金融英語(yǔ)口語(yǔ) 23.Hedging

[00:00.00]New Words [00:00.76]新單詞 [00:01.52]hedging n. [00:02.09]套期保值 [00:02.66]broker n. [00:03.29]經(jīng)紀(jì)人 [00:03.92]purchase v. [00:04.57]購(gòu)買(mǎi) [00:05.22]consignment n. [00:05.92]一批貨物 [00:06.61]starch n. [00:07.26]淀粉 [00:07.92]futures n. [00:08.52]期貨 [00:09.12]Phrases & Expressions [00:11.18]senior executive [00:12.15]高級(jí)職員 [00:13.11]grain exchange [00:14.17]谷物交易所 [00:15.23]anticipatory hedging [00:16.43]預(yù)期性套期保值 [00:17.63]cash market [00:18.42]現(xiàn)貨市場(chǎng) [00:19.20]sell short [00:20.13]賣(mài)空 [00:21.05]buy long [00:21.88]買(mǎi)空 [00:22.70]CIF (cost, insurance and freight ) [00:25.30]到岸價(jià) [00:27.90]L:Excuse me, sir. I come here to meet Mr. Kent. [00:29.94]蘭：請(qǐng)?jiān)?，先生。我找肯特先生? [00:31.97]K:It is me. Are you Mr. Landor? [00:33.50]肯：我就是我，您是蘭道先生吧? [00:35.03]L:Yes, I am Landor. [00:36.28]蘭：是的，我是蘭道。 [00:37.54]K:Good morning. My secretary told me you would come this morning. [00:39.67]肯：早上好，我的秘書(shū)對(duì)我說(shuō)你今天早上會(huì)來(lái)。 [00:41.80]L:Good morning. I have got something to consult with you. [00:44.07]蘭：早上好，我有點(diǎn)兒事向您咨詢(xún)。/ [00:46.34]K:Yes? [00:46.89]肯：什么事? [00:47.44]L:Our company is going to purchase 50 000 tons of corn from America on August 20th and the CIF is 15 000 American dollars per ton. [00:53.29]蘭：我們公司在8月20日將要從美國(guó)購(gòu)買(mǎi)5萬(wàn)噸玉米，它的岸價(jià)是每噸15000美元， [00:59.14]40 000 of the consignment have been ordered by a feed processing plant and a corn starch plant, [01:02.94]其中4萬(wàn)噸已被飼料加工公司和玉米淀粉公司預(yù)定了。 [01:06.74]but we have not yet found a buyer for the rest. [01:08.39]但剩下的1萬(wàn)噸還未找到買(mǎi)主。 [01:10.03]The problem is that the cargo will not arrive here from America until 45 days after the purchasing time. [01:14.12]問(wèn)題是這批貨物離開(kāi)美國(guó)后要45天才能到達(dá)這里。 [01:18.21]K:And you are afraid that if the corn price drops in 45 days, [01:20.91]肯：你擔(dān)心如果45天后玉米價(jià)下跌的話(huà)， [01:23.62]you will suffer a loss in selling the remaining 10 000 tons of corn. [01:26.35]你們?cè)阡N(xiāo)售額下的1萬(wàn)噸玉米的時(shí)候，會(huì)蒙受損失。 [01:29.08]L:Yes. I heard there is a method against the risk on the futures market. [01:31.90]蘭：是的。我聽(tīng)說(shuō)期貨市場(chǎng)上有一種方法可以避免這種風(fēng)險(xiǎn)。 [01:34.72]K:Yes. We call it hedging. There are several kinds of hedging and anticipatory hedging just suits your situation. [01:39.29]肯：是的，這種方法就叫套期保值。套期保值有好幾種，其中預(yù)期性套期保值剛好適合你這種情況。 [01:43.86]L:How should I do the hedging? [01:45.23]蘭：我該怎么做這種套期保值呢? [01:46.61]K:When you buy the corn the cash market, [01:48.03]肯：當(dāng)你在現(xiàn)貨市場(chǎng)上買(mǎi)入玉米時(shí)， [01:49.45]you can sell short a futures contract of the same amount corn on the futures market in anticipation of the corn price's falling. [01:54.66]你同時(shí)在期貨的市場(chǎng)上賣(mài)出一張同等數(shù)量玉米的期貨合同，因?yàn)槟泐A(yù)測(cè)玉米價(jià)格將會(huì)下降。 [01:59.88]L:Is that what is called "taking a position", selling a parcel for forward delivery but waiting for the price to go down before actual buying. [02:04.71]蘭：這是不是就是所謂的“買(mǎi)空賣(mài)空”的賣(mài)空，賣(mài)出一張貨物合同，然后等待玉米價(jià)格下跌時(shí)再買(mǎi)入，這時(shí)可賺差價(jià)? [02:09.54]K:Yes. The opposite action is called "buying long". [02:11.91]肯：是的，賣(mài)空的相反做法是買(mǎi)空。 [02:14.27]When 45 days later,on October 1st, if corn price actually goes down, say, to 13 000 American dollars per ton, [02:19.13]這樣45天以后，也就是10月1日，如果玉米價(jià)格真的下跌，比如說(shuō)跌到每噸13000美元， [02:23.99]you will get a profit of 2 000 Amercan dollars per ton on the futures market. [02:26.94]那么你在期貨市場(chǎng)平倉(cāng)后可得到每噸2 000美元的獲利， [02:29.89]This will make up your loss on the cash market. [02:31.58]這剛好可以彌補(bǔ)你在現(xiàn)貨市場(chǎng)上交易的虧空。 [02:33.26]In this way you can successfully control your risk on the foreign trade. [02:35.86]這樣，你就成功地控制了你在這宗外貿(mào)生意上的風(fēng)險(xiǎn)。 [02:38.46]L:I see. [02:39.20]蘭：我明白了。 [02:39.95]K:Since you have to use American dollars to pay for the corn, [02:41.82]肯：因?yàn)槟惚仨氂妹涝Ц哆@批玉米。 [02:43.68]it is also necessary to do a hedging on foreign currencies. [02:45.89]所以就涉及到外匯問(wèn)題，有必要再做外匯套期保值。 [02:48.10]L:Thank you very much. [02:48.89]蘭：非常感謝您。 [02:49.69]K:You are welcome. See you later. [02:51.04]肯：不客氣，再見(jiàn)。 [02:52.38]L:See you. [02:53.05]蘭：再見(jiàn)。

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