金融英语——常用词汇(九十六)

currency 货币，通货

Any form of money that is in public circulation.

在一个经济体系内流通的金钱，包括硬币与纸币。是指流通于市场上的货币，包括钞票以及能够代替货币流通与支付职能的支付工具。例如，汇票、本票、支票等。

currency arbitrage 货币套利

Taking advantage of divergences in exchange rates in different money markets by buying a currency in one market and selling it in another market.

是指在一个市场买入一种货币，同时在另一个市场上以更高的价格卖出。

currency convertibility 货币转汇能力

The ability to exchange money for gold or other currencies.

货币转换为黄金或其他币种的能力。

currency fluctuations 货币价格波动

Changes in the value of one currency relative to another.

一种货币相对于另一种货币的价值之变化。

currency forward 货币远期

A forward contract that locks-in the price an entity can buy or sell currency on a future date.

远期合约锁定一家机构在未来日期买入或出售货币的价格。

currency futures 货币期货

Currency futures contract . Standardized agreement to sell or buy a specific amount of a currency at a particular price on a stipulated future date.

是指从事国际贸易的企业为了降低汇率风险，利用国际主要货币，如美元、欧元、英镑来对本币进行套期保值的期货合同。

currency hedging 外汇避险

Applies mainly to international equities. Hedging technique to guard against foreign exchange fluctuations.

外汇避险的效果取决于境外资产在投资组合中的比例，境外资产比例高，则外汇避险的作用明显(避险的好处大于避险的成本)。

currency in circulation 通货

Paper money, coins, and demand deposits that constitute all the money circulating in the economy.

是指广泛用于日常交易的纸币和硬币。

currency option 货币期权

A contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified price during a specified period of time.

给与持有人在未来日期以特定价格买入或卖出货币权力（但非义务）的合约。

currency overlay 货币管理外包

The outsourcing of currency risk management to a specialist firm, known as the overlay manager. This is used in international investment portfolios to separate the management of currency risk from the asset allocation and security selection decisions of the investor's money managers.

将货币风险管理工作外包给专业机构。国际投资组合藉此分割投资经理做出资产分配及证券决策的风险与货币风险。

currency risk 通货风险

The risk that a business' operations or an investment's value will be affected by changes in exchange rates.

因汇率的波动而使企业的经营或投资的价值遭到的风险。是指当一国的汇率变动或有外汇管制时所产生的投资风险。

currency selection 货币选择

Asset allocation in which the investor chooses among investments denominated in different currencies.

是指投资人进行货币投资时在不同国家的货币之间进行选择。

currency swap 货币掉期

An arrangement in which two parties exchange specific amounts of different currencies initially, and a series of interest payments on the initial cash flows are exchanged.

双方开始时交换特定数量的不同货币，从而使初始现金流的一系列利息支付也被交换。是指两个国家中央银行之间以短期贷款方式互相供应对方所需外币的一种方式，或指两个企业之间的货币兑换。

current account 经常账户

The net flow of current transactions, including goods, services, and interest payments, between countries. The difference between a nation's total exports of goods, services, and transfers, and its total imports of them. Current account balance calculations exclude transactions in financial assets and liabilities.

两国间经常交易的净流量，经常交易包括商品、服务、利息支付，是国际收支平衡表的最主要构成部分，在整个国际收支中，经常账上的交易总额占最大的比例，与一个国家当期经营活动的盛衰和国名所得的高低有密切的关系。