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。