操控貨幣市場
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Rigging currency markets 操控貨幣市場 Bank, fix thyself 銀行，作繭自縛 The Bank of England faces questions over its role inrigged forex deals. 英格蘭面臨銀行非法操控外幣市場的指控。 ABOUT two dozen staff have so far been fired or suspended by banks for allegedlytampering with foreign-exchange markets. 目前為止，總共約有24名員工因操縱外匯市場而被銀行解雇或停職。 The latest twist in the saga came from an unexpected quarter: 給這一漫長風波帶來新波折的，是令人意想不到的一方： on March 5th the Bank of England announced that it too had suspended an official followingan internal investigation. 3月5日，英格蘭銀行經過內部調查后宣布將一名職員停職。 Awkwardly, Britain s central bank has gone from inquisitor to a possible protagonist in thelatest episode of financial-market chicanery. 尷尬的是，這次金融市場詐騙案的最新發展卻使英國中央銀行從審問官變為了犯罪嫌疑人。 Regulators globally have spent months investigating whether forex traders at big banksrigged global currency markets, 全球監管部門已花費數月來調查大型銀行的外匯交易員們是否操縱了全球貨幣市場， the world s largest, where turnover is over $5 trillion a day. 這個世界最大的市場中的日流通額度達到了5萬億美元。 They suspect that bankers used their knowledge of what currencies their clients wanted tobuy and sell to nudge market prices against them. 它們懷疑銀行員工利用其客戶想要買賣的現金種類的消息來推動市場上的匯率下跌。 If so, it would be the latest in a long list of financial benchmarks that have been rigged inways that have bolstered bankers bonuses. 如果情況屬實，這將成為那一長串被銀行操縱以獲取大量紅利的基準數字中的新成員。 Fines are still pouring in over LIBOR, an interest rate used to peg contracts worth trillions,which traders fiddled. 因操縱LIBOR一個涉及到數萬億合同的利率數字，而受到巨額罰款的銀行仍在不斷增加。 A plausible defence from the bankers in the latest probe might be that they had told theBank of England exactly what they were doing. 在最新一次調查中，銀行員工辯稱曾告知英格蘭銀行他們的具體行為。 Minutes from regular meetings between the central bank and traders showed widespreadconcern about the structure of the currency markets as early as 2006. 中央銀行和交易員日常會議的記錄文件顯示，早在2006年貨幣市場的結構就引起了廣泛關注。 All sides agreed that it was open to abuse because many clients, 各有關方面都認為這極易受到利用，因為眾多顧客， from multinational companies to mutual funds with foreign holdings, 從跨國公司到有外國資本的共同基金都以一個當日參考匯率來買賣貨幣， tended to buy and sell currencies from their banks at a single daily reference rate, theLondon fix, which is calculated using trades executed in 60 seconds of trading at 4pm inLondon. 而倫敦定價是基于下午四點開始60秒鐘內發生在倫敦的所有交易來計算的。 That means rigging the market for just a minute could reap rich rewards. 這意味著操縱市場一分鐘就能帶來豐厚的回報。 A bank that had agreed to sell lots of Canadian dollars, say, 比方說，一家銀行在定價時為客戶公司賣出大量加元， for a corporate customer could, in effect, depress that currency s price at the fix and so buythem for itself at a slightly lower price. 這就會壓低貨幣的價格，從而使銀行能以低一些的價格買入加元。 Bankers allegedly shared trading positions ahead of the fix, in internet messaging groups,among them The Cartel and The Bandit s Club. 據稱，銀行員工在在定價之前會在網絡上共享交易頭寸，比如在卡特爾和強盜俱樂部交易員從不以謹慎著稱。 Regulators think this is tantamount to fraud; banks have argued they were injecting order inan otherwise unworkable marketplace. 監管部門認為這等同于詐騙;而銀行辯解稱，他們是在維護市場秩序，以保證市場的正常運行。 Notes taken by a trader at a meeting organised by the Bank of England in April 2023 suggestthe traders had told the bank that they regularly shared information on forex positions. 一位交易員在2023年4月英格蘭銀行會議上的筆記顯示，交易員已經告知銀行他們定期共享外匯頭寸的信息。 According to Bloomberg, the central bank at least tacitly endorsed their attempts to matchbuyers and sellers, 根據彭博社消息，英國中央銀行至少是默許了交易員匹配買家和賣家的行為， purportedly to limit the volatility of everyone trading at the fix. 據稱這是為了限制定價時各類交易的不穩定性。 Discomfitingly, the bank explicitly said notes should not be taken at the meeting. Its ownminutes reportedly shed no light on the matter. 尷尬的是，銀行曾明確表示開會時是不允許記筆記。銀行方面的會議記錄中并未涉及相關事件。 The Bank of England denies it endorsed any wrongdoing. 英格蘭銀行否認自己曾允許違規操作。 After reviewing 15,000 e-mails, 21,000 chat messages and 40 hours of phone-call recordings,it said it had found no evidence its staff were privy to any collusion. 該銀行表示，在其調查的15,000封郵件、21,000聊天信息和40小時的電話記錄中，沒有證據顯示員工私下勾結。 But one person at Threadneedle Street had breached rigorous internal control processes, 但是針線街的一名員工確實違反了嚴格的內部控制流程， and others have been reminded of the importance of keeping accurate records and tellinghigher-ups when they hear something noteworthy. 而其他人則被提醒了保管好準確的記錄以及在得到重要消息時告知上級的重要性。 A fuller investigation has been launched. 進一步的調查正在進行中。 It is not the first time the central bank is painted as a conspirator in financial fiddlingor atleast a tolerator of it. 這已經不是英國中央銀行第一次被描述為金融舞弊的謀劃者或者至少是默許者。 In 2023 the then-deputy governor, Paul Tucker, had to flatly deny he had sanctioned duffLIBOR submissions by Barclays at the height of the financial crisis. 在2023年，時任副行長的保羅塔克堅決否認自己在金融危機高潮時支持了巴克萊銀行提交的經過粉飾的LIBOR意見書。 Chummy exchanges with Bob Diamond, at the time the boss at Barclays, made for awkwardreading. 而他與時任巴克萊銀行行長的鮑勃戴蒙德之間的曖昧談話，又像是在自打耳光。 One potential problem for banks is that, unlike the people affected by LIBOR, it is easy forthose who were fleeced by their forex bankers to figure it out. 對銀行而言，一個潛在的問題是這些被外匯交易員痛宰的客戶不同于受到LIBOR影響的那些，他們更容易發現事實。 Perhaps the most curious thing is the timing: much of the currency-market skulduggeryhappened after the banks had already come under investigation for LIBOR. 最值得玩味的事情也許是，大量貨幣市場舞弊發生在銀行已經因為LIOBR受到調查之后。 That suggests banks were slow to clean up the rotten culture on their trading floors, 這表明銀行在清除交易市場上的陳腐文化時非常緩慢， or that they genuinely thought their colluding ways had been officially endorsed. 或者他們是真的認為串通行為被官方允許。 詞語解釋 1.use to 過去常常 What language would you use to speak to someonein mexico? 你和墨西哥人交談的話用哪種語言呢? This report gives you the search terms people useto search your website. 這份報告展示的是人們在網站搜索中使用的搜索詞。 2.interest rate n.利率 Financial services perform best in low interest rate environments. 在利率水平較低的情況下金融服務表現最佳。 I can get you a very attractive interest rate. 我可以給你非常具有吸引力的利息。 3.mutual fund 共有基金 Mutual fund investors waited and waited for a rebound to come. 共同基金投資者們一直等著市場的反彈的到來。 The mutual fund redemptions undoubtedly just worsened the market s decline. 共同基金補救毫無疑問僅僅使市場的衰退形勢更加惡化了。 4.agree to 同意，贊成 He could agree to cut nuclear arms with russia. 他可能同意和俄羅斯一起削減核武器。 She convinced a reluctant union to agree to a pay-for-performance system. 她說服了一個不情愿的工會接受績效工資系統。
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Rigging currency markets 操控貨幣市場 Bank, fix thyself 銀行，作繭自縛 The Bank of England faces questions over its role inrigged forex deals. 英格蘭面臨銀行非法操控外幣市場的指控。 ABOUT two dozen staff have so far been fired or suspended by banks for allegedlytampering with foreign-exchange markets. 目前為止，總共約有24名員工因操縱外匯市場而被銀行解雇或停職。 The latest twist in the saga came from an unexpected quarter: 給這一漫長風波帶來新波折的，是令人意想不到的一方： on March 5th the Bank of England announced that it too had suspended an official followingan internal investigation. 3月5日，英格蘭銀行經過內部調查后宣布將一名職員停職。 Awkwardly, Britain s central bank has gone from inquisitor to a possible protagonist in thelatest episode of financial-market chicanery. 尷尬的是，這次金融市場詐騙案的最新發展卻使英國中央銀行從審問官變為了犯罪嫌疑人。 Regulators globally have spent months investigating whether forex traders at big banksrigged global currency markets, 全球監管部門已花費數月來調查大型銀行的外匯交易員們是否操縱了全球貨幣市場， the world s largest, where turnover is over $5 trillion a day. 這個世界最大的市場中的日流通額度達到了5萬億美元。 They suspect that bankers used their knowledge of what currencies their clients wanted tobuy and sell to nudge market prices against them. 它們懷疑銀行員工利用其客戶想要買賣的現金種類的消息來推動市場上的匯率下跌。 If so, it would be the latest in a long list of financial benchmarks that have been rigged inways that have bolstered bankers bonuses. 如果情況屬實，這將成為那一長串被銀行操縱以獲取大量紅利的基準數字中的新成員。 Fines are still pouring in over LIBOR, an interest rate used to peg contracts worth trillions,which traders fiddled. 因操縱LIBOR一個涉及到數萬億合同的利率數字，而受到巨額罰款的銀行仍在不斷增加。 A plausible defence from the bankers in the latest probe might be that they had told theBank of England exactly what they were doing. 在最新一次調查中，銀行員工辯稱曾告知英格蘭銀行他們的具體行為。 Minutes from regular meetings between the central bank and traders showed widespreadconcern about the structure of the currency markets as early as 2006. 中央銀行和交易員日常會議的記錄文件顯示，早在2006年貨幣市場的結構就引起了廣泛關注。 All sides agreed that it was open to abuse because many clients, 各有關方面都認為這極易受到利用，因為眾多顧客， from multinational companies to mutual funds with foreign holdings, 從跨國公司到有外國資本的共同基金都以一個當日參考匯率來買賣貨幣， tended to buy and sell currencies from their banks at a single daily reference rate, theLondon fix, which is calculated using trades executed in 60 seconds of trading at 4pm inLondon. 而倫敦定價是基于下午四點開始60秒鐘內發生在倫敦的所有交易來計算的。 That means rigging the market for just a minute could reap rich rewards. 這意味著操縱市場一分鐘就能帶來豐厚的回報。 A bank that had agreed to sell lots of Canadian dollars, say, 比方說，一家銀行在定價時為客戶公司賣出大量加元， for a corporate customer could, in effect, depress that currency s price at the fix and so buythem for itself at a slightly lower price. 這就會壓低貨幣的價格，從而使銀行能以低一些的價格買入加元。 Bankers allegedly shared trading positions ahead of the fix, in internet messaging groups,among them The Cartel and The Bandit s Club. 據稱，銀行員工在在定價之前會在網絡上共享交易頭寸，比如在卡特爾和強盜俱樂部交易員從不以謹慎著稱。 Regulators think this is tantamount to fraud; banks have argued they were injecting order inan otherwise unworkable marketplace. 監管部門認為這等同于詐騙;而銀行辯解稱，他們是在維護市場秩序，以保證市場的正常運行。 Notes taken by a trader at a meeting organised by the Bank of England in April 2023 suggestthe traders had told the bank that they regularly shared information on forex positions. 一位交易員在2023年4月英格蘭銀行會議上的筆記顯示，交易員已經告知銀行他們定期共享外匯頭寸的信息。 According to Bloomberg, the central bank at least tacitly endorsed their attempts to matchbuyers and sellers, 根據彭博社消息，英國中央銀行至少是默許了交易員匹配買家和賣家的行為， purportedly to limit the volatility of everyone trading at the fix. 據稱這是為了限制定價時各類交易的不穩定性。 Discomfitingly, the bank explicitly said notes should not be taken at the meeting. Its ownminutes reportedly shed no light on the matter. 尷尬的是，銀行曾明確表示開會時是不允許記筆記。銀行方面的會議記錄中并未涉及相關事件。 The Bank of England denies it endorsed any wrongdoing. 英格蘭銀行否認自己曾允許違規操作。 After reviewing 15,000 e-mails, 21,000 chat messages and 40 hours of phone-call recordings,it said it had found no evidence its staff were privy to any collusion. 該銀行表示，在其調查的15,000封郵件、21,000聊天信息和40小時的電話記錄中，沒有證據顯示員工私下勾結。 But one person at Threadneedle Street had breached rigorous internal control processes, 但是針線街的一名員工確實違反了嚴格的內部控制流程， and others have been reminded of the importance of keeping accurate records and tellinghigher-ups when they hear something noteworthy. 而其他人則被提醒了保管好準確的記錄以及在得到重要消息時告知上級的重要性。 A fuller investigation has been launched. 進一步的調查正在進行中。 It is not the first time the central bank is painted as a conspirator in financial fiddlingor atleast a tolerator of it. 這已經不是英國中央銀行第一次被描述為金融舞弊的謀劃者或者至少是默許者。 In 2023 the then-deputy governor, Paul Tucker, had to flatly deny he had sanctioned duffLIBOR submissions by Barclays at the height of the financial crisis. 在2023年，時任副行長的保羅塔克堅決否認自己在金融危機高潮時支持了巴克萊銀行提交的經過粉飾的LIBOR意見書。 Chummy exchanges with Bob Diamond, at the time the boss at Barclays, made for awkwardreading. 而他與時任巴克萊銀行行長的鮑勃戴蒙德之間的曖昧談話，又像是在自打耳光。 One potential problem for banks is that, unlike the people affected by LIBOR, it is easy forthose who were fleeced by their forex bankers to figure it out. 對銀行而言，一個潛在的問題是這些被外匯交易員痛宰的客戶不同于受到LIBOR影響的那些，他們更容易發現事實。 Perhaps the most curious thing is the timing: much of the currency-market skulduggeryhappened after the banks had already come under investigation for LIBOR. 最值得玩味的事情也許是，大量貨幣市場舞弊發生在銀行已經因為LIOBR受到調查之后。 That suggests banks were slow to clean up the rotten culture on their trading floors, 這表明銀行在清除交易市場上的陳腐文化時非常緩慢， or that they genuinely thought their colluding ways had been officially endorsed. 或者他們是真的認為串通行為被官方允許。 詞語解釋 1.use to 過去常常 What language would you use to speak to someonein mexico? 你和墨西哥人交談的話用哪種語言呢? This report gives you the search terms people useto search your website. 這份報告展示的是人們在網站搜索中使用的搜索詞。 2.interest rate n.利率 Financial services perform best in low interest rate environments. 在利率水平較低的情況下金融服務表現最佳。 I can get you a very attractive interest rate. 我可以給你非常具有吸引力的利息。 3.mutual fund 共有基金 Mutual fund investors waited and waited for a rebound to come. 共同基金投資者們一直等著市場的反彈的到來。 The mutual fund redemptions undoubtedly just worsened the market s decline. 共同基金補救毫無疑問僅僅使市場的衰退形勢更加惡化了。 4.agree to 同意，贊成 He could agree to cut nuclear arms with russia. 他可能同意和俄羅斯一起削減核武器。 She convinced a reluctant union to agree to a pay-for-performance system. 她說服了一個不情愿的工會接受績效工資系統。
