求英语大牛翻译！ 万分感谢！！！！

试着翻译了一下前三段，经济方面的专业词汇太多了，非我辈所长啊。而且我感觉这篇文章的逻辑性似乎不太好，太散了，也可能是我对它的理解有误吧，欢迎指点： 智利的外汇风险相比同地区其他国家要低，却与一些小型工业国相差无几。风险最大的部门是财政部门，但最近智利财政部门的一项评估认为银行完全能够经得起些许外汇和利率方面的冲击，故财政部分并非是整个系统风险的主要来源。 运作良好的远期市场使得对汇率风险的管理变得简单。养老财政、出口商的外币支付以及本国企业团体消费者的外币购买构成一个双向市场。通常，国内用户需要外汇对冲，这一操作对于养老基金和出口商都是完全可见的。此局面可能继续作为退休基金行业而持续增长。远期市场的流通性（以买卖价差来衡量）要低于大多数新兴市场，故市场方面人士对此表示满意。 然而，由于远期市场尚未成熟，且竞争对手间存在信用风险，这使得中小型企业望而却步。银行会向客户要求抵押，其内部的信用评级标准对客户却是不可见的。同时，远期合同的承保首先要求向消费者扩大信用额度，如此，成本会与抵押和信用额度关联并转嫁到消费者头上，这对于远期利率是不利的。最后，中小企业部门的出纳员由于缺乏必要的培训而无法对货币风险进行高效管理。 【 在 thybob 的大作中提到: 】 : 哪位好心人帮忙翻译一下下面的英文，翻译多少都行，尽量多点，十分感激！ : Foreign exchange exposure in Chile is lower than in other countries in the region, and similar : to that observed in small industrialized countries. The most exposed sector is the financial : ...................

感谢大牛！！！我也试着翻了一些 比我翻译的专业多了

膜拜一下 【 在 wan751 (Core|酷睿大神) 的大作中提到: 】 : 试着翻译了一下前三段，经济方面的专业词汇太多了，非我辈所长啊。而且我感觉这篇文章的逻辑性似乎不太好，太散了，也可能是我对它的理解有误吧，欢迎指点： : 智利的外汇风险相比同地区其他国家要低，却与一些小型工业国相差无几。风险最大的部门是财政部门，但最近智利财政部门的一项评估认为银行完全能够经得起些许外汇和利率方面的冲击，故财政部分并非是整个系统风险的主要来源。 : 运作良好的远期市场使得对汇率风险的管理变得简单。养老财政、出口商的外币支付以及本国企业团体消费者的外币购买构成一个双向市场。通常，国内用户需要外汇对冲，这一操作对于养老基金和出口商都是完全可见的。此局面可能继续作为退休基金行业而持续增长。远期市场的流 : ...................

谢谢，呵呵！不过我不是大牛来的…… 【 在 thybob (thybob) 的大作中提到: 】 : 感谢大牛！！！我也试着翻了一些 比我翻译的专业多了

【 在 wxzsquare (You are the soul of my heart) 的大作中提到: 】 : 膜拜一下

Foreign exchange exposure in Chile is lower than in other countries in the region, and similar to that observed in small industrialized countries. The most exposed sector is the financial sector. However, this is not a major source of systemic risk since a recent assessment of financial sector in Chile suggests that banks can withstand severe exchange and interest rate shocks successfully. 在智利的外汇风险低于该地区的其他国家，类似的情况在小工业化国家普遍存在。风险最大的行业是金融系统。然而，最近一个对于智利金融系统的评估得知，银行能够成功地经受住巨大的汇率及利率冲击，所以这不是系统性风险的主要来源。 Managing currency exchange risk has been facilitated by a well-functioning forward market. There exists a two-way market, with pension funds and exporters taking foreign-currency paying positions and domestic corporate end-users taking foreign-currency buying positions. Currently, the foreign exchange hedging needs of domestic users are met fully by pension funds and exporters. This situation is likely to continue as the pension fund industry continues to grow. Liquidity in the forward market, as measured by bid-ask spreads, is lower than in most emerging markets and deemed satisfactory by market participants. 一个运作良好的期货市场为管理汇率风险提供了便利。养老财政、出口商的外币支付以及本国企业团体消费者的外币购买构成一个双向市场。 目前，国内用户的外汇避险需求得到养老保险基金和出口商的满足充分。随着退休基金行业继续增长，这一局面有可能继续。远期市场的流动性（以买卖价差来衡量），比大多数新兴市场和市场参与者的满意度要低。 Counterparty credit risk and lack of sophistication prevent small and medium enterprises from accessing the forward market. Banks require collateral from clients who do not meet internal credit rating requirements. Also, underwriting a forward contract requires first extending a credit line to the end-user. Costs associated to collateral and credit lines are passed on to the end-user as less favorable forward rates. Finally, corporate treasurers in the SME sector lack the needed training to manage currency risk actively. 交易对手信用风险和市场复杂度的缺乏防止中小型企业从进入期货市场。银行需要从不符合内部信用评级要求的客户得到抵押品。此外，承销一个期货合约首先需要向最终用户扩大信贷额度。相关的担保和信贷成本会以不太有利的远期利率的方式转嫁到最终的用户。最后，中小企业的企业财务主管缺乏主动把握货币风险的必要培训。 Growth in the currency options market has been constrained by regulation. Allowing banks and pension funds to underwrite currency options could help fostering the development of this market. Currency options are valuable tools for hedging foreign exchange risk since their non-linear payoffs cannot be replicated with forward contracts. Also, establishing a liquid market of plain-vanilla currency options is a necessary step to introduce more exotic options. 货币期权市场的增长受到各项规定的限制。允许银行和养老基金对货币期权进行承销有助于促进这个市场的发展。由于货币期权非线性的报酬不能与远期合约复制，货币期权是对冲外汇风险的一个重要工具。此外，建立一个流动的普通掉期交易货币期权市场是引进更多国外期权的一个必要的步骤。 Not withstanding the benefits associated with currency derivatives markets, these markets may be a source of instability during periods of financial turmoil. In the absence of derivatives markets, speculative attacks are channeled through spot markets. Hence, the central bank can defend the exchange rate by intervening directly in the spot market. When derivatives markets exist, speculators can take virtually unlimited positions in forward and swap markets and reduce the effectiveness of Central bank’s intervention (Dodd, 2001). Furthermore, as markets become one-sided, dynamic hedging in the derivatives market can amplify market movements. Authorities should bear these risks in mind while fostering the development of the derivatives market. 如果没有承受货币衍生产品市场带来的好处，这些市场可能是金融风暴期间的不稳定根源。在缺乏衍生产品的市场，投机者通过现货市场的渠道进行攻击。因此，中央银行可以通过直接干预现货市场保护汇率。当市场上存在衍生产品，投机者理论上可以在期货和交换市场获得无限的席位，进而降低中央银行干预（多德，2001年）的有效性。再者，由于市场变得一边倒，衍生工具市场的动态对冲能扩大市场动态。当局在培养衍生工具市场的发展时应该牢记这些风险。

【 在 penghaitao 的大作中提到: 】 : Foreign exchange exposure in Chile is lower than in other countries in the region, and similar : to that observed in small industrialized countries. The most exposed sector is the financial : sector. However, this is not a major source of systemic risk since a recent assessment of : ................... 感激大牛！！

【 在 penghaitao 的大作中提到: 】 : Foreign exchange exposure in Chile is lower than in other countries in the region, and similar : to that observed in small industrialized countries. The most exposed sector is the financial : sector. However, this is not a major source of systemic risk since a recent assessment of : ................... 如果大牛还有时间，不知能不能再帮忙翻一段，这段对我来说很崩溃。。。。太忙就不麻烦了。。。。谢谢！！！ Currency Options Plain vanilla currency options on U.S. dollar–Chilean peso (USD-CLP) are available offshore at prices similar to those quoted for U.S. dollar–Australian dollar (USD-AUD) and U.S. dollar–New Zealand dollar (USD-NZD) options. A simple way to measure the costs of using currency options for hedging is to use the implied volatility of at-the-money forward contracts.8 Table 6 indicates similar average implied volatility for USD-CLP, USD-AUD, and USD-NZD options during the period September 2000-April 2004 (see also Figure 2). While there are no figures about volumes traded in the offshore market, liquidity is less for USD-CLP options than for USD-AUD and USD-NZD options, as shown by less frequent changes in implied volatilities for the former currency option (Figure 2). Furthermore, USD- AUD options were the seventh most traded currency option contracts in the world, with a daily average traded volume of $40 billion in outstanding notional amount in 2001 (BIS, 2002). While implied volatility can be used as a first approximation of an option premium, it may also reflect the compensation investors demand for expected realized volatility. Hence, high implied volatilities may reflect higher expected realized volatility and viceversa. The option premium, thus, is a better indicator of the option costs. Figure 3 shows the option premium for USD-CLP, USD-AUD, and USD-NZD options for the period May 2003-April 2004. The premium is lower for the Australian dollar, especially for the 6-month maturity contract, arguably reflecting higher liquidity in this market. The cost of hedging U.S. dollars using offshore currency options is similar for Chile and New Zealand. Table 7 summarizes the descriptive statistics of the U.S. call contracts for each currency. While there are not substantial price differences across currencies, the volatility of the USD-CLP option 8 Pricing convention in the over-the-counter market specifies the price of an option in terms of volatility, which must be replaced in the Garman-Kolhagen (1983) formula to obtain the option premium. At-the-money forward option contracts specify the forward rate at the maturity date as the strike price.

可以用google翻译一下