EXCHANGE RATES. Помощь с контрольной по английскому
Упражнение 1
Прочитайте и переведите текст устно.
EXCHANGE RATES
A) The Bretton Woods agreement of 1944 established fixed exchange rates, defined in terms of gold and the US dollar. Between 1944 and 1971, many currencies were pegged against the US dollar, i.e. their parities with the US dollar were fixed. In this period, a US dollar was a promissory note issued by the United States Treasury. If anybody requested it, the Treasury had to exchange the note for 1/35th of an ounce of gold. Under this system, overvalued or undervalued currencies could only be adjusted with the agreement of the International Monetary Fund. Such adjustments are called devaluations and revaluations. The Bretton Woods system of gold convertibility and pegging against the dollar was abandoned in 1971, because following inflation, the Federal Reserve did not have enough gold to guarantee the American currency.
B) Gold convertibility was replaced by a system of floating exchange rates. (Today, the US dollar - the unofficial world currency - is merely a piece of paper on which is written 'In God We Trust.' God, not gold!) A freely (or clean) floating exchange rate is determined purely by supply and demand. Theoretically, in the absence of speculation, exchange rates should reflect purchasing power parity - the cost of a given selection of goods and services in different countries. Proponents of floating exchange rates, such as Milton Friedman, argued that currencies would automatically establish stable exchange rates which would reflect economic realities more precisely than calculations by central bank officials. Yet they underestimated the impact of speculation, and the fact that companies and investors frequently follow short-term money market trends even if these are contrary to their own long-term interests.
C) In the late 1970s and early 1980s, the American, British and other governments deregulated their financial systems, and abolished all exchange controls. Residents in these countries are now able to exchange any amount of their currency for any other these countries are now able to exchange any amount of their currency for any other convertible currency. This has led to the current situation in which 95% of the world's currency transactions are unrelated to transactions in goods but are purely speculative. Enormous amounts of money move round the world, chasing high interest rates or capital gains, as investors - including rich individuals, companies and pension funds - seek to maximize the value of their assets. In London alone, in the late 1990s, over $300 billion worth of currency was traded on an average day – the equivalent of about 30% of the value of the goods Britain produces each year. Banks, of course, make a profit from the spread between a currency's buying and selling prices.
D) Few governments, however, leave exchange rates wholly at the mercy of market forces. Most of them attempt to influence the level of their currency when necessary. Managed (or dirty) floating exchange rates are more common than freely floating ones. For example, in the 1980s, most Western European governments joined the EMS (European Monetary System), which established parities between member currencies. There was also an Exchange Rate Mechanism (ERM): if the rate diverged by more than plus or minus 24 per cent from the central parity, central banks had to intervene in exchange markets, buying or selling in order to increase or decrease the value of their currency.
E) Yet international speculators can be more powerful than governments. For example, on a single day in September 1992 the Bank of England lost five billion pounds in a hopeless attempt to support the pound sterling. For weeks, all the world's financial institutions and rich individuals had been selling their pounds, as everyone except the British Government believed that the pound had been seriously overvalued ever since it joined the ERM in 1990. When the British central bank ran out of reserves and could no longer buy pounds, the currency was withdrawn from the ERM and allowed to float, instantly losing about 15% of its value against the D-mark. The next year, speculators attacked five other European currencies, and the European Monetary System was suspended. It was later reintroduced in a looser form.
F) Many manufacturers are in favour of fixed exchange rates, or a single currency. Although it is possible to some extent to hedge against currency fluctuations by way of futures contracts, forward planning is difficult when the price of raw materials bought from abroad, or the price of your products in export markets, can rise or fall by 50% in only a few months. (Since exchange controls were abolished, currencies including the US$ and the ?sterling have in turn appreciated by up to 100% and then depreciated by more than 50% against the currencies of major trading partners.)
G) Pressure from industrialists and governments led to the introduction of the euro. Twelve countries fixed their exchange rates against the new currency, and beginning in 1999 the new currency was used as a means of payment between companies and in foreign trade, and bonds were denominated in it. The euro came into existence as a real currency in 2002, when the old notes and coins in the twelve member countries were withdrawn.
Упражнение 2
Соотнесите английские слова и словосочетания с русскими эквивалентами.
1 Fixed a. сделка
2 Exchange rates b. валюта
3 Currency c. переоцененный
4 Promissory note d. недооцененный
5 Overvalued e. соглашение
6 Undervalued f. пенсионный фонд
7 Agreement g. фиксированный
8 Float a currency h. обменный курс
9 Transaction i. вводить плавающий курс
10 Pension fund j. долговое обязательство
Упражнение 3
Соедините начало предложений (1 - 6) с их продолжением (a - f)
1. To `peg' a currency against A the amount of a country's money
that something means to residents were able to change into
foreign currencies.
2. A clean floating exchange rate B fix its value in relation to it.
3. Exchange controls used to limit C make a profit by making
capital gains or by investing at
higher interest rates
4. Speculators buy or sell currencies D is determined by supply
in order to and demand.
5. Market forces' means E trying to insure against favourable
price movements by way of
futures contracts.
6. Hedging' means F the determination of price by
supply and demand (the quantity
available and the quantity bought
and sold)
Упражнение 4
Прочитайте A и B абзацы, выпишите глагол «to be» и определите его функции.
Between 1944 and 1971, many currencies _ pegged against the US dollar, i.e. their parities with the US dollar _ fixed.
In this period, a US dollar was a promissory note issued by the United States Treasury. Under this system, overvalued or undervalued currencies could only be adjusted with the agreement of the International Monetary Fund.
Such adjustments are called devaluations and revaluations. Gold convertibility was replaced by a system of floating exchange rates.
(Today, the US dollar - the unofficial world currency - _ merely a piece of paper on which is written 'In God We Trust.' God, not gold!)
A freely (or clean) floating exchange rate _ determined purely by supply and demand. Theoretically, in the absence of speculation, exchange rates should reflect purchasing power parity - the cost of a given selection of goods and services in different countries.
Yet they underestimated the impact of speculation, and the fact that companies and investors frequently follow short-term money market trends even if these _ contrary to their own long-term interests.
Упражнение 5
Определите значение окончания s, es, ‘s в предложениях из C и D абзацев и запишите их в таблицу, приведенную ниже.
мн. ч. сущ. 3 л. ед. ч. Possessive
Упражнение 6
Найдите предложения в Passive Voice (E ,F абзацы) подчеркните и переведите их.
For weeks, all the world's financial institutions and rich individuals had been selling their pounds, as everyone except the British Government believed that the pound _seriously _ ever since it joined the ERM in 1990.
В течение долгих недель мировые финансовые институты и состоятельные люди продавали свои фунты стерлингов, потому что все убеждены в том, что правительство Великобритании посчитало, что фунт сильно переоценен, с тех пор как в 1990 он был включен в систему механизма валютных курсов.
When the British central bank ran out of reserves and could no longer buy pounds, the currency _from the ERM and _ to float, instantly losing about 15% of its value against the D-mark.
Когда в центральном банке Великобритании закончились резервы, и он больше не мог покупать фунты, валюта была исключена из механизма валютных курсов. Был введён плавающий курс валюты, при этом курс фунтов стерлингов упал по отношению к немецкой марке на 15 %.
The next year, speculators attacked five other European currencies, and the European Monetary System _.
В следующем году биржевые дельцы атаковали пять других европейских валют, и Европейская валютная система временно перестала существовать.
It _ later _ in a looser form. (Since exchange controls _, currencies including the US$ and the ?sterling have in turn appreciated by up to 100% and then depreciated by more than 50% against the currencies of major trading partners.)
Позднее она была снова введена в действие в более свободной форме (Так как был отменён валютный контроль, курс валют, включая доллар США и фунт стерлингов, повысился на 100 % и затем упал на более 50 % по отношению к валютам основных торговых партнёров).
Упражнение 7
Следующие прилагательные из текста напишите в сравнительной и
превосходной степени.
Comparative Superlative
1. different
2. late
3. financial
4. convertible
5. enormous
6. high
7. international
8. powerful
9. rich
10. possible
Упражнение 8
Напишите правильны (T) или неправильны (F) следующие утверждения.
1 Gold convertibility was abandoned because there was too much gold.
2 It is now impossible to exchange dollars for gold.
3 Only a pegged currency can be devalued or revalued.
4 A floating currency can either appreciate or be devalued.
5 Central banks sometimes attempt to decrease the value of their currency.
6 The EMS was designed to stabilize exchange rates.
7 To speculate is to take risks; to hedge is to try to avoid risks.
8 Under the system of floating exchange rates, currencies can depreciate 100% in a short time.
Упражнение 9
Ответьте на вопросы письменно. Ответы начинайте с oдной из фраз приведенных ниже.
It would seem to me that...; In my opinion...I reckon...;
As far as I am able to judge...; As I see it....
1. What did the Bretton Woods agreement establish?
2. When was the Bretton Woods system abandoned?
3. Gold convertibility was replaced by a system of floating exchange rate, wasn’t it?
4. Who can be more powerful than governments?
5. Are many manufacturers in favour of fixed exchange rates, or a single currency?
6. What led to the introduction of the euro?
7. Did twelve countries fix or float their exchange rates against the new currency?
8. Was the new currency used as a means of payment between companies?
9. The euro came into existence as a real currency in 2002, didn’t it?
10 When were the old notes and coins in the twelve member countries withdrawn?
Упражнение 10
Составьте 8 вопросов по тексту:
a) General g-n (общий вопрос)
b) Special g-n (специальный вопрос)
c) Alternative g-n (альтернативный вопрос)
d) Disjunctive g-n (разделительный вопрос)
Упражнение 11
Письменно переведите абзац G , обратите внимание на перевод Active and Passive voice.
G) Pressure from industrialists and governments led to the introduction of the euro. Twelve countries fixed their exchange rates against the new currency, and beginning in 1999 the new currency was used as a means of payment between companies and in foreign trade, and bonds were denominated in it. The euro came into existence as a real currency in 2002, when the old notes and coins in the twelve member countries were withdrawn.
Упражнение 12
Составьте свои предложения на английском языке, включая следующие слова и выражения из текста
Fixed exchange rates
The International Monetary Fund
devaluation
convertibility
supply and demand
floating exchange rates
financial system
Контрольная работа по английскому языку состоит из 12 упражнений. В контрольную включены упражнения на перевод текста с английского на русский язык, определение функции глагола to be, определение значения окончания s и так далее.
