倍加語翻譯卡查語翻譯[自從退居第二線就沒再碰翻譯，比來發現居然翻不出來，所以想操練一下] [請大家積極鞭打] [原文取自巨亨網 http://news.cnyes.com/content/20111118/KE0EK9EH2D33J.shtml] 全球市況動盪 人債10月虧4% 9成投資被套牢 Global volatility results in 4% loss on RMB-denominated bonds in October; 90% of them under water [under water 我以前只見過房地產範疇在用，金融界恍如沒在如許說] 歐洲主權債務面臨違約風險，全球投資市場震盪，早前炙手可熱 翻譯點心債 (即離岸人民幣 債券) 亦不能倖免 翻譯社有債券生意員指出，上半年發行 翻譯點心債，今朝有 9 成是「蟹貨」( 套牢)，債券價錢一度較高位跌逾 6% 翻譯社 翻譯社-> 翻譯社 翻譯公司-> 翻譯公司 的-> 翻譯銀行界人士相信，點心債價錢還沒有見底，散戶宜 待歐債危機進一步惡化，人債息率升，始入市吸納作長線投資。 European sovereign bonds are facing default 翻譯公司 causing market volatility that the formerly hot Dimsum Bonds (i.e. RMB-denominated offshore bonds) were not immune to. Some bond traders have pointed out that out of all dimsum bonds issued in 1H11, 90% of them are "under water 翻譯公司" and some have seen their prices drop as much as 6% from their peak in that timeframe. Banking professionals believe that dimsum bond prices have yet to hit bottom 翻譯公司 and that only if the Eurobond crisis worsens, and the yields of RMB-denominated bonds trend up, should retail investors enter the market with a view towards holding for the long term. [Typo: sovereign] [yield ... trends 改為 yields ... trend] [吸納 跟 enter the market 照舊有差，但想不出來] 香港《明報》報道，憑據中銀香港 (2388-HK) 的人民幣離岸債券指數，由年初的 100 ， 10 月一度急插至最低 93.9 ，目前稍為回穩至 96.2 ，但與 6 月時高峰 102.9 相比， 跌了 6.7 ，而年初至今則跌約 3.8% 。工銀亞洲投資治理基金經理胡婉敏指出，點心債 缺乏二手市場承接，令其跌勢加重。可是歲首年代至今有關指數仍跑贏同期恒生指數約 16 個 百分點。 HK's Mingpo reported Bank of China (Hong Kong) (ticker: 2388-HK) statistics as showing that the offshore RMB-denominated bond index nosedived from 100 at the beginning of the year to a trough of 93.9 翻譯公司 but has since rebounded slightly to 96.2 翻譯公司 still 6.7 points lower than the index's June peak of 102.9, for a YTD decline of 3.8%. ICBC's Asia Funds manager Ms. Hu Wanmin pointed out that dimsum bonds lack a secondary market to provide downside support, contributing to its sharp decline, but she also pointed out that its related indices still outperformed the Hang Seng index by about 16 percentage points over the same period. [明報報導的人民幣離岸債劵指數這個部門英文翻 翻譯很硬] [急插改為 nosedived] [Hang Seng 竟然打錯，真該切腹] 由於企業采辦點心債以生意為主，故債券代價反映投資收益 翻譯社至於一般買入點心債的散戶 ，一般以長期持有為主，到期可悉數取回本金，另加利息，不會有本錢上的損失，只是失 去了去賺取更高息 翻譯時機 翻譯社 Since most institutions purchase dimsum bonds for trading purposes, its price reflects its ROI potential. Retail investors holding dimsum bonds usually are long-term investors 翻譯公司 and would be able to recover their principal plus interest at bond maturity 翻譯公司 without loss of investments; the only loss is the opportunity to earn a higher ROR elsewhere. [不知為何原文為企業，institution 為法人，把企業翻成法人其實有點心虛] [capital 更正為 principal 較好，但 plus 留下，第二個 capital 改為 investments] [債劵怎麼會有 interest at maturity? 感覺是記者亂寫] [而且本篇以 Sovereign bonds 違約危機開講，到這裡卻要讀者安心，因為 dimsum bonds 可以 recover ... without loss of principal? 連 sovereign bonds 都邑違約了， dimsum bonds 卻可以安心食用？真是 XD] 點心債價近日之所以下跌，重要緣由是︰一是離岸人民幣 (CNH) 價錢下滑，令其與在岸 人民幣 (CNY) 價泛起折讓；二是中國出口轉弱，投資者對人民幣 翻譯升值前景轉淡，連帶 點心債的吸引力亦下降；3、歐債危機令全球 翻譯投資風險上升 翻譯社 The recent drop in dimsum bond prices can be attributed to the following: 1) a price decline in offshore RMB (CNH) causing it to appear discounted to onshore RMB (CNY); 2) investors are less expectant of a rise in the RMB owing to weakness in China's exports, and thus dimsum bonds appear less attractive; 3) the Eurobond crisis is increasing risks in investments around the world. 渣打昨日發表申報，調低對人民幣的升值展望，由每季升值 1% 放緩至 0.6% ，主因是國 內外商直接投資削減及通脹放緩，令人民幣的升值壓力下落 翻譯社渣打預期歲尾人民幣將會升 至 1 美元兌 6.32 元人民幣，來歲底則兌 6.12 ，即 2012 年全年升值 3.1% ，此前估 計為 3.9% 翻譯社 Standard Chartered issued a report yesterday, lowering its forecast of the RMB uptrend from 1%/Quarter to 0.6%/Quarter 翻譯公司 mainly because a slowdown in inflation and decrease in DFI from onshore foreign companies will result in a weakening in the upward pressure on the RMB. Standard Chartered estimates that by EoY2011 RMB should rise to 6.32/USD 翻譯公司 and by EoY2012 to 6.12/USD, for a 2012 RMB net uptrend of 3.1%. The previous 2012 estimate was 3.9%. [人民幣 翻譯升值壓力 改為 upward pressure on the RMB] 「上半年買入 翻譯點心債，今朝有 9 成都是輸錢。」交銀香港首席債券買賣員李豪傑說， 由於債券代價與孳息率成反比，他透露表示，點心債 翻譯孳息率雖然抽高，但亦未必可以抵消債 券代價的跌幅。 Mr. Lee Junjie, head bond trader of the Bank of Communications (HK) said 翻譯公司 "of all dimsum bonds bought in 1H11 翻譯公司 90% of them have lost money." Since the price of a bond is inversely related to its yield, he also mentioned that he does not believe the rising yields of dimsum bonds will offset the declines in prices. 中信銀行國際履行副總裁兼司庫陳鏡沐同意，「(點心債) 現時以公允值入帳，相信都要 輸 8% 至 10% 不等 翻譯社」至於投資者現時是否是應入市執平貨？他指出，由於資金流向仍然 嚴重，並且未來仍然具有不明朗成分，「市場還會波動， (債價) 如今必然未見底。」李 俊傑則認為，假設持點心債作為長線投資，則可斟酌購入。 Mr. Chen Jingmu, the International Executive VP and Treasurer of China Citic Bank, agrees with that asessment. "if [dimsum bonds] go on the books at market price now they'll all likely lose about 8-10% in value," he said. As to the question of whether it's the right time for investors to enter the market 翻譯公司 Mr. Chen pointed out that since capital flows remain tight and visibilities remain unclear 翻譯公司 "the market will remain volatile 翻譯公司 and [dimsum bond prices] certainly have not hit bottom at this time." Mr. Lee, however, takes the view that long-term investors may consider entering the market now. 由於升值預期稍遜，市場對點心債的息率要求「正常化」，財政部 翻譯人債票面息率 0.6% ，目前市場孳息率 1.5% 。。-> 翻譯社|,-> 翻譯公司|的-> 翻譯舊年最先點心債發行量增添敏捷，加上人民幣存款前途少，今 年上半年一般銀行或企業發行 2-3 年期點心債，票面息率低見 2-3% ，視乎企業質素 翻譯社 With decreasing expectations of a rebound in price 翻譯公司 the market is looking towards a "normalization" of yields of dimsum bonds. The coupon rate of a MOF-issued RMB bond is 0.6% 翻譯公司 while the market yield is at 1.5%. Since the beginning of last year the issuance of dimsum bonds have increased rapidly, and coupled with a lack of outlets for RMB-denominated deposits, the result is that in 1H11 banks or corporate dimsum bonds carried a coupon rate as low as 2-3%, depending on the quality of the issuing firm. [coupon rate of 翻譯 of 刪除] 李俊傑指，今朝票息最少要加多 1.5-1.75% ，才能吸引投資者。 Mr. Lee believes that the coupon rates of such bonds need to increase by another 1.5-1.75 percentage points to become attractive to investors. [這裡 翻譯"票息"仔細想想應當是 coupon rate 而非 yield] -- 'Cause it's a bittersweet symphony 翻譯公司 this life Trying to make ends meet 翻譯公司 You're a slave to money then you die -Bittersweet Symphony 翻譯公司 The Verve
文章來自: https://www.ptt.cc/bbs/Translation/M.1321661644.A.79D.html有關翻譯的問題接待諮詢天成翻譯社