货币市场基金
<p> 2015复习正是强化复习阶段，在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。名师老师曾建议过考研生需要坚持每天泛读10-15分钟的英文原刊。强烈推荐了杂志《经济学人》.杂志中的文章也是考研英语的主要材料来源.希望考研考生认真阅读，快速提高考研英语阅读水平。 <span word="Money">Money</span>-<span word="market">market</span> <span word="funds">funds</span> 货币市场基金 <span word="Faking">Faking</span> <span word="the">the</span> <span word="buck">buck</span> 伪造面值 <span word="America">America</span> <span word="sets">sets</span> <span word="new">new</span> <span word="rules">rules</span> <span word="for">for</span> <span word="a">a</span> <span word="common">common</span> <span word="short">short</span>-<span word="terminvestment">terminvestment</span> 美国针对常见短期投资设定监管新规 <span word="IT">IT</span> <span word="IS">IS</span> <span word="a">a</span> <span word="huge">huge</span> <span word="investment">investment</span> <span word="class">class</span>: <span word="a">a</span> 2.8 <span word="trillion">trillion</span> <span word="one">one</span>, <span word="tobe">tobe</span> <span word="exact">exact</span>. <span word="And">And</span> <span word="it">it</span> <span word="had">had</span> <span word="long">long</span> <span word="been">been</span> <span word="thought">thought</span> <span word="of">of</span> <span word="as">as</span> <span word="a">a</span> <span word="mundane">mundane</span> <span word="one">one</span>, <span word="just">just</span> <span word="a">a</span> <span word="notch">notch</span> <span word="moreadventurous">moreadventurous</span> <span word="than">than</span> <span word="a">a</span> <span word="current">current</span> <span word="account">account</span>. <span word="Yet">Yet</span> <span word="writing">writing</span> <span word="new">new</span> <span word="rules">rules</span> <span word="for">for</span> <span word="America">America</span> <span word="s">s</span> <span word="money">money</span>-<span word="marketfunds">marketfunds</span>, <span word="which">which</span> <span word="invest">invest</span> <span word="in">in</span> <span word="short">short</span>-<span word="term">term</span> <span word="commercial">commercial</span> <span word="and">and</span> <span word="government">government</span> <span word="debt">debt</span>, <span word="has">has</span> <span word="been">been</span> <span word="one">one</span> <span word="of">of</span> <span word="themost">themost</span> <span word="flawed">flawed</span> <span word="and">and</span> <span word="controversial">controversial</span> <span word="deliberations">deliberations</span> <span word="ever">ever</span> <span word="undertaken">undertaken</span> <span word="by">by</span> <span word="the">the</span> <span word="Securities">Securities</span> <span word="andExchange">andExchange</span> <span word="Commission">Commission</span>, <span word="Wall">Wall</span> <span word="Street">Street</span> <span word="s">s</span> <span word="main">main</span> <span word="regulator">regulator</span>, <span word="according">according</span> <span word="to">to</span> <span word="Luis">Luis</span> <span word="Aguilar">Aguilar</span>, <span word="the">the</span> <span word="only">only</span> <span word="one">one</span> <span word="ofthe">ofthe</span> <span word="five">five</span> <span word="commissioners">commissioners</span> <span word="in">in</span> <span word="office">office</span> <span word="throughout">throughout</span> <span word="the">the</span> <span word="process">process</span>. 货币市场基金是一个巨大的投资产业：准确而言，其资产规模达2.8亿美元。它长期以来都被认为无甚特别，只是比活期账户稍具风险性罢了。然而，据美国证交会办公室五个委员之中唯一参与整个监管新规制定进程的路易斯阿吉拉尔称，美国证券交易委员会目前针对投资于短期商业和政府债务的货币市场基金出台了新规，这份规章是作为华尔街主要监管机构的证交会有史以来最具缺陷的和争议的商议之一。 <span word="By">By</span> <span word="a">a</span> 3-2 <span word="vote">vote</span> <span word="on">on</span> <span word="July">July</span> 23<span word="rd">rd</span>, <span word="the">the</span> <span word="SEC">SEC</span> <span word="at">at</span> <span word="last">last</span> <span word="approved">approved</span> <span word="two">two</span> <span word="big">big</span> <span word="changes">changes</span>. <span word="The">The</span> <span word="first">first</span> <span word="allowedfunds">allowedfunds</span> <span word="to">to</span> <span word="impose">impose</span> <span word="fees">fees</span> <span word="on">on</span> <span word="redemptions">redemptions</span> <span word="or">or</span> <span word="suspend">suspend</span> <span word="them">them</span> <span word="for">for</span> <span word="up">up</span> <span word="to">to</span> <span word="ten">ten</span> <span word="days">days</span> <span word="to">to</span> <span word="prevent">prevent</span> <span word="runs">runs</span>.<span word="The">The</span> <span word="second">second</span> <span word="requires">requires</span> <span word="that">that</span> <span word="the">the</span> <span word="most">most</span> <span word="volatile">volatile</span> <span word="funds">funds</span>, <span word="which">which</span> <span word="cater">cater</span> <span word="to">to</span> <span word="institutions">institutions</span> <span word="and">and</span> <span word="invest">invest</span> <span word="incorporate">incorporate</span> <span word="debt">debt</span>, <span word="disclose">disclose</span> <span word="the">the</span> <span word="value">value</span> <span word="of">of</span> <span word="a">a</span> <span word="share">share</span> <span word="to">to</span> <span word="a">a</span> <span word="fraction">fraction</span> <span word="of">of</span> <span word="a">a</span> <span word="penny">penny</span>. 7月23日，美国证券交易委员会的五名委员以3比2的投票结果批准了两项监管规定的大变革。其一是允许基金在赎回时征收流动性费用或将赎回期暂缓十天，以防止挤兑;其二是要求投资公司债券、面向机构投资者的优质市场基金不再维持每单位1美元的固定股价。 <span word="The">The</span> <span word="second">second</span> <span word="change">change</span> <span word="is">is</span> <span word="more">more</span> <span word="important">important</span> <span word="than">than</span> <span word="it">it</span> <span word="sounds">sounds</span>. <span word="By">By</span> <span word="convention">convention</span>, <span word="money">money</span>-<span word="market">market</span> <span word="fundsare">fundsare</span> <span word="priced">priced</span> <span word="at">at</span> <span word="a">a</span> <span word="steady">steady</span> <span word="dollar">dollar</span> <span word="a">a</span> <span word="share">share</span>; <span word="changes">changes</span> <span word="in">in</span> <span word="value">value</span> <span word="are">are</span> <span word="reflected">reflected</span> <span word="only">only</span> <span word="in">in</span> <span word="the">the</span> <span word="interest">interest</span> <span word="theypay">theypay</span>. <span word="Variations">Variations</span> <span word="in">in</span> <span word="the">the</span> <span word="value">value</span> <span word="of">of</span> <span word="the">the</span> <span word="underlying">underlying</span> <span word="assets">assets</span> <span word="are">are</span> <span word="small">small</span> <span word="because">because</span> <span word="they">they</span> <span word="mature">mature</span> <span word="in">in</span> <span word="amatter">amatter</span> <span word="of">of</span> <span word="days">days</span>, <span word="but">but</span> <span word="they">they</span> <span word="do">do</span> <span word="occur">occur</span>. <span word="In">In</span> <span word="the">the</span> <span word="past">past</span>, <span word="that">that</span> <span word="has">has</span> <span word="been">been</span> <span word="hidden">hidden</span> <span word="by">by</span> <span word="tiny">tiny</span> <span word="amounts">amounts</span> <span word="ofrounding">ofrounding</span>. <span word="Though">Though</span> <span word="this">this</span> <span word="ruse">ruse</span> <span word="will">will</span> <span word="now">now</span> <span word="be">be</span> <span word="banned">banned</span> <span word="for">for</span> <span word="some">some</span> <span word="funds">funds</span>, <span word="those">those</span> <span word="that">that</span> <span word="cater">cater</span> <span word="to">to</span> <span word="individualinvestors">individualinvestors</span> <span word="will">will</span> <span word="still">still</span> <span word="be">be</span> <span word="allowed">allowed</span> <span word="to">to</span> <span word="use">use</span> <span word="it">it</span>. 第二个变革比听起来更加重要。按照惯例，货币市场基金的价格固定为每单位1美元，价值的变动仅仅反映在支付的利息上。因为数日后即已到期，其资产价值变动很小，然确实有变化。在过去，资产价值的变动一直被微量的四舍五入所隐藏。虽然现在一些资金已禁止进行此类处理，那些面向个人投资者的基金仍被允许继续使用这种手段。 <span word="That">That</span> <span word="matters">matters</span>, <span word="since">since</span> <span word="the">the</span> <span word="fixed">fixed</span> <span word="value">value</span> <span word="contributed">contributed</span> <span word="to">to</span> <span word="the">the</span> <span word="impression">impression</span> <span word="that">that</span> <span word="money">money</span>-<span word="market">market</span> <span word="fundsoffered">fundsoffered</span> <span word="the">the</span> <span word="safety">safety</span> <span word="of">of</span> <span word="bank">bank</span> <span word="deposits">deposits</span> <span word="with">with</span> <span word="higher">higher</span> <span word="returns">returns</span>. <span word="In">In</span> <span word="September">September</span> 2008 <span word="that">that</span> <span word="notion">notion</span> <span word="waspunctured">waspunctured</span> <span word="when">when</span> <span word="the">the</span> <span word="Reserve">Reserve</span> <span word="Fund">Fund</span>, <span word="which">which</span> <span word="had">had</span> <span word="a">a</span> <span word="little">little</span> <span word="over">over</span> 1% <span word="of">of</span> <span word="its">its</span> <span word="assets">assets</span> <span word="invested">invested</span> <span word="in">in</span> <span word="debtissued">debtissued</span> <span word="by">by</span> <span word="Lehman">Lehman</span> <span word="Brothers">Brothers</span>, <span word="was">was</span> <span word="forced">forced</span> <span word="by">by</span> <span word="the">the</span> <span word="investment">investment</span> <span word="bank">bank</span> <span word="s">s</span> <span word="collapse">collapse</span> <span word="to">to</span> <span word="break">break</span> <span word="thebuck">thebuck</span>: <span word="reveal">reveal</span> <span word="a">a</span> <span word="decline">decline</span> <span word="in">in</span> <span word="the">the</span> <span word="value">value</span> <span word="of">of</span> <span word="its">its</span> <span word="shares">shares</span> <span word="to">to</span> <span word="slightly">slightly</span> <span word="less">less</span> <span word="than">than</span> 1. <span word="That">That</span> <span word="sparkedpanicked">sparkedpanicked</span> <span word="redemptions">redemptions</span> <span word="at">at</span> <span word="it">it</span> <span word="and">and</span> <span word="other">other</span> <span word="funds">funds</span>. 这很能说明问题，固定价值给人的印象便是货币市场基金拥有可比拟银行存款的安全性，且能提供更高收益。然而就在2008年9月，这一概念被撤下神坛。主要储备基金将其略高于1%的资产投资于雷曼兄弟发行的债券，其后，雷曼投行破产，储备基金的单位资产净值跌破面值：每单位价格下降至略低于1美元，引发储备基金和其他基金大规模恐慌性赎回。 <span word="The">The</span> <span word="panic">panic</span>, <span word="in">in</span> <span word="turn">turn</span>, <span word="crunched">crunched</span> <span word="credit">credit</span> <span word="for">for</span> <span word="firms">firms</span> <span word="that">that</span> <span word="relied">relied</span> <span word="on">on</span> <span word="short">short</span>-<span word="term">term</span> <span word="debt">debt</span> <span word="and">and</span> <span word="fanned">fanned</span> <span word="fearsof">fearsof</span> <span word="a">a</span> <span word="systemic">systemic</span> <span word="meltdown">meltdown</span>. <span word="In">In</span> <span word="response">response</span>, <span word="the">the</span> <span word="Treasury">Treasury</span> <span word="provided">provided</span> <span word="temporary">temporary</span> <span word="guarantees">guarantees</span> <span word="formoney">formoney</span>-<span word="market">market</span> <span word="funds">funds</span>, <span word="now">now</span> <span word="lapsed">lapsed</span>. <span word="In">In</span> 2010 <span word="and">and</span> <span word="again">again</span> <span word="in">in</span> 2012 <span word="the">the</span> <span word="SEC">SEC</span> <span word="tightened">tightened</span> <span word="restrictionson">restrictionson</span> <span word="the">the</span> <span word="kinds">kinds</span> <span word="of">of</span> <span word="securities">securities</span> <span word="funds">funds</span> <span word="could">could</span> <span word="buy">buy</span>. <span word="But">But</span> <span word="it">it</span> <span word="rejected">rejected</span> <span word="a">a</span> <span word="plan">plan</span> <span word="to">to</span> <span word="require">require</span> <span word="funds">funds</span> <span word="to">to</span> <span word="holdbuffers">holdbuffers</span> <span word="of">of</span> <span word="capital">capital</span> <span word="like">like</span> <span word="banks">banks</span>, <span word="for">for</span> <span word="fear">fear</span> <span word="it">it</span> <span word="would">would</span> <span word="further">further</span> <span word="dent">dent</span> <span word="a">a</span> <span word="battered">battered</span> <span word="business">business</span>. 这股恐慌情绪反过来影响到依靠短期债务的企业信贷，激起人们对系统性崩溃的担忧。对此，美国财政部不得不对货币市场基金提供临时担保。在2010年与2012年，美国证券交易委员会加强了对各类证券资金的购买限制。但它否决了一项要求基金如银行般持有缓冲资本方案，以免其进一步削弱遭受重创的业务。 <span word="Mary">Mary</span> <span word="Jo">Jo</span> <span word="White">White</span>, <span word="the">the</span> <span word="SEC">SEC</span> <span word="s">s</span> <span word="chairwoman">chairwoman</span>, <span word="says">says</span> <span word="the">the</span> <span word="new">new</span> <span word="rules">rules</span> <span word="will">will</span> <span word="protect">protect</span> <span word="investors">investors</span> <span word="and">and</span> <span word="thefinancial">thefinancial</span> <span word="system">system</span> <span word="in">in</span> <span word="a">a</span> <span word="crisis">crisis</span>. <span word="But">But</span> <span word="the">the</span> <span word="two">two</span> <span word="dissenting">dissenting</span> <span word="commissioners">commissioners</span> <span word="fear">fear</span> <span word="they">they</span> <span word="may">may</span> <span word="do">do</span> <span word="moreharm">moreharm</span> <span word="than">than</span> <span word="good">good</span>. <span word="Allowing">Allowing</span> <span word="funds">funds</span> <span word="to">to</span> <span word="suspend">suspend</span> <span word="redemptions">redemptions</span> <span word="may">may</span> <span word="actually">actually</span> <span word="spark">spark</span> <span word="runs">runs</span>, <span word="asinvestors">asinvestors</span> <span word="rush">rush</span> <span word="to">to</span> <span word="pre">pre</span>-<span word="empt">empt</span> <span word="any">any</span> <span word="curbs">curbs</span>, <span word="argues">argues</span> <span word="one">one</span> <span word="of">of</span> <span word="them">them</span>. <span word="The">The</span> <span word="other">other</span> <span word="worries">worries</span> <span word="that">that</span> <span word="thechanges">thechanges</span> <span word="will">will</span> <span word="divert">divert</span> <span word="the">the</span> <span word="gullible">gullible</span> <span word="to">to</span> <span word="even">even</span> <span word="more">more</span> <span word="misleading">misleading</span> <span word="investments">investments</span>, <span word="notably">notably</span> <span word="stablevalue">stablevalue</span> <span word="funds">funds</span>. <span word="These">These</span> <span word="cater">cater</span> <span word="to">to</span> <span word="much">much</span> <span word="the">the</span> <span word="same">same</span> <span word="niche">niche</span> <span word="as">as</span> <span word="money">money</span>-<span word="market">market</span> <span word="funds">funds</span> <span word="and">and</span>, <span word="despitetheir">despitetheir</span> <span word="name">name</span>, <span word="offer">offer</span> <span word="no">no</span> <span word="guarantees">guarantees</span>. <span word="Rather">Rather</span> <span word="than">than</span> <span word="trying">trying</span> <span word="to">to</span> <span word="protect">protect</span> <span word="investors">investors</span> <span word="from">from</span> <span word="risk">risk</span>, <span word="the">the</span> <span word="SECmight">SECmight</span> <span word="do">do</span> <span word="better">better</span> <span word="to">to</span> <span word="ensure">ensure</span> <span word="that">that</span> <span word="the">the</span> <span word="risks">risks</span> <span word="they">they</span> <span word="are">are</span> <span word="running">running</span> <span word="are">are</span> <span word="clearly">clearly</span> <span word="disclosed">disclosed</span>. 美国证券交易委员会的女主席玛丽?乔?怀特说，新规则将于危机中保护投资者和金融体系。但是存有异议的两个委员担心此举可能弊大于利。其中一人认为，由于投资者遇到困境时总会匆匆先发制人，基金的暂缓赎回实际上可能激发挤兑风潮。另一人则担心这些变革将轻信的人转至更为误导性投资，尤其是稳定价值基金上。略去它们的名称，这类基金与货币市场基金面向大致相同的市场，且未提供担保。比起试图保护投资者使他们免于面临风险，美国证券交易委员会最好还是确保对运作中的风险进行明确披露。 词语解释 1.<span word="according">according</span> <span word="to">to</span> 根据，按照;取决于 <span word="They">They</span> <span word="do">do</span> <span word="everything">everything</span> <span word="according">according</span> <span word="to">to</span> <span word="Hoyle">Hoyle</span>. 他们一切都按照规定办理。 <span word="According">According</span> <span word="to">to</span> <span word="the">the</span> <span word="Christian">Christian</span> <span word="religion">religion</span>,<span word="Jesus">Jesus</span> <span word="Christresurrected">Christresurrected</span> <span word="from">from</span> <span word="death">death</span>. 根据基督教的说法，耶稣基督曾死而复生。 2.<span word="cater">cater</span> <span word="to">to</span> 迎合;为服务 <span word="You">You</span> <span word="do">do</span> <span word="not">not</span>, <span word="I">I</span> <span word="repeat">repeat</span>, <span word="do">do</span> <span word="NOT">NOT</span> <span word="have">have</span> <span word="to">to</span> <span word="cater">cater</span> <span word="to">to</span> <span word="the">the</span> <span word="whims">whims</span> <span word="of">of</span> <span word="your">your</span> <span word="local">local</span> <span word="PTA">PTA</span>. 我重复声明，你不需要去迎合你当地家庭教师协会的幻想。 <span word="He">He</span> <span word="also">also</span> <span word="said">said</span> <span word="that">that</span> <span word="despite">despite</span> <span word="the">the</span> <span word="importance">importance</span> <span word="of">of</span> <span word="the">the</span> <span word="Asian">Asian</span> <span word="market">market</span>, <span word="the">the</span> <span word="company">company</span> <span word="does">does</span> <span word="little">little</span> <span word="to">to</span> <span word="alterdesign">alterdesign</span> <span word="to">to</span> <span word="cater">cater</span> <span word="to">to</span> <span word="Asian">Asian</span> <span word="tastes">tastes</span>. 他还说，虽然亚洲市场很重要，但是江诗丹顿公司很少会为迎合亚洲顾客的品位而更改其设计风格。 3.<span word="allow">allow</span> <span word="to">to</span> 使能够 <span word="This">This</span> <span word="test">test</span> <span word="simulation">simulation</span> <span word="tested">tested</span> <span word="users">users</span> <span word="working">working</span> <span word="as">as</span> <span word="fast">fast</span> <span word="as">as</span> <span word="machine">machine</span> <span word="speed">speed</span> <span word="will">will</span> <span word="allow">allow</span> <span word="to">to</span> <span word="test">test</span> <span word="the">the</span> <span word="CMServer">CMServer</span>. 这种测试模拟测试用户速度会像机器速度那样，以允许测试 <span word="CM">CM</span> 服务器。 <span word="Finally">Finally</span>, <span word="the">the</span> <span word="other">other</span> <span word="interesting">interesting</span> <span word="parameter">parameter</span> <span word="is">is</span> <span word="the">the</span> <span word="handle">handle</span> <span word="inheritance">inheritance</span> <span word="model">model</span>, <span word="this">this</span> <span word="will">will</span> <span word="allow">allow</span> <span word="toshare">toshare</span> <span word="this">this</span> <span word="resource">resource</span> <span word="with">with</span> <span word="a">a</span> <span word="child">child</span> <span word="process">process</span> <span word="if">if</span> <span word="is">is</span> <span word="required">required</span>. 最后一个有意思的参数就是句柄继承模型了。 它允许在必要的时候，可以喝子进程共享资源。 4.<span word="in">in</span> <span word="response">response</span> 作为回答 <span word="In">In</span> <span word="response">response</span> <span word="to">to</span> <span word="the">the</span> <span word="question">question</span> <span word="How">How</span> <span word="satisfied">satisfied</span> <span word="are">are</span> <span word="you">you</span> <span word="with">with</span> <span word="your">your</span> <span word="life">life</span> <span word="in">in</span> <span word="general">general</span>? 在回答这个问题一般情况下你对于生活有多么满足? <span word="Rather">Rather</span> <span word="than">than</span> <span word="do">do</span> <span word="nothing">nothing</span> <span word="in">in</span> <span word="response">response</span>, <span word="I">I</span> <span word="d">d</span> <span word="suggest">suggest</span> <span word="we">we</span> <span word="get">get</span> <span word="some">some</span> <span word="perspective">perspective</span> <span word="on">on</span> <span word="the">the</span> <span word="rootcause">rootcause</span> <span word="of">of</span> <span word="this">this</span> <span word="crisisnot">crisisnot</span> <span word="human">human</span> <span word="beings">beings</span> <span word="but">but</span> <span word="the">the</span> <span word="cultures">cultures</span> <span word="within">within</span> <span word="which">which</span> <span word="they">they</span> <span word="operate">operate</span>. 我的反应并不是什么都不做，我建议从这场危机的根源找到一些看问题的视角这不在于人类，而在于人类运行其间的诸种文化。</p>
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