金融英语口语 23.Hedging

[00:00.00]New Words [00:00.76]新单词 [00:01.52]hedging n. [00:02.09]套期保值 [00:02.66]broker n. [00:03.29]经纪人 [00:03.92]purchase v. [00:04.57]购买 [00:05.22]consignment n. [00:05.92]一批货物 [00:06.61]starch n. [00:07.26]淀粉 [00:07.92]futures n. [00:08.52]期货 [00:09.12]Phrases & Expressions [00:11.18]senior executive [00:12.15]高级职员 [00:13.11]grain exchange [00:14.17]谷物交易所 [00:15.23]anticipatory hedging [00:16.43]预期性套期保值 [00:17.63]cash market [00:18.42]现货市场 [00:19.20]sell short [00:20.13]卖空 [00:21.05]buy long [00:21.88]买空 [00:22.70]CIF (cost, insurance and freight ) [00:25.30]到岸价 [00:27.90]L:Excuse me, sir. I come here to meet Mr. Kent. [00:29.94]兰：请原谅，先生。我找肯特先生。 [00:31.97]K:It is me. Are you Mr. Landor? [00:33.50]肯：我就是我，您是兰道先生吧? [00:35.03]L:Yes, I am Landor. [00:36.28]兰：是的，我是兰道。 [00:37.54]K:Good morning. My secretary told me you would come this morning. [00:39.67]肯：早上好，我的秘书对我说你今天早上会来。 [00:41.80]L:Good morning. I have got something to consult with you. [00:44.07]兰：早上好，我有点儿事向您咨询。/ [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]兰：我们公司在8月20日将要从美国购买5万吨玉米，它的岸价是每吨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4万吨已被饲料加工公司和玉米淀粉公司预定了。 [01:06.74]but we have not yet found a buyer for the rest. [01:08.39]但剩下的1万吨还未找到买主。 [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]问题是这批货物离开美国后要45天才能到达这里。 [01:18.21]K:And you are afraid that if the corn price drops in 45 days, [01:20.91]肯：你担心如果45天后玉米价下跌的话， [01:23.62]you will suffer a loss in selling the remaining 10 000 tons of corn. [01:26.35]你们在销售额下的1万吨玉米的时候，会蒙受损失。 [01:29.08]L:Yes. I heard there is a method against the risk on the futures market. [01:31.90]兰：是的。我听说期货市场上有一种方法可以避免这种风险。 [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，这种方法就叫套期保值。套期保值有好几种，其中预期性套期保值刚好适合你这种情况。 [01:43.86]L:How should I do the hedging? [01:45.23]兰：我该怎么做这种套期保值呢? [01:46.61]K:When you buy the corn the cash market, [01:48.03]肯：当你在现货市场上买入玉米时， [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]你同时在期货的市场上卖出一张同等数量玉米的期货合同，因为你预测玉米价格将会下降。 [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]兰：这是不是就是所谓的“买空卖空”的卖空，卖出一张货物合同，然后等待玉米价格下跌时再买入，这时可赚差价? [02:09.54]K:Yes. The opposite action is called "buying long". [02:11.91]肯：是的，卖空的相反做法是买空。 [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]这样45天以后，也就是10月1日，如果玉米价格真的下跌，比如说跌到每吨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]那么你在期货市场平仓后可得到每吨2 000美元的获利， [02:29.89]This will make up your loss on the cash market. [02:31.58]这刚好可以弥补你在现货市场上交易的亏空。 [02:33.26]In this way you can successfully control your risk on the foreign trade. [02:35.86]这样，你就成功地控制了你在这宗外贸生意上的风险。 [02:38.46]L:I see. [02:39.20]兰：我明白了。 [02:39.95]K:Since you have to use American dollars to pay for the corn, [02:41.82]肯：因为你必须用美元支付这批玉米。 [02:43.68]it is also necessary to do a hedging on foreign currencies. [02:45.89]所以就涉及到外汇问题，有必要再做外汇套期保值。 [02:48.10]L:Thank you very much. [02:48.89]兰：非常感谢您。 [02:49.69]K:You are welcome. See you later. [02:51.04]肯：不客气，再见。 [02:52.38]L:See you. [02:53.05]兰：再见。

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