短文理解听力原文： Spot transaction means the actual and variable amount of the currency of one country which at any given time, can be bought for a fixed sum in the currency of another country. It is a term meaning that these transactions are settled on the secon

A derivative is a security which "derives" its value from another underlying (61) instrument, index, or other investment. Derivatives are available based on the performance of stocks, interest rates, currency exchange rates, as well as (62) contracts and various indexes. Derivatives give the buyer greater leverage for a (63) cost than purchasing the actual underlying instrument to achieve the same position. For this reason, when used properly, they can serve to "hedge" a (64) of securities against losses. However, because derivatives have a date of (65) , the level of risk is greatly increased in relation to their term. One of the simplest forms of a derivative is a stock option. A stock option gives the holder the right to buy or sell the underlying stock at a fixed price for a specified period of time.

(46)

A．bank

B．financial

C．mathematic

D．securities

In London, a premium on a foreign exchange rate means ______.

A．the foreign currency is dearer

B．the foreign currency is cheaper

C．the foreign currency is less valuable

D．it has no relevance at all

听力原文：Each month the cardholder receives a statement from the bank, which lists the details of all the transactions in the month, together with the total amount outstanding.

(4)

A．Each month the cardholder receives a statement and the amount of all the transactions.

B．Each month the bank gives the cardholder a statement showing the total amount outstanding.

C．Each month the bank gives the cardholder a statement showing the compound interest.

D．Each month the bank gives the cardholder a statement showing any minimum amount that needs to be paid.

听力原文：In foreign exchange transactions, a forward purchase is an undertaking to buy a particular amount of foreign currency for delivery and settlement of a future date.

(7)

A．A forward transaction is done on a future date.

B．A forward purchase is to buy foreign currency in future.

C．A forward purchase is to buy a foreign currency with settlement on a future date.

D．A forward transaction is to buy a foreign currency on future date.

The term foreign exchange is best defined by the following statement: it is ______.

A．the rate of exchange between two currencies

B．synonymous with currency exchange

C．the place in which foreign currencies are exchanged

D．an instrument such as paper currency, note, and check used to make payments between countries

对话理解

听力原文：M: Can I open a foreign currency account and convert my money into a currency which offers the highest interest?

W: Yes, we can arrange that for you, but foreign currency exchange rates are subject to fluctuation and sometimes you will suffer losses.

Q: What does the woman mean?

(11)

A．Interest rate of a foreign currency is much higher.

B．There are risks of losing money sometimes to open a foreign currency account.

C．Foreign currencies exchange rates are relatively stable.

D．It is advisable to open a foreign currency account.

对话理解

听力原文：M: The paper money required little effort to carry. If you need large amount of money, you can use a check or credit card to make the payment.

W: This nature of money is called portability and it provides convenience in settling transactions.

Q: What does the word portability mean?

(11)

A．It means being convenient to be carried.

B．It means being readily to be divided.

C．It means being easily identified.

D．It means being carried in a big basket.

听力原文： A certificate of deposit (CD) is a time deposit with a bank. Time deposits may not be withdrawn on demand like a check account. CDs are generally issued by commercial banks but they can be bought through brokerages. They bear a specific maturity date that usually lasts from 3 months to 5 years, a specified interest rate, and can be issued in any denomination, very similar to bonds. CDs offer a slightly higher yield than T-Bills because of the slightly higher default risk for a bank, but overall the likeliness of a large bank going broke is pretty slim. Of course, the amount of interest you earn depends on a number of factors such as the current interest rate environment, how much money you invest, the length of time, and your specific bank.

24. What is a CD?

25.Which of the followings generally issue CDs?

26.How long does a specific maturity usually last?

27.Why do CDs pay higher return to investors than T-bills?

(24)

A．A term deposit that can be drawn at any time.

B．A time deposit with a bank.

C．A current deposit.

D．A cheek account.

单句理解

听力原文：These time deposits earn higher interest rates, which may be fixed or floating, but no withdrawals are allowed until the term has ended.

(1)

A．Sometimes the interest rates on time deposits are not fixed.

B．People can draw these deposits at any time.

C．The interest rates on time deposits are fixed.

D．The interest rates on time deposits are floating.

听力原文：A currency swap is a second technique for hedging long-term transaction exposure to exchange rate fluctuations.

(10)

A．A currency swap is a better way to convert the long-term transaction into a spot transaction.

B．A currency swap makes long-term transaction exposure to exchange rate fluctuations.

C．A currency swap is a better way to reduce the risks of the long-term transactions owing to the exchange rate fluctuations.

D．A currency swap can in no way reduce the risk of exchange rate fluctuations.