2015考研英语阅读英文原刊《经济学人》：货币市场基金

　　2015考研英语复习正是强化复习阶段，考研英语阅读在考研英语中占了40分，所以考研英语阅读是英语科目中重要的一项。新东方名师范猛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。

　　Money-market funds

　　货币市场基金

　　Faking the buck

　　伪造面值

　　America sets new rules for a common short-terminvestment

　　美国针对常见短期投资设定监管新规

　　IT IS a huge investment class: a 2.8 trillion one, tobe exact. And it had long been thought of as a mundane one, just a notch moreadventurous than a current account. Yet writing new rules for America's money-marketfunds, which invest in short-term commercial and government debt, has been “one of themost flawed and controversial” deliberations ever undertaken by the Securities andExchange Commission, Wall Street's main regulator, according to Luis Aguilar, the only one ofthe five commissioners in office throughout the process.

　　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。

　　By a 3-2 vote on July 23rd, the SEC at last approved two big changes. The first allowedfunds to impose fees on redemptions or suspend them for up to ten days to prevent runs.The second requires that the most volatile funds, which cater to institutions and invest incorporate debt, disclose the value of a share to a fraction of a penny.

　　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。

　　The second change is more important than it sounds. By convention, money-market fundsare priced at a steady dollar a share; changes in value are reflected only in the interest theypay. Variations in the value of the underlying assets are small because they mature in amatter of days, but they do occur. In the past, that has been hidden by tiny amounts ofrounding. Though this ruse will now be banned for some funds, those that cater to individualinvestors will still be allowed to use it.

　　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。

　　That matters, since the fixed value contributed to the impression that money-market fundsoffered the safety of bank deposits with higher returns. In September 2008 that notion waspunctured when the Reserve Fund, which had a little over 1% of its assets invested in debtissued by Lehman Brothers, was forced by the investment bank's collapse to “break thebuck”: reveal a decline in the value of its shares to slightly less than 1. That sparkedpanicked redemptions at it and other funds.

　　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。

　　The panic, in turn, crunched credit for firms that relied on short-term debt and fanned fearsof a systemic meltdown. In response, the Treasury provided temporary guarantees formoney-market funds, now lapsed. In 2010 and again in 2012 the SEC tightened restrictionson the kinds of securities funds could buy. But it rejected a plan to require funds to holdbuffers of capital like banks, for fear it would further dent a battered business.

　　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。

　　Mary Jo White, the SEC's chairwoman, says the new rules will “protect investors and thefinancial system in a crisis.” But the two dissenting commissioners fear they may do moreharm than good. Allowing funds to suspend redemptions may actually spark runs, asinvestors rush to pre-empt any curbs, argues one of them. The other worries that thechanges will divert the gullible to even more misleading investments, notably “stablevalue” funds. These cater to much the same niche as money-market funds and, despitetheir name, offer no guarantees. Rather than trying to protect investors from risk, the SECmight do better to ensure that the risks they are running are clearly disclosed.

　　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.according to 根据，按照;取决于

　　They do everything according to Hoyle.

　　他们一切都按照规定办理。

　　According to the Christian religion,Jesus Christresurrected from death.

　　根据基督教的说法，耶稣基督曾死而复生。

　　2.cater to 迎合;为…服务

　　You do not, I repeat, do NOT have to cater to the whims of your local PTA.

　　我重复声明，你不需要去迎合你当地家庭教师协会的幻想。

　　He also said that despite the importance of the Asian market, the company does little to alterdesign to cater to Asian tastes.

　　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.allow to 使能够

　　This test simulation tested users working as fast as machine speed will allow to test the CMServer.

　　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 CM 服务器。

　　Finally, the other interesting parameter is the handle inheritance model, this will allow toshare this resource with a child process if is required.

　　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.in response 作为回答

　　In response to the question “How satisfied are you with your life in general?

　　在回答这个问题“一般情况下你对于生活有多么满足?”

　　Rather than "do nothing" in response, I'd suggest we get some perspective on the rootcause of this crisis–not human beings but the cultures within which they operate.

　　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。

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