1、笔译三级实务（综合）模拟试卷 7及答案与解析 一、 PART 1 English-Chinese Translation (60 points) Translate the following passage into Chinese. The time for this part is 120 minutes. 1 Beijing was pushed into launching the Asian Infrastructure Investment Bank by US lawmakers refusal to give China greater clout in existing m
2、ultilateral institutions, Ben Bernanke has said. 2 However, the former Fed chairman played down the practical implications of the AIIB, saying the bank was largely symbolic. 3 Alibaba, Chinas ecommerce group, has continued a string of deals that is designed to strengthen its appeal ahead of an expec
3、ted flotation this year with a closely allied fund buying a stake in a Chinese internet TV company. 4 He said too much attention was being focused on the internationalisation of the renminbi, which was as much a matter of “national prestige“ as of practical economic value. 5 Many industrial players
4、assume that the collapse of the stock market is not a question of if, but when. The real question is how many dominoes will fall with it. 6 A beginner in the stock market should stay clear of volatile investments of all kinds. 7 The World Financial Situation Bond markets appear to be telling a diffe
5、rent story. Bond prices have continued rallying, and the yield for two-year US Treasuries has fallen to 3. 1% (as at 12 December). Bond markets have also priced in future interest rate cuts, which has helped their yields fall. Bonds are seen as forward indicators. Bond prices rally and yields fall w
6、hen investors anticipate an economic downturn. During recessionary periods, bonds tend to outperform as investors switch out of growth assets into safe investing instruments. The divergence in bond and equity markets could be the result of economic uncertainty. At present, US economic growth appears
7、 to be moderating, driven by a sharp slowdown in the housing sector. The problems in sub-prime mortgages, when homeowners increased mortgages on their homes at temporary low rates of interest in order to provide themselves with immediate spending money, have led to more foreclosures and caused house
8、 prices to decline. Financial institutions with direct or indirect exposure to sub-prime mortgages have started reporting huge profit losses, and their increased reluctance to lend has led to tighter credit conditions. Excessive tightening and much lower house prices could lead to reduced US domesti
9、c consumption. This has raised fears of a recession. As more banks report larger than expected losses, concern over the potential impact on the financial system and the economy has increased, deepening fears of a recession. However, key data such as employment has continued to hold up ( supporting d
10、omestic consumption) , and companies continue to report profits. This supports the hope that the US economy will not enter a period of negative economic growth, and wont fall into a recession. Key to this will be how the Fed responds to tightening credit conditions. The Fed cut interest rates in Dec
11、ember, and has left the door open to further cuts if necessary. It has also announced measures to inject liquidity into the financial system. In an overall environment of soft growth, investors will likely pay a premium for markets where growth appears more certain. As growth in the US will be relat
12、ively slow, focus is likely to turn to high-growth emerging markets. Asia, except Japan, will be the likely beneficiary, as valuations still remain relatively reasonable and economic growth remains strong. The trend toward a weaker US dollar is likely to continue but the USD is unlikely to collapse.
13、 We expect that Asian currencies will continue to appreciate against the USD as they adjust to reflect their stronger underlying fundamentals. In the short term, the USD could continue to depreciate against the GBP and EUR, but these currencies look increasingly expensive in valuation terms. 8 Georg
14、e Soros the Financial Crocodile “The US governs the international system to protect its own economy. It is not in charge of protecting other economies,“ Soros says. “So when America goes into recession, you have antirecessionary policies. When other countries are in recession, they dont have the abi
15、lity to engage in anti-recessionary policies because they cant have a permissive monetary policy, because money would flee. “ In person, he has the air of a philosophy professor rather than a gimlet-eyed financier. In a soft voice which bears the traces of his native Hungary, he argues that it is ti
16、me to rewrite the so-called Washington consensus the cocktail of liberalization, privatization and fiscal rectitude which the IMF has been preaching for 15 years. Developing countries no longer have the freedom to run their own economies, he argues, even when they follow perfectly sound policies. He
17、 cites Brazil, which although it has a floating currency and manageable public debt was paying ten times over the odds to borrow from capital markets. Soros credits the anti-globalization movement for having made companies more sensitive to their wider responsibilities. “ I think the protesters have
18、 made an important contribution by making people aware of the flaws of the system,“ he says. “People on the street had an impact on public opinion and corporations which sell to the public responded to that. “ Because the IMF has abandoned billion dollar bailouts for troubled economies, he thinks a
19、repeat of the Asian crisis is unlikely. The funds new “tough love“ policy for which Argentina is the guinea pig has other consequences. The bailouts were a welfare system for Wall Street, with western taxpayers rescuing the banks from the consequences of unwise lending to emerging economies. Now the
20、 IMF has drawn a line in the sand, credit to poor countries is drying up. “It has created a new problem the inadequacy of the flow of capital from center to the periphery,“ he says. The one economy Soros is not losing any sleep about is the US. “I am much more positive about the underlying economy t
21、han I am about the market, because we are waging war not only on terrorism but also on recession,“ he says. “ I have not yet seen an economy in recession when you are gearing up for war. “ He worries that the worlds largest economic power is not living up to its responsibilities. “ I would like the
22、United States to live up to the responsibilities of its hegemonic power because it is not going to give up its hegemonic power,“ he says. “The only thing that is realistic is for the United States to become aware that it is in its enlightened self-interest to ensure that the rest of the world benefi
23、ts from their role. “ 二、 PART 2 Chinese-English Translation (40 points) Translate the following passage into English. The time for this part is 60 minutes. 9 金融危机爆发后，许多中小型企业陷入了财务困难，有些甚至还提出了破产申请。 10 去年底以来，押注人民币升值的 “热钱 ”卷土重来，来势汹汹，但它们的估算很有可能再度落空。 11 去年，汇丰 (HSBC)斥资 144亿元人股交通银行，持股 比例为 19 9，汇丰计划未来五年将内地分行数
24、目增加到 50家。 12 目前股市正处在转折过程之中，但这种转变更多体现为理性回归，预计不会有大幅反弹，将长期呈现熊市格局。 13 有专家认为，中国可以将自己的过剩储蓄投资于国际市场的机制，购买美国或其他国家的资产，从而化解中美贸易不平衡这一难题。 14 国内大型保险公司将和外资保险公司一起开拓中国巨大的保险市场，竞争固然存在，但是更多的将是合作。 15 亚投行 亚洲基础设施投资银行 (亚投行 )是一个由中国政府提议成立的国际金融组织。 这是一个多边的开发银行，意在向亚洲地区的基础设施项目提供财力。有些人将亚投行视为国际货币基金组织、世界银行、亚洲开发银行的竞争对手，这些银行由美国等发达国家主
25、宰。 这个新的银行允许使用中国资本来资助基础设施，从而允许中国在亚洲地区经济发展中发挥与其日益增长的经济政治影响力相匹配的更大作用。另一方面，直到2015年 3月，中国在亚洲开发银行中只有 5 47的投票权，而日本和美国共有26的投票权 (每家 13 )。这两个国家的统治地位以及过于缓慢的改革使得中国愿意建立亚投行，而这两个国家则担心中国越来越大的 影响力。 截至到 2015年 4月 2日，几乎所有亚洲国家和亚洲之外的多数大国都已加入了亚投行，但美国、日本 (主宰了亚洲开发银行 )、加拿大没有参加。 有关亚投行的第一个新闻报道出现在去年 10月。中国政府认为改革和管理的步伐太慢，颇有挫折感，需
26、要在国际货币基金组织、世界银行、亚洲开发银行等国际机构中拥有更大的投票权，但中国认为这些机构被美国、欧洲、日本的利益所支配。 16 投资 投资者常犯以下一些错误。 1不懂得放手：如果你做了个错误的投资决定，即使会蒙受亏损，还是应考 虑脱售股票。一些投资者犯的错误便是在没有研究股价下跌原因的情况下继续以低价买进，期望能因此减少亏损。事实上，股价下滑可能是因为财务状况欠佳、业务前景不理想或是公司可能面对诉讼。因此，你可能是在浪费时间和金钱。 2羊群效应：一些投资者见其他投资者在市场上拼命追购某只股票，所以也跟着买入。股价是有可能在瞬息间大起大落的，当下跌时，经验不多的投资者就会被套牢，只好持有高价
27、买入的股票。 3研究不足：投资任何东西前，你应该对其风险有足够的认识。这些资讯可从报章、财经杂志甚至是网际网络上得到。 假设你要投资股票，先问问自己以下问题：这家公司有没有好的管理层 ?从事什么业务 ?业务有没有发展潜能 ?盈利记录好不好 ?股价波动大吗 ?如果波动大，你有能力承受股价大起大落的风险吗 ? 笔译三级实务（综合）模拟试卷 7答案与解析 一、 PART 1 English-Chinese Translation (60 points) Translate the following passage into Chinese. The time for this part is 12
28、0 minutes. 1 【正确答 案】 本 -伯南克表示，北京之所以推动发起亚洲基础设施投资银行，是因为美国国会议员拒绝在现有多边机构中给予中国更大影响力。 【知识模块】 英译汉 2 【正确答案】 不过这位前美联储主席淡化了亚投行的实际影响，称该行的意义主要还是象征性的。 【知识模块】 英译汉 3 【正确答案】 在预计今年上市之前，为了增强其吸引力，中国的电子商务集团阿里巴巴继续达成一系列交易，与其紧密捆绑的一家基金将人股中国一家互联网电视企业。 【知识模块】 英译汉 4 【正确答案】 他说，人民币全球化引起了过 多关注，这件事不但关乎实际经济价值，也关系到 “国家威望 ”。 【知识模块】
29、英译汉 5 【正确答案】 不少业内人士认为，股市崩盘是必然，只是时间问题罢了；真正的问题是会有多少多米诺骨牌会随之倒下。 【知识模块】 英译汉 6 【正确答案】 股市新手应避开各种震荡型股市投资。 【知识模块】 英译汉 7 【正确答案】 全球经济局势 债券市场好像是另一番景象。债券价格一路反弹，到 12月 12日两年期美国国债收益率已跌至 3 1。债券市场已根据未来减息定价，致收益率继续下跌。 债券被视作是前瞻性指标。当投资者预期未来经济低迷时，债券价格会反弹但收益率下降。在经济衰退期，投资者纷纷从成长性投资产品撤出，转而投向安全稳定的投资产品，这时的债券表现更佳。 债券市场和股市的不同可能是
30、经济不稳定导致的。目前，受到房地产行业急剧回落的拖累，美国经济增长速度放缓。为了让自己有钱花，房屋的主人以暂时的低利率提高房屋按揭数额，结果引发次贷问题。次贷问题又导致房屋被没收，房价下跌。直接或间接受到次贷问题影响的金融机构开始公布其巨额亏损，而越来越不愿提供贷款导致这些机构的信贷条件越来越严苛。过 分缩紧银根以及房价大幅下跌会降低美国国内消费水平。这导致了人们对经济衰退产生恐慌情绪。由于越来越多的银行开始公布超乎预期的亏损，人们对于金融系统和整个经济可能遭受重创的担忧日益加剧，这也加重了人们对于经济衰退的恐慌。 不过，一些关键数据如就业率等守住了阵脚 (这也支撑了国内消费 )，而且公司仍在
31、公布盈利的消息。这使人们对美国经济不会进入负增长，从而不会引发经济衰退抱有一线希望。问题的关键在于美联储如何应对不断严苛的信贷条件。美联储在12月降低了利率，并且必要时仍可能继续减息。此外，美联储还宣布将加强金融系统的流动性。 在经济增长放缓的大环境下，投资者就会为增长前景更为明确的领域付出手头富余的资金。由于美国经济增长相对减缓，注意力将会转移到经济增长更快的新兴市场。因此，除日本以外的亚洲国家都可能受益，因为对其估值依然相对合理，且其经济发展依旧保持较快增长态势。 美元贬值可能还会继续，但还不至于到崩盘的地步。我们期望，在亚洲货币自我调整显示出较强基本面时，亚洲货币对美元能继续升值。短期来
32、看，美元对英镑和欧元的汇率可能会继续下滑，但这些货币的估值仍将逐步走高。 【知识模块】 英译汉 8 【正确答案】 金融大鳄乔治 -索罗斯 索罗斯说： “美国掌控国际经济体系，是为了保护本国经济，并不负责保护其他国家的经济。美国经济一旦陷入衰退，可以出台反衰退政策，而其他国家经济衰退，却无力这样做，因为这些国家不能采取宽松的货币政策，否则资本就会外流。 ”索罗斯本人具有哲学教授的风度，不太像目光敏锐的金融家。说话轻声细语，略带匈牙利口音，认为修改所谓的 “华盛顿共识 ”正当其时。 “华盛顿共识 ”是指经济自由化、私人化和财政透明的综合体制；这一体制国际货币基金组织已倡导了15年。索罗斯认为，发展
33、中国家即 便贯彻了完善健全的经济政策，也不再能自由地运行本国经济。他举例说，巴西实行了浮动汇率制和可控国债，却付出比正常情况高出 10倍的代价从资本市场借贷。 索罗斯赞扬反全球化运动使各公司更加认识到自己更广泛的责任。他说： “我认为反对者功不可没，让人们意识到这一体制有缺陷。普通民众对公众舆论产生了重要影响，而公司以大众为销售对象，对此也作出了反应。 ”国际货币基金组织不再提供 10亿美元援助经济困难的国家，索罗斯因此认为亚洲金融危机不可能重现。国际货币基金组织这种 “又严又爱 ”的政策 (阿根廷是这一政策的试验品 )产生 了其他后果：西方纳税人挽救了银行，将其从盲目向新兴工业国家提供贷款的
34、恶果中解脱出来，而资金援助成为华尔街提供福利的方法。如今国际货币基金组织就好像是在沙滩上划了一条分界线，向贫困国家提供的贷款日益枯竭。索罗斯说： “这产生了新问题，即资金从中心向周边流动不足。 ” 索罗斯唯对美国经济高枕无忧。他说： “我对美国经济潜力的信心比对市场更足。我们不只向恐怖主义开战，也向经济衰退开战。我还没见过哪个国家全力备战时经济停滞不前。 ”他担心世界上最大的经济强国不能尽到责任，说道： “我希望美国承担起其霸权应承担的责任， 因为美国不会放弃霸权地位。美国应该意识到，美国自身要获得利益，就必须保证其他国家从其扮演的角色中受益。这是唯一的现实。 ” 【知识模块】 英译汉 二、
35、PART 2 Chinese-English Translation (40 points) Translate the following passage into English. The time for this part is 60 minutes. 9 【正确答案】 Since the start/ outbreak of the financial crisis, many small- and medium-size/sized enterprises have run/ gotten into financial difficulties/ trouble, and some
36、 (of them) have even filed/ applied for bankruptcy. 【知识模块】 汉译英 10 【正确答案】 Since the end of last year, “hot money“ which aims to benefit from RMB appreciation (the value increase of RMB) has staged an aggressive comeback ( has come to China again aggressively), but the investors hopes may turn out to
37、be fruitless. 【知识模块】 汉译英 11 【正确答案】 Last year the Hong Kong-Shanghai Banking Corporation (HSBC Holdings) invested 14.4 billion yuan in the Bank of Communications to acquire 19.9% of its shares, and plans to increase the number of its mainland branches to 50 in (the next) five years. 【知识模块】 汉译英 12 【正确
38、答案】 The present stock market is undergoing a turning point, becoming rational again (switching back to rationalism). With no expectation for significant rebounds/ rallies, the present bear market will remain for a long time. 【知识模块】 汉译英 13 【正确答案】 Some experts believe that China can address the issue
39、of the Sino-US/ China-US/ Chinese-American trade imbalance by investing its surplus/ excessive savings in the international market and purchasing assets/ properties from the United States or other countries. 【知识模块】 汉译英 14 【正确答案】 Domestic insurance companies/ Chinese insurers and foreign players will
40、 join forces/ join hands to exploit the tremendous insurance market in China (to tap into Chinas huge market). Competition does exist, but there will be more opportunities for cooperation. 【知识模块】 汉译英 15 【正确答案】 Asian Infrastructure Investment Bank The Asian Infrastructure Investment Bank, an internat
41、ional financial institution proposed by the Chinese government, is a multilateral development bank established to finance infrastructure projects in Asia. Some people see the AIIB as a competitor for the IMF, the World Bank and the Asian Development Bank (ADB), which are all under the control of the
42、 developed nations headed by the United States. This new bank will permit the use of Chinese capital to fund infrastructure projects so that in Asias economic development, China can play a greater role commensurate with/ proportionate to her expanding economic and political influence. Conversely, be
43、fore March 2015, China had only a 5.47% voting share in the ADB whereas Japan and the US had a combined total of 26% of the voting rights (each with 13%). The two countries dominance and their reluctance to make timely reforms have triggered Chinas intention to create the AIIB, which will heighten t
44、he two countries concerns over Chinas growing power. By April 2, 2015, nearly all Asian nations and most major countries outside of Asia had participated in the AIIB, though the US and Japan ( which dominate the ADB) and Canada had not applied. News coverage of the AIIB first appeared in last Octobe
45、r. Frustrated by/ Dissatisfied by what it regards as the slow rate of reform to the governance (of the financial institutions), the Chinese government wants a greater voting right in global established institutions such as the10 IMF, World Bank and Asian Development Bank, which it deems as being dom
46、inated by the interests of the US, Europe and Japan. 【知识模块】 汉译英 16 【正确答案】 Investment Investors often make these mistakes: 1. Reluctance to let go. If you have made a bad investment decision, do consider selling the stock even if it results in a loss. The mistake some investors make is buying the sto
47、ck again at a lower price without analyzing the cause of the decline, hoping to reduce their loss. In fact, the price of the stock may have fallen due to the deterioration of the companys financial position, poor business prospects, or potential law suits. In that case, you are probably wasting your
48、 time and money. 2. Herd Instinct Some investors buy shares when they see hectic buying in the market by other investors, i. e. chasing the price of the stock up. Huge price fluctuations can occur and fade very quickly, leaving naive investors stranded and holding on to stocks purchased at high pric
49、es. 3. Inadequate Research Before you invest in anything, you should familiarize yourself with the risks. Such information can be obtained from newspapers, financial magazines or even on the Internet. For example, in the case of stocks you may wish to ask yourself the following questions: Does the company have a good management? What type of business is the company in? Does the business have growth potential? Does the company have a good profit track record? What are its prospects? How volatile is the companys stock price? If the pri
