一、China’s Financial System
论英雄
1.Describe the financial system of China.(Write down three institutions’name of each ctor optionally.)
简单描述中国的金融体系。
China’s financial system consists of banking, non-banking financial ctors, financial markets and regulatory commissions.
Banking includes PBC (The People’s Bank of China), policy banks, state-owned banks and other commercial banks. And among them, policy banks contain CDB (China Development Bank), EXIMBC (The Import-Export Bank of China), ADBC(Agricultural Development Bank of China); State-owned banks contain BC (Bank of China), ICBC (Industrial and Commercial Bank of China), ABC(Agricultural Bank of China),CCB(China Construction Bank); Other commercial banks contains BComm, Citic Bank, Everbright, Huaxia, Minsheng, Guangdong D(Guangdong Development Bank), Shenzheng D, Merchants, Xingye, Pudong D, Hengfeng, Zheshang, Urban Commmercial, Rural Commercial, and so on.
Non-banking financial ctors includes Financial Ast Management CO. which manage non-performin
g asts of the big 4 banks: ICBC’s Huarong, ABC’s Changcheng, BC’s Dongfang, CBC’s Xinda; Insurance Co.; Trust Invest.; Securities Co.; Financial Leasing; Urban CC; Rural CC;Investment fund; Postal savings and other institutions.
Financial markets include money market, stock market, band market, futures market, VC/PE and real estate.
Regulatory commission includes CBRC（China Banking Regulatory Commission）, CSRC（China Securities Regulatory Commission）, CIRC（China Insurance Regulatory Commission）, SAFE(State Administration of Foreign Exchange), and son on.
二、Short History of Modern Finance
1. When is the watershed year of modern finance?
520文案Nineteen fifty-two is the watershed year for modern finance.
百合花象征什么现代金融的分水岭是1952年。
2.Who is the founder/Milestone Character of modern finance?
Harry Markowitz （哈里﹒马克维茨）.
现代金融的开山祖师是哈里﹒马克维茨。
3. Before 1945, the macro finance is concerned with the monetary system, and after 1945, it pays more attention to finance market.
1945年以前宏观金融关注的是货币制度，1945年以后更多关注的是金融市场。
4. What is the common characteristic of macro finance and micro finance?
宏观金融和微观金融的一路特点是什么？
Spiral of silence and epidemiology.
5. Key words：
Monetarist 货币主义学派
New Keynesian school 新凯恩斯主义学派
Spiral of silence 沉默的螺旋
Ast mispricing 资产误定价
Media ntiment 媒体情感北京到上海距离
Animal spirit 非理性的动物精神
Epidemiology 流行病学
Inflation expectation 通胀预期
Media 媒体
三、Money Market
1.What is money market?
什么是货币市场？
The money market is actually a collection of financial markets in which investors trade financial instruments that are considered to be “just as good” as money.
2.How many types of instruments in money market? Plea list three items at
least.
在货币市场中有几种操作工具？至少写出三种。
-United States Treasury bills (T-bills) （国债）
-Federal agency curities (from agencies like the Federal National Mortgage Association—Fannie Mae) （联邦机构证券）
-Commercial paper （商业汇票）
-Repurcha agreements (Repos) （回购）
-Negotiable certificates of deposit (CDs，可转让按期存单)
-Federal funds （银行间拆借资金）
-Short-term municipal curities (短时刻市政证券)
3. Why are tho financial instruments as good as money?
为何金融工具能够发挥与货币一样的效能？
Becau they meet the following three requirements:
(1)They are generally extremely liquid——you can easily buy and ll them; (Why are they liquid)
(2)They are considered to be quite safe becau they are issued by strong, credit-worthy institutions (Like the . Government); (Why are they safe?)
(3)They carry very little price risk becau of their short-term expirations；（Why are they low price risk?）
4. How many funding institutions that involved in the money market?
卷入货币市场的融资机构有哪些？
For example, government agency, . Treasury, banks, GSE （Government-sponsored entities）, large corporations, and so on.
5.What is money market funds?
洋思中学
什么是货币市场基金？
Money market funds are like mutual funds. When you invest in a money market fund, you are actually buying shares in that fund. Typically, money market fund managers try to keep the price of each share in the fund equal to $1. So if you are looking to invest $1,000 in a money market fund, you are most likely going to own
1,000 shares in that fund.
6.What are the money market accounts?
什么是货币市场账户？
Money market accounts are just like any other savings or checking account you might open at your bank. When you put money into a money market account, you are depositing it with your bank, or other financial institution. You are not buying shares in a fund or investing directly in any money-market asts.
四、LIROR关于梅花的诗句
作业检查1.What does LIBOR stand for?
LIBOR的全拼是什么？
我只在乎你日语
LIBOR stands for London Interbank Offered Rate.
2.What’s the definition of LIBOR?
LIBOR的概念？
LIROR is the average interest rate that banks charge when they make short-term uncured loans to other banks.
3.Who is responsible for and undertake the calculation of LIBOR? And what is the working process of calculation?
谁负责计算LIBOR利率？怎么计算？
The LIBOR is calculated by the British Bankers’ Association(BBA，英国银行家协会) who surveys 16 different major banks and asks them what rate they are charging other banks to borrow money. Once they have compiled the results, they
