金融英語口語 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]購買
[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]賣空
[00:21.05]buy long
[00:21.88]買空
[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?/p>
[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，我的秘書對(duì)我說你今天早上會(huì)來。
[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。/
[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)購買5萬噸玉米，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1萬噸還未找到買主。
[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]問題是這批貨物離開美國(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，
[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售額下的1萬噸玉米的時(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。我聽說期貨市場(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“買空賣空”的賣空，賣出一張貨物合同，然后等待玉米價(jià)格下跌時(shí)再買入，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，賣空的相反做法是買空。
[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。
[02:52.38]L:See you.
[02:53.05]蘭：再見。
