付息时货币兑换引起的汇率风险，从而使双方或者至少其中一方获益。
In currency swaps, two independent borrowers of different currency credits agree to each other’s mutual responsibility for the principal and interest of each other’s loans as they fall due, in accordance with the agreed rules, over a future period of time. Through this exchange, both parties can borrow both the money they need and avoid currency exchange risk arising from currency exchange when repayments are made, thereby benefiting both parties, or at least one of them.
在利率互换交易中，两个单独的借款人从两个不同的贷款机构借取了同等数额、同样期限的贷款，双方商定互相为对方支付贷款利息。此外，还可以将货币互换和利率互换结合起来进行，比如一种货币的固定利率付息与另一种货币的浮动利率付息相交换，这也称为交叉利率通货互换（Cross Currency Interest Rate Swap）。
In interest-exchange transactions, two separate borrowers borrow the same amount of loan from two different lending institutions for the same period, and the parties agree to pay each other interest on the loan. In addition, currency swaps and interest-rate swaps can be combined, such as the exchange of interest payments at a fixed rate in one currency with interest payments at a floating rate in another, also known as cross-interest swaps (Cross Policy Interest Date Swap).
27、什么是金融租赁和回租租赁?
金融租赁是指由承租人选定所需设备后，由租赁公司（出租人）负责购置，然后交付承租人使用，承租人按租约定期交纳租金。
A financial lease is the purchase by the leasing company (the lessor) of the equipment that the lessee selects for use by the lessee, who regularly pays the rent under the lease.
金融租赁合同通常规定任何一方不能中途毁约，租赁期满后，租赁设备可以由承租人选择退租、续租或将产权转移给承租人。金融租赁方式大多用于大型成套设备的租赁。
Financial leasing contracts usually provide that either party cannot destroy the contract in transit, and upon expiry of the lease, the leased equipment is subject to the lessee’s choice to withdraw, renew or transfer title to the lessee.
回租租赁，也称售出租赁，企业把持有的设备出售给租赁公司，同时签订租约，租回原设备使用，这是由于设备所有者既想获得周转资金另行投资，又想继续使用原有设备，而采用的特殊的租赁方式。
The return lease, also known as the sale of the lease, the sale of the equipment held by the enterprise to the leasing company and the signing of the lease agreement for the return of the equipment to its original use was due to the special lease modality used by the owner of the equipment in order to obtain working capital and to continue to use the original equipment.
28、什么是LIBOR ?
What's LIBOR?
LIBOR（London Interbank Offered Rate ），即伦敦同业拆借利率，是指伦敦的第一流银行之间短期资金借贷的利率，是国际金融市场中大多数浮动利率的基础利率。
LIBOR, the London Interbank Office Rate, refers to interest rates on short-term capital borrowing between first-class banks in London and is the base rate for most floating interest rates in international financial markets.
作为银行从市场上筹集资金进行转贷的融资成本，贷款协议中议定的LIBOR通常是由几家指定的参考银行，在规定的时间（一般是伦敦时间上午11：00）报价的平均利率。最经常使用的是3个月和6个月的LIBOR。
As the cost of financing a bank to raise funds from the market for loans, LIBOR is usually negotiated in the loan agreement by several designated reference banks, with the average interest rate of the offer at the specified time (usually 11 a.m. London time).
我国对外筹资成本即是在LIBOR利率的基础上加一定百分点。从LIBOR变化出来的，还有新加坡同业拆放利率（SIBOR）、纽约同业拆放利率（NIBOR）、香港同业拆放利率（HIBOR）等。
The country’s external financing costs are based on LIBOR’s interest rate plus a percentage point. From LIBOR’s changes, there are Singapore Inter-Community Dismantling Rates (SIBOR), New York Inter-Community Dismantling Rates (NIBOR) and Hong Kong Inter-Community Dismantling Rates (HIBOR).
29、何谓独立董事?
独立董事 是指具有完全意志，能代表公司的全体股东和公司整体利益的董事会成员，他独立于公司的管理和经营活动，以及那些有可能影响他们做出独立判断的事物，不能与公司有任何影响其客观、独立判断的关系。
Independent directors are members of the board of directors who have the full will to represent the interests of all shareholders in the company and of the company as a whole, who are independent of the management and operation of the company, as well as those things that may affect their independent judgement, and cannot have any relationship with the company that affects its objective and independent judgement.
它不代表出资人、管理层、股东大会、董事会任何一方的利益，因此会顾全大局，从企业自身出发，对公司活动进行监督，改变一切公司事务均由董事会决策的局面，并将最终给所有股东带来利益。
It does not represent the interests of the funder, the management, the shareholders'assembly, the board of directors, and therefore monitors the activities of the company from the point of view of the enterprise as a whole, changing the situation where all corporate matters are decided by the board of directors and will ultimately benefit all shareholders.
从世界范围看，独立董事制度主要盛行于英、美这些不设监事会的国家，其监督用意非常明显。
Worldwide, the system of independent directors prevails mainly in the United Kingdom and the United States of America, which do not have supervisory boards, with a clear intention of monitoring.
30、何谓QFII?
30, what's
所谓QFII(Qualified Foreign Institutional Investors)即合格的境外机构投资者制度，是指允许合格的境外机构投资者，在一定的规定和限制下，汇入一定额度的外汇资金，并转换为当地货币，通过被严格监管的专门账户投资当地证券市场，其资本利得、股息等经批准后可转为外汇汇出的一种市场开放模式。
The so-called QFII (Qualified Foreign Institute Investors) is a market opening model that allows qualified offshore institutional investors to remit a certain amount of foreign exchange funds, subject to certain regulations and restrictions, and converts them into local currencies by investing in the local securities market through a highly regulated specialized account, whose capital gains, dividends, etc., can be converted to foreign exchange transfers upon approval.
QFII作为一种过渡性制度安排，是那些货币没有自由兑换、资本项目未完全开放的新兴市场的国家和地区，实现有序、稳妥开放证券市场的特殊渠道。
QFII, as a transitional institutional arrangement, is a special channel for the orderly and secure opening of securities markets in emerging markets where currencies are not freely convertible and capital projects are not fully open.
2002年11月5日,中国证监会颁布了《合格境外机构投资者境内证券投资管理暂行办法》，标志着我国正式实行QFII制度.。
On 5 November 2002, the CSRC promulgated the Interim Measures for the Management of Securities Investment in the Territory of Eligible Offshore Institutions, which mark the formal introduction of the QFII regime.
31、何谓QDII?
QDII(国内机构投资者赴海外投资资格认定制度QUALIFIED DOMESTIC INSTITUTIONAL INVESTORS, QDII)制度由香港政府部门最早提出，是在外汇管制下内地资本市场对外开放的权宜之计，以容许在资本账项目未完全开放的情况下，国内投资者往海外资本市场进行投资。
The QDII (QUALIFIED DOMESTIC INSTITUTIONAL INVESTORS, QDII) system, first proposed by the Hong Kong Government, is an ad hoc approach to open up capital markets in the Mainland under foreign exchange controls to allow domestic investors to invest in capital markets abroad in the absence of a fully open capital account.
32、汇金公司是个什么样的机构？
What kind of institution is a money company?
成立于2003年12月16日,注册资本3724.65亿元人民币的中央汇金投资有限责任公司，是国务院批准设立的国有独资投资控股公司，主要职能是代表国家行使对中国银行、中国建设银行等重点金融企业的出资人的权利和义务，支持中国银行、中国建设银行落实各项改革措施，完善公司治理结构，保证国家注资的安全并获得合理的投资回报。它是独立于现有国有资产管理体系和银行监管体系的投资控股实体。
Established on 16 December 2003, the Central Money Transfer Investment Limited Company, with a capital of $37,265 million, is a State-owned sole investment holding company approved by the State Council. Its main function is to exercise, on behalf of the State, rights and obligations towards funders of key financial enterprises such as the Bank of China and the Bank of China for Construction, and to support the Bank of China and the Bank of China for the implementation of reform measures, to improve the corporate governance structure, to guarantee the security of the State's investments and to secure a reasonable return on investment. It is an investment holding entity independent of the existing State-owned asset management system and the banking regulatory system.
33、如何理解流动性比率？
33, how do you understand the liquidity ratio?
流动性比率是最常用的财务指标，它用于测量企业偿还短期债务的能力。流动性比率＝流动资产/流动负债，其计算数据来自于资产负债表。一般说来，流动性比率越高，企业偿还短期债务的能力越强。
The liquidity ratio is the most common financial indicator used to measure the ability of an enterprise to repay its short-term debt. The liquidity ratio = current assets/current liabilities is calculated from the balance sheet. Generally speaking, the higher the liquidity ratio, the greater the ability of an enterprise to pay its short-term debt.
一般情况下，营业周期、流动资产中应收账款数额和存货的周转速度是影响流动性比率的主要因素。
In general, the business cycle, the amount of receivables in current assets and the speed at which inventory is working are the main factors affecting the liquidity ratio.
计算出来的流动性比率，只有和同行业平均流动性比率、本企业历史的流动性比率进行比较，才能知道这个比率是高还是低。一般认为，生产企业合理的最低流动比率是2。
The calculated liquidity ratio can be seen as high or low only if compared with the average mobility ratio of the industry and the historical liquidity ratio of the enterprise.
这是因为流动资产中变现能力最差的存货金额约占流动资产总额的一半，剩下的流动性较强的流动资产至少要等于流动负债，企业的短期偿债能力才会有保证。
This is because the amount of inventory with the least liquidity of current assets accounts for about half of total current assets, and the remaining more liquid current assets are at least equal to current liabilities if the short-term solvency of the enterprise is to be assured.
34、什么是期权？
34, what is options?
期权，是指在未来某时期行使合同，按协议价格买卖某种金融工具的权利。期权有买权（也称看涨期权）和卖权（也称看跌期权）之分，买权是指在约定的未来时间内按协定价格购买若干标准单位金融工具的权利，卖权是指在约定的未来时间内按协定价格出售若干标准单位金融工具的权利。
A right of option is the right to exercise a contract for the purchase and sale of a financial instrument at agreed prices for a certain period of time in the future. The right of option is divided between a right to buy (also known as a right to increase) and a right of sale (also known as a right to decline) and a right to purchase a number of standard unit financial instruments at agreed rates within a given future period. The right of sale is the right to sell a number of standard unit financial instruments at agreed rates during an agreed future period.
无论是买权还是卖权,都有合同的买方（也称合同持有人）和卖方（也称合同让与人），期权合同的买方是从卖方购进一种承诺，表明卖方将在约定的时期内随时准备依买方的要求按协定价格买进（或卖出）标准数量的金融工具。
The buyer of the contract (also referred to as the contract holder) and the seller (also referred to as the contractual grantor) have both the right of purchase and the right of sale, and the buyer of the option contract has purchased from the seller an undertaking indicating that the seller will be ready to purchase (or sell) a standard number of financial instruments at agreed prices for the agreed period of time.
期权合同的买方为取得这一承诺要付出一定的代价，即期权的价格。但是合同的买方除了付出期权价格以外，只享受购买或出售金融工具的权利，而不负其他义务，即不是合同到期时非买或非卖不可。
The buyer of the option contract pays a certain price, i.e. the price of the option, to obtain this commitment. But the buyer of the contract, in addition to paying the option price, only has the right to purchase or sell the financial instrument without being obliged to do so, i.e. not to buy or sell it at the expiration of the contract.
35、为什么目前除商业银行外其他投资人不能投资于次级债券？
35; why are investors other than commercial banks not currently able to invest in sub-bonds?
由于商业银行经营管理的高度专业性，就目前我国商业银行公开信息披露的程度来说，一般的非银行机构投资人和公众投资人难以识别、分析、量化商业银行的风险及其变化情况，只有本业中的专业机构（如银行）方可进行这种风险投资，这也是循序渐进、保护广大投资人的正确措施。待信息披露和透明度建设达到监管者较为满意的程度时，次级债务将向更大范围的投资人开放。
Because of the high degree of professionalism in commercial bank management, it is difficult for investors in non-bank institutions in general and public investors in general to identify, analyse, quantify the risks and changes in commercial banks in terms of the extent to which they are publicly disclosed in our commercial banks, and only professional institutions in their own business (e.g. banks) can make such risk investments, which is also a step-by-step measure to protect a wide range of investors. Sub-debts will be open to a wider range of investors when information disclosure and transparency is built to the satisfaction of regulators.
海外其他银行监管当局如何处理商业银行持有的其他银行资本工具？中国银监会规定的处理方法是否符合国际惯例？
How does the regulatory authorities of other banks abroad deal with other banking capital instruments held by commercial banks? Is the treatment prescribed by the China Banking Supervisory Board consistent with international practice?
从监管实践来看，各国对商业银行持有其他银行资本工具的处理方法也不尽相同。英国规定银行持有其他信贷机构和金融企业发行的资本工具，必须全部从该银行资本中扣除，但少量用于交易目的（treading purpose）的持有除外。
The treatment of commercial banks holding other banking capital instruments varies from country to country from regulatory practice. The United Kingdom requires that banks holding other capital instruments issued by credit institutions and financial enterprises be fully deducted from the bank’s capital, with the exception of the holding of a small amount used for trading purposes.
新加坡、马来西亚要求从资本中直接扣除持有的其他银行发行的资本工具。在香港对经金管局（HKMA）同意的持有其他银行发行的资本工具可不进行扣除。欧盟监管条例规定一家商业银行持有其他银行发行的资本工具最高不能超过该银行资本的10%。
Singapore and Malaysia require that capital instruments issued by other banks in their possession be deducted directly from their capital. Capital instruments issued by other banks with the consent of the Monetary Authority (HKMA) may not be deducted in Hong Kong.
银监会规定商业银行持有其他银行发行的次级债券合计不得超过核心资本的20%，是国际上普遍认可的处理方法，同时还规定在计算资本充足率时给予其100%的风险权重（不享有银行同业债权20%的风险权重），符合审慎监管的要求。目前银监会没有发现银行间通过“协议”的方式，相互持有彼此发行的次级债券，如果发生这种情况，银监会也将采取从资本中扣除的处理方法。
The Banking Supervisory Board requires that commercial banks hold sub-bonds issued by other banks up to 20% of their core capital, which is an internationally accepted treatment, and that they be given 100% risk weight in the calculation of capital adequacy (20% risk weight for bankers' claims), which meets the requirements of prudential regulation. At present, the Banking Supervisory Board has found no “agreement” between banks to hold sub-bonds issued by each other, and if so, it will also take a capital deduction approach.
36、银行间相互持有次级债券是否应当在计算资本充足率时予以扣除？
36. Should bank-to-bank sub-bonds be deducted from the calculation of capital adequacy?
在1988年的资本协议中，巴塞尔委员会明确表示，对商业银行持有其他商业银行发行的资本工具，可以不从资本中扣除，因为这样做可能无助于一些国家银行体系的结构调整。
In the 1988 capital agreement, the Basel Committee made it clear that the holding of capital instruments issued by other commercial banks could not be deducted from capital, as that might not contribute to the restructuring of the banking system in some countries.
委员会提出是否从银行资本中扣除该银行持有的其他银行发行的资本工具（包括股票、可转债、次级债券），由各国银行监管当局自定，但同时规定，如果人为地为提高资本充足率而相互交叉持有资本工具，则应采取从资本中扣除的处理方式。
The Board asked whether capital instruments issued by other banks held by the bank (including equities, tradables, sub-bonds) should be deducted from the bank's capital, at the discretion of the national banking regulatory authorities, but provided for the treatment of capital deductions if capital instruments were artificially held across borders to increase capital adequacy.
37、什么是次级债券？
37, what are sub-bonds?
次级债券是指固定期限不低于5年(包括5年),除非银行倒闭或清算,不用于弥补银行日常经营损失,且该项债务的索偿权排在存款和其它负债之后的商业银行长期债券。
Sub-bonds are long-term commercial bank bonds with a fixed duration of no less than five years (including five years) unless the bank is closed or liquidated and is not used to compensate for the bank's day-to-day operating losses, and the claim for the debt is ranked after deposits and other liabilities.
次级债计入资本的条件:不得由银行或第三方提供担保；并且不得超过商业银行核心资本的50%。
Conditions for capitalization of sub-debts: guarantees may not be provided by banks or third parties; and may not exceed 50 per cent of the core capital of commercial banks.
38、次级债券作为资本有哪些局限性？
What are the limitations of sub-bonds as capital?
目前，商业银行次级债券的发行量已达到723亿元，对提高国有商业银行，特别是股份制商业银行的资本充足率，发挥了较大的作用。
Currently, the issuance of sub-bonds by commercial banks has reached $72.3 billion, which has played a significant role in increasing the capital adequacy of State-owned commercial banks, particularly stock-based ones.
但是，银监会对次级债券的一些特性也有充分的认识。次级债券所筹集的资金不能用于弥补银行日常经营中出现的损失，只有当银行破产清算时，方可用来弥补存款人和其他债权人可能蒙受的损失。
However, some of the characteristics of sub-bonds are well understood by the Superintendence of Banks. Funds raised by sub-bonds cannot be used to compensate for losses that occur in the bank’s day-to-day operations and can be used to compensate for losses that depositors and other creditors may suffer only in the event of the bank’s liquidation.
正是考虑到这一点，在《商业银行次级债券发行管理办法》中，我们明确规定商业银行投资其它商业银行发行的次级债务工具合计不得超过核心资本的20%。
It is with this in mind that, in the Management of Sub-Bolds issued by Commercial Banks, we specified that commercial banks should invest in sub-debt instruments issued by other commercial banks in a total amount not exceeding 20 per cent of core capital.
39、什么叫货币供应量？
39, what's the money supply?
货币供应量，是指一个经济体中，在某一个时点流通中的货币总量。由于许多金融工具具有货币的职能，因此，对于货币的定义也有狭义和广义之分。如果货币仅指流通中的现金，则称之为M0；狭义的货币M1，是指流通中的现金加银行的活期存款。
Money supply is the total amount of money in a given economy in circulation at a given point in time. Because many financial instruments function as currencies, there is a narrow and broad distinction between monetary definitions. If money only refers to cash in circulation, it is called M0; and currency M1 in a narrow sense refers to cash in circulation plus bank demand deposits.
这里的活期存款仅指企业的活期存款；而广义货币M2，则是指M1再加上居民储蓄存款和企业定期存款。货币供应量是中央银行重要的货币政策操作目标。
In this case, demand deposits refer only to demand deposits by enterprises; in the broader sense, M2 refers to M1 plus savings deposits by residents and time deposits by enterprises. The money supply is an important target of central banks’ monetary policy operations.
40、何谓“央行被动购汇”？
按照目前的结售汇制度安排，企业应当将外汇收入卖给外汇指定银行，而外汇指定银行则必须将超过一定金额的购入外汇在银行间外汇市场上卖出。如果企业需要购买外汇，则需要到外汇指定银行凭相应的证明文件购买，相应地，外汇指定银行在外汇不足时，在银行间外汇市场上买入。
Under the current remittance system, an enterprise should sell foreign exchange earnings to a designated bank for foreign exchange, while a designated bank for foreign exchange must sell foreign exchange purchases in excess of a certain amount on the interbank foreign exchange market.
由于我国实行的是有管理的浮动汇率制，汇率需要保持在相对稳定的水平上。因此，一旦出现国际收支顺差，外汇供应量增大，而同时要保持汇率稳定，中央银行就不得不在银行间外汇市场上被动地买入外汇，卖出人民币，也就是吐出基础货币。
As a result of our managed floating exchange rate system, exchange rates need to be maintained at a relatively stable level. Thus, once there is a surplus in the balance of payments, the supply of foreign exchange increases, while maintaining exchange rate stability, the Central Bank has to buy foreign exchange passively in the inter-bank foreign exchange market and sell the renminbi, which is the base currency.
41、什么是贷款迁徙分析或信用风险迁徙分析？
贷款迁徙分析或信用风险迁徙分析（loan migration analysis or credit risk migration analysis），是近年来新出现的一种以概率分析为基础的信用风险分析方法。
Loan migration analysis or credit risk migration analysis is an emerging approach to credit risk analysis based on probabilities analysis in recent years.
它是用贷款的历史损失数据来推算当前一家银行贷款组合中贷款损失所占的比重，从而确定贷款损失准备是否充足。一般来说，贷款迁徙分析有四个主要的步骤：
In general, there are four main steps in the analysis of loan migration:
1、将贷款组合按照贷款的种类或风险类别分组。如可将贷款划分为正常、关注、次级、可疑，还可将贷款以划分为房地产贷款、担保贷款、信用贷款、汽车消费贷款等类别。这主要是因为不同类别的贷款具有不同的损失状况（different loss history）。
A loan may also be classified as a real-estate loan, a guarantee loan, a credit loan, a car consumer loan, etc. This is mainly due to different loss situations in different types of loans.
2、确定各类别贷款的损失率。如关注类贷款在第四个季度的损失是2%；
2. Determine the rate of loss for each type of loan. For example, 2 per cent in the fourth quarter of a loan of concern;
3、对影响贷款损失率变化的因素进行分析，并对现有损失率进行调整；
Analysis of the factors affecting the change in the rate of loss of the loan and adjustment of the existing rate of loss;
4、将调整后的损失率乘以当前季度各类别贷款额，得到各类别贷款的损失额。
The adjusted rate of loss is multiplied by the amount of each type of loan in the current quarter, resulting in the loss of each type of loan.
进行贷款迁徙分析至少要有连续四个季度的贷款损失数据。贷款迁徙分析的前提是必须要有有效的有问题贷款识别体系、准确的贷款分类和贷款损失核销制度。否则，贷款迁徙分析的质量得不到保证。
A loan migration analysis requires data on loan losses for at least four consecutive quarters. The analysis of loan migration presupposes the existence of an effective problem-based credit identification system, an accurate credit classification and a loan loss write-off system.
42、什么是银监会所倡导的审慎银行资本监管思路？
提高商业银行资本充足率，促使商业银行计提充足的贷款损失准备金，是商业银行应对宏观经济波动的重要手段，也是贯彻中国银监会“管法人、管内控、管风险、提高透明度”监管理念的具体措施。
Increasing the capital adequacy of commercial banks and encouraging them to plan for adequate loan loss reserves are important tools for commercial banks to cope with macroeconomic fluctuations, as well as concrete measures to implement the regulatory philosophy of the China Banking Commission “managing legal persons, managing internal controls, managing risks and enhancing transparency”.
审慎的银行资本监管思路是，首先要提高商业银行贷款五级分类的准确性，在此基础上商业银行计提充足的贷款损失准备金，从而更加真实地反映银行的经营成果，然后使商业银行的资本充足率达到规定标准。
The prudent approach to bank capital regulation is to first improve the accuracy of the five-tier classification of commercial bank loans, on the basis of which commercial banks draw up sufficient reserves for loan losses to more accurately reflect the results of their operations and then bring their capital adequacy rates up to the required standards.
即“提高贷款五级分类的准确性?提足拨备?做实利润?资本充足率达标”。
That is, “Improving the accuracy of the loan level five classification?
43、什么是关联交易？
43, what is a related transaction?
商业银行关联交易是指商业银行与关联方之间发生的转移资源或义务的下列事项，包括授信、担保、资产转移、提供服务等。商业银行的关联方既包括自然人也包括法人或其他组织。
Commercial bank-associated transactions are those involving the transfer of resources or obligations between commercial banks and related parties, including letters of credit, guarantees, transfers of assets, provision of services, etc. Related parties in commercial banks include both natural and legal persons or other organizations.
关联自然人包括商业银行的内部人、主要自然人股东及他们的近亲属、商业银行关联法人的控股自然人股东、董事、关键管理人员，以及对商业银行有重大影响的其他自然人等。
Associated natural persons include insiders of commercial banks, shareholders of major natural persons and their close relatives, shareholders of controlled natural persons associated with legal persons in commercial banks, directors, key managers, and other natural persons with significant influence on commercial banks.
关联法人或其他组织则包括商业银行的主要非自然人股东；与商业银行同受某一企业直接、间接控制的法人或其他组织；商业银行的内部人与主要自然人股东及其近亲属直接、间接控制或可施加重大影响的法人或其他组织；以及其他可直接、间接、共同控制商业银行或可对商业银行施加重大影响的法人或其他组织。
Associated legal persons or other organizations include major non-natural persons shareholders in commercial banks; legal persons or other organizations with which commercial banks are directly or indirectly controlled by an enterprise; legal persons or other organizations with which the insiders of commercial banks control, directly or indirectly, or may exert significant influence over shareholders of major natural persons and their close relatives; and other legal persons or other organizations that directly, indirectly, jointly control commercial banks or may exert significant influence on commercial banks.
44、什么是通货膨胀和消费价格指数？
44, what is the inflation and consumer price index?
通货膨胀是指一个经济体在一段时间内总体价格的持续上涨。通货膨胀是一种货币现象，是流通中的货币超过了产品和服务所需货币量。它造成的直接后果是购买力的下降。通常，通货膨胀率是用消费价格指数（CPI）来衡量的。
Inflation is the constant rise in the overall prices of an economy over time. Inflation is a monetary phenomenon in circulation that exceeds the amount of money needed for products and services. Its direct consequence is a decline in purchasing power.
45、什么是国际收支？
国际收支是指一定时期内一个经济体（通常指一国或者地区）与世界其他经济体之间的各项经济交易。其中的经济交易是在居民与非居民之间进行的。经济交易作为流量，反映经济价值的创造、转移、交换、转让或削减，包括经常项目交易、资本与金融项目交易和国际储备资产变动等。
The balance of payments refers to economic transactions between an economy (usually a country or a region) and other economies of the world over a period of time. Economic transactions are made between residents and non-residents. Economic transactions, as flows, reflect the creation, transfer, exchange, transfer or reduction of economic value, including current-account transactions, capital and financial-account transactions and changes in international reserve assets.
国际收支平衡表是按照复式薄记原理，以某一特定货币为计量单位，运用简明的表格形式总括地反映一个经济体（一般指一个国家或地区）在特定时期内与世界其他经济体间发生的全部经济交易。
The balance-of-payments statement is based on the principle of double-entry, which is measured in terms of a particular currency and provides an overview of all economic transactions between an economy (generally a country or a region) and the rest of the world over a given period of time, using a concise tabular form.
46、何谓“软着陆”？
“软着陆”是指一个经济体在降低经济增长速度，以免出现高通货膨胀率和高利率，同时又要防止经济陷入衰退的做法。中国经济必须要实现“软着陆”，以保证经济可持续增长。
“Soft landing” means that an economy is reducing its economic growth rate to avoid high inflation and interest rates, while preventing the economy from falling into recession. The Chinese economy must achieve a “soft landing” to ensure sustainable economic growth.
我国历次宏观调控的经验反复证明，经济大起大落对持续发展会造成巨大损害，恢复起来需要更长时间、付出更大代价。去年以来，党中央、国务院见微知著，适时适度地针对部分行业过热和固定资产投资增长过快等主要问题实施宏观调控。
The experience of our macro-regulations has proved time and again that the economy’s boom and fall has enormous damage to sustained development, and that recovery will take longer and at greater cost. Since last year, the Party’s central government and the State Council, with their modest knowledge, have applied macro-regulation in due course to major problems such as overheating in some sectors and excessive growth in fixed-asset investments.
其根本着眼点是把各方面加快发展的积极性保护好、引导好、发挥好，及时消除经济运行中不稳定、不健康因素，促进国民经济既快又好地平稳持续向前发展。
Its fundamental aim is to protect, guide and play well in all areas of accelerated development, to eliminate in a timely manner the destabilizing and unhealthy factors in the functioning of the economy and to promote the smooth and sustainable development of the national economy.
47、什么是骆驼评级制度?
美国监管的评级方法“骆驼”评级法其评价内容只共有五大类指标，即资本充足率（Capital Adequacy）、资产质量（Asset Quality）、经营管理水平（Management）、盈利水平（Earnings）和流动性（Liquidity）。
The United States-regulated rating method, the “camel” rating system, has five broad categories of indicators, namely capital adequacy, asset quality, management level, profitability and liquidity.
其英文单词的第一个字母组合在一起就是“CAMEL”，正好与“骆驼”的英文单词相同，所以该评级方法简称为“骆驼”评级法。
The first combination of the English words is “CAMEL”, which is exactly the same as the English word “camel”, so the rating method is called the “camel” rating method.
后经发展，世界各国的金融监管都广泛使用，并经发展增加了“市场风险敏感度（Sensitivity to Market Risk），现在发展成为“CAMELS”
As a result, financial regulation has become widely used in all countries of the world and has developed to increase “market risk sensitivity” now becoming “CAMELS”
这一制度正式名称是“联邦监督管理机构内部统一银行评级体系”，俗称为“骆驼评级体系”（CAMEL Rating System）。
The official name of the system is the “Unified System of Banking Ratings within the Federal Supervisory Authority”, commonly known as the “Cammel Rating System”.
48、什么是保理业务?
48, what is factoring?
所谓应收账款的保理，通俗地讲就是企业把赊销出去的货物的应收账款有条件地转给银行，银行为企业提供资金，并负责管理、催收应收款和坏账担保，企业可借此及时回收账款、加快资金流转。
The so-called factoring of receivables is generally the conditional transfer by the enterprise of receivables from goods sold on credit to the bank, which provides funds for the enterprise and manages, collects receivables and bad debt guarantees through which the enterprise recovers funds in a timely manner and expedites the flow of funds.
按业务方式应收账款保理又分“有追索权”和“无追索权”两种，从字面上也好理解，有追索权即企业的下家(买方)到时候不还账时，银行有权向企业追索，企业有责任从银行回购账款；而无追索则是银行买断企业的应收账款，(除非特殊情况)，不管买方能否还款，风险全由银行承担。
The business-based factoring of receivables is divided into “recourse” and “no recourse”, and it is understood literally that the right of recourse, i.e. the next (buyer) of the business, is the right of the bank to pursue against the enterprise when it fails to pay, and that the business has the responsibility to buy back the money from the bank; and no recourse is for the bank to buy off the business's receivables (except in exceptional circumstances), and the risk is borne by the bank regardless of the buyer's ability to pay.
49、什么是全面风险管理理念？
全面风险管理理念（Enterprise-wide Risk Management，简称ERM）侧重通过公司治理、内部控制等制度设计，降低住处不对称的程度，从而降低道德风险，并保证组合风险管理和交易风险管理的有效性。
The comprehensive risk management concept (Enterprise-wide Risk Management, or ERM) focuses on reducing the degree of asymmetrical accommodation through the design of systems such as corporate governance, internal controls, etc., thereby reducing ethical risks and ensuring the effectiveness of portfolio and transactional risk management.
国际先进银行的风险管理，从传统的交易风险管理阶段到组合风险管理阶段再到全面风险管理阶段。
Risk management in advanced international banks, from the traditional transaction risk management phase to the portfolio risk management phase to the comprehensive risk management phase.
50、什么是税收的收入效应和替代效应？
各种形式的税收通常产生两种经济效应：收入效应（Income Effect）和替代效应（Substitution Effect）。税收的收入效应是指税收引起人们收入的变动，即人们由于纳税而使可支配的实际收入随之减少。
Taxes in all their forms usually have two economic effects: the income effect (Income Effect) and the alternative effect (Substitution Effect). The income effect of taxes refers to the changes in people’s income caused by taxes, i.e., the resulting reduction in real disposable income as a result of taxes.
政府变动税收政策也会改变人们的现行收入水平，典型的情况是政府增税使人们收入相对下降，而减税使人们的收入相对提高。替代效应是指税收引起人们经济行为的调整，即人们为了减少纳税负担而改变在可供替代的经济行为之间的选择。
Changes in government tax policies can also change current income levels, typically when government tax increases reduce income relative to lower income, while tax cuts increase income relative to higher income. The alternative effect is that taxes cause adjustments in people’s economic behaviour, i.e. that people change their choices between alternative economic behaviour in order to reduce their tax burden.
例如，政府对商品课税可能改变人们在可供替代的商品之间的选择，对企业课税可能改变人们在可供替代的投资之间的选择，如此等等。人们对经济行为的调整必然造成经济税基的变动，导致个人收入、企业收入，以及政府财政收入的变化。
For example, a government levy on commodities may change people’s choices between alternative commodities, a tax on businesses may change people’s choices between alternative investments, and so on. Adjustments to economic behaviour inevitably result in changes in the economic tax base, leading to changes in personal income, business income, and government revenue.
因此，政府的税收政策及其调整总是给经济社会同时带来上述两种效应。当然，唯一的例外是对非经济税基课税，只会引起收入效应，而不会发生替代效应。因为这种课税与个人经济行为无关，它仅仅减少纳税人的可支配收入，不会引起纳税人经济行为的改变，不会影响人们的既定的经济选择。
The only exception, of course, is a tax on non-economic tax bases, which would only have an income effect and not a substitute effect. Such a tax would have nothing to do with individual economic behaviour, which would merely reduce taxpayers’ disposable income, would not cause changes in taxpayers’ economic behaviour and would not affect established economic choices.
这种不会产生替代效应的税收通常称为中性税收（Neutral Tax）。现实生活里，属于中性税收的只有一次性总额税（Lum-sum Tax）。该税是政府为特殊目而征课的一次性税收，通常情况下，这种税收不能逃避，也不对个人经济行为造成明显的扭曲。
In real life, only a lump sum tax (Lum-sum-Tax) falls within the neutral tax. The tax is a one-time tax that the government pays for special purposes, and it is usually not avoidable and does not create obvious distortions in individual economic behaviour.
除了一次性总额税外，其他各类税收都是非中性的，都会影响人们的生产、消费、储蓄、投资的决策，即都会改变人们对使用经济资源的决策。
With the exception of a one-time total tax, all other types of taxes are non-neutral and affect people's decision-making on production, consumption, savings and investment, i.e., changes in people's decision-making on the use of economic resources.
理论上认为，所有非中性税收都属于扭曲性税收（Distorting Taxes），均导致人们在经济资源使用方面产生福利损失，或效率损失。这是因为，政府税收的加入必然改变原先经济社会处于均衡状态的（商品的）相对价格体系，只要商品之相对价格发生变动，人们就会对个人经济行为进行调整，即发生了税收的替代效应。
Theoretically, all non-neutral taxes are distorting taxes, resulting in a loss of welfare or efficiency in the use of economic resources. This is because the introduction of government taxes necessarily changes the former system of relative prices (of commodities) in a balanced economy, and as long as the relative prices of commodities change, people adjust their economic behaviour, i.e., they have an alternative effect.
但是，由于此时经济社会相对价格的变动并不代表经济资源之相对稀缺程度的改变，人们的行为调整实际上就带有相当的盲目性，这不仅无助于经济社会恢复均衡状态，反而会使之进一步受到破坏，并对国民福利提高带来某种不利影响。
However, since changes in relative prices in the economy and society do not represent a change in the relative scarcity of economic resources at this time, people's behaviour adjustment is in fact quite blind, which not only does not contribute to a return to economic and social equilibrium, but will further undermine it and have some negative impact on the improvement of national welfare.
换言之，虽然税收使政府获得了一定规模的财政收入，但是如果其代表的国民福利不能充分补偿税收造成的国民福利的减少，就表明国民要承担额外的税收负担。这种额外的税收负担，又称超额税负担，则被认为是税收造成的国民福利的净损失。
In other words, while taxes generate a certain amount of fiscal revenue for the government, the fact that the national benefits they represent do not adequately compensate for the reduction in national benefits resulting from taxes means that the national population bears an additional tax burden. This additional tax burden, also known as the excess tax burden, is considered to be a net loss of national welfare as a result of taxes.
51、证券发行的主要方式有哪几种？
证券发行的主要方式有全球公募、招标和簿记建档。
The principal modes of issue of securities are global public fund-raising, bidding and bookkeeping.
52、什么是路演？
路演（roadshow）是指拟上市发行股票（或债券）的公司在正式发行股票（或债券）之前向机构投资者推介股票（或债券）的活动。企业可以通过路演的情况调整股票（或债券）的定价，使之顺利的发行出去。
Road show (roadshow) refers to the activities of a company that proposes to issue a stock (or a bond) on the market by presenting a stock (or a bond) to an institutional investor before it is officially issued.
53、什么是EMV？
EMV规范是由Europay、Mastercard、Visa三大信用卡国际组织联合制定的IC（智能）卡金融支付应用标准，其推出的目的是在IC卡支付系统中建立卡片和终端之间统一的互通互用的标准平台。这种以芯片卡配合密码输入的技术，代表着未来银行卡的主流发展方向。
The EMV Code, developed jointly by Europay, Mastercard, and Visa Credit Cards International, aims to create a standard platform for the uniform interoperability of cards and terminals in the ICCS. This chip-to-card technique represents the mainstream direction of future bank cards.
54、什么是簿记建档？
54, what's bookkeeping?
簿记建档(BookBuilding)是一种证券化发行方式，国外很多国家也在使用这种方式进行股票、债券等证券品种的发行。具体流程是：首先由簿记管理人(一般为主承销商)进行预路演，根据预路演获得的市场反馈信息，发行人和簿记管理人将根据市场情况与投资者需求共同确定申购价格区间。
Bookbuilding is a form of securitization that many countries abroad use for the issuance of securities, such as stocks, bonds, etc. The process begins with a pre-routing by bookkeepers (generally the main underwriters), based on market feedback obtained by pre-routing, and the issuers and bookkeepers will jointly determine the range of requisition prices according to market conditions and the needs of investors.
然后进入路演阶段，债券发行人与投资者以一对一的方式进行更加深入的沟通，同时，簿记管理人开展簿记建档工作，由权威的公证机关进行全程监督。
It then moves into a road show where bond issuers communicate more deeply with investors in a one-to-one manner, while bookkeepers carry out bookkeeping slotting, which is supervised throughout by an authoritative notary authority.
主承销商一旦接收申购订单，该原始资料立刻接受公证机关的核验，并对订单进行统一编号，确保订单的合规性、完整性。主承销商在公证机构的监督下，将投资者在每一价格上的累计申购总金额录入电子系统，形成价格需求曲线，并以此为基础，与发行人共同确定最终的发行价格。
Once the principal underwriter receives the requisition order, the original information is verified by the notary authority and the order is coded to ensure its compliance and integrity. The principal underwriter, under the supervision of the notary, records the aggregate amount of the investor’s requisition on each price into the electronic system, forming a price demand curve, and determines the final distribution price on that basis in conjunction with the issuer.
55、什么是收益率曲线？
55, what's a yield curve?
收益率曲线是描述投资收益率与期限之间关系的曲线。
The yield curve is a curve that describes the relationship between the rate of return and the duration of the investment.
56、什么是CME？
What's CME?
什么是贷币错配风险？
What's the risk of misalignment?
57、什么是IPO？
57, what's IPO?
股票首次发行。
For the first time, stocks were issued.
58、什么是FDI？
What's a FDI?
流动性风险，指金融机构没有足够的流动性资金来及时支付流动性负债，乃至引发挤兑风潮的危险。其原因可以是金融机构的资产和负债的期限搭配不当，把大量短期资金来源进行长期资金运用，又没有足够的支付准备，造成资金周转不灵；
Liquidity risk means that financial institutions do not have sufficient liquidity to pay liquid liabilities in a timely manner, or even to create a risk of a run-off. This can be attributed to the misalignment of the financial institutions’ assets and liabilities, the long-term use of large amounts of short-term funding sources, and insufficient readiness to pay, resulting in a liquidity deficit;
也可以是因出现资产损失又无力弥补，失去了支付流动性负债的能力。流动性风险的危害性极大，严重时甚至会置金融机构于死地。
It can also be the loss of the ability to pay a liquid liability because of the loss of assets and their inability to make up for it. Liquidity risks are highly hazardous and even kill financial institutions when they are serious.
59、外汇风险
外汇风险一般是指在一定时期的国际经济交易中，因未料到汇率或利率的忽然变动，给外汇持有人带来的经济收益或损失。从广义上讲，外汇风险也包括国际经济、贸易、金融活动中产生的信用风险，但一般是指货币汇率变动带来的风险。
Foreign exchange risk is generally defined as the economic gain or loss to foreign exchange holders in international economic transactions over a certain period of time as a result of unexpected changes in exchange rates or interest rates. In a broad sense, foreign exchange risk also includes credit risks arising from international economic, trade, and financial activities, but generally refers to risks arising from changes in currency exchange rates.
在浮动汇率制度下，汇率或利率变动十分频繁，从而必然会引起交易双方的收益和外汇持有人所持外汇的市场价值发生变动的风险，外汇风险可概括为四种类型：①交易风险；②评价风险；③经济风险；④储备风险。由于外汇风险涉及到交易双方经济利益，所以各国外贸企业、外汇银行等在其经营活动中，都把避免外汇风险视为管理外汇资财的一个重要方面。
Under a floating exchange rate system, exchange rates or interest rates vary so frequently that they inevitably give rise to a risk of a change in the earnings of the parties to the transaction and the market value of the foreign exchange held by the holders of the foreign exchange, which can be summarized as four types: one transaction risk; two evaluation risk; three economic risk; and four reserve risk. Since foreign exchange risks involve the economic interests of the parties to the transaction, countries' foreign trade enterprises, foreign exchange banks, etc. consider the avoidance of foreign exchange risk as an important aspect of the management of foreign exchange assets in their operations.
防止外汇风险的主要方法有汇率的预测法，选择货币法，货币保值法，远期合同法，利用国际信贷法，早付迟收或早收迟付法，对销贸易法，调整价格法，利率和货币调换法，保付代理业务法，投保货币风险保险等法。
The main methods of protection against foreign exchange risk are exchange rate forecasting, choice of currency law, currency preservation law, forward contract law, use of international credit law, early payment or early payment method, sales trade law, adjustment of price method, interest rate and currency exchange method, insurance of agent operations, insurance against currency risk, etc.
60、国家风险
60, country risk
指由于借款国政治、经济不稳定、法制不健全、信用观念弱或失去国际支付能力等原因，使借款国不能偿付债务或拒绝偿负债务，从而给从事国际业务的金融机构带来的风险。
This refers to the risks to financial institutions engaged in international operations resulting from the inability or refusal of borrowing countries to pay their debts owing to political, economic instability, inadequate rule of law, weak creditworthiness or loss of international capacity to pay.
随着国际业务的扩大，国家风险问题日益突出，并且国家风险还有连锁效应，即一国债务危机会涉及到其他国家偿还外债的能力，甚至引发全球性金融危机。
With the expansion of international operations, the issue of national risk is becoming more acute, and there is a chain effect of national risk, namely, that a country's debt crisis involves the ability of other countries to service their external debt and even trigger a global financial crisis.
61、三角债
是企业相互拖欠货款的俗称。企业在商品交易中，经过双方约定，可能会出现先发货、后付款或先收款、后发货的情况，企业经常保留一定的应收应付款项是正常的，这不是'三角债'。'三角债'是指超过正常限度，即超过结算实践或超过商业信用约定支付实践而不能偿还的债务。
It is common to say that an enterprise owes money to one another. In a commodity transaction, when both parties agree that there may be a situation in which goods are delivered first, then paid or received first, and then delivered, it is normal for an enterprise to keep a certain amount of accounts receivable, which is not a “triangular debt.”
'三角债'形成的原因：一个是固定资产投资规模过大、建设项目超概算、资金缺口大且到位不及时，项目不能按期运营，投入资金不能回流，或项目决策失误根本无法回流。这是造成企业货款拖欠的重要原因；二是企业资产负债率过高，所需流动资金主要依靠银行贷款支持，偿债能力下降，形成拖欠；三是在企业资产负债结构中不合理的情况下，企业流动资金的漏损和流失，加剧了流动资金的紧张状况和相互拖欠。
The "triangular debt" arises from the fact that fixed-asset investments are too large, construction projects are overestimated, financing gaps are too large and in a timely manner, projects cannot operate on schedule, input funds cannot flow back, or project decisions fail to flow back at all. This is an important cause of the enterprise's arrears; second, the enterprise's high asset-liability rate, the need for liquidity, which is mainly supported by bank loans and reduced solvency, creates arrears; and third, in the case of an unjustified structure of the enterprise's assets and liabilities, the leakage and loss of liquidity, which exacerbates liquidity tensions and mutual arrears.
中国人民银行已经取消了对商业银行备付金比率的要求，将原来的存款准备金率和备付金率合二为一。目前，备付金是指商业银行存在中央银行的超过存款准备金率的那部分存款，一般称为超额准备金。
The People’s Bank of China has eliminated the requirement for the commercial bank’s reserve ratio, combining the original deposit reserve rate and the reserve rate. At present, the provision refers to the portion of the bank’s deposits in excess of the central bank’s reserve rate, commonly referred to as the excess reserve.
62、金融风险预警系统
是金融监管机构为了更好的对金融经营机构实施有效监控，既是对其可能发生的金融风险进行预警、预报所建立的早期预警系统。该系统通过设置的一系列监测比率和比率的'通常界限'，对金融经营机构的经营状况进行监测。
It is the financial regulatory body that, in order to better monitor financial institutions, has established an early warning and warning system for possible financial risks. The system monitors the operations of financial institutions through a set of “normal limits” of monitoring rates and ratios.
早期预警系统可通过对金融经营机构的主要业务经营比率和比率的'通常界限'加以仔细分析，对接近比率'通常界限'的金融经营机构及时预警并进行必要的干预。这种早期预警系统属于事前监管。
Early warning systems can provide timely warning and necessary intervention to financial operators that are close to the `normal threshold' by carefully analysing the `normal limits' of the main operating ratios and ratios of financial operators. Such early warning systems are ex ante regulation.
63、金融创新
63, financial innovation
是指政府或金融当局和金融组织为适应不断变化的外部环境和在融资过程中的内部矛盾运动，防止或转移经营风险和降低成本，为更好的实现流动性、安全性和盈利性目标而逐步改变金融中介功能，创造或组合一个新的高效率的资金营运体系的创造性过程。
It refers to the creative process by which Governments or financial authorities and financial organizations gradually change their financial intermediation functions to better meet the objectives of liquidity, safety and profitability in order to adapt to the changing external environment and internal conflicting movements in the financing process, to prevent or transfer business risks and reduce costs, and to create or combine a new and efficient system of financial operations.
主要类型有：风险转移创新；流动性增强创新；信用创造创新；股权创造创新。 金融衍生产品 是指从原生资产派生出来的金融工具。由于许多金融衍生产品交易在资产负债表上没有相应科目，因而也被称为'资产负债表外交易（简称表外交易）'。
The main types are: risk transfer innovation; liquidity enhancement innovation; credit creation innovation; and equity creation innovation. Financial derivatives are financial instruments derived from natural assets.
金融衍生产品的共同特征是保证金交易，即只要支付一定比例的保证金就可进行全额交易，不需实际上的本金转移，合约的了结一般也采用现金差价结算的方式进行，只有在满期日以实物交割方式履约的合约才需要买方交足货款。
The common feature of financial derivatives is a bond transaction, in which a certain percentage of the bond is paid to be traded in full, without a de facto transfer of the principal, and the conclusion of the contract generally by means of a cash difference settlement, where the buyer is required to make full delivery of the goods only if the contract is performed by physical delivery on a full date.
因此，金融衍生产品交易具有杠杆效应。保证金越低，杠杆效应越大，风险也就越大。国际上金融衍生产品种类繁多，活跃的金融创新活动接连不断的推出新的衍生产品。金融衍生产品主要有以下分类方法：①根据产品形态，可以分为远期、期货、期权和掉期四大类；②根据原生资产大致可以分为四类，即股票、利率、汇率和商品。
The lower the bond, the greater the leverage, the greater the risk. International financial derivatives are numerous, and dynamic financial innovation activities are continuously rolling out new derivatives. Financial derivatives are mainly classified as follows: (a) by product pattern, they can be divided into four broad categories: stocks, interest rates, exchange rates, and commodities; and (b) by nature, they can be broadly divided into four categories: stocks, exchange rates and commodities.
64、金融监管
是指金融行政管理机关（中央银行或其他金融行政管理机关），为了维护金融体系的稳定，防止金融混乱对社会经济的发展造成不良影响，而对商业银行和其他金融行政管理机关以及金融市场的设置、业务活动和经济情况进行检查监督、指导、管理和控制。
It refers to the financial administration (the central bank or other financial administration) which, in order to maintain the stability of the financial system and prevent financial disruptions from having a negative impact on socio-economic development, supervises, directs, manages and controls the establishment, operation and economic performance of commercial banks and other financial administration bodies, as well as financial markets.
简单地说，也就是金融行政管理机关通过其对商业银行以及其他金融机构的管理，对金融市场的管理，达到稳定金融和促进社会经济正常发展的目的。
Simply put, the financial administration, through its regulation of commercial banks and other financial institutions, regulates financial markets for the purpose of stabilizing finance and promoting normal socio-economic development.
65、洗钱
65, money laundering
是指利用银行体系或其他金融设施，把从非法所得到的肮脏收益转换成合法金融资产的过程。
It refers to the process of converting illicit proceeds from banking systems or other financial facilities into legal financial assets.
洗钱一般可以分为三个步骤：第一步是存放，即设法把非法现金收益存放在银行里；第二步是掩盖，即通过多层次的、复杂的金融交易，试图把资金来源的非法性掩盖起来；第三步是合并，把'洗干净'的钱合并在一起，从而可以堂而皇之的加以使用。洗钱是目前国际银行界所遇到的最严重的问题之一。
Money-laundering can generally be divided into three steps: the first is storage, which seeks to keep the proceeds of illicit cash in banks; the second is concealment, which is an attempt to conceal the illegality of the source of funds through a multilayered and complex financial transaction; and the third is consolidation, which combines the money "cleaned" so that it can be used in a court of law. Money-laundering is one of the most serious problems currently encountered by the international banking community.
我国新的刑法把洗钱和内部交易等行为纳入了刑事犯罪的范畴。
The new criminal code of our country includes such acts as money-laundering and internal transactions as criminal offences.
66、巴塞尔协议
是指国际清算银行所属银行监督管理委员会（简称巴塞尔委员会），根据美、英、法、德、日、比利时、加拿大、荷兰、瑞典、意大利、瑞士、卢森堡12个工业发达国家中央银行行长会议的建议，于1988年7月在瑞士巴塞尔通过的关于同意国际银行的资本衡量和资本标准的协议。
It refers to the Bank for International Settlements' Committee on Banking Supervision (the Basel Committee), which adopted an agreement in Basel, Switzerland, in July 1988, on the granting of capital measures and capital standards to international banks, based on the recommendations of the Conference of Governors of the Central Banks of the 12 Industrially Developed Countries of the United States, the United Kingdom, France, Germany, Japan, Belgium, Canada, the Netherlands, Sweden, Italy, Switzerland and Luxembourg.
协议的主要宗旨是通过对银行规定资本与风险资产的最低比率来加强国际银行的稳定性。协议内容主要包括，对商业银行的资本比率、资本结构、各类资产的风险权数等都作了统一的规定。
The main purpose of the agreement is to enhance the stability of international banks by establishing a minimum ratio of capital to venture assets for banks. The agreement includes, inter alia, uniform provisions on the capital ratios of commercial banks, capital structures, risk weights for all types of assets, etc.
67、骆驼评级制度
全称'银行统一评级制度'，是美国金融管理当局现今使用的对商业银行的全面状况进行检查、评级的一种经营管理制度。由于它主要从五个方面对商业银行进行检查评价，即：资本充足性、资产质量、经营管理能力、盈利水平和流动性，这五个方面的英文字首字母拼在一起，恰好是英文'骆驼[CAMEL]'一词，因此通常称之为'骆驼评级制度'。
The `Universalized Bank Rating System' is an operating management system used today by the United States financial authorities to check and rate commercial banks' overall status. Since it reviews and evaluates commercial banks in five main areas, namely, capital adequacy, asset quality, management capacity, profitability and liquidity, these five areas are combined in English letters and are commonly referred to as the English term `Camel', which is commonly referred to as the `camel rating system'.
68、货币政策
通过中央银行调节货币供应量，影响利息率及经济中的信贷供应程度来间接影响总需求，以达到总需求与总供给趋于理想的均衡的一系列措施。
A series of measures that indirectly affect aggregate demand by regulating money supply through central banks, affecting interest rates and the availability of credit in the economy, in order to achieve the desired balance between aggregate demand and total supply.
货币政策分为扩张性的和紧缩性的两种。扩张性的货币政策是通过提高货币供应增长速度来刺激总需求，在这种政策下，取得信贷更为容易，利息率会降低。因此，当总需求与经济的生产能力相比很低时，使用扩张性的货币政策最合适。
Monetary policy is both expansionary and austerityary. Expansionary monetary policy stimulates aggregate demand by increasing the growth of the money supply, under which credit is easier and interest rates lower.
紧缩性的货币政策是通过削减货币供应的增长率来降低总需求水平，在这种政策下，取得信贷较为困难，利息率也随之提高。因此，在通货膨胀较严重时，采用紧缩性的货币政策较合适。货币政策的工具主要有：调整法定准备率、调整贴现率和公开市场业务。
Austerity monetary policy reduces the level of aggregate demand by cutting the growth rate of the money supply, under which access to credit is more difficult and interest rates increase. So, when inflation is high, monetary policy is more appropriate. The main instruments of monetary policy are: adjustment of the statutory readiness rate, adjustment of the discount rate and open market operations.
69、什么是出口打包贷款业务？
69, what's an export wrapping business?
该项贷款是银行提供给出口商的一种短期资金融通,它属于抵押贷款,其抵押对象是尚在打包中而没有达到装运出口程度的货物。
The loan, a short-term financial asset provided by the bank to the exporter, was mortgaged for goods that were still in packing and did not reach the point of export for shipment.
该项贷款货币币种为人民币或其他可自由兑换货币,金额不超过信用证金额等值人民币的80%, 期限一般不超过三个月,最长不超过信用证有效期满后30天,贷款利率按照中国人民银行利率政策中人民币流动资金贷款利率执行,贷款用途仅限于信用证上列明的出口商品在生产、收购、结算等方面的资金需要。
The loan currency shall be the renminbi or other freely convertible currency and shall not exceed 80 per cent of the equivalent of the letter of credit and shall normally not exceed three months and up to a maximum of 30 days after the effective expiry of the letter of credit. The interest rate shall be applied in accordance with the policy of the People's Bank of China on interest rates, which shall be limited to the financial requirements for the production, acquisition and settlement of the export goods specified in the letter of credit.
但信用证只是在单证相符的情况下才有效力，如果借款人不能按信用证要求办货，银行的权益仍是无法保证。
However, the letter of credit was valid only if the documents were consistent, and if the borrower could not deliver the goods as required by the letter of credit, the bank's interest would remain unensureable.
70、什么是存款准备金率和备付金率？
70, what are the deposit reserve and provision rates?
存款准备金率是中央银行重要的货币政策工具。根据法律规定，商业银行需将其存款的一定百分比缴存中央银行。通过调整商业银行的存款准备金率，中央银行达到控制基础货币，从而调控货币供应量的目的。
By adjusting the deposit reserve rate of commercial banks, the central bank achieves the purpose of controlling the base currency, thereby regulating the supply of money.
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