Тема 17. Повторение изученных времен: Present Simple, Present Continuous, Past Simple, Future Simple. Text "Foreign Exchange".
Цели изучения темы
Требования к знаниям и умениям
Студент должен знать 25 лексических единиц по данной теме.
Студент должен уметь:
aptly - соответствующим образом, быстро, легко
capital movements - движение капитала
claim - требование, претензия
conclude (v) - заключать
conversion - конверсия
convertibility - конвертируемость
current transactions - текущие сделки
dealer - диллер, посредник
dealings - коммерческие сделки
domicile (v) - обозначать место платежа по векселю
Eurodollar market - международный евро-долларовый рынок
excess funds - избыточный капитал
foreign exchange - иностранная валюта
money movements - движение денег
non-resident - нерезидент
partial convertibility - частичная конвертируемость
place - размещать, выпускать на рынок
two-tier market - двухярусный валютный рынок
seek (sought, sought) (v) - пытаться, стремиться
observation - наблюдение
domestic - внутренний
spring - происходить
witness - быть свидетелем
concern - касаться, затрагивать
is nearly always permitted - почти всегда разрешено
International trade and more important international money and capital movements are the basis of foreign exchange dealings. Take a simple example: if a Swiss exporter sells a machine to a Japanese buyer, to conclude the transaction the yen which the Japanese businessman has available will have to be changed into Swiss francs, the currency sought by the supplier of the machine. Or if Continental banks want to place excess funds in the Eurodollar market rather than in their own domestic markets, they have to buy dollars against local currency. The observation of the French economist Gaetan Pirou, that foreign exchange deals spring from "the coexistence between the internationalism of trade and the nationalism of currencies", thus aptly describes at least the oldest origin of this metier. Clearly, the day that sees the arrival of a single world currency will also witness the disappearance of foreign exchange business.
All claims to foreign currency and payable abroad, whether consisting of funds held in foreign currency with banks abroad, or bills or checks, again in foreign currency and payable abroad, are termed foreign exchange. All these claims play a part in the relations between a bank and its customers. In the trading of foreign exchange between bunks, which is the job of the foreign exchange dealer, only foreign currency held with banks abroad is concerned.
Foreign bank notes are not foreign exchange in the narrower sense. They can be converted into foreign exchange, however, provided they can be placed without restriction to the credit of an ordinary commercial account abroad. The exchange regulations of some countries do not allow this conversion of bank notes into foreign exchange, although the operation in reverse is nearly always permitted.
A currency, whether in foreign exchange or bank notes, is usually called convertible if the person holding it can convert it in other words change it freely into any other currency. A distinction needs to be made, however, between unrestricted convertibility and the various forms of partial convertibility. The Swiss franc, for example, is fully convertible whether the holder is resident in Switzerland or abroad and regardless of whether it is a matter of current payments or financial transactions.
Many countries, on the other hand, recognize only external or non-resident convertibility. This is for instance still the case with the United Kingdom: if a German exporter, for example, has sterling funds in a British hank, he can simply instruct the bank to convert his pounds into any other currency and remit the proceeds abroad; but a person domiciled in Britain cannot as a general rule export capital except with the consent of the Bank of England.
Exchange regulations may also draw a distinction, as far as convertibility is concerned, between funds arising from current transactions (goods and services) and those coming from purely financial operations, only the latter in general being subject in some degree to a restriction on convertibility. In a few countries this distinction between commercial and financial transactions culminated in the establishment of two-tier markets, this is the case in Belgium, and it applied temporarily to France and Italy in recent years.
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Из слов данных ниже составьте словосочетания, например: capital movement, foreign exchange dealings. Запишите все словосочетания.
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The Foreign-Exchange market is ..... market which has no central ..... place, but operates through the ..... offices of the banks concerned ..... overseas trade. The main preoccupation ..... the foreign-exchange dealers is ..... secure supplies of foreign currency ..... required to finance international trade...... price of foreign currencies, like ..... prices, is determined by the ..... for that currency and the ..... of it. The demand for ..... currency depends on the demand ... that country's goods and services ..... foreigners, and the supply of..... currency depends on how many ..... goods and services its home ..... wish to buy. Capital movements .... also affect the exchange rate ..... making supplies of a currency ..... on long-term loans or ......
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