苏格兰皇家银行实习(25号截止）

发布时间：2006-12-24
工作地点：上海
信息来源：日月光华
职位类型：兼职
职位描述
25号截止）苏格兰皇家银行实习 发信站: 日月光华 (2006年12月24日19:06:57 星期天) 苏格兰皇家银行上海分行 职位：市场部 实习生 1名 工作内容：翻译及课题研究 要求： 1. 主修英语或金融专业本科以上 2. 优秀的英语口译、笔译能力 3. 工作踏实勤奋 4. 无不良嗜好或任何违规犯罪记录 5. 在上海居住 工作时间： 周一至周五，上午9点至下午5点半，2007年1月中旬至3月中旬（3个月） 工作补贴： 午餐、交通补贴共1500元每月 联系人：Maggie Guan 电子邮件：maggie.guan@ 请完成所附的英语翻译，用word格式即可，在12月25日16：00点前回传。请在你的翻译稿 开头，写明你的名字，联系电话，电子邮箱。 翻译： 中译英 1. 明年起，央行引入以上海银行同业拆息(ShanghaiInterbankOfferedRates，SHIBOR)为 每日定价基准，建立市场化的利率制度，为开放大额存款利率、取代官方贷款利率作准备 。银行及财资业人士指，这是朝利率市场化发展迈出的重要一步。分析人士指，未来，SH IBOR报价机制的透明度逐步提高，将对贷款、债券以至衍生工具市场发展，产生正面深远 的影响，而具有流通性的人民币本土利率掉期合约，估计明年推出。 2. 中央经济工作会议提出明年经济工作的多个任务，涉及货币政策的包括综合运用多种 货币政策工具，加强流动性管理、合理控制信贷投放和优化信贷结构。周小川向央行党委 传达中央经济工作会议精神指，明年，仍要加强和改善金融调控，实行稳健的货币政策， 保持货币供应量合理增长，促进优化信贷结构，完善人民币汇率形成机制。 英译中 The September CPI fell by 0.5%, a tick less than the drop we projected but a l arger decrease than the consensus expected. Meanwhile, the core component rose by 0.24% for a second straight month, slightly less than our forecast. While a 0.2% rise is certainly better than a 0.3% advance, the fact is that 0.24% pe r month is too high. It works out to around 2.9% annualized, which would trans late to something between 2 1/2% and 2 3/4% for the core PCE deflator. So, we can breathe a sigh of relief that the figure was not 0.3%, but this result is still going to give Fed officials plenty of heartburn. On the overall figure, the NSA index printed 202.9, two ticks (or 0.1%) above our estimate. Our miss reflected two things. Energy prices fell by slightly le ss than we projected ( 7.2% vs. our estimate of 7.6%). Gasoline prices declin ed by "only" 13.5% (we had thought 14.3%). Second, the miss by half of a tenth on the core. Within the core, we had a number of surprises. First, OER rose b y only 0.3%, which is the slowest not-seasonally-adjusted advance since March. Is this the beginning of a pullback in shelter costs? Perhaps, but the anecdo tal evidence that we've seen would not support that. Rents are still apparentl y surging, judging from reports that we've seen. Second, used auto prices slid by 1.0% after rising in each of the first 8 months of the year. My kneejerk w ould be to say that this is a fluke, but there have been several instances in recent years when used motor vehicle prices moved up from January through Augu st and then fell for the remainder of the year. Third, education costs, which

typically rise at about a 6% annual pace (i.e. 0.5% per month), increased by only 0.2% in September, as tuition was up by only 0.2% seasonall y adjusted. This most likely is a fluke and probably reflects a slight mismatc h in timing between the actual results and the seasonals. On the other side, a pparel prices increased by 0.6%, consistent with the chain store reports that margins were unusually good in September. These 0.24% prints in the core are the sort of outcome that we often describe as "something for everyone." Many market participants and some economists see the 0.2% number cross the newswires, and say core inflation has cooled since t he spring, when we saw 0.3% prints, and say the inflation picture is fine. We and I believe the Fed look at such a result much differently, as a 2.9% annual clip for the core CPI is unambiguously too high. That's OK for a time as long as policymakers are confident that growth will moderate enough to allow core inflation to come off soon. However, if growth reaccelerates in Q4, as we expe ct, on the back of lower gasoline prices, then the Fed's patience will be test ed.