【每日一题】中美国债的背景资料(一)

今天了解一下中美国债

英文选自经济学人,提供翻译并解析,不吝赐教^^

请翻译

This is at once welcome and worrying.

It is welcome because it is in everyone’s interest to have China’s vast savings, stashed away for too long in low-yielding American government bonds, diverted to more useful causes.

The worries relate to how China may wield its power.

参考译文

这既受人欢迎又令人担忧。

万一实现了呢英文_实现债券英文_实现自我 英文

受人欢迎的原因是,中国巨额储蓄投资于低收益的美国国债的时间过长,转而投资于更有益处的项目,这符合每个人的利益。

令人担忧的是中国会如何行使其权利。

解析

at once 立即,同时,故在此翻为“既…又…”。

stash away: keep or lay aside for future use. 故在此指“投资于…以期获得…收益”。虽然买公司债券获得的是固定利息,但low-yielding此处不宜翻为“低息的”,而是原意“低收益的”,因为美国政府债券可在二级市场流通。

have China’s vast savings, stashed away…,diverted to…

do sth. 和 have sth. done是不一样的。比如 I cut my hair 是”我剪了我自己的头发“,I have my hair cut 是”理发师剪了我的头发“。

The worries relate to 直译“担忧与…有关”,但很难听,所以联系上下文,以对称的方式翻译:既受人欢迎又令人担忧,受人欢迎的是…令人担忧的是….

以下是中美国债的背景资料,最后还有总结。

中国国债和国库券(整理自证券业从业资格考试教材和百度百科)

政府债券(Government Bonds)的发行主体是政府,它是指政府财政部门或其他代理机构为筹集资金,以政府名义发行的债券,主要包括国库券和公债两大类。中央政府发行的称中央政府债券(国家公债),地方政府发行的称地方政府债券(地方公债)。

1950年国家发行了最早的国家债券“人民胜利折实公债”。1981年以后至1996年的十多年内,发行的国库券都是实物券,面值有1元、5元、10元、50元、100元、1000元、1万元、10万元、100万元等。从1992年国家开始发行少量的凭证式国库券,1997年开始就全部采用凭证式和证券市场网上无纸化发行(承销包销方式)。自1998年开始,我国停止了票面式国库券的发行。

中央政府债券/国家债券/国债/金边债券:由国家发行的债券,是中央政府为筹集财政资金而发行的一种政府债券,是中央政府向投资者出具的、承诺在一定时期支付利息和到期偿还本金的债权债务凭证。国债分为储蓄国债和记账式国债。

1、储蓄国债

实现债券英文_万一实现了呢英文_实现自我 英文

储蓄国债分为凭证式国债和电子记账凭证式国债[储蓄国债(电子式)]

凭证式国债:国家证券公司债券、采取不印刷实物券,而用填制国库券收款凭证的方式发行的国债。

储蓄国债发行方式:承购包销。面向个人投资者发行,利率由财政部和中国人民银行比照储蓄存款基准利率,结合金融市场情况确定,不可以上市流通,只能通过提前兑取、质押贷款等方式变现。

2、记账式国债

记账式国债/无纸化国债:证券交易所市场发行,银行间债券市场发行,同时在银行间债券市场和证券交易所市场发行/跨市场发行。

记账式国债发行方式:公开招标,采用单一价格、多重价格、混同式的招标方式确定中标价格。由国债一级自营商和其他证券经营机构组成的承销团承销后,通过上海证券交易所和深圳证券交易所以记账的形式向社会公开销售。同期限记账式国债利率一般低于储蓄国债,可以上市流通,可通过上市交易、回购等方式变现,交易价格随市场变化波动。

地反政府债券/地方公债/地方债

万一实现了呢英文_实现债券英文_实现自我 英文

1、筹集资金一般用于交通、通讯、住宅、教育、医院和污水处理系统等地方性公共设施的建设。

2、地方债发行模式:地方政府直接发债,中央发行国债、再转贷给地方。

美国国债和国库券(资料来自Investopedia)

Government Bond: A debt security issued by a government to support government spending, most often issued in the country’s domestic currency. Government debt is money owed by any level of government and is backed by the full faith of the government. Federal government bonds in the United States include: the savings bond, Treasury bond, Treasury inflation-protected securities (TIPS), and others. Before investing in government bonds, investors need to assess several risks associated with the country such as: country risk, political risk, inflation risk, and interest rate risk.

A treasury bill (T-Bill) is a short-term debt obligation backed by the U.S. government with a maturity of less than one year. T-bills are sold in denominations of $1,000 up to a maximum purchase of $5 million and commonly have maturities of one month (four weeks), three months (13 weeks) or six months (26 weeks).

T-bills are issued through a competitive bidding process at a discount from par, which means that rather than paying fixed interest payments like conventional bonds, the appreciation of the bond provides the return to the holder.

A treasury note is a marketable U.S. government debt security with a fixed interest rate and a maturity between one and 10 years. Treasury notes can be bought either directly from the U.S. government or through a bank.

万一实现了呢英文_实现自我 英文_实现债券英文

When buying Treasury notes from the government, you can either put in a competitive or noncompetitive bid. With a competitive bid, you specify the yield you want; however, this does not mean that your bid will be approved. With a noncompetitive bid, you accept whatever yield is determined at auction.

A treasury bond (T-Bond) is a marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest payments semi-annually and the income that holders receive is only taxed at the federal level.

Treasury bonds are issued with a minimum denomination of $1,000. The bonds are initially sold through auction in which the maximum purchase amount is $5 million if the bid is non-competitive or 35% of the offering if the bid is competitive. A competitive bid states the rate that the bidder is willing to accept; it will be accepted depending on how it compares to the set rate of the bond. A non-competitive bid ensures that the bidder will get the bond but he or she will have to accept the set rate. After the auction, the bonds can be sold in the secondary market.

以上内容总结:

1、公债有时也称为国债,在法律不允许地方政府借债的国家,这两个概念是一致的,即都是指中央政府的借债。但在允许地方政府借债的国家,一般只把中央政府的借债称为国债,而地方政府的借债只能称为公债或地方债。

2、中国国债分为储蓄国债(承购包销方式发行,不可流通)和记账式国债(竞争式招标方式发行,二级市场流通),利息均不交税。

3、联邦政府债券包括储蓄国债(savings bond),长期国债(Treasury bond),通货膨胀保值国债(Treasury inflation-protected securities,TIPS)等。美国国库券/国债(U.S. Treasury)包括短期国债(Treasury Bills,1年以内)、中期国债(Treasury Notes,1~10年)、长期国债(Treasury Bonds,10年以上),以标售方式发行(auction),分竞争性投标和非竞争性投标,利息要交联邦税,均可在二级市场流通。

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