Chinese Travelers 中国游客

Chinese Travelers Shoppers News and Statistics

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中国游客 海外消费 的报道、数据、分析 等资讯

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Those in the tourist market should read these news and get ready to welcome these big spenders all over the world.

要赚游客钱 的商家们 不得不知 在海外 花钱不手软的 中国游客大军

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Chinese Travelers

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News, Reports, Research, Statistics, Survey about Chinese Travelers & Shoppers

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CNBC: Hey big spenders! Chinese travelers spend over $1,000 a day

• Majority spend between $81-324, $324-810 per day, exclude accommodation.
• Total spending increase from $27 billions in 2012 to $129 billions in 2013.
• They account for one-third (35%) of global luxury market.
• Outbound Chinese tourists are expected to increase from 97 million in 2013 to 200 millions in 2020.
• Asia Pacific region receives the most Chinese guests (74%), followed by North America (54%), Europe(43%) and Latin America(30%).

Bloomberg Business : China’s Legions of Tourists Will Spend $155 Billion Abroad This Year

• 116 million Chinese tourists are expected to travel abroad and spend $155 billions.
• Favoured destinations include Australia, South Korea, South East Asia, Europe and U.S.
• One-third of all Chinese travel expenditures goes to luxury goods.

China Internet Watch : China’s Travel Market to Reach USD 530B in 2014; Oversea Chinese Travelers to Spend USD 155B

• Both the oversea trips and spending grow about 20% in 2014.

Quartz : By 2015, Chinese tourists could spend more than all the world’s luxury shoppers combined

• In 2014, Chinese travelers are the world’s biggest spenders, spent $102 billions overseas.
• In 2015, expect 100 millions Chinese traveling abroad.
• The city of Paris and Sydney reacted to attract more Chinese tourists.

International Business Times : Chinese Tourists Break Spending Records Abroad As Inbound Tourism Falls

• Chinese outbound tourism is hot but it’s only getting started.
• Average Chinese tourists spend $5400 during their trip to U.S., outspending other international tourist by 21%.

CNN : Chinese travelers the world’s biggest spenders

• Unlike other global travelers, Chinese tourists focus mainly on shopping.
• China tops the list of international tourism spenders since 2012.

The Guardian : Chinese to become biggest spenders as record numbers head overseas

• Chinese tourists are increasing keen to take beach or activity holidays rather than simply traipsing round tourists sites.
• Officially, UK is more popular than France and Germany.
• These days, Israel, Tahiti, Maldives, Seychelles are appearing on the itineraries also.
• Some could spend £10,000 on shopping alone.

BBC : The world’s biggest spenders

• Some 80% of Chinese tourist view holidays as shopping trips.
• Chinese travelers prefer places with good Chinese food as well as local food.

MSN/Euromonitor Statistics : Chinese Travelers Choose Shopping Over Luxury Hotels

• Lodging is not the absolute priority with the Chinese, traveling to the destination and enjoying the destination and spending there is the priority.

China Internet Watch Statistics : Rise of the China Outbound Tourism

• China outbound tourist on average spent $3252 each per trip and shopping took up 57.8%
• China is now the second most popular source country for visitors to Australia, following New Zealand with 1.2 million trips.
• See table of where the money goes to shopping, accommodation, food, transport, etc.
• More reports on What international hotels need to know about Chinese travelers.
• See top 10 destinations of Chinese travelers across Asia, Europe and America.

China Internet Watch Survey : Understanding Chinese Luxury Travelers

• What the Chinese care about when traveling
• What social media they use
• Which hotel review sites they read
• What they like to share with friends and relatives online

UNWTO/ETC Research : The Chinese Outbound Travel Market 2012 Update (PDF eBook)

• Comprehensive, relevant, useful, authoritative, detail findings and statistics about Chinese tourists

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Chinese Traveler Shopper Survey

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Other similar reports about Chinese travelers/shoppers in Chinese (with summary in English):

中國購物軍團 Chinese Shoppers Big Spenders Super Shopping Troupe

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Chinese Shoppers 中国购物团

Chinese Shoppers Big Spenders Super Shopping Troupe

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横扫欧亚 精品店的 中国购物团

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Those in the retail and travel industry should know how Chinese spend money outside China

业内人士 最欢迎 购物不手软的 神州购物团

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Chinese Shoppers

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Chinese News, Reports, Research, Statistics, Survey about Chinese Travelers & Shoppers 中文媒體 報道、數據、調查 等詳情

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彭博社：2013年中国游客海外消费全球居首（参考消息网）

Bloomberg : Outbound Chinese travelers top spenders of the world in 2013

• Global Blue expects Chinese outbound travelers to reach 60 millions in 2015 compared to 57 millions in 2013, and should reach 77 millions by the end of 2016.

联合早报：中国游客仍是全球“购物王”（参考消息网）

Lianhe Zaobao : Chinese travelers still the global “shopping king & queen”

• According to Global Blue, Chinese travelers are world’s top buyers in duty free shops, they chauk up one-third of world’s total spending on duty free goods, but up to S$200 million refundable tax not redeemed

卫报：中国消费者对奢侈品不只是“看看而已”（参考消息网）

Guardian : Chinese shoppers don’t just browse luxury goods to admire

• Chinese like to shop while they are travelling because they don’t trust local brands and their qualities
• China’s new Sumptuary Law to curb lavish spending is not going to stop the upper-middle class from shopping outside China

日媒：欧洲奢侈品牌在中国改变策略以留住顾客（参考消息网）

Japan Media : Euro’s luxury brands in China change strategy to retain customers

• The new Sumptuary Law is forcing luxury shops to focus on service and interaction with Chinese consumers based on profile

台媒：大陸消費者轉戰境外搶購奢侈品（参考消息网）

Taiwan Media—Mainland shoppers swept luxury goods offshore

• New Sumptuary Law in China affects luxury watch and pricy wines but drives more consumers to travel and buy overseas
• Global Blue confirmed Chinese travelers had taken over American as the top tourist source.

路透新闻：中国游客海外消费创纪录 各国竞相吸引中国游客（腾讯财经）

Reuter : Record-breaking spending of Chinese outbound travelers the favourite visitors of many countries

• Many countries are relaxing the visa application requirements to attract more Chinese travelers, and more air treaties signed

国际商报：中国游客海外消费连年增长 2015年态势仍将持续（新华网）

International Business Daily : Chinese travelers’ spending overseas continue to grow in 2015.

• Outbound Chinese travelers exceeded 100 millions in 2014 for the first time
• Outbound Chinese travelers will continue to increase at 15-20% in 2015

参考消息：中国人春节消费“外热内冷” 海外消费出手阔气（新浪新闻）

Cankaoxiaoxi : Frugal Chinese shoppers at home during Chinese New Year turn into spendthrift overseas

• Number of Chinese tourists visiting Phuket and Bali increase two folds
• In 2014, Chinese spent about 106 billions on branded goods, made up 46% of world spending, and 81 billions of which was spent outside China
• Korea and Japan are the favourite countries for short getaway for Chinese in the north.

中国青年报：中国游客海外消费高居榜首（中青在线）

China Youth Daily : Chinese outbound travellers are top spenders

• For every $100 spend by tourists worldwide, $24 are paid by Chinese travelers
• Chinese travelers like to buy in specialty shops and shopping malls, for jewelry, watch, fashion and accessories.
• Most visited European countries are France, Switzerland, UK, Italy and Germany

中国行业研究网：中国游客海外消费全球第一情况浅析

China IRN : Analysis of Chinese travellers’ spending oversea as world number one

• Luxury goods outside China is 20%-30% cheaper than the same in China
• They buy anything with good branding, not just luxury goods, they also visit property showroom
• America tops the top-10 list for Chinese travelers, with the other half for Europe and Asia countries

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類似英媒報道 Similar reports in English:

Chinese Travelers Shoppers News and Statistics

中國遊客海外消費的報道、數據、分析等資訊

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需 要 翻 译？Need help to translate something?

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产品、服务、告示、传单、手册、布告、海报、须知、网页、广告、其他形式的出版物

For product, service, notice, leaflet, brochure, signboard, poster, instruction, web page, web content, advertisements, any other forms of prints and publication

單件個案、系列專案、定期外包、長期接案、靈活安排，所有文件和交易都在線上傳遞

Piecemeal job, Project-based, Term contract, Long-term freelancing and other flexible arrangements, all works and files to be delivered online or on cloud

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旅游业翻译服务总览 Translation Copywriting Editing service overview

电邮询问费用等详情 Email to inquire ask for quotation to know the cost among other details

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感謝登門瀏覽。可選在右欄填入您的電郵自動追蹤新貼文新消息。歡迎再來。

Thank you for your time spent in browsing. You may follow via email provided in side panel. See you again.

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Bi-lingual Poems 双语诗

Simplified Chinese | 简体中文

Click to view larger image 点击看大图

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Traditional Chinese | 繁体中文

Click to view larger image 點擊看大圖

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Simplified Chinese | 简体中文

Click to view larger image 点击看大图

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View all other poems in PDF Reader > 用PDF读本看所有双语诗

Tour Travel Translate 旅游翻译

Tour Travel Website Contents Brochures Marketing Translation

 

翻译 旅游 网站 网页 册子 内容 与 宣传稿

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English and Chinese 2-way Translation for tourist-related texts, documents, advertisements, notices and any other types of information

接待游客的行业 需要的中英文翻译、广告、告示、文件、讯息

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English-Chinese 2-way Translation 旅游游客相关行业翻译

Click to see larger clearer image. 点击看放大图片

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2-way English-Chinese and Chinese-English translation for :

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• Tour Office / Tourist Promotion Board
• Tourist Information Centre
• Hotel / Accommodation / Resort / Inn / Lodging / Homestay
• Tourist Attractions / Theme Park
• Shopping / Product details / Ad copy / Leaflet
• Tour Package / Trip Itinerary / Destination
• Airline / Inflight magazine / Booking / Terms and Conditions
• Tour Operators / Transport / Tour Agent
• Airport / Instructions / Notices / Duty Free / Services / Amenities
• Travel Guides / References / Handbook
• Travel Magazine / News / Articles
• History / Culture / Destination Introduction
• Travel Publication / ePub / Brochures
• Travel Web / App / Web contents
• Food / Restaurants / Menu
• Travel Books / eBook

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双向英中双译，适用于：

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• 官方旅游机构 / 旅游观光局
• 游客接待信息中心
• 酒店 / 住宿 / 度假村 / 旅店 / 客居 / 民宿
• 旅游景点 / 主题乐园
• 购物 / 产品详情 / 广告词 / 传单
• 旅游配套 / 行程 / 观光名胜地
• 航空公司 / 机舱杂志 / 订票 / 条件与条款
• 旅游业者 / 客运 / 旅游公司
• 机场 / 指示 / 布告 / 免税店 / 服务 / 设施
• 旅游指南 / 参考书 / 手册
• 历史 / 文化 / 景点介绍解说
• 旅游杂志 / 新闻 / 文章
• 美食 / 餐厅 / 菜单
• 旅游网站 / 行动软件 / 网页内容
• 旅游书本 / 电子书
• 旅游出版物 / 电子版 / 宣传册子

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需 要 翻 译？Need help to translate something?

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For product, service, notice, leaflet, brochure, signboard, poster, instruction, web page, web content, advertisements, any other forms of prints and publication

Piecemeal job, Project-based, Term contract, Long-term freelancing and other flexible arrangements, all works and files to be delivered online or on cloud

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Translation Copywriting Editing Service Overview

翻译 撰稿 编辑 服务总览

Translate Transcreate Copywrite and Related Services and Rates

翻译创译撰稿与相关服务项目与费用

电邮询问 Email to inquire and ask for quotation to know the cost among other details

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Thank you for your time spent in browsing. You may follow via email provided in side panel. See you again.

感謝瀏覽，歡迎再來。

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Translator 译者

Wine Translation 酒意酒译

Click to see clearer large image. 点击看清晰大图。

Click to see larger image. 点击看清晰大图

Translator 译者

Financial Translation 財經翻译

Click to view clearer large image. 点击看大图

Translator 译者

with Thanks

Book Translation 書本翻譯

BOOK Translation   書本翻譯

for Authors, Publishers, Web Hosts, eBook Indies, Organizations, Companies, Businesses, Governments & Any

欢迎：作家，出版社，站主，电纸书新贵，各类写手，机构，企业，商家，政府及其他出书人

中翻英 将视内容与题材而定

Translation for Publishers, Authors and other Media Players 出版商，作者及其他媒体业者

Translator 譯者

Securities 证券

Securities  证 券

 

A security or financial instrument is a tradable asset of any kind. Securities are broadly categorized into:

证券或金融工具是一种可以交易的任何资产。证券大致上可分为：

• debt securities (such as banknotes, bonds and debentures),
• equity securities, e.g., common stocks; and,
• derivative contracts, such as forwards, futures, options and swaps.

• 债务证券 (如钞票，债券和债权证)，
• 股权证券，例如普通股票；以及
• 衍生品合约，有远期，期货，期权和掉期。

The company or other entity issuing the security is called the issuer. A country’s regulatory structure determines what qualifies as a security. For example, private investment pools may have some features of securities, but they may not be registered or regulated as such if they meet various restrictions.

公司或其他发行证券的个体就叫做发行人。一个国家的监管结构决定了证券的资格，比如说，私人投资池或许会有一些证券的特点，但是他们可能不注册或不受监管，除非他们符合一些管制要求。

Securities may be represented by a certificate or, more typically, “non-certificated”, that is in electronic or “book entry” only form. Certificates may be bearer, meaning they entitle the holder to rights under the security merely by holding the security, or registered, meaning they entitle the holder to rights only if he appears on a security register maintained by the issuer or an intermediary. They include shares of corporate stock or mutual funds, bonds issued by corporations or governmental agencies, stock options or other options, limited partnership units, and various other formal investment instruments that are negotiable and fungible.

证券的形式可以是一纸证书，或者是更典型的“无凭证”，就只是电子或“帐面纪录”的形式。证书可以是相等于(不记名)持票人，意思就是只需持有证券的证书就等于持有该证券的股权；也可以是注册记名的，意思是说如果持有人能出现在发行人或中介机构掌管的证券登记处就算是拥有证券的权益。这些证券包括公司股票或共同基金，企业或政府机构发行的债券，股票期权或其他期权，有限合伙单位以及其他可转让可互换对销的正规投资工具。

 

Contents  目录

1. Classification  分类

1.1 New capital  新资本

1.2 Repackaging  重新包装

1.3 Type of holder  持有人类型

1.3.1 Investment  投资

1.3.2 Collateral  抵押品

2. Debt and equity  债务与股权

2.1 Debt  债务

2.2 Equity  股权

2.3 Hybrid  混合

3. The securities markets  证券市场

3.1 Primary and secondary market  初级与二级市场

3.2 Public offer and private placement  公开招股和私募配售

3.3 Listing and OTC dealing  上市与场外交易

3.4 Market  市场

4. Physical nature of securities  证券的实体本质

4.1 Certificated securities  凭证证券

4.2 DRS securities  直接登记系统证券

4.2.1 Bearer securities  不记名证券

4.2.2 Registered securities  记名证券

4.3 Non-certificated securities and global certificates

无凭证证券和全球通用凭证

4.3.1 Non-certificated securities  无凭证证券

4.3.2 Global certificates, book entry interests, depositories

全球通用凭证，帐纪录利益，存管处

4.3.3 Other depositories: Euroclear and Clearstream

其他存管处：欧洲结算系统与结算流

4.4 Divided and undivided security  已分与未分证券

4.5 Fungible and non-fungible security  可互换与不可互换证券

5. Regulation  监管

6. See also  另见

7. Notes  注

8. Glossaries  术语录

 

Classification  分类

Securities may be classified according to many categories or classification systems:

证券可以根据许多类别或级别系统来分类：

• Currency of denomination
• Ownership rights
• Terms to maturity
• Degree of liquidity
• Income payments
• Tax treatment
• Credit rating
• Industrial sector or “industry”. (“Sector” often refers to a higher level or broader category, such as Consumer Discretionary, whereas “industry” often refers to a lower level classification, such as Consumer Appliances. See Industry for a discussion of some classification systems.)
• Region or country (such as country of incorporation, country of principal sales/market of its products or services, or country in which the principal securities exchange where it trades is located)
• Market capitalization
• State (typically for municipal or “tax-free” bonds in the U.S.)

• 货币面值
• 所有权
• 期满期限
• 套现程度
• 收入支付
• 税务处理
• 信贷评级
• 行业业界或“行业”(“业界”通常都指更高水平或更广泛的范畴，如“非必需消费品”，而“行业”通常都指较低层次的级别，如“家用电器”。见“行业”一文讨论的一些级别系统)
• 区域或国家 (如公司注册国，产品与服务的原销售/市场国，或者原证券在交易所买卖的国家)
• 市值
• 州 (典型如美国的市政府或“免税”债券)

New capital  新资本

Securities are the traditional way that commercial enterprises raise new capital. These may be an attractive alternative to bank loans depending on their pricing and market demand for particular characteristics. Another disadvantage of bank loans as a source of financing is that the bank may seek a measure of protection against default by the borrower via extensive financial covenants. Through securities, capital is provided by investors who purchase the securities upon their initial issuance. In a similar way, a government may issue securities to when it needs to increase government debt.

证券是商业企业筹集新资本的传统做法，这些证券比起银行贷款更有吸引力，要看证券的定价与市场对某些特质的需求。银行贷款这个融资源的坏处是，银行为了保护自己避免借款人违约而附加一些融资契约。证券的资金是由投资者在首次发行时购买证券筹集而来，同样的，政府在需要举债时也可以发行证券来增加国库的钱。

Repackaging  重新包装

In recent decades, securities have been issued to repackage existing assets. In a traditional securitization, a financial institution may wish to remove assets from its balance sheet to achieve regulatory capital efficiencies (the informal ratio of output divided by capital expenditure) or to accelerate its receipt of cash flow from the original assets. Alternatively, an intermediary may wish to make a profit by acquiring financial assets and repackaging them in a way more attractive to investors. In other words, a basket of assets is typically contributed or placed into a separate legal entity such as a trust or SPV, which subsequently issues shares of equity interest to investors. This allows the sponsor entity to more easily raise capital for these assets as opposed to finding buyers to purchase directly such assets.

最近几十年来，人们都发行证券来重新包装现有资产。传统的证券化做法是金融机构可以把资产移出资产负债表达致监管资本的效率(销项除以资本开支的非正式比例)或者加速从现有资产中收取现金。另一方面，中介机构也可以收购金融资产重新包装到能够吸引投资者们投资去赚钱。换句话说，一篮子资产通常都会献出或置放在分隔开来的法人个体如信托或特定目的载具(SPV)，再发行权益的股份给投资者。这么做的话，赞助个体可以更轻易地为这些资产凑集资金，相对于到处找买家直接购买这些资产。

Type of holder  持有人类型

Investors in securities may be retail, i.e. members of the public investing other than by way of business. The greatest part of investment, in terms of volume, is wholesale, i.e. by financial institutions acting on their own account, or on behalf of clients. Important institutional investors include investment banks, insurance companies, pension funds and other managed funds.

证券的投资者可以是零售散户，也就是公众的个人投资而不是商家的名义。投资的绝大部分，以量来算是批发的，也就是金融机构用自己的钱或代替客户群去投资。主要的机构投资者包括投资银行，保险公司，养老基金和其他管理基金。

Investment  投资

The traditional economic function of the purchase of securities is investment, with the view to receiving income and/or achieving capital gain. Debt securities generally offer a higher rate of interest than bank deposits, and equities may offer the prospect of capital growth. Equity investment may also offer control of the business of the issuer. Debt holdings may also offer some measure of control to the investor if the company is a fledgling start-up or an old giant undergoing ‘restructuring’. In these cases, if interest payments are missed, the creditors may take control of the company and liquidate it to recover some of their investment.

购买证券的传统经济功能就是投资来获取收入亦或得到资本收益。债务证券的利息通常都比银行存款来得高，而且股权也可能提供资金增长的前景，股权投资或许还可以控制发行人的商务。如果公司只是刚起步的新手或进行“重组”的老巨头，持有债权也提供投资者一些控制公司的途径。在这些情况下，如果拖欠利息没还，债权人可以取得公司的控制权，然后变现去收回一些他们的投资。

Collateral  抵押品

The last decade has seen an enormous growth in the use of securities as collateral. Purchasing securities with borrowed money secured by other securities or cash itself is called “buying on margin”. Where A is owed a debt or other obligation by B, A may require B to deliver property rights in securities to A, either at inception (transfer of title) or only in default (non-transfer-of-title institutional). For institutional loans, property rights are not transferred but nevertheless enable A to satisfy its claims in the event that B fails to make good on its obligations to A or otherwise becomes insolvent. Collateral arrangements are divided into two broad categories, namely security interests and outright collateral transfers. Commonly, commercial banks, investment banks, government agencies and other institutional investors such as mutual funds are significant collateral takers as well as providers. In addition, private parties may utilize stocks or other securities as collateral for portfolio loans in securities lending scenarios.

过去十年拿证券当抵押品的做法很风行，用其他证券担保借钱或者用现金去买证券就叫做“保证金买入”。如果B欠A的债或者欠其他证券，A可以要求B转交证券的产权给A，不是在起始日(产权转让)时就是在违约(机构的非产权转让)的时候。机构贷款的产权虽然不会转让，但还是让A可以在B无法履行对A的承诺或者无力偿债时申索成功。抵押安排可分为两大类，就是证券利益与直接转移抵押品。普遍的是，商业银行，投资银行，政府机构和其他机构投资者如共同基金都是主要的承押人也是抵押人。此外，私户方可以拿股票或其他证券当投资组合的抵押品去借贷证券。

On the consumer level, loans against securities have grown into three distinct groups over the last decade:

1) Standard Institutional Loans, generally offering low loan-to-value with very strict call and coverage regimens, akin to standard margin loans;

2) Transfer-of-Title (ToT) Loans, typically provided by private parties where borrower ownership is completely extinguished save for the rights provided in the loan contract; and

3) Non-Transfer-of-Title Credit Line facilities where shares are not sold and they serve as assets in a standard lien-type line of cash credit.

Of the three, transfer-of-title loans have fallen into the very high-risk category as the number of providers has dwindled as regulators have launched an industry-wide crackdown on transfer-of-title structures where the private lender may sell or sell short the securities to fund the loan. (See sell short). Institutionally managed consumer securities-based loans, on the other hand, draw loan funds from the financial resources of the lending institution, not from the sale of the securities.

对消费者来说，过去三十年的证券贷款已经成长为三大类：

1)标准机构贷款，通常都提供低贷款与估值比率，有严格的追讨与权益保障规则，类似标准的保证金贷款；

2)产权转让(ToT)贷款，典型的是由私户方提供，借款人的产权拥有权完全转手，只剩下贷款合同里注明的权益，以及

3)非产权转让信贷额度融资工具，不卖股票，只当成是标准留置权类现金信贷额的资产。

这三种里面的产权转让贷款是高风险类，由于私家贷款人可以卖或卖空证券来资助贷款，监管机构就对这类贷款展开全面的的打压，导致供应户大量减少。(见“卖空”一文)。机构管理的消费者证券贷款在另一方面也从贷款机构的金融资源吸收贷款资金，而不是卖证券去得到资金。

 

Debt and equity  债务与股权

Securities are traditionally divided into debt securities and equities (see also derivatives).

传统的证券可分为债务证券和股权两种(另见衍生品一文)。

Debt  债务

Debt securities may be called debentures, bonds, deposits, notes or commercial paper depending on their maturity and certain other characteristics. The holder of a debt security is typically entitled to the payment of principal and interest, together with other contractual rights under the terms of the issue, such as the right to receive certain information. Debt securities are generally issued for a fixed term and redeemable by the issuer at the end of that term. Debt securities may be protected by collateral or may be unsecured, and, if they are unsecured, may be contractually “senior” to other unsecured debt meaning their holders would have a priority in a bankruptcy of the issuer. Debt that is not senior is “subordinated”.

债务证券业可以称作债权证，债券，存管券，票据或商业本票，根据各自的履约期和其他特定的特征而定。债务证券持有人通常都有权收取本金加利息，加上发行条款赋予的其他合约权利如获取某些讯息的权限。一般的债务证券都以固定期限发行，发行人可以在期满时赎回。债务证券可以有抵押品的保障或者不保障，如果是不担保的，可以立约比其他不担保债务“上级”，意思是说债权人在发行人破产时有申索的优先权，不是上级的债务就是“次级”的。

Corporate bonds represent the debt of commercial or industrial entities. Debentures have a long maturity, typically at least ten years, whereas notes have a shorter maturity. Commercial paper is a simple form of debt security that essentially represents a post-dated check with a maturity of not more than 270 days.

企业债券是工商个体的债务，债券证的履约期长，典型的至少十年，票据的履约期就短。商业本票是简单的证券债务，最基本的就是兑现期不超过270天的远期支票(期票)。

Money market instruments are short term debt instruments that may have characteristics of deposit accounts, such as certificates of deposit, Accelerated Return Notes (ARN), and certain bills of exchange. They are highly liquid and are sometimes referred to as “near cash”. Commercial paper is also often highly liquid.

货币市场的工具就是短期债务的工具，会有一些存款账户的特点，例如存单，加速回报票(ARN)以及某些汇票，都很容易变现(高度流通)，也称为“准货币”(类现金)。商业本票也都是高度流通的。

Euro debt securities are securities issued internationally outside their domestic market in a denomination different from that of the issuer’s domicile. They include eurobonds and euronotes. Eurobonds are characteristically underwritten, and not secured, and interest is paid gross. A euronote may take the form of euro-commercial paper (ECP) or euro-certificates of deposit.

欧债证券是在他们的国内市场外在国际间发行的证券，面值跟发行人的注册地不同。欧洲债券的特点是承销但不担保，利息以毛额(总计)来算。欧洲票据的形式可以是欧洲商业票据(ECP)或欧洲存单。

Government bonds are medium or long term debt securities issued by sovereign governments or their agencies. Typically they carry a lower rate of interest than corporate bonds, and serve as a source of finance for governments. U.S. federal government bonds are called treasuries. Because of their liquidity and perceived low risk, treasuries are used to manage the money supply in the open market operations of non-US central banks.

政府债券是中长期的债务证券，由主权政府或其附属机构发行，一般上，利息都比企业债券还低，被政府当成是融资来源之一。美国联邦政府的债券也叫国库券(国债)，由于容易变现，被认为风险低，国库券就用来控制在非美国央行的公开市场上运作的的货币供应。

Sub-sovereign government bonds, known in the U.S. as municipal bonds, represent the debt of state, provincial, territorial, municipal or other governmental units other than sovereign governments.

次主权政府债券在美国通称为市政债券，是除了主权政府以外，属于州，省，领地，市政府以及其他政府单位的债务。

Supranational bonds represent the debt of international organizations such as the World Bank, the International Monetary Fund, regional multilateral development banks and others.

超国家债券就是国际机构的债务，例如世界银行，国际货币基金组织，区域多边开发银行及其他。

Equity  股权

An equity security is a share of equity interest in an entity such as the capital stock of a company, trust or partnership. The most common form of equity interest is common stock, although preferred equity is also a form of capital stock. The holder of an equity is a shareholder, owning a share, or fractional part of the issuer. Unlike debt securities, which typically require regular payments (interest) to the holder, equity securities are not entitled to any payment. In bankruptcy, they share only in the residual interest of the issuer after all obligations have been paid out to creditors. However, equity generally entitles the holder to a pro rata portion of control of the company, meaning that a holder of a majority of the equity is usually entitled to control the issuer. Equity also enjoys the right to profits and capital gain, whereas holders of debt securities receive only interest and repayment of principal regardless of how well the issuer performs financially. Furthermore, debt securities do not have voting rights outside of bankruptcy. In other words, equity holders are entitled to the “upside” of the business and to control the business.

股权债券是某个个体的股权利益(权益)的股份，例如一家公司，信托或合伙关系的股本，最普遍的权益就是普通股，虽然优先股权也是一种股本。股权持有人就是股东，拥有股份或发行人的部分股份。跟债务证券不同的是，这种证券通常都要定期支付(利息)给持有人，而债务证券就没有这种权益。破产时，他们只能分到到发行人履约清还欠债权人的所有债务后的剩余利益。不过，股权也赋予持有人按比例控制公司的权益，也就是说股权的大户通常都有权控制发行人。股权也享有利润与资本收益的利益，而债务证券持有人只能收取本金加利息，不论发行人的财务业绩表现如何。此外，债务证券在公司破产后没有投票权，换句话说，股权持有人享有“上行”的业务以及控制运作中的业务。

Hybrid  混合型

Hybrid securities combine some of the characteristics of both debt and equity securities.

混合证券结合了债务和股权证券的一些特点。

Preference shares form an intermediate class of security between equities and debt. If the issuer is liquidated, they carry the right to receive interest and/or a return of capital in priority to ordinary shareholders. However, from a legal perspective, they are capital stock and therefore may entitle holders to some degree of control depending on whether they contain voting rights.

优先股形成了介于股权和债务之间的一种中间级别的证券。如果发行人被清盘，这类证券有权比普通股东优先分到利息亦或资本回报，然而，从法律观点来看，它们是股本，持有人就有权控制到某个程度，要看是否有附投票权。

Convertibles are bonds or preferred stock that can be converted, at the election of the holder of the convertibles, into the common stock of the issuing company. The convertibility, however, may be forced if the convertible is a callable bond, and the issuer calls the bond. The bondholder has about 1 month to convert it, or the company will call the bond by giving the holder the call price, which may be less than the value of the converted stock. This is referred to as a forced conversion.

可兑换品是可以转换的债券或优先股，从可兑换品持有人手上转换成发行公司的普通股。不过，如果是可召回的可兑换品，发行人也召回债券，可兑换性可能是强行的。债券持有人有大约一个月时间可以兑换，或者该公司会开出召回价给持有人去召回债券，价格可以少过兑换股票的价值，这就是所谓的强行转换。

Equity warrants are options issued by the company that allow the holder of the warrant to purchase a specific number of shares at a specified price within a specified time. They are often issued together with bonds or existing equities, and are, sometimes, detachable from them and separately tradable. When the holder of the warrant exercises it, he pays the money directly to the company, and the company issues new shares to the holder.

股权认股权证是公司发行的期权，权证持有人可以用指定价格在指定时间内购买一定数量的股份，通常都跟债券或现有股权一起发行，有时候也分隔出来另行买卖。当权证持有人行使期权，就直接付钱给该公司，该公司就发行新股给持有人。

Warrants, like other convertible securities, increases the number of shares outstanding, and are always accounted for in financial reports as fully diluted earnings per share, which assumes that all warrants and convertibles will be exercised.

权证也跟其他可兑换证券一样会增加流通股份的数量，一直都会在财务报告中审计为全面摊薄每股盈利，假设全部权证和可兑换品都完成交易。

 

The securities markets  证券市场

Primary and secondary market  初级与二级市场

Public securities markets are either primary or secondary markets. In the primary market, the money for the securities is received by the issuer of the securities from investors, typically in an initial public offering (IPO). In the secondary market, the securities are simply assets held by one investor selling them to another investor, with the money going from one investor to the other.

公共证券市场不是初级市场就是二级市场。在初级市场中，证券的钱是由证券发行人向投资者收取，在首次公开招股(IPO)时更是如此。在二级市场中，证券就只是一名投资者所持有的资产卖给另一名投资者，一名投资者交钱给另一名投资者。

An initial public offering is when a company issues public stock newly to investors, called an “IPO” for short. A company can later issue more new shares, or issue shares that have been previously registered in a shelf registration. These later new issues are also sold in the primary market, but they are not considered to be an IPO but are often called a “secondary offering”. Issuers usually retain investment banks to assist them in administering the IPO, obtaining SEC (or other regulatory body) approval of the offering filing, and selling the new issue. When the investment bank buys the entire new issue from the issuer at a discount to resell it at a mark-up, it is called a firm commitment underwriting. However, if the investment bank considers the risk too great for an underwriting, it may only assent to a best effort agreement, where the investment bank will simply do its best to sell the new issue.

首次公开招股是一家公司公开发行新股给投资者，简称IPO。过后这家公司还可以再发行更多新股，或者发行之前缓行注册的股份，这些随后而来的新股也在初级市场上出售，但不算是IPO，通称为“二级发行”。发行人通常都会委任投资银行协助他们处理IPO的行政工作，招股书获得证券管理委员会(SEC或其他监管机构)的批准，才能发售新股。投资银行跟发行人以折价买下所有新发行股份再加码转售的做法就叫做承诺包销。然而，如果投资银行认为包销的风险太大，就可能只接受尽力承销协议，投资银行就只是努力销售新发行股份罢了。

For the primary market to thrive, there must be a secondary market, or aftermarket that provides liquidity for the investment security—where holders of securities can sell them to other investors for cash. Otherwise, few people would purchase primary issues, and, thus, companies and governments would be restricted in raising equity capital (money) for their operations. Organized exchanges constitute the main secondary markets. Many smaller issues and most debt securities trade in the decentralized, dealer-based over-the-counter markets.

初级市场要蓬勃发展就少不了二级市场，或者盘後交易市场，提供投资证券的流通性，证券持有人可以卖给其他投资者换取现金，否则很少人要买初次发行的股份，这样的话，公司和政府要筹集股权资本来资助业务就会很局限。有组织的交易活动构成了主要的二级市场，众多较小型的发行以及大部分的债务证券都是分化的，在以经销商为主的场外交易市场里买卖。

In Europe, the principal trade organization for securities dealers is the International Capital Market Association. In the U.S., the principal trade organization for securities dealers is the Securities Industry and Financial Markets Association, which is the result of the merger of the Securities Industry Association and the Bond Market Association. The Financial Information Services Division of the Software and Information Industry Association (FISD/SIIA) represents a round-table of market data industry firms, referring to them as Consumers, Exchanges, and Vendors.In india the equivalent organisation is the securities exchange board of india(SEBI).

欧洲的主要证券经销商们的交易机构就是国际资本市场协会。美国的证券经销商们的交易机构是证券业与金融市场协会，是证券业协会和债券市场协会合并的结果。软件与信息产业协会的金融信息服务部(FISD/SIIA)是市场数据业者们的圆桌组织，业者们有消费者，交易所和供应商。印度的相等机构是印度证券交易局(SEBI)。

Public offer and private placement  公开招股与私募配售

In the primary markets, securities may be offered to the public in a public offer. Alternatively, they may be offered privately to a limited number of qualified persons in a private placement. Sometimes a combination of the two is used. The distinction between the two is important to securities regulation and company law. Privately placed securities are not publicly tradable and may only be bought and sold by sophisticated qualified investors. As a result, the secondary market is not nearly as liquid as it is for public (registered) securities.

证券可以在初级市场上公开招股卖给公众，或者也可以私下招募只卖给限量的合格人士，有时候也会两者兼行。这两者的差别在证券监管规则与公司法中是重点。私募证券不公开交易，只限经验老到合格的投资者去买卖，结果二级市场就不像公共(记名)证券那么流通。

Another category, sovereign bonds, is generally sold by auction to a specialized class of dealers.

另一个类别的主权债券通常都是通过拍卖方式卖给专业级别的经销商们。

Listing and OTC dealing  上市与场外交易

Securities are often listed in a stock exchange, an organized and officially recognized market on which securities can be bought and sold. Issuers may seek listings for their securities to attract investors, by ensuring there is a liquid and regulated market that investors can buy and sell securities in.

证券都在交易所挂牌，这是个有组织和官方认可买卖证券的市场。发行人要挂牌卖证券以便吸引投资者，确保这个投资者们买卖证券的市场流通也受到监管。

Growth in informal electronic trading systems has challenged the traditional business of stock exchanges. Large volumes of securities are also bought and sold “over the counter” (OTC). OTC dealing involves buyers and sellers dealing with each other by telephone or electronically on the basis of prices that are displayed electronically, usually by commercial information vendors such as SuperDerivatives, Reuters and Bloomberg.

非正式电子交易系统的成长挑战了传统的交易所经营方式，大量的证券也可以在“场外”(OTC柜台)交易。OTC交易就是买家和卖家用电话或电子报价在电子平台上交易，一般上都由商业信息供应商经营，例如超级衍生品，路透社和彭博社。

There are also eurosecurities, which are securities that are issued outside their domestic market into more than one jurisdiction. They are generally listed on the Luxembourg Stock Exchange or admitted to listing in London. The reasons for listing eurobonds include regulatory and tax considerations, as well as the investment restrictions.

还有欧洲证券，在他们的国内市场外超过一个法律管制区发行，通常都在卢森堡交易所或者伦敦交易所挂牌上市。欧洲债券挂牌的理由有考虑到监管与税务的条件，还有投资的限制。

Market  市场

London is the centre of the eurosecurities markets. There was a huge rise in the eurosecurities market in London in the early 1980s. Settlement of trades in eurosecurities is currently effected through two European computerized clearing/depositories called Euroclear (in Belgium) and Clearstream (formerly Cedelbank) in Luxembourg.

伦敦是欧洲债券市场的中心，在80年代初期伦敦的欧洲债券市场大量兴起。目前的欧洲证券交易结算是通过欧洲两家电脑化结算/存托处进行，称为欧洲结算系统(在比利时)以及位于卢森堡的欧洲结算流系统(前身为Cedelbank–世达库：世达国际结算系统或欧洲货币市场结算系统)。

The main market for Eurobonds is the EuroMTS, owned by Borsa Italiana and Euronext. There are ramp up market in Emergent countries, but it is growing slowly.

欧洲债券的主要市场是米兰股票交易所(Borsa Italiana)和泛欧交易所(Euronext)拥有的欧洲做股(预估供股应市)(EuroMTS)，这是一个新兴国家的爬升市场，但成长速度缓慢。

 

Physical nature of securities  证券的实体本质

Certificated securities  凭证证券

Securities that are represented in paper (physical) form are called certificated securities. They may be bearer or registered.

证券的纸张(实体)形式就叫做凭证证券，可以是不记名(持票)或记名(注册)的。

DRS securities  直接登记系统(DRS)证券

Securities may also be held in the Direct Registration System (DRS), which is a method of recording shares of stock in book-entry form. Book-entry means the company’s transfer agent maintains the shares on the owner’s behalf without the need for physical share certificates. Shares held in un-certificated book-entry form have the same rights and privileges as shares held in certificated form.

证券业可以借由直接登记系统(DRS)去持有，这是一种在帐面上纪录股票股份的方法，帐面纪录是公司的转让代理代替证券拥有人保管股票的做法，不需要实体的股票证书。不登记账面纪录的股份跟记名(注册)股票一样享有同样的权益。

Bearer securities  不记名证券

Bearer securities are completely negotiable and entitle the holder to the rights under the security (e.g. to payment if it is a debt security, and voting if it is an equity security). They are transferred by delivering the instrument from person to person. In some cases, transfer is by endorsement, or signing the back of the instrument, and delivery.

不记名证券完全可以转让，持有人也享有证券应得的权益(比如说，如果是债务证券就可以收到股息，如果是股权证券就有投票权)，由一人把证券证书交付给另一人去转让，有些时候要靠背书或者在证券证书背后签名去转让。

Regulatory and fiscal authorities sometimes regard bearer securities negatively, as they may be used to facilitate the evasion of regulatory restrictions and tax. In the United Kingdom, for example, the issue of bearer securities was heavily restricted firstly by the Exchange Control Act 1947 until 1953. Bearer securities are very rare in the United States because of the negative tax implications they may have to the issuer and holder.

监管与财政当局有时候会认为不记名证券有负面作用，因为它们可以被用来逃税以及避开监管的管制。例子如英国发行的不记名证券就是从1947年起到1953年受到交易管制法令的严格限制。美国的不记名证券则很少见，因为对发行人和持有人来说都有负面的税务问题。

Registered securities  记名证券

In the case of registered securities, certificates bearing the name of the holder are issued, but these merely represent the securities. A person does not automatically acquire legal ownership by having possession of the certificate. Instead, the issuer (or its appointed agent) maintains a register in which details of the holder of the securities are entered and updated as appropriate. A transfer of registered securities is effected by amending the register.

以记名证券来说，发出的证书上有持有人的名字，但也只是一纸证券，手持证书不等于这个人就自动获得法定的拥有权，反而是发行人(或其委任代理)所保管的登记记录输入还更新持有人的详细资料的才算数。记名证券一转让，登记记录也跟着更新资料。

Non-certificated securities and global certificates  无凭证证券与全球通用凭证

Modern practice has developed to eliminate both the need for certificates and maintenance of a complete security register by the issuer. There are two general ways this has been accomplished.

现代的做法已经发展到不需要证书也不需要由发行人保存完整的证券登记，用两个普遍的做法去办。

Non-certificated securities  无凭证证券

In some jurisdictions, such as France, it is possible for issuers of that jurisdiction to maintain a legal record of their securities electronically.

在一些法制管辖范围内如法国，该法制区裡的发行人就可以用电子方式来保存证券的法定记录。

In the United States, the current “official” version of Article 8 of the Uniform Commercial Code permits non-certificated securities. However, the “official” UCC is a mere draft that must be enacted individually by each U.S. state. Though all 50 states (as well as the District of Columbia and the U.S. Virgin Islands) have enacted some form of Article 8, many of them still appear to use older versions of Article 8, including some that did not permit non-certificated securities.

美国目前的“官方版本”之“统一商业准则”(UCC)第八章允许无凭证证券，然而，“官方”的UCC只是一个草拟法案，还需每一个州政府去个别立法。虽然全部50个州(包括哥伦比亚特区以及美国维尔京群岛)都有订立类似第八章的法令，很多似乎还在沿用旧版的第八章，还有一些仍旧不准许无凭证证券。

Global certificates, book entry interests, depositories  全球通用凭证，帐面纪录利益，存管处

To facilitate the electronic transfer of interests in securities without dealing with inconsistent versions of Article 8, a system has developed whereby issuers deposit a single global certificate representing all the outstanding securities of a class or series with a universal depository. This depository is called The Depository Trust Company, or DTC. DTC’s parent, Depository Trust & Clearing Corporation (DTCC), is a non-profit cooperative owned by approximately thirty of the largest Wall Street players that typically act as brokers or dealers in securities. These thirty banks are called the DTC participants. DTC, through a legal nominee, owns each of the global securities on behalf of all the DTC participants.

为了促进证券利益的电子转让，不必受制于不一致的第八章版本，就发展出一套系统让发行人存寄单一的全球通用证书来表示所有某个级别或系列的流通证券都有一个通用的存管处。这个存管处就叫做存管信托公司(DTC)，其母公司是存管信托与结算法团(DTCC)，是一个非牟利合作社，由大约30家华尔街最大的业者所拥有，成员都是典型的受委托证券经纪人或经销商。这30家银行被称为DTC参与者，DTC也用合法代名人的名义代替所有DTC参与者拥有每一份全球证券。

All securities traded through DTC are in fact held, in electronic form, on the books of various intermediaries between the ultimate owner, e.g. a retail investor, and the DTC participants. For example, Mr. Smith may hold 100 shares of Coca Cola, Inc. in his brokerage account at local broker Jones & Co. brokers. In turn, Jones & Co. may hold 1000 shares of Coca Cola on behalf of Mr. Smith and nine other customers. These 1000 shares are held by Jones & Co. in an account with Goldman Sachs, a DTC participant, or in an account at another DTC participant. Goldman Sachs in turn may hold millions of Coca Cola shares on its books on behalf of hundreds of brokers similar to Jones & Co. Each day, the DTC participants settle their accounts with the other DTC participants and adjust the number of shares held on their books for the benefit of customers like Jones & Co. Ownership of securities in this fashion is called beneficial ownership. Each intermediary holds on behalf of someone beneath him in the chain. The ultimate owner is called the beneficial owner. This is also referred to as owning in “Street name”.

所有通过DTC交易的证券其实都是电子化的，记录在最终拥有人的中介机构之间，拥有人如零售投资者以及DTC参与者。举例说，史密斯先生在他的当地经纪人琼斯经纪行的账户中持有可口可乐公司的100股，而琼斯经纪行也可能持有属于史密斯先生和另外9位客户的可口可乐公司的1000股，琼斯经纪行也在高盛这个DTC参与者那裡持有这1000股的账户，或者在另一个DTC参与者那里有开账户。高盛的帐面上有好几千万属于好几百家类似琼斯经纪行的可口可乐股份，这种拥有证券的方式就叫实益拥有权，每一个中介机构都代替其他人持股形成一条链，最终拥有人就叫实益拥有人，也常被称为“街名”(待转名)拥有法。

Among brokerages and mutual fund companies, a large amount of mutual fund share transactions take place among intermediaries as opposed to shares being sold and redeemed directly with the transfer agent of the fund. Most of these intermediaries such as brokerage firms clear the shares electronically through the National Securities Clearing Corp. or “NSCC”, a subsidiary of DTCC.

在众多券商和共同基金公司当中，大部分共同基金的股票是通过中介机构在交易，相对于直接由基金的转让代理去卖和赎回的股票。大部分这类中介机构如券商是借由国家证券结算法团(NSCC)这个存管信托与结算法团(DTCC)的子公司用电子方式在结算股票。

Other depositories: Euroclear and Clearstream  其他存管处：欧洲结算系统与结算流

Besides DTC, two other large securities depositories exist, both in Europe: Euroclear and Clearstream.

除了存管信托与结算处(DTC)以外，另外两大证券存管处也在欧洲，分别是：欧洲结算系统以及结算流系统。

Divided and undivided security  已分与未分证券

The terms “divided” and “undivided” relate to the proprietary nature of a security.

“已分”与“未分”这个术语是指证券的所有权性质。

Each divided security constitutes a separate asset, which is legally distinct from each other security in the same issue. Pre-electronic bearer securities were divided. Each instrument constitutes the separate covenant of the issuer and is a separate debt.

每一个已分证券都有分隔的资产，在同一次发行中的每一个证券都有法律上的不同点。电子化之前的不记名证券都是已分的，每一个证书都有发行人的个别契约，也都是个别债务。

With undivided securities, the entire issue makes up one single asset, with each of the securities being a fractional part of this undivided whole. Shares in the secondary markets are always undivided. The issuer owes only one set of obligations to shareholders under its memorandum, articles of association and company law. A share represents an undivided fractional part of the issuing company. Registered debt securities also have this undivided nature.

未分证券的整个发行就形成了单一的资产，每一个证券都是整体未分证券裡的一小部分。二级市场的股份一直都是未分的，发行人只欠股东一套其组织大纲与章程和公司法要求的法律责任，一支股票就是发行公司未分的一小部分，而记名债务证券业就有这个未分的本质。

Fungible and non-fungible security  可互换与不可互换证券

The terms “fungible” and “non-fungible” are a feature of assets.

“互换”与“不可互换”这个术语是资产的特色之一。

If an asset is fungible, this means that if such an asset is lent, or placed with a custodian, it is customary for the borrower or custodian to be obliged at the end of the loan or custody arrangement to return assets equivalent to the original asset, rather than the specific identical asset. In other words, the redelivery of fungibles is equivalent and not in specie. In other words, if an owner of 100 shares of IBM transfers custody of those shares to another party to hold for a purpose, at the end of the arrangement, the holder need simply provide the owner with 100 shares of IBM identical to those received. Cash is also an example of a fungible asset. The exact currency notes received need not be segregated and returned to the owner.

如果一个资产是可互换的，就表示如果这个资产借出或者存寄在托管人手上，惯例就是借入人或托管人有责任要在贷款到期时或者根据托管安排退还相等于原资产的资产，而不是指定的相同资产。换句话说，重新交付的可互换品是相等的而不是以实物或硬币代替。也就是说，如果一名拥有IBM一百股的持有人转让这些托管的股票给另一人为某个目的而持有，这个安排的最后一步是持有人只需提供IBM一百股的拥有人跟他所收到的相同股票就行了。现金也是可互换资产的一个例子，收到的确切货币票据不需要分隔开来以便退还给拥有人。

Undivided securities are always fungible by logical necessity. Divided securities may or may not be fungible, depending on market practice. The clear trend is towards fungible arrangements.

未分证券一直都是可互换的，有其合理的必要，已分的证券可以是或者不是可互换的，悉视市场的做法，明显的趋势就是倾向于可互换的安排。

 

Regulation  監管

In the US, the public offer and sale of securities must be either registered pursuant to a registration statement that is filed with the U.S. Securities and Exchange Commission (SEC) or are offered and sold pursuant to an exemption therefrom. Dealing in securities is regulated by both federal authorities (SEC) and state securities departments. In addition, the brokerage industry is supposedly self policed by Self Regulatory Organizations (SROs), such as the Financial Industry Regulatory Authority (FINRA), formerly the National Association of Securities Dealers (or NASD) or the MSRB.

在美国，公开招股与出售证券必须向美国的证券交易委员会(SEC)提呈注册声明书注册存档，或者之后豁免再注册就可以要约和出售。证券的交易由联邦当局(SEC)和州政府的证券部门监管。此外，券商行业也应该由多个“自我监管组织”(SROs)来自我监督，例如美国金融业监管局(FINRA)，前身是全国(全美)证券交易商协会(NASD或MSRB)。

With respect to investment schemes that do not fall within the traditional categories of securities listed in the definition of a security (Sec. 2(a)(1) of the 33 act and Sec. 3(a)(10) of the 34 act) the US Courts have developed a broad definition for securities that must then be registered with the SEC. When determining if there is an “investment contract” that must be registered the courts look for an investment of money, a common enterprise and expectation of profits to come primarily from the efforts of others. See SEC v. W.J. Howey Co. and SEC v. Turner.”

对于那些法律释义中(第33法令第2条(a)(1)以及第34法令第3条(a)(10))不属于传统的证券分类的投资方案，美国法院为这些证券定下更广泛的定义，要求都必须到美国证券交易委员会注册。如果要判断某一张“投资合约”是否需要注册，法院要看到资金的投入，共同的企业和追求利润的动机主要都是来自他人的努力。见SEC诉W.J.Howey以及SEC诉Turner的案例。

 

See also  参阅

• Commercial Law  商业法
• Finance  财务 / 融资
• Financial markets  金融市场
• Financial regulation  金融监管
• History of private equity and venture capital  私募股本与创业资金的历史
• List of finance topics  财务主题列表
• Securities lending  证券借贷
• Securities regulation in the United States  美国的证券监管
• Settlement (finance)  结算 (财务)
• Single-stock futures  个股期货
• Stock market data systems  股票市场数据系统
• T2S  双目标证券 (泛欧证券结算系统)
• Toxic security  有毒证券 (套牢必亏卖不出)
• Trading account assets  交易账户资产

 

Notes  注

The United States Securities Exchange Act of 1934 defines a security as: “Any note, stock, treasury stock, bond, debenture, certificate of interest or participation in any profit-sharing agreement or in any oil, gas, or other mineral royalty or lease, any collateral trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit, for a security, any put, call, straddle, option, or group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any instrument commonly known as a “security”; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe to or purchase, any of the foregoing; but shall not include currency or any note, draft, bill of exchange, or banker’s acceptance which has a maturity at the time of issuance of not exceeding nine months, exclusive of days of grace, or any renewal thereof the maturity of which is likewise limited.”

1934年美国证券交易法定义的证券是：“任何票据(单子)，股票，库存股，债券，债券证，利益证书，或参与任何利润分享协议，或参与了石油，天然气或其他矿产开采权，或租约，任何抵押信托证书，筹组前证书，或订购，可转让股份，投资合同，投票信托证书，存单，以证券，任何认沽(卖权)，认购(买权)，跨式(马鞍)权证，期权，或组别(组合)，或证券指数(包括内附的任何利息或者以价值计息)，或任何认沽(卖出)期权，认购(买入)期权，跨式权证，期权，或特权的形式进入国家级证券交易所，跟外币有关，或一般的任何金融工具都通称为“证券”；或任何利益证书，或有参与，得到暂时或临时证书，得到收据，或权证(凭单)，或订购权或购买任何前述的金融工具；但不应包括货币或任何票据，凭票，汇票，或银行承兑汇票，发出时的履约(有效)期不超过九个月，不包括宽限期，或任何期满之后的更新期，也一样受到限制。”

 

Glossaries  术语录

Financial markets  金融市場

Public market  公開市場

• Exchange  交易所
• Securities  證券

Bond market  債券市場

• Bond valuation  債券股價
• Corporate bond  企業債券
• Fixed income  固定收益
• Government bond  政府債券
• High-yield debt  高收益債券
• Municipal bond  市府債券

Stock market  股票市場

• Common stock  普通股
• Preferred stock  優先股
• Registered share  記名股票
• Stock  股票
• Stock certificate  股票證書
• Stock exchange  股票交易所
• Voting share   投票份額

Derivatives market  衍生品市場

• Credit derivative  信貸衍生品
• Futures exchange  期貨交易所
• Hybrid security  混合證券
• Securitization  證券化

Over-the-counter  場外

• Forwards  遠期
• Options  期權
• Spot market  現貨市場
• Swaps  掉期

Foreign exchange  外匯

• Currency  貨幣
• Exchange rate  匯率

Other markets  其他市場

• Commodity market  商品市場
• Money market  貨幣市場
• Reinsurance market  再保市場
• Real estate market  房地產市場

Practical trading  實際買賣

• Clearing house  結算所
• Financial market participants  金融市場參與者
• Financial regulation  金融監管條例

Finance series  金融系列

• Banks and banking  銀行與銀行事務
• Corporate finance  企業融資
• Personal finance 個人理財
• Public finance  公共財政

—— END ——

 

Source > Wikipedia at http://en.wikipedia.org/wiki/Securities

Translated by > BlogHost — hkTan

Word Count > approx.4380 words in English

 

Romalpa Clause 罗马巴条款

Title Retention Clause  罗马巴条款

 

A retention of title clause (also called a Romalpa clause in some jurisdictions[1]) is a provision in a contract for the sale of goods that the title to the goods remains vested in the seller until certain obligations (usually payment of the purchase price) are fulfilled by the buyer.

保留所有权条款 (在某些司法管辖区内称为Romalpa罗马巴条款)[1]在售物合同中规定，物品的所有权仍然归属卖方，直到某些义务(通常是在支付买价时)由买方达成。

 

Contents  目录

• Purpose  目的
• Legal analysis  法律分析
• Sample clauses  条款范文
• Case list  案例列表
• Notes  注

 

Purpose  目的

The main purposes of retention of title clauses are to ensure that where goods are supplied on credit, if the buyer subsequently goes into bankruptcy, the seller can repossess the goods. Retention of title clauses are most prevalent in Europe (particularly in Germany). In North America they appear to be less common, and there may be a variety of reasons for this.[2]

保留所有权条款的主要目的是要确保赊账的货物在供应以后，如果买方在收货后破产，卖方就有权收回货物。保留所有权条款在欧洲最常用到(尤其是在德国) 。在北美，这个条款似乎是不普遍，可能有多种原因。[2]

Title retention clauses are often seen as a natural extension of the credit economy; where suppliers are expected to sell goods on credit, there is a reasonable expectation that if they are not paid they should be able to repossess the goods. Nonetheless, in a number of jurisdictions, insolvency regimes or credit arrangement regimes prevent title retention clauses from being enforced where doing so would upset administration of the regime.[3]

保留所有权条款往往被视为一种信贷经济自然的发展结果;买方期望供应商延后收款，因此卖方可以合理地期望，如果买方不付款，他们应该能够收回商品。尽管如此，在一些司法管辖区里，破产制度或信贷安排制度阻止保留所有权条款被强制执行，否则将会破坏整个管理组织。[3]

 

Legal Analysis  法律分析

Although title retention clauses are conceptually very simple, they have become increasingly widely drafted, which has resulted in the courts in a number of countries striking down the clauses, or recharacterising them as the grant of a security interest. Several particular problems have resulted:—

虽然保留所有权条款的概念很简单，但是这类条款已经被起草得越来越多，导致一些国家的法院要删除这些条款，或者解读成一项被赋予的保安利益。有一些特定的问题出现： –

• If for example, the clause reserves only part of the title to the seller (instead of reserving title to the whole thing) then in many jurisdictions this is recharacterised as an equitable charge, and is often void if certain registration requirements are not complied with.[4]

例如，如果该条款只是保留卖方部分的所有权(而不是保留全部的所有权)，那么这项条款就在许多司法管辖区被解读成公平赊账，如果不遵守某些登记要求，它通常都失效。[4]

• Problems can also arise where the goods sold are mixed with other goods of a similar nature, so that they are no longer identifiable (e.g. a quantity of oil, or grain).[5]

问题也可以出现在售出的货物跟其他类似性质的商品混合在一起，使到原订的货物再也分辨不出来(如石油或粮食)。[5]

• Many jurisdictions allow the buyer to re-sell the goods before title has passed to him (often this is the only way that he can pay the seller). In many jurisdictions such an onward sale passes good title to the subsequent purchaser, and the original seller loses title despite the clause[6]

许多司法管辖机构允许买方在所有权转回给他以前转售货物(通常也只有这么做才能付款给卖方)。在许多司法管辖区里，这种转售过程把货物所有权转给下一个买家，即使有这项条款，卖方还是失去所有权。[6]

• Where the seller tries to have a clause which provides that, if the buyer re-sells the goods, then the proceeds of sale of the goods shall be held on trust for the seller, this can be recharacterised as a registrable charge, which may also be void for non-registration.[7]

如果卖方试图用一项条款规定，如果买方转售商品，售出的收益由买方为卖方以信托责任代为保留，这个做法也可以被解读为可登记的赊账，也可能因为不可登记而失效。[7]

• Another frequently litigated problem occurs where the goods which are subject to the clause are then either improved (e.g. raw thread is worked into cloth) or mixed with other raw materials to form a new product (e.g. silica is used to make glass).[8]
• ·另一个常惹官司的问题是受制于该条款的货物不是经过改良(如原材料的线织入布料中)就是跟其他原料混合在一起，形成另一个新的产品(如矽石被用来做成玻璃)。[8]

• In some countries, where a clause purports to retain title until, not only the purchase price, but also any other debts of the buyer to the seller are paid in full, such clauses have been struck down for non-compliance with security registration requirements in those jurisdictions.

一些国家的条款要求保留所有权，直到买价以及任何买方尚未清还卖方的债务都全数还清了才能转给买方，这样的条款因为不遵守这些司法管辖机构要求的保安登记而被删除不考虑。

 

Sample Clauses  条款范文

Retention of title clauses will obviously vary from country to country, and even within countries they will usually be specialised to the form of industry used in, and the type of goods which are sold. The following are just two examples of the types of clause which can be seen.

很显然的，所有权保留条款因国而异，即使是在同一个国家里，这些条款也为专属的工业和售出的货品类型而起草。以下例子是两种不同的条款，可以看出不同点。

A shorter form clause:

较短的条款：

1. Title to {the Goods} shall remain vested in {the Seller} and shall not pass to {the Buyer} until the purchase price for {the Goods} has been paid in full and received by {the Seller}.

{该货品}的所有权应该被{卖方}保留，不得转给{买方}，直到{该货品}的买价全数付清由{卖方}收到为止。

A longer form clause:

较长的的条款：

1. Title to {the Goods} shall remain vested in {the Seller} and shall not pass to {the Buyer} until the purchase price for {the Goods} has been paid in full and received by {the Seller}. Until title to {the Goods} passes:

{该货品}的所有权应该被{卖方}保留，不得转给{买方}，直到{该货品}的买价全数付清由{卖方}收到为止。在{该货品}的所有权转移以前：

1.  {the Seller} shall have authority to retake, sell or otherwise deal with and/or dispose of all or any part of {the Goods};

{卖方}应有权收回，出售或以其他方式处理亦或卖掉部份或全部的{货品};

2.  {the Seller} and its agents and employees shall be entitled at any time and without the need to give notice enter upon any property upon which {the Goods} or any part are stored, or upon which {the Seller} reasonably believes them to be kept;

{卖方}及其代理人和雇员应有权在任何时候，无需预先通知就可进入任何或部份储藏这些{货品}的房地产，或者进入其他{卖方}合理相信储藏这些{货品}的地点;

3.  {the Buyer} shall store or mark {the Goods} in a manner reasonably satisfactory to {the Seller} indicating that title to {the Goods} remains vested in {the Seller}; and

{买方}应以{买方}满意的合理方式储存，或者在{货品}上标记表明所有权仍旧属于{卖方};另外

4.  {the Buyer} shall insure {the Goods} to their full replacement value, and arrange for {the Seller} to be noted on the policy of insurance as the loss payee.

{买方}应该担保{货品}的全部替代价值无损，也安排通知{卖方}保单上注明{卖方}是赔偿金收款人。

1. Irrespective of whether title to {the Goods} remains vested in {the Seller}, risk in {the Goods} shall pass to {the Buyer} upon delivery.

不论{货品}的所有权是否仍旧归属于{卖方}，{货品}的风险在移交给{买方}之后就转移给{买方}去承担。

 

Case List  案例列表

• Aluminium Industrie Vaassen BV v Romalpa Alumnium Ltd [1976] 1 WLR 676

Aluminium Industrie Vaassen铝工业公司BV诉Romalpa Alumnium罗马巴铝业有限公司   [1976] 1 WLR 676

• Re Peachdart [1984] Ch 131, if the clause applies to something not yet made, then it is a charge and must be registered to be effective.

Re Peachdart重保 [1984] 131章，如果该条款适用于一些尚未制造的货品，那么它就是一个赊账，必须登记才算有效。

• Clough Mill Ltd v Martin [1984] 3 All ER 982, explaining how a simple clause operates.

Clough Mill Ltd克拉夫磨坊有限公司诉Martin马丁 [1984] 3 ALL ER 982，此案解释一个简单的条款如何运作。

• Indian Oil v Greenstone Shipping [1987] 3 WLR 869

Indian Oil印度石油诉Greestone Shipping绿宝石船务 [1987] 3 WLR 869

• E Pfeiffer v Arbuthnot Factors [1988] 1 WLR 150

E.Pfeiffer诉Arbuthnot Factors亚毕诺租赁信贷 [1988] 1 WLR 150

• Compaq Computer v Abercorn [1991] BCC 484

Compaq Computer康柏电脑诉Abercom阿伯康 [1991] BCC 484

• Armour v Thyssen [1991] 2 AC 339

Armour装甲诉Thyssen泰森 [1991] 2 AC 339

 

Notes  注

[1] ^ Named after the decision in Aluminium Industrie Vaassen BV v Romalpa Alumnium Ltd [1976] 1 WLR 676

[1] ^在铝工业公司Vaassen BV诉Romalpa Alumnium有限公司 [1976] 1 WLR 676一案的决定之後命名。

[2] ^ The two most commonly suggested reasons are (i) that the provisions under the UCC of most States in the U.S.A. limit the effectiveness of such clauses, and (ii) that under American bankruptcy law, the relative ease of obtaining a stay of creditor’s rights in bankruptcy under Chapter 11 undermines the effect of such a clause. Whilst both reasons may apply to the U.S.A., it doesn’t really indicate why they should be less popular in other parts of North America

[2] ^最多人普遍认同的两个原因是（i）在美国大多数的州裡，根据UCC的規定限制这类条款的效力，以及（ii）根据美国破产法第11章的规定，相对容易獲取保留债权人的权利破坏了这种条款的效果。虽然这两个原因適用於美国，卻没有明确说明为什么他们在北美其他地区就不普遍。

[3] ^ For example, in the United Kingdom, where an administration order is made with respect to a company, section 11 of the Insolvency Act 1986 prevents goods being repossessed without the leave of the court.

[3] ^例如，在英国，当接管令发出给一家公司时，1986年破产法第11条就禁止未经法院许可，任何人不得收回货品。

[4] ^ For example, in England in Re Bond Worth Ltd [1980] Ch 228 such a clause was held to be void as it had not been registered within 21 days as required by section 395 of the Companies Act 1985

[4] ^例如，在英国Re Bond Worth 有限公司 [1980] 228章，这样的条款因为没有在21天内根据1985年的公司法第395条的规定作登记而被裁定为无效。

[5] ^ In most common law jurisdictions, so long as the clause prohibited mixing in this manner, the rule is that the buyer and the seller jointly own the whole mixture as tenants in common, see Indian Oil v. Greenstone Shipping [1987] 3 WLR 869

[5] ^在大部分普通法的司法管辖区里，只要该条款禁止以这种方式混合，规则就是买方和卖方就以分权共享人的身份共同拥有整个混合物，见Indian Oil印度石油公司诉Greenstone Shipping绿宝石航运[1987]3 WLR 869

[6] ^ For example, in England this is the effect of section 25(1) of the Sale of Goods Act 1979, and section 2(1) of the Factors Act 1889

[6] ^例如，在英国，这是1979年货物买卖法第25条第（1）节和第1889年代理商法第2条第（1）节的效用。

[7] ^ In England, see E Pfeiffer v. Arbuthnot Factors [1988] 1 WLR 150, although a differently worded clause was distinguished and upheld in Compaq Computer v. Abercorn [1991] BCC 484

[7] ^在英国，见E Pfeiffer菲佛诉Arbuthnot Factors亚毕诺代收 [1988] 1 WLR 150，虽然措辞不同的条文在Compaq Computer康柏电脑诉Abercom阿伯康[1991] 484 BCC一例中被区分和维持原判。

[8] ^ Generally speaking, in England, the law has been consistently applied that if the retention of title clause purports to apply to the new substance which has been made, then it takes effect as a charge and would be void if not registered, see for example, Re Peachdart [1984] Ch 131

[8] ^一般来说，在英国，如果保留所有权条款有意用在已经制成的新物品里，那么就成为赊账，如果没有登记，就会失效，这套法律也一贯地沿用至今，例如，Re Peachdart [1984] 131章的案例。

 

Categories  分类

• English law  英国法律
• Business law  商业法
• Contract law  合同法
• Insolvency  破产法
• Contract clauses  合同条款

 

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Source > Wikipedia at en.wikipedia.org/wiki/Romalpa_clause

Translated by > BlogHost — hkTan

Word Count > approx.1100 words in English

 

Himalaya Clause

Himalaya Clause  喜马拉雅条款

 

A Himalaya clause is a contractual provision expressed to be for the benefit of a third party who is not a party to the contract. Although theoretically applicable to any form of contract, most of the jurisprudence relating to Himalaya clauses relate to marine matters, and exclusion clauses in bills of lading for the benefit of stevedores in particular.

喜马拉雅条款是为跟合同无关的第三方提供权益的明确条款。虽然在理论上它适用于任何形式的合同，大多数跟喜马拉雅条款有关的合同都牵涉到海洋事务以及装卸提单中的排除条款，好让码头工人受益。

 

Contents  目录

• Origin of the term  专业用语的起源
• Reasoning  辩护理由
• Developments since Adler v Dickson 。Adler诉Dickson一案以后的发展
• The United States  美国法律
• Sample clause  条款范文
• Footnotes  注脚

 

Origin of the Term  专业用语的起源

The clause takes its name from a decision of the English Court of Appeal in the case of Adler v Dickson (The Himalaya) [1954] 2 Lloyd’s Rep 267, [1955] 1 QB 158 [1]. The claimant was a passenger on the S.S. Himalaya who had been injured when a gangway fell, throwing her onto the quayside below. The passenger ticket contained a non-responsibility clause exempting the carrier, so the claimant sued the master of the ship and the boatswain. The claimant argued that under the normal rules of privity of contract the defendants could not rely on the terms of a contract that they were not party to. However, the Court of Appeal declared that in the carriage of passengers as well as in the carriage of goods the law permitted a carrier to stipulate not only for himself, but also for those whom he engaged to carry out the contract. It was held as well that the stipulation might be express or implied. Ironically, on the facts before the court, it was held that the passenger ticket did not expressly or by implication benefit servants or agents and thus the defendants could not take advantage of the exception clause. However, after the decision, specially drafted Himalaya clauses benefiting stevedores and others began to be included in bills of lading.[1]

条款名称出自英国上诉法院在Adler诉Dickson阿德勒v迪克森(喜马拉雅号)[1955] Lloyd’s Rep 267 1 QB 158一案的判词. 索赔人是一位SS喜马拉雅号客船的乘客，在走道掉落时跌到码头岸边受了伤。船票中有一则条款豁免承运人的的责任，申请人就只好起诉船长和水手。索赔人认为，根据合同参与者的一般规则，被告不能依据不包括他们在内的合同中的条款去豁免责任。然而，上诉法院宣布，法律允许运载乘客以及货物的承运人不仅是规定自己，也包括受雇履行合同的人都豁免责任。而这种规定可以是明示也可以是默示的。讽刺的是，法庭根据呈上法庭的事实认为，船票并没有明示或暗示雇员或代理人也受益于不负责条款，因此，被告就不能引用例外条款来免责获益。然而，在这次裁定之后，对码头工人和其他人有利而特别起草的喜玛拉雅条款就开始被列入装卸提单中[1]。

The decision has subsequently been upheld several times by the Judicial Committee of the Privy Council, and is now accepted as settled law in most common law countries.

这个裁定随后也被枢密院司法委员会维持原判好几次，目前在大部份执行普通法的国家里被接受成为既定的法律。

 

Reasoning  辩护理由

Although the decision in The Himalaya is clear and unambiguous, the reasoning underpinning the case is still the subject of some debate. The courts at various times have suggested that the exception to the common law rules of privity of contract may be founded upon “public policy” reasoning, the law of agency, trust arrangements or (with respect to goods) by the law of bailment rather than the law of contracts.

虽然在喜马拉雅号一案里的裁定是明确又不含糊的，这个案子的辩护理由还是有一些可争议的课题。不同时候的法院认为，普通法中合同的参与性规则的例外状况可能是以“公共政策”，法律机构，信托安排或(货物)由委托保管法律的理由去成立，而不是以合同法去成立。

 

Developments since Adler vs Dickson  爱德乐诉迪生一案以后的发展

The following cases reveal how English law has developed:

下列个案显示英国法律如何发展出来：

Scruttons v Midland Silicones [1962] AC 446: The House of Lords applied the Privity Rule to prevent a negligent stevedore from relying on a limitation clause in the bill or lading.

Scruttons诉Midland Silicons[1962] AC 446一案：上议院引用知情规则阻止一名疏忽的码头工人依据提货單中的限制条款的免责保护。

N.Z. Shipping v Satterthwaite (The Eurymedon) [1975] AC 154: The Privy Council found that enough had been done to allow a negligent stevedore to rely on such a limitation clause.

N.Z.船务诉Satterthwaite(The Eurymedon)[1975] AC 154一案：枢密院发现有足够的努力允許疏忽的码头工人可以依据這個限制条款的免责保护。

Port Jackson Stevedoring v Salmond, The New York Star [1980] 3 All ER 257 PC developed the law further.

Port Jackson码头工诉Salmond，纽约之星[1980] 2 All ER 257 PC 一案进一步发展这个法律。

Houtimport v Agrosin, The Starsin [2003] 1 Lloyds rep 571 also developed the law further.

Houtimport诉Agrosin，The Starsin [2003] 1 Lloyds rep 571一案也进一步发展这个法律。

Note that the Contracts (Rights of Third Parties) Act 1999 (which amends the Doctrine of Privity) does NOT apply to contracts for the carriage of goods by sea.

请注意，合同(第三方权利)1999年法令(修订了知情条款)不适用於海运的合同。

 

The United States  美国法律

The decision of the English courts has been generally accepted and adopted throughout the Commonwealth. In the United States, which has always had a more circumspect view of the rules of privity of contract, has generally been accommodating to exceptions to the principle, and the decision in Herd v Krawill 59 US 297, [1959] Lloyd’s Rep 305 is generally taken to uphold them provided (as in other legal systems) certain criteria are ahered to.

英国法院的裁定已被普遍接受，也被整个英联邦采纳。美国法律中通常都有更周到的合同参与性规则，一般上都可容纳原则以外的例外状况，在Herd诉Krawill 59 US 297, [1959] Lloyd’s Rep 305一案的裁定总的来说是维持了这个观点，条件是有符合(其他法律制度)中的特定标准。

 

Sample Clause  条款范文

“It is hereby expressly agreed that no servant or agent of the carrier (including every independent contractor from time to time employed by the carrier) shall in any circumstances whatsoever be under any liability whatsoever to the shipper, consignee or owner of the goods or to any holder of this Bill of Lading for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on his part while acting in the course of or in connection with his employment and, without prejudice to the generality of the foregoing provisions of this clause, every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defense and immunity of whatsoever nature applicable to the carrier or to which the carrier is entitled hereunder shall also be available and shall extend to protect every such servant or agent of the carrier acting as aforesaid and for the purpose of all the foregoing provisions of this clause the carrier is or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be his servants or agents from time to time (including independent contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to the contract in or evidenced by this Bill of Lading.”[2]

“谨在此声明同意，乘运人的雇员或代理人(包括每一个不时由乘运人雇佣的独立承包商)在任何情况下都不负责因为其受雇期间执行任务时的任何行为，疏忽或他的错误对任何托运人，收货人或者货物拥有人或任何本提单人造成的任何损失，损害，或延误；在不妨碍本条款上述所规定的一般情况下，本文所载的适用于承运人，或者承运人有资格拥有的每一个豁免权，限制，条件和自由，以及一切权益，法律责任的豁免权，国防和任何性质的豁免，都应当提供给他们，也延伸到保护每一位上述的这些雇员或承运人的代理人；由于上述此条款中的所有前述条文中正在或被视为以代理人或受托人的身份代替不同时段内(包括前述的独立承包商)所有是或可能是承运人的雇员或代理人办事让他们受益，所有这些人必须在这个范围内是或被视为是合同里的当事人或者本提单所注明的相关人员。[2]

 

Footnotes  注脚

[1] ^ The decision itself has been partly superseded by legislation in the United Kingdom on two fronts. Under s.2(1) of the Unfair Contract Terms Act 1977, it is now no longer possible to limit liability for personal injury or death caused by negligence, and under the Contracts (Rights of Third Parties) Act 1999 contracts can confer benefits upon persons not party to the contract, in a wider form than under the judicial decision. Although contracts for carriage of goods by sea are excluded from the operation of the Act in order to avoid conflict with the Carriage of Goods by Sea Act 1992, the Act does apply to giving a third party the benefit of an exclusion or limitation clause in the contract.

^此裁定本身已经被英国立法在两方面取代了一部份。在1977年第2(1)条不公平合同条款法中，现在已经不可能再为疏忽或过失所引起的人身伤害或死亡限制法律责任，而且，根据1999年合同法(第三方权益)，合同可赋予合同以外的人士一些利益，比起司法判决下的形式更广泛。虽然海运载具的合同为了避免与1992年的海上货运法令有冲突而被这个法令排除在外，该法令仍适用于让第三方享受合同中的排除或限制条款的好处。

[2] ^ Eisen und Metall AG v Ceres Stevedoring Co Ltd and Canadian Overseas Shipping Ltd (The Cleveland) [1977] 1 Lloyd’s Rep 665

     ^Eisen und Metall AG艾森与冶金公司诉Ceres Stevedoring Co Ltd与Canadian Overseas Shipping Ltd(The Cleaveland)谷神星港埠有限公司和加拿大海外船务有限公司(克利夫兰)[1977] 1 Lloyd Rep 665

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Source > Wikipedia at en.wikipedia.org/wiki/Himalaya_clause

Translated by > BlogHost

Word Count > approx. 1100 words in English

 

Turkey at Crossroads

At The Crossroads  在十字路口上

Turkey’s unique position, geographically and historically, has turned it into one of the most fascinating, enlightening and relevant countries to visit

獨特的位置，地理和歷史已經把土耳其轉變成其中一個最迷人，富有啟發性和有作為的國家，很值得拜訪

Thanks to Turkey’s location at the crossroads of Europe and Asia, the region’s significant geostrategic importance has resulted in a country of fascinating history and heritage, life and culture. On the back of a history of a 10,000 year-old civilization, and a tumultuous political and religious past, modern Turkey is a democratic and secular constitutional republic, well integrated with the West but fiercely loyal to its Asian roots, and very much relevant today as it was in ancient times.

土耳其位於歐洲和亞洲大陸交接的十字路口上面，這個區域的重要地緣意義產生了這個令人著迷的歷史與古蹟，生活方式與文化，都在土耳其境內。土耳其有一萬年文明的底蘊，加上過去的政教動亂，今天的土耳其已經是一個民主和獨立的憲政共和國，融入西方世界卻又強烈忠於亞洲人的根，在今天或者古時候都一樣實用。

 

Cultural Capital  文化之都

At 550 years old, Istanbul’s Grand Bazaar is one of the oldest covered markets in the world. “Remember, the Carsikapi Gate”, our guide Can (pronounced Jaan) reiterated before our group split up to explore the market. We were supposed to meet at that specific gate after two hours of shopping. Some members of the group were lost for an hour the day earlier when we visited the much smaller Spice Bazaar and he just wanted to make sure it did not happen again. However, the maze-like Grand Bazaar is made up of more than 58 covered streets and over 4,000 shops selling mostly identical goods such as jewellery, lanterns, pottery, incense, carpets, leather products and Turkish delights, it is almost impossible not to get lost in it. If you are not unconsciously walking around in circles, you will be caught up in the dynamic array of sights, sounds and smells that make up a microcosm of Turkish culture. Thankfully, friendly shop owners, who are more than happy to share with you their way of life and who always seem to have a cup of apple tea at hand, make navigating the Grand Bazaar delightful more than daunting.

有550年歷史的伊斯坦布大市場是世界上最古老的有蓋市場，我們的導遊Can(唸成展)在團員們分散去探索這個市場之前一再提醒：“別忘記Carsikapi Gate-卡西卡比門”。我們必須在兩小時之後到某一個門集合，昨天還有團員在拜訪一個比較小的香料市場時迷路一個小時，因此導遊要確保這樣的事不再發生。不過，這個迷宮似的大市場裡有58條有蓋的街道和超過四千家商店，賣的都是大同小異的貨物如珠寶首飾，燈具，陶器，香枝，地毯，皮革製品和土耳其美食，要在裡面不迷路幾乎是不可能的事。如果你不是糊里糊塗地在裡面兜圈子，你就會被充滿活力的聲，光，味包圍，處在微型的土耳其文化中。好在店主們都很友善，都很樂意跟遊客分享他們的生活方式，而且似乎都習慣捧著一杯蘋果茶在手上，使人在這個大市場中導航時覺得輕鬆愉快而不是擔心會迷路。

Previously known as Constantinople, capital of Eastern Roman Empire, then capital of the Ottoman Empire, Istanbul has always been a hotbed of cultural diversity. In its heyday, this grand dame of a city that straddles the continents of Europe and Asia, drew traders from all across the globe. Today, as Turkey’s cultural capital, Istanbul proudly flaunts the country’s rich and colourful history through its streets, markets, churches, mosques and palaces.

伊斯坦布的古名是Constantinople-君士坦丁堡，是東羅馬帝國的首都，之後才是Ottoman Empire-奧斯曼帝國的首都，一直都是多元文化的溫床。在全盛時期，這座橫跨歐亞大陸的大城市吸引了來自全世界的貿易商。今天的伊斯坦布也是土耳其的文化之都，自豪地通過自己的街道，市場，教堂，清真寺和宮殿來炫耀這個國家豐富又多姿多彩的歷史。

Originally constructed as a church in 532-537 AD by orders of the Byzantine Emperor Justinian, Aya Sofia was—and still is—considered the epitome of Byzantine architecture. When the Ottoman Turks took over the city, Aya Sofia was converted into a mosque under the instructions of Sultan Mehmed II. The bells, altar, iconostasis, and sacrificial vessels were removed and many of the mosaics were plastered over. Islamic features such as the four minarets were added. Now as a museum, it is a place for all. Though no longer a site of worship, Aya Sofia still evokes a sacred reverence. Turkish families and tourists alike stand in awe of the massive gold mosaic dome, its vastness highlighted by the streams of sunlight piercing through the stained glass windows. In respectful hushed tone, they wander about admiring the mosaics that have been successfully uncovered and restored.

Aya Sofia-阿亞蘇菲亞這棟建築原本是Byzantine-拜佔庭皇帝下令在公元532-537年建造的教堂，至今還是拜佔庭時代的建築表率。在奧斯曼族的土耳其人接管這座城市之後，Aya Sofia-阿亞蘇菲亞也在Mehmed II-莫哈默德二世蘇丹王的指示之下改裝成清真寺。那些鐘，神壇，聖像和祭祀用具都被移走，許多馬賽克石磚也被石灰泥鋪蓋，再添加伊斯蘭教的象徵物如四支尖塔，如今已經成為一座博物院，Aya Sofia-阿亞蘇菲亞仍舊散發出讓人尊重的神聖氣勢。土耳其人的家庭和遊客都會在這座鋪滿黃金馬賽克石磚的大型圓頂前瞠目結舌地看著陽光穿過彩色玻璃窗照耀出它的龐大結構，他們都會用尊敬的態度竊竊私語地談論和讚賞那些成功被修復的馬賽克石磚。

To rival Aya Sofia, the Sultan Ahmed Mosque was built, from 1609 to 1616, just adjacent to the former. The mosque incorporates some Byzantine elements of the neighbouring Aya Sofia with traditional Islamic architecture; its interior is adorned with the famous blue Iznik tiles, earning it the moniker, Blue Mosque.

為了跟阿亞蘇菲亞比試，在1609-1616年間在它旁邊建了另一座Ahmed Sultan-阿曼蘇丹寺。這座清真寺結合了拜佔庭時代的建築元素和阿亞蘇菲亞的傳統伊斯蘭建築形式，內部鋪上著名的藍色Iznik-伊茲尼克藍瓷磚，因此也贏得了藍色清真寺的綽號。

Another example of magnificent architecture, the grandiose Topkapi Palace was the primary residence and venue for state occasions and royal entertainment of the Ottoman Sultans before they started favouring the newer palaces along the Bosphorus. The complex palace compound consists of four courtyards, housing dormitories, kitchens, baths and mosques; as well as the impressive Harem, its 400 rooms were where the Sultan’s extended family took residence.

另一個宏偉的建築例子是Topkapi Palace-托卡比宮殿，是奧斯曼蘇丹王在還沒搬到比較喜歡的Bosphorus-博斯普魯斯海峽上的新宮殿以前用來舉辦國家慶典，皇家娛樂和住宿的地方。這個深宮大院一共有四個院落，裡面有員工宿舍，廚房，浴室和清真寺，以及令人印象深刻的后宮，有四百個房間，住了蘇丹王的家庭成員。

 

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Source > The Travel Times Newsletter 旅遊時光報

Translated by > BlogHost

Word Count > approx. 640 words in English

 

Monomelic Amyotrophy

Monomelic Amyotrophy  单肢肌肉萎缩

 

Monomelic amyotrophy (also known as MMA, Hirayama’s disease, Sobue diease or Juvenile nonprogressive amyotrophy) is an untreatable, focal, motor neuron disease that primarily affects young (15 – 25 year-old) males in India and Japan. MMA is marked by insidious onset of muscular atrophy, which stabilizes at a plateau after two to five years from which it neither improves nor worsens. There is no pain or sensory loss associated with MMA. Unlike other lower motor neuron diseases, MMA is not believed to be hereditary and fasciculations (involuntary muscle twitches) are rare.

Monomelic单肌萎缩 (又称MMA甲基丙烯酸甲酯 ， 平山郁夫症 ， 祖父江症或少年无动态肌肉萎缩)是不治之症，这种聚焦的运动神经细胞疾病主要是影响印度和日本的青年男性(15 – 25岁)。甲基丙烯酸甲酯(MMA)的特点是隐匿性的肌肉萎缩发难，在二至五年后到了某一个高点就稳定下来，不再提高也不恶化。与甲基丙烯酸甲酯(MMA)相关的病症没有疼痛或丧失感觉，不像其他的较轻微运动神经元疾病，MMA不是遗传的，肌束颤动(不自主的肌肉抽搐)是罕见的。

EMG tests reveal loss of the nerve supply, or denervation, in the affected limb without conduction block (nerve blockage restricted to a small segment of the nerve). Increased sweating, coldness and cyanosis have been reported for a few patients, indicating involvement of the sympathetic nervous system.

肌电图测试(EMG)显示神经反应的丧失，或去神经化，在受影响的肢体里没有传导阻挡功能(神经阻塞被限制在神经的一小部分)。少数病人出现更多出汗，寒冷和紫绀的症状，表示跟交感神经系统有关。

While MMA will cause weakness and/or wasting in only one limb, EMG and NCV tests often show signs of reinnervation in the unaffected limbs.

虽然MMA会引起无力感亦或只有一肢废弃，肌电图(EMG)和神经传导速度测试(NCV)通常都显示出未受影响的四肢里有神经恢复知觉的迹象。

 

Contents  目录

·      Treatment 治疗处理

·      Prognosis 病症诊断

·      Epidemiology 流行病学

·      External links 外部链接

 

Treatment  治疗处理

There is no cure for MMA. Treatment consists of muscle strengthening exercises and training in hand coordination.

MMA无法治愈，对治办法包括加强肌肉的锻炼以及训练手的协调能力。

 

Prognosis  病症诊断

The symptoms of MMA usually progress slowly for one to two years before reaching a plateau, and then remain stable for many years. Disability is generally slight. Rarely, the weakness progresses to the opposite limb. There is also a slowly progressive variant of MMA known as O’Sullivan-McLeod syndrome, which only affects the small muscles of the hand and forearm and has a slowly progressive course.

MMA的症状通常都进展缓慢，一到两年才能达到一个高点，然后维持多年的稳定。残疾通常也是轻微的。虚弱的部份很少会蔓延到另一肢。但MMA也有一个缓慢渐进的变体，称为(O’Sullivan-McLeod)欧苏利文麦劳尔症候群，只影响了手和前臂的小肌肉，过程缓慢渐进。

 

Epidemiology  流行病学

MMA occurs in males between the ages of 15 and 25. Onset and progression are slow. MMA is seen most frequently in Asia, particularly in Japan and India; it is much less common in North America.

甲基丙烯酸甲酯(MMA)在15和25岁之间的男性身上发生。发病和进展过程都慢。甲基丙烯酸甲酯在亚洲最常见，尤其是在日本和印度，在北美就不普遍。

 

External links  外部链接

monomelic_amyotrophy at NINDS。NINDS的单肢肌肉萎缩

MND Association。MND协会

Overview at Washington University  华盛顿大学的概况

 

Categories  分类

• Motor neurone disease  运动神经元疾病

—— END ——

 

Source > Wikipedia at en.wikipedia.org/wiki/Monomelic_amyotrophy

Translated by > BlogHost

Word Count > approx. 350 words in English

 

Oneirophrenia

Oneirophrenia  梦呓性精神病

 

Oneirophrenia is a hallucinatory, dream-like state caused by several conditions such as prolonged sleep deprivation, sensory deprivation, or drugs (such as ibogaine). From the Greek words “ὄνειρο” (oneiro, “dream”) and “φρενός” (phrenos, “mind”). It has some of the characteristics of simple schizophrenia, such as a confusional state and clouding of consciousness, but without presenting the dissociative symptoms which are typical of this disorder.

Oneirophrenia梦呓性精神病是一个幻觉，梦境般的状态，由几个条件造成，如长时间失眠，丧失感觉知觉，或药物(如ibogaine伊菠加因这种抗抑郁药)。名词源自于希腊字“ὄνειρο”(oneiro，“梦”)和“φρενός”(phrenos，“想”)。它有简单的精神分裂症的一些特点，譬如混乱状态和意识混浊，但没有出现这种疾病典型的游离症状。

Persons affected by oneirophrenia have a feeling of dream-like unreality which, in its extreme form, may progress to delusions and hallucinations. Therefore, it is considered a schizophrenia-like acute form of psychosis which remits in about 60% of cases within a period of two years. It is estimated that 50% or more of schizophrenic patients present oneirophrenia at least once.

受到梦呓性精神病影响的人会感觉到梦境般的不切实际，极端的话会演变成妄想和幻觉。因此，它被认为是类似精神分裂的急性精神失常状态，两年内有大约60％的案例会缓和。估计50％或更多的精神分裂症患者出现过至少一次的梦呓性精神状态。

Oneirophrenic patients are resistant to insulin and when injected with glucose, these patients take 30 to 50% longer to return to normal glycemia. The meaning of this finding is not known, but it has been hypothesized that it may be due to an insulin antagonist present in the blood during psychosis.

梦呓性精神病患者抗拒胰岛素，注射葡萄糖之后，这些患者用30％至50％更长的时间才能恢复到正常的血糖。这一发现的意义还未知，但有人立论假设可能是由于失常期间的血液中有胰岛素抗药剂。

Oneirophrenia was studied in the 1950s by the neurologist and psychiatrist Ladislas J. Meduna (1896-1964), also known as the discoverer of one of the forms of shock therapy, using the drug metrazol.

梦呓性精神病在20世纪50年代由神经学家和精神病学家Ladislas J.Meduna(1896年至1964年)研究发现，是利用药物强心剂发现的其中一种休克疗法。

Psychoanalysts, such as Claudio Naranjo, in the sixties have described the value of ibogaine-induced oneirophrenia for inducing and manipulating free fantasy and dream-like associations in patients under treatment.

六十年代的精神分析学家如Claudio Naranjo描述了抗抑郁药引起的梦呓性精神病的功能，就是促成和操纵接受治疗的患者产生自由幻想和梦幻般的联想。

Although it is still cited in diagnostic manuals of psychiatry, such as DSM-IV and in the International Statistical Classification of Diseases and Related Health Problems (ICD), oneirophrenia as a separate entity is out of fashion nowadays.

虽然这个功能仍旧在精神病诊断手册中如DSM – IV和疾病与相关健康问题国际统计分类中被引用，梦呓性精神病这个分离出来的科目至今已经不流行。

 

References  参考文献

·      Meduna LJ: Oneirophrenia: The Confusional State. Urbana, University of Illinois Press, 1950.

Meduna LJ：“梦呓性精神病：混乱的状态”。Urbana，University of Illionois伊利诺伊大学出版社，1950年。

·      Naranjo, C. (1969). “Psychotherapeutic possibilities of new fantasy-enhancing drugs.” Clinical Toxicology 2(2):209

Naranjo，C(1969)。“新的幻想增强药物用作心理治疗的可能性”。临床毒理学2(2)：209

.      Piotr Popil和Stanley D.Glick：“抗抑郁药用病历”

Piotr Popik and Stanley D. Glick: The Ibogaine Dossier

 

Categories  分类

• Neurological disorders 神经系统失常
• Historical and obsolete mental and behavioural disorders 历史性和过期的精神与行为失调

—— END ——

 

Source > Wikipedia at en.wikipedia.org/wiki/Oneirophrenia

Translated by > BlogHost

Word Count > approx. 380 words in English

 

Osteoporosis

Taking vitamin E linked to osteoporosis: Japanese research

服用维生素E跟骨质疏鬆症的關係：日本人的研究

 

Japanese scientists say they have found a link between consumption of vitamin E and the degenerative bone condition osteoporosis, in a study likely to shed new light on the use of supplements.

日本科学家说，他们已经发现了维生素E的食用跟退化性骨胳状况的骨质疏松症之间的关联，这一项研究将会给这种补充剂的使用提供新的认知。

Researchers found that giving mice increased doses of the vitamin to a level similar to that found in supplements caused the animals’ bones to thin.

研究人员发现，给小老鼠增加跟维生素补充剂一样的数量时会造成动物的骨胳变薄。

The mice developed osteoporosis after eight weeks on the diet, which had levels of vitamin E significantly higher than those found in a mouse’s natural diet, according to the study, published in the journal Nature Medicine.

根据这项在“自然科学”杂志上发表的研究报告，小老鼠维持这种食谱八个星期后导致骨质疏松，维生素E的含量明显高过老鼠的自然食谱。

The team, led by Shu Takeda of Keio University, said vitamin E stimulates the generation of bone-degrading cells, which normally work with bone-forming cells to maintain bone strength.

这个由應慶義塾大学的武田先生领导的研究队伍说， 维生素E刺激了骨胳退化的细胞去生长，这种细胞通常都跟制造骨质的细胞携手合作来维持骨骼的强度。

Osteoporosis is a disease that causes the thinning of bone tissue and loss of bone density over time. It often affects older people, particularly women, who may become more prone to bone fractures.

骨质疏松症是一种疾病，时日久了會导致骨质的骨纤维组织变薄和流失骨质的密度，最常影响到老年人，尤其是妇女，更容易骨折。

Vitamin E is found naturally in various foods including vegetable oil, nuts and some leafy vegetables.

维生素E在各种食物如植物油，坚果和一些绿叶蔬菜之中都是天然的要素。

It is also a popular health supplement as an antioxidant, and is widely believed to enhance health and slow problems related to ageing.

它也是一种流行的保健补充品，有抗氧化的功效，人们普遍认为可以用它来促进健康和减轻跟老化有关的问题。

The study called for greater research into how enhanced levels of vitamin E affect human health.

這項研究呼吁開展更多研究来找出补强的维生素E如何影响人们的健康。

“It is possible that with the volume (of vitamin E) contained in health supplements, bones may become fragile,” Takeda told the Mainichi Shimbun newspaper.

“这是有可能的事，保健品中的维生素E含量可能会使骨骼变脆弱。”武田告诉每日新闻报。

The findings come after researchers found mice that had been genetically modified to be deficient in vitamin E had a high bone density.

这项研究结果是在研究人员把小老鼠的基因修改成缺乏维生素E后，反而拥有更高的骨质密度后发现的现象。

 

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Source > Agence France-Presse-法新社, March 6, 2012

Translated by > BlogHost

Word Count > approx. 280 words in English

Volcker Rule

Volcker Rule  福克规则

The Volcker Rule is a specific section of the Dodd–Frank Wall Street Reform and Consumer Protection Act originally proposed by American economist and former United States Federal Reserve Chairman Paul Volcker to restrict United States banks from making certain kinds of speculative investments that do not benefit their customers. Volcker argued that such speculative activity played a key role in the financial crisis of 2007–2010. The rule is often referred to as a ban on proprietary trading by commercial banks, whereby deposits are used to trade on the bank’s personal accounts, although a number of exceptions to this ban were included in the Dodd-Frank law. The rule’s provisions are scheduled to be implemented as a part of Dodd-Frank on July 21, 2012.

Volcker Rule-福克规则是(Dodd-Frank)多德-法兰克华尔街改革和消费者保护法的特定部分，最初是由美国经济学家，前美国联邦储备委员会主席(Paul Volcker)保罗福克提出来限制美国银行某些对客户无益的投机性投资。福克辩说这种投机活动在2007-2010年的金融危机里是要角。该规则通常是指禁止商业银行的专有交易，即使用银行的个人账户存款作交易，虽然Dodd-Frank法里包含了这一禁令的一些例外状况。这个规则的条件原定在2012年7月21日当作Doo-Frank法的一部份实施。

 

Contents  目录

·      Background 背景

·      Proposal 建议

·      Implementation 实施

·      Historical antecedents 历史性前例

·      See also 另见

 

Background  背景

Volcker was appointed by President Barack Obama as the chair of the President’s Economic Recovery Advisory Board on February 6, 2009. President Obama created the board to advise the Obama Administration on economic recovery matters. Volcker argued vigorously that since a functioning commercial banking system is essential to the stability of the entire financial system, for banks to engage in high-risk speculation created an unacceptable level of systemic risk. He also argued that the vast increase in the use of derivatives, designed to mitigate risk in the system, had produced exactly the opposite effect.

福克在2009年2月6日被总统奥巴马任命为总统的经济复苏顾问委员会主席。奥巴马总统成立这个委员会为奥巴马政府的经济复苏事务提供意见。福克极力辩说，由于一个正常运作的商业银行体系是整个金融体系的稳定根本，从事高风险的投机活动的银行就制造了一个无法承受的系统性风险水平。他还认为，大量使用原本设计来减低系统性风险的的衍生工具，刚好产生了相反的效果。

 

Proposal  提议

The Volcker Rule was first publicly endorsed by President Obama on January 21, 2010. The proposal specifically prohibits a bank or institution that owns a bank from engaging in proprietary trading that isn’t at the behest of its clients, and from owning or investing in a hedge fund or private equity fund, as well as limiting the liabilities that the largest banks could hold. Under discussion is the possibility of restrictions on the way market making activities are compensated; traders would be paid on the basis of the spread of the transactions rather than any profit that the trader made for the client.

福克规则在2010年1月21日由奥巴马总统首度公开批准。该提案明确禁止银行或拥有银行的机构从事自营不是客户基本要求的专有交易，也禁止拥有或投资在对冲基金或私人股权基金里，还限制了最大家银行的债务。正在讨论的包括限制市场收费活动的可能性; 交易商将以一篮子交易的基础去收费，而不是根据他们为客户赚取的利润去收费。

On January 21, 2010, under the same initiative, President Obama announced his intention to end the mentality of “Too big to fail.”

2010年1月21日，在同样的倡议下，奥巴马总统宣布他打算结束“ 大到不能倒” 的心态。

In a February 22, 2010 letter to The Wall Street Journal, five former Secretaries of the Treasury endorsed The Volcker Rule proposals. As of February 23, 2010, the US congress began to consider a weaker bill allowing federal regulators to restrict proprietary trading and hedge fund ownership by banks, but not prohibiting these activities altogether.

2010年2月22日，五位前财政部秘书在写信给“华尔街日报”的一封信中赞同副克规则中的建议。截至2010年2月23日，美国国会开始考虑一个较弱的法案，允许联邦监管者限制银行参与自营交易和拥有对冲基金，但不完全禁止这些活动。

Senators Jeff Merkley, Democrat of Oregon, and Carl Levin, Democrat of Michigan, introduced the main piece of the Volcker Rule – its limitations on proprietary trading – as an amendment to the broader Dodd-Frank financial reform legislation that was passed by the United States Senate on May 20, 2010. Despite having wide support in the Senate, the amendment was never given a vote. When the Merkley-Levin Amendment was first brought to the floor, Senator Richard Shelby, Republican of Alabama, objected to a motion to vote on the amendment. Merkley and Levin responded by attaching the amendment to another amendment to the bill put forth by Senator Sam Brownback, Republican of Kansas. Shortly before it was due to be voted upon, Brownback withdrew his own amendment, thus killing the Merkley-Levin amendment and the Volcker Rule as part of the Senate bill.

(Oregon)俄勒冈州的民主党参议员Jeff Merkley和(Michigan)密歇根州的民主党参议员Carl Levin介绍了福克规则的主要部份-也就是自营交易的限度-作为更广泛的，在2010年5月20日由参议院决议通过的Dodd-Frank金融改革法案中的修正案。尽管修正案在参议院获得广泛支持，但却没有投票表决。当Merkley-Levin修正案首次提出来时，(Alabama)阿拉巴马州的共和党参议员Richard Shelby反对要对修正案进行表决的提议。Merkelay和Levin回应，把这个修正案附加在另一个由(Kansas)堪萨斯州参议员Sam Brownback提出的修正案之上。就在投票表决的前一刻，Brownback撤回自己的修正案，从而扼杀了这个法案中的Merkley-Levin修正案和福克规则部份。

Despite this vote, this proposal made it into the final legislation when the House-Senate conference committee passed a strengthened version of the rule that included the language prepared by Senators Merkley and Levin. The original Merkley-Levin amendment and the final legislation both covered more types of proprietary trading than the original rule proposed by the administration. It also banned conflict of interest trading. Senator Levin commented on the importance of that aspect: “We are also pleased that the conference report includes strong language to prevent the obscene conflicts of interest revealed in the Permanent Subcommittee on Investigations hearing with Goldman Sachs. This is an important victory for fairness for investors such as pension funds and for the integrity of the financial system. As the Goldman Sachs investigation showed, business as usual on Wall Street has for too long allowed banks to create instruments which are based on junky assets, then sell them to clients, and bet against their own clients by betting on their failure. The measure approved by the conferees ends that type of conflict which Wall Street has engaged in.”

虽然表决不成功，这个提案还是进入最后的立法阶段，众议院和参议院会议委员会通过了加强版的规则，其中包括参议员Merkley和Levin编写的条文。原版的Merkley-Levin修正案和最终的立法都涵盖更多类型的自营交易，比政府当局建议的原有的规则还要多。它还禁止有利益冲突的交易。参议员Levin评论这方面的重要性：“我们也很高兴这次会议的报告包括措辞更强的语言，以防止丑陋的利益冲突再度出现在永久小组委员会对高盛一案的听证会上。对诸如养老基金和金融体系的整体道德来说，这是对投资客公平的重要胜利。正如高盛案的调查显示，华尔街的例常业务长久以来允许银行利用垃圾资产去创造投资工具，然后卖给他们的客户，把自己失败的赌注投注在客户身上。与会者批准的措施结束了这类华尔街在从事的利益冲突。

However, conferees changed the proprietary trading ban to allow banks to invest in hedge funds and private equity funds at the request of Senator Scott Brown (R-Mass.), whose vote was needed in the Senate to pass the bill. Proprietary trading in Treasurys, bonds issued by government-backed entities like Fannie Mae and Freddie Mac, as well as municipal bonds is also exempted.

然而，与会者改变了自营交易的禁令，允许银行投资在对冲基金和私募股权基金上，因为是参议员Scott Brown要求的(R-Mass.马塞住塞州)，参议院需要他的票来表决通过该法案。自营买卖国债，政府支持的个体如房利美(Fannie Mae)和房地美(Freddie Mae)发行的债券和市政府的债权也得到豁免。

Since the passage of the Financial Reform Bill, many banks and financial firms have indicated that they don’t expect The Volcker Rule to have a significant impact on their profits.

金融改革法案通过之后，许多银行和金融机构表示他们不认为福克规则对他们的利润会产生重大冲击。

 

Implementation  实施

Public comments to the Financial Services Oversight Council on how exactly the rule should be implemented were submitted through November 5, 2010. Financial firms such as Goldman Sachs, Bank of America, and JPMorgan Chase & Co. posted comments expressing concerns about the rule. Republican representatives to Congress have also expressed concern about the Volcker Rule, saying the rule’s prohibitions may hamper the competitiveness of American banks in the global marketplace, and may seek to cut funding to the federal agencies responsible for its enforcement. Incoming Chairman of the House Financial Services Committee, Representative Spencer Bachus (R-Alabama), has stated that he is seeking to limit the impact of the Volcker Rule, although Volcker himself has stated that he expects backers of the rule to prevail over such critics.

2010年11月5日，公众对于金融服务监督委员会应该如何实施这些规则提呈了评论。金融机构如高盛，美国银行，摩根大通公司发表评论表示关注这个规则。国会的共和党代表也对福克规则表示担忧，认为规则的禁令可能会阻碍美国银行在全球市场的竞争力，可能会削减负责执法的联邦机构的经费。即将就任的众议院金融服务委员会主席，现代表Spencer Bachus(R-Alabama阿拉巴马州)声明，他要限制福克规则的冲击力，虽然福克本人也表明，他预计该规则的支持者会战胜批评者。

Tom McMahon, head of the progressive lobbying group Americans for Progressive Change, responded to comments by Republican leaders by saying “It is truly astounding that less than a day after winning control of the people’s House of Representatives, Republican leaders are already hard at work doing the business of big Wall Street banks.”

Tom McMahon这位美国持续改变的持续游说团头头回应共和党领袖的评论说：“真的很惊人，赢得人民的众议院的控制权之后不到一天时间，共和党领导人就已经努力在做华尔街大型银行的生意。”

Regulators presented a proposed form of the Volcker Rule for public comment on October 11, 2011, which was approved by the SEC, The Federal Reserve, The Office of the Comptroller of the Currency and the FDIC. The proposed regulations were immediately criticized by banking groups as being too costly to implement, and by reform advocates for being weak and filled with loopholes. On January 12, 2012 CFTC became the final major regulator to vote in favor of the bill.

2011年10月11日，监管单位提呈了福克规则的建议供公众评论，也已经获得(SEC)美国证券交易委员会，美国联邦储备局，货币监管局和(FDIC)联邦存款保险公司的批准。拟议的条例立刻被银行集团批评实施的代价太大，主张改革的人则认为软弱与漏洞百出。2010年1月12日，2012年商品期货交易委员会(CFTC)成为最后一个的表决赞成该法案的主要管制者。

Volcker himself stated that he would have preferred a simpler set of rules: “I’d write a much simpler bill. I’d love to see a four-page bill that bans proprietary trading and makes the board and chief executive responsible for compliance. And I’d have strong regulators. If the banks didn’t comply with the spirit of the bill, they’d go after them.”

福克本人表示，他个人比较喜欢有一套更简单的规则：“我会再写一个更简单的法案。我很想看到一个只有四页的法案足以禁止自营交易让负责的董事会和行政长官遵守。我也会有一些强有力的监管单位。如果银行不遵守该法案的精神，他们就会采取行动。”

Regulators have given the public until February 13, 2012 to comment on the proposed draft of the law. Under the Dodd-Frank financial reform bill, the regulations go into effect on July 21, 2012.

监管者让公众到2012年2月13日截至对法律草案提出评论。Dodd-Frank金融改革法案规定在2012年07月21日生效。

 

Historical antecedents 历史性前例

The Volcker Rule has been compared to, and contrasted with, the Glass–Steagall Act of 1933.[28] Its core differences from the Glass–Steagall Act have been cited by scholars as being at the center of the rule’s identified weaknesses.

福克规则被拿来跟1933年的Glass-Steagall法相比和对比。福克规则跟Glass-Steagall法的核心差异就是学者们指出处在被看出来的规则弱点正中央。

 

See also  另见

• 2008–2010 bank failures in the United States。2008-2010年美国的银行倒闭
• 2008–2009 Keynesian resurgence。2008-2009凯恩斯主义的回潮
• Brown–Kaufman amendment 。Brown-Kaufman的修正案

Categories  分类

• Systemic risk 系统性风险
• Financial terminology 金融术语
• Financial regulation in the United States 美国的金融监管

—— END ——

 

Source > Wikipedia at en.wikipedia.org/wiki/Volcker_rule

Translated by > BlogHost — hkTan

Word Count > approx. 1370 words in English

 

Force Majeure

Force Majeure  不可抗力

 

Force majeure (French; pronounced: [fɔʁs maʒœʁ], approximately fors ma-zhur) or vis major (Latin) “superior force”, also known as cas fortuit (French) or casus fortuitus (Latin) “chance occurrence, unavoidable accident”,[1] is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, or an event described by the legal term act of God (such as hurricane, flooding, earthquake, volcanic eruption, etc.), prevents one or both parties from fulfilling their obligations under the contract.[2]

不可抗力 （ 法文 ; 相近义或主要可见/大事件 （拉丁文）“强大力量”，又称cas fortuit（法国）或casus fortuitus(拉丁文)“偶然发生，无法避免的事故”[1]，是合同里常见的条款，基本上在发生一件不可控又非比寻常的事件或状况之下，如战争，罢工，暴动 ，犯罪，或法律条文所描述的天灾（ 如飓风，洪水，地震，火山爆发等等）让有法律义务与责任的双方都能不必负责，免除一方或双方根据合同履行其义务的要求[2]。

However, force majeure is not intended to excuse negligence or other malfeasance of a party, as where non-performance is caused by the usual and natural consequences of external forces (for example, predicted rain stops an outdoor event), or where the intervening circumstances are specifically contemplated.

但是， 不可抗力不能因为外界力量（如预测下雨而停办户外活动）造成的平常与自然后果，或特别设想去制造干预的状况之下不能执行合约而免除其中一方疏忽或其他渎职的责任。

 

Contents 目录

• Purpose  目的
• Importance  重要性
• Elements  因素
• Sample clause  范文
• See also  另见
• References  参考文献
• Note  註记
• External links  外部链接

 

Purpose 目的

Time-critical and other sensitive contracts may be drafted to limit the shield of this clause where a party does not take reasonable steps (or specific precautions) to prevent or limit the effects of the outside interference, either when they become likely or when they actually occur. A force majeure may work to excuse all or part of the obligations of one or both parties. For example, a strike might prevent timely delivery of goods, but not timely payment for the portion delivered. Similarly, a widespread power outage would not be a force majeure excuse if the contract requires the provision of backup power or other contingency plans for continuity.

其他时间是关键或者有其他敏感条件的合同可以另外起草条文来限制这个条款的保护作用，适用于其中一方不采取合理步骤(或针对性的预防措施)去避免或减低外界干扰的影响力的情况，不论这些干扰的后果变得很有可能或者已经发生。不可抗力也可以免除单方或双方全部或部分的责任。例如，罢工可能会妨碍准时交付货物，但不妨碍准时支付已交付部分的付款。同样的，如果合同要求提供备用电源或其他可持续的应急计划，全面停电就不构成不可抗力的条件。

A force majeure may also be the overpowering force itself, which prevents the fulfillment of a contract. In that instance, it is actually the impossibility or impracticability defenses.

不可抗力 本身也可能是压倒性的力量，从而阻止合同的履行。在这种情况下，不可抗力本身其实就是不可能或不可行的辩护理由。

In the military, force majeure has a slightly different meaning. It refers to an event, either external or internal, that happens to a vessel or aircraft that allows it to enter normally restricted areas without penalty. An example would be the Hainan Island incident where a U.S. Navy aircraft landed at a Chinese military airbase after a collision with a Chinese fighter in April 2001. Under the principle of force majeure, the aircraft must be allowed to land without interference.

在军事上，不可抗力有一个稍微不同的含义。它是指一个内部或外部事件，允许船只或飞机进入通常受到管制但不惩罚的禁区。一个例子就是美国海军的飞机在2001年4月跟中国战机擦撞后降落在位于中国海南岛一个空军基地。在不可抗力的原则下，飞机必须获得允许不受扰地降陆。

 

Importance  重要性

The importance of the force majeure clause in a contract, particularly one of any length in time, cannot be overstated as it relieves a party from an obligation under the contract (or suspends that obligation). What is permitted to be a force majeure event or circumstance can be the source of much controversy in the negotiation of a contract and a party should generally resist any attempt by the other party to include something that should, fundamentally, be at the risk of that other party. For example, in a coal-supply agreement, the mining company may seek to have “geological risk” included as a force majeure event; however, the mining company should be doing extensive exploration and analysis of its geological reserves and should not even be negotiating a coal-supply agreement if it cannot take the risk that there may be a geological limit to its coal supply from time to time. The outcome of that negotiation, of course, depends on the relative bargaining power of the parties and there will be cases where force majeure clauses can be used by a party effectively to escape liability for bad performance.

合同中的不可抗力条款的重要性在于，不能夸大任何时段中的一段时间去免除其中一方的合约责任(或暂停该义务)。不可抗力允许的事件或情况可以成为合同的谈判中备受争议的源头，其中一方通常都会抗拒另一方试图包括一些原本属于另一方应面对的风险成为不可抗力的一部份。例如，在煤炭供应的协议中，矿业公司也许会要求把”地质风险”也列入不可抗力的事件中；不过，矿业公司本身应该为资源储藏量进行广泛的探测与分析，如果不能承担煤炭供应的地理限制的风险，就没有谈煤炭供应协议的能力。当然，谈判的结果取决于各方的相对议价能力，但也有利用不可抗力条款来有效地逃避责任和劣等表现的案例。

In Hackney Borough Council v. Dore (1922) 1 KB 431 it was held that “The expression means some physical or material restraint and does not include a reasonable fear or apprehension of such a restraint”.

在Hackney Borough Council诉Dore的案子里，法官认为“(对不可抗力)表述的意思是说有物理和物质上的局限，但不包括对这种局限合理的恐惧和害怕。

The expression bears more extensive meaning than “act of God” or vis major. As to delay due to breakdown of machinery, it comes within the words “force majeure”, which certainly cover accidents to machinery. The term cannot, however, be extended to cover bad weather, football matches, or a funeral. Matsoukis v. Priestman & Co (1915) 1 KB 681.

這個表述比起“天灾”或大事件有更廣泛的含義。因為機械故障而延誤，“ 不可抗力 ”這個字當然就包含了機械意外在內。但是，這個名詞的涵蓋範圍不能被扩展到包括恶劣天气，足球比赛，或葬礼。如Matsoukis對Priestman & Co （1915年）的案例。

The expression is undoubtedly a term of wider import than vis major. Judges have agreed that strikes, breakdown of machinery, which though normally not included in vis major, are included in force majeure.

這個表述無疑是比大事件的涵蓋面更廣。法官認為，罢工和機械故障通常都不算是大事件的状况就包括在不可抗力之內。

In Re Dharnrajmal Gobindram v. Shamji Kalidas [All India Reporter 1961 Supreme Court (of India) 1285] it was held that “An analysis of ruling on the subject shows that reference to the expression is made where the intention is to save the defaulting party from the consequences of anything over which he had no control”.

在Re Dharnrajmal Gobindram诉Shamji Kalidas [(All India Report)全印度報導1961年最高法院(印度)1285]的案例中，法官認為“根據案件判決的分析顯示，有參考引用的表述在於要替违约方善後處理任何他无法控制之事的意圖”。

Under international law it refers to an irresistible force or unforeseen event beyond the control of a State making it materially impossible to fulfil an international obligation. Force majeure precludes an international act from being wrongful where it otherwise would have been.

根据国际法，這是指一种不可抗拒的力量或无法预料的事件超出一個国家所能控制的範圍，以致無法履行国际义务。不可抗力使到一件原本是不對的國際行为成為合理的事情。

 

Elements  因素

The understanding of force majeure in French law is similar to that of international law and vis major as defined above. For a defendant to invoke force majeure in French law, the event proposed as force majeure must pass three tests:

法國的法律對於不可抗力的理解跟國際法以及上述大事件的定義類似。被告人在援引法国法律中不可抗力的事件時，這些事件就必须通过三项测试：

Externality  源自外部

The defendant must have nothing to do with the event’s happening.

被告必须与事件的发生无关。

Unpredictability  不可预测性

If the event could be foreseen, the defendant is obligated to have prepared for it.[3] Being unprepared for a foreseeable event leaves the defendant culpable. This standard is very strictly applied:

如果是可以预见的事件，被告有责任做好准备[3]。一个可预见的事件若沒做好准备，被告有法律責任。这个标准非常严格地应用在：

CE 9 April 1962, “Chais d’Armagnac”: The Conseil d’Etat adjudged that, since a flood had occurred 69 years before the one that caused the damage at issue, the latter flood was predictable.

CE 1962年4月9日，“Chais d’Armagnac行政長官”：The Counceil d’Etat行政法院裁定，由于洪水在69年前已经发生过现在这个问题的破坏，以后的洪水就可以预见。

Administrative tribunal of Grenoble, 19 June 1974, “Dame Bosvy”: An avalanche was judged to be predictable since another had occurred around 50 years before.

Grenoble行政法庭在1974年6月19日，“Bosvy圣母院”一案说：既然50多年前的另一个雪崩已经发生过一次，这次雪崩就可以裁定为是可预见的。

Irresistibility  不可抗拒

The consequences of the event must have been unpreventable.

这个事件的后果必须是无可避免的。

Other events that are candidates for force majeure in French law are hurricanes and earthquakes. Force majeure is a cause of relief from responsibility that is applicable throughout French law.

其他在法国法律中的不可抗力事件有飓风和地震。不可抗力是为了減輕法律责任，在整个法国律法里都适用。

On the other hand, the German understanding goes under the German translation of vis major (höhere Gewalt) but seems conceptually synonymous with the common law interpretation of force majeure, comprehending both natural disasters and events such as strikes, civil unrest, and war. However, even in the event of force majeure, liability persists in the face of default by a debtor (Schuldnerverzug, cf. BGB §287 (in German)) or deprivation of property (Sachentziehung, cf. BGB §848 (in German)).

另一方面，德国对于德文翻译的大事件的了解似乎在概念上跟普通法所解释的不可抗力同义，包括自然灾害和事件如罢工，内乱和战争。然而，即使在不可抗力的事件中，债务人违约的债务责任仍然存在（比照Schuldnerverzug一案中的財產損失)。

Force Majeure in areas prone to natural disaster requires a definition of the magnitude of the event for which Force Majeure could be considered as such in a contract. As an example in a highly seismic area a technical definition of the amplitude of motion at the site could be established on the contract base for example on probability of occurrence studies. This parameter or parameters can later be monitored at the construction site (with a commonly agreed procedure). An earthquake could be a small shaking or damaging event. The occurrence of an earthquake does not imply the occurrence of damage or disruption. For small and moderate events it is reasonable to establish requirements for the contract processes; for large events it is not always feasible or economical to do so. Concepts such as ‘damaging earthquake’ in force majeure clauses does not help to clarify disruption, especially in areas where there are no other reference structures or most structures are not seismically safe.[4]

不可抗力在常有自然灾害的地方就需要对事件的幅度作定义，以便在合同中纳入不可抗力的涵盖范围之内。譬如说，可以在合同内为地震频繁地区的地壳移动幅度下技术性定义，如发生的或然率的研究。此参数或众多参数可以（按照共同商定的程序）在后来的施工现场用来作监控。地震也可能是一个小震动或破坏事件。但是地震的发生并不意味着会造成损坏或导致工程中断。对于小型和中等事件，建立合同流程的要求是合理的，而大型活动就不一定可行或者有经济效益。在不可抗力的条款底下的概念如“破坏性地震”还无法厘清中断的意义，特别是在那些没有可参考依据或建筑结构不抗震不安全的地方[4]。

Force majeure and cas fortuit are distinct notions in French Law.

不可抗力和cas fortuit在法国律法中是很特出的观念。

 

Sample Clause  範文

The following is an example of how force majeure might be described in a specific contract.

以下例子显示如何在特定合同中描述不可抗力条款的內容。

Clause 19. Force Majeure  第19条。不可抗力

A party is not liable for failure to perform the party’s obligations if such failure is as a result of Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disaster), war, invasion, act of foreign enemies, hostilities (regardless of whether war is declared), civil war, rebellion, revolution, insurrection, military or usurped power or confiscation, terrorist activities, nationalisation, government sanction, blockage, embargo, labor dispute, strike, lockout or interruption or failure of electricity or telephone service. No party is entitled to terminate this Agreement under Clause 17 (Termination) in such circumstances.

如果因為天灾(包括火灾，水灾，地震，暴雨，飓风或其他自然灾害)，战争，军事入侵，外敌行动，敌对举动（不论是否宣战），内战，叛變，革命，起义，军事或篡夺权力或没收接管，恐怖活动，国有化，政府制裁，封锁，禁运，劳资纠纷，罢工，停工，或电力或电信服务中断或故障，未能执行合約义务的一方就不必负责。在这种情况下，根据第17条（终止条款），任何一方都无权终止本协议。

If a party asserts Force Majeure as an excuse for failure to perform the party’s obligation, then the nonperforming party must prove that the party took reasonable steps to minimize delay or damages caused by foreseeable events, that the party substantially fulfilled all non-excused obligations, and that the other party was timely notified of the likelihood or actual occurrence of an event described in Clause 19 (Force Majeure).

如果一方指称另一方利用不可抗力条款为借口来逃避不执行义务的责任，不执行义务的一方就必须证明自己有采取合理的步骤尽量减少延误或可预见事件所造成的破坏，而且自己已经实质地完成大部份不可推托的义务，也适时地通知合约另一方会发生像第19条（不可抗力）中所描述的事件的可能性。

 

See also  另见

• Acts of God  天灾
• Contract law  合同法
• Hardship clause  艰难条款
• Hell or high water clause  地狱或高水位条款
• Impossibility  不可能的事
• Mutual assent  相互同意
• Substantial performance  实质履行
• Vis major  主要可见/大事件

 

References  参考文献

[1] ^ Royal Institute of Thailand. (n.d.). Word Coinage by the Royal Institute of Thailand. accessed 18 March 2008.

^ 泰国皇家学院 。(n.d.)。泰国皇家学会的造字。 2008年3月18日检索。

[2] ^ Principle of Force Majeure (including international references), Trans-Lex.org

^ 不可抗力（包括国际引用）的原则，TransLex.org

[3] ^ Lufthansa – Terms & Conditions

^ 德国汉莎航空公司-条款及条件

[4] ^ (Spanish) Force Majeure Construction and Earthquakes

^ （西班牙语）不可抗力的建设和地震

 

Note  註記

• Mitra Legal & Commercial Dictionary-Mitra法律和商业的词典。350-351页。第四版。Eastern Law House。ISBN 978-8171770151。

 

External Links  外部链接

• (Spanish) Force Majeure Construction and Earthquakes

(西班牙)不可抗力建设和地震

 

Categories  分类

• Contract clauses  合同条款
• French legal terms  法国法律名词
• French loanwords  法语外来词
• Contract law  合同法

 

Other Categories  其他分类

• Contract law  合同法

Part of the common law series  普通法系列的一部分

• Contract formation  合同的订立

Offer and acceptance 邀约和承约：Mailbox rule  邮箱规则

Mirror image rule  镜像规则 • Invitation to treat  邀请作交易

Firm offer  确定的邀约 • Consideration 代价

• Defenses against formation  抗辩合约的成立

Lack of capacity  能力不足

Duress 胁迫 • Undue influence 不当的影响

Illusory promise 虚假的承诺 • Statute of frauds 欺诈条例

Non est factum 否认定理契约的答辩

• Contract interpretation  合同的释义

Parol evidence rule  口头证据规则

Contract of adhesion  附着力合同

Integration clause  集成条款

Contra proferentem  对条文发起人不利的解读

• Excuses for non-performance  不履行的藉口

Mistake  过失 • Misrepresentation  失实陈述

Frustration of purpose 目的受挫 • Impossibility 不可能性质

Impracticability 不可行性质 • Illegality 不合法

Unclean hands 不洁的手 • Unconscionability 不合情理性质

Accord and satisfaction 协定和满意度

• Rights of third parties  第三方的权利

Privity of contract 相互关系的合同

Assignment 转让 • Delegation 转授

Novation 约务更替 • Third party beneficiary 第三方受益人

• Breach of contract  违约

Anticipatory repudiation 预期废除 • Cover 承保

Exclusion clause 摒除条款 • Efficient breach 有效率违约

Deviation 偏差 • Fundamental breach 基本的违反

• Remedies  补救措施

Specific performance 具体表现

Liquidated damages 算定的赔偿金

Penal damages 刑事赔偿 • Rescission 撤销

• Quasi-contractual obligations  半合同法律责任

Promissory estoppel 承诺不反悔

Quantum meruit 合理金额/按劳计酬

• Related areas of law  相关领域的法律

Conflict of laws 法律冲突 • Commercial law 商业法

• Other common law areas  其他普通法适用地区

Tort law 侵权法 · Property law 产权法

Wills, trusts and estates 遗嘱，信托和产业

Criminal law 刑法 • Evidence 证据

—— END ——

 

Source > Wikipedia at en.wikipedia.org/wiki/Force_majeure

Translated by > BlogHost

Word Count > approx.1480 words in English

 

Magical Qinghai

Magical Qinghai 神奇的青海

The province of sublime landscapes and captivating history is set to impress

一個景觀壯麗和有歷史魅力的省份即將讓你印象深刻

Named after Qinghai Lake, China’s largest saltwater lake, Qinghai is a land of amazing sceneries, cultures, and wildlife. At 3,000 metres above sea level, Qinghai consists of large grasslands, as well as formidable mountains that might take more than mere courage to conquer. Bordering Gansu, Xinjiang, Sichuan and Tibet, Qinghai is a potpourri of different cultures with a healthy mix of Chinese and Tibetan influences.

青海省是根據中國最大鹹水湖青海湖來命名，這塊土地上有令人驚嘆的景色，文化和野生動物。青海省在海拔三千米以上，有一大片草原和壯觀的山脈，單靠勇氣恐怕還無法征服。青海跟甘肅，新疆，四川和西藏接壤，混合了不同的文化， 受到漢族與藏族文化的正面影響。

Linked by a railway between Qinghai and Mongolia since 2006, and an airport opened in Yushu County in 2009. Qinghai is relatively accessible and traveling around should not be too much of a hassle. Travellers to this part of China praise its clear blue sky, low white clouds, crisp fresh air and picturesque grasslands.

從2006年起，鐵路就連接了青海和蒙古，玉樹縣的機場也在2009年啟用。青海的交通比較便利，環遊青海省並不麻煩。來到這裡的遊客都很讚賞這裡的藍天，低矮白雲，清新的空氣和如畫的草原。

 

Qinghaihu National Park  青海湖國家公園

Located at the northeast part of the province, this national park boasts the largest inland saltwater lake in China. Some have described the lake as pure as a child’s heart, and as beautiful as an elegant lady. The lake offers year-round pleasure for viewing, from a coat of green spread over its surrounding grasslands and mountains, to snow-blanketed mountains and shimmering frozen lake, which might intrigue fishing enthusiasts to come for winter fishing.

這個國家公園位於青海省的東北部，號稱擁有中國最大的內陸鹹水湖，一些人形容這個湖像小孩的心那麼的純潔，像窈窕淑女般美麗。這個湖全年都可以觀賞，周圍的草原和山脈披上了綠草皮，有雪峰和波光粼粼的冰湖，或許會吸引釣魚愛好者在冬季時前來垂釣捕魚。

Next to the 5,694 square kilometer lake is Bird Island, home to more than 100,000 migratory birds, from bar-headed geese, brown-headed gulls, swans, to wild ducks, and is a paradise for birds’ watchers. Be enchanted by the sweet singing of birds within the dense forest, and enjoy the mild climate and peace of the area.

在這個面積5,694平方公里的湖邊有一個鳥島，有超過十萬隻候鳥在這裡停留，有斑頭雁，棕頭鷗，天鵝，野鴨，是鳥類觀察員的天堂，在享受這裡的溫和氣候與寧靜時也順便傾聽茂密樹林裡群鳥的甜美歌聲。

 

Amne Machin  阿尼瑪卿山

Amne Machin is an eastern extension of the Kunlun Mountains. Its ridge has caused one of the great bends of the Yellow River, where it flows along the south-western side of the Amne Machin Range, then turns 180 degrees at the borders of Gansu and Sichuan. Its height of 6,282 metres is ideal for climbing from June to August, and trekkers get to enjoy visual pleasures of high grassland, glacial lakes, dense forest and mountain valleys along the way. Although the area is covered in snow in winter, the scenery changes when summer arrives—green mountains dotted with flowers, sheep, yaks and Tibetan nomads.

Amne Machin-阿尼瑪卿山是崑崙山脈向東延伸的部份，它的山脊造成了黃河其中一段的大轉彎，在黃河的水流經阿尼瑪卿山的西南面時，在甘肅省和四川省的邊界處轉彎180度。6,282米的高度適合在六月到八月期間爬山，登山客可以沿途飽覽高原草地，冰川湖泊，茂密森林和山谷的視覺盛宴。雖然這個地區在冬季時被雪覆蓋，但夏季一到卻有不同的景緻，綠色的山巒間點綴著鮮花，綿羊，犛牛和藏族的牧民。

 

Kumbum Monastery  塔爾寺

A Buddhist monastery set in a narrow valley near to the village of Lusar, Kumbum Monastery is a repository of Tibetan culture and art. It houses numerous sculptures, statues and religious artefacts, and is home to about 300 monks. It is a good retreat from the bustling city of Xining, as the route to Kumbum Monastery is surrounded by stunning hills.

靠近魯沙爾村的狹長山谷裡有一座佛教寺廟叫塔爾寺，是藏族文化和藝術的寶庫，裡面收藏了許多雕塑，雕像和宗教文物，還住了三百多位僧侶。這是避開西寧城市的喧囂去隱居的好地方，因為前往塔爾寺的路都被群山團團圍繞。

 

Jyekundo Horse Festival  青海玉樹的結古多賽馬節

Held every 25 July, this festival brims with those racing, shows of horsemanship, a plant-burning rite to worship the god, traditional dances, singing and other activities. Besides the grand celebration of such traditional cultures, visitors can also take the chance to explore the surroundings, such as the market, monastery, as well as the source of the Yellow River and traditional artists villages.

這個節日在每年的7月25日舉行，有賽馬，馬術表演，燃燒植物去祭神的儀式，傳統舞蹈，唱歌和其他活動。除了這個盛大的傳統文化慶祝活動，訪客也可以趁機探索周圍的環境如市集，寺廟，黃河的源頭以及傳統藝術家之村。

 

—— END ——

 

Source > The Travel Times Newsletter  旅遊時光報

Translated by > BlogHost

Word Count > approx. 510 words in English

 

Seigniorage

Seigniorage 铸币税

 

Seigniorage (also spelled seignorage or seigneurage) can have the following two meanings:

铸币税-Seigniorage (也唸成seignorage或seigneurage)，可以有以下两种含义：

Seigniorage derived from specie—metal coins, is a tax, added to the total price of a coin (metal content and production costs), that a customer of the mint had to pay to the mint, and that was sent to the sovereign of the political area.

铸币税出自硬币这样的产物，是一种加在总币值上（金属含量和生产成本）的税务，铸币厂的客户必须支付给铸币厂的价格成为属于该政区政府的税收。

Seigniorage derived from notes is more indirect, being the difference between interest earned on securities acquired in exchange for bank notes and the costs of producing and distributing those notes.

来自纸币的铸币税比较间接，就是兑换钞票的证券以及生产与交付这些纸币的成本之间的息差。

Seigniorage is a convenient source of revenue for some governments.

铸币税成了一些政府较方便的收入来源。

 

Contents 目录

1 Examples  例子

1.1 Scenario A  案例A

1.2 Scenario B  案例B

2 Ordinary seigniorage  普通铸币税

2.1 Solvency constraints of central banks  央行的偿付能力局限

2.2 Seigniorage as a tax  铸币税的税收

3 Seigniorage today  现今的铸币税

3.1 2011 U.S. debt ceiling crisis  2011年美国债务上限的危机

4 Overseas circulation  海外流通

5 See also  另见

6 References  参考文献

7 External links  外部链接

 

Examples  例子

Scenario A  案例A

A person has one ounce of gold, trades it for a government-issued gold certificate (providing for redemption in one ounce of gold), keeps that certificate for a year, and then redeems it in gold. That person ends up with exactly one ounce of gold again. No seigniorage occurs.

一个人有一盎司黄金，换取一份政府发行的黄金证券(可兑换一盎司黄金)，保留了一年的时间，然后用证券赎回黄金。那人还是得回那一盎司的黄金，就没有牵涉到铸币税。

Scenario B  案例B

Instead of issuing gold certificates, a government converts gold into currency at the market rate by printing paper notes. A person exchanges one ounce of gold for its value in currency. They keep the currency for one year, and then exchange it all for an amount of gold at the new market value. This second exchange may yield more or less than one ounce of gold if the value of the currency relative to gold has changed during the interim. (Assume that the value or direct purchasing power of one ounce of gold remains constant through the year.)

与其发行黄金券，政府印刷纸币在市场上用市场利率把黄金值换成货币值。任何人就可以用一盎司的黄金换取等值的货币。他们保留这个货币一年，然后再以新的市值换取某个数量的黄金。如果货币相对于黄金的价值中途有变，第二次交易可能会产生多或少于一盎司黄金的价值。(假设这一盎司黄金的价值或直接购买力在这一年内维持不变)

If the value of the currency relative to gold has decreased, then the person receives less than one ounce of gold. Seigniorage occurred.

如果货币相对于黄金的价值下降，那么，那个人就收到少过一盎司的黄金。这时就会牵涉到铸币税。

If the value of the currency relative to gold has increased, the redeemer receives more than one ounce of gold. Seigniorage did not occur.

如果货币相对于黄金的价值增加了，赎款人就收到多过一盎司的黄金。这时就不牵涉到铸币税。

Seigniorage, therefore, is the positive return on issuing notes and coins, or “carry” on money in circulation.

因此，铸币税是发行纸币和硬币的正回报，或持有流通中的货币。

The opposite, “cost of carry”, is not regarded as a form of seigniorage.

反之，“持有成本”并不算是铸币税的一种形式。

 

Ordinary seigniorage  普通铸币税

Ordinarily seigniorage is only an interest-free loan (for instance of gold) to the issuer of the coin or paper money. When the currency is worn out, the issuer buys it back at face value, thereby balancing exactly the revenue received when it was put into circulation, without any additional amount for the interest value of what the issuer received.

在一般情况下，铸币税只是一种给硬币或纸币发行人的免息贷款(如黄金)。当货币疲软，发行人就以面值回购，从而平衡当初投入市场流通时的所得收入，没有给发行人添加任何额外的利息值。

Historically, seigniorage was the profit resulting from producing coins. Silver and gold were mixed with base metals to make durable coins. Thus the British “sterling” was 92.5% pure silver; the base metal added (and thus the pure silver retained by the government mint) was (less costs) the profit, the seigniorage. USA gold coins were made from 90% gold, 7% silver, and 3% copper; one can easily see the seigniorage.

从历史上看，铸币税是从生产硬币得来的利润。金和银混合了基本金属制造出耐用的的硬币。因此，英镑曾经是92.5％的纯银，添加的基本金属(较少成本，由政府铸币厂保留纯银)就是利润，也就是铸币税。美国金币用90％纯金，7％的银和3％的铜打造，人们可以很轻易看到铸币税。

Currently, under the rules governing monetary operations of major central banks (including the central bank of the USA), seigniorage on bank notes is simply defined as the interest payments received by central banks on the total amount of currency issued. This usually takes the form of interest payments on treasury bonds purchased by central banks, putting more dollars into circulation. However, if the currency is collected, or is otherwise taken permanently out of circulation, the back end of the deal never occurs (that is, the currency is never returned to the central bank). Thus the issuer of the currency keeps the whole seigniorage profit, by not having to buy worn out issued currency back at face value.

目前，在主要央行（包括美国的中央银行）的货币操作规则下，银行票据上的铸币税只是简单地定义为中央银行从发行的货币总额所收到的利息支出。通常都是以央行购买国债时付出的利息为形式让更多纸币流通。但是，如果货币被收集，或以其他方式永久停止流通，终端的交易就永远不能成交（也就是说，该货币未曾返回到央行）。因此，货币的发行机构为了保留全部的铸币税利润，就不以面值购买疲软的发行货币。

 

Solvency constraints of central banks  央行的偿付能力局限

The solvency constraint of the standard central bank only requires that the present discounted value of its net non-monetary liabilities (separate from its monetary liabilities accrued through seigniorage attempts) be zero or negative in the long run. Its monetary liabilities are liabilities only in name, as they are irredeemable: the holder of base money cannot insist at any time on the redemption of a given amount of base money into anything else other than the same amount of itself (base money) — unless, of course, the holder of said base money is another central bank reclaiming the value of its original interest-free loan.

标准央行的偿付能力局限只要求长期里的非货币性净负债的现貼现值维持零或负（从尝试通过铸币税累计出来的货币负债分开来）。货币负债只是名义上的负债，因为它们是不可赎回的：基本货币的持有人不能坚持在任何时候要赎回一定数量的基本货币，除了基本货币本身的同等数量以外，当然，例外就是该基本货币持有人是另一个央行要收回原有的零利息贷款的价值。

 

Seigniorage as a tax  铸币税的税收

Some economists regarded seigniorage as a form of inflation tax, redistributing real resources to the currency issuer. Issuing new currency, rather than collecting taxes paid out of the existing money stock, is then considered in effect a tax that falls on those who hold the existing currency. The expansion of the money supply may cause inflation in the long run.

一些经济学家把铸币税當成一种通货膨胀税，重新分配实际资源給货币发行者。发行新货币而不是從现有货币量支出的收取税款，其實可以算是落在現有货币持有人身上的税务。货币供应量的扩张可能会导致长远期里的通货膨胀。

This is one reason offered in support of free banking, a gold standard, or at a minimum the reduction of political control over central banks. The latter could then take as their primary objective ensuring a stable value of currency by controlling monetary expansion and thus limiting inflation. Independence from government is required to reach this aim – indeed, it is well known in economic literature that governments face a conflict of interest in this regard[citation needed]. In fact, “hard money” advocates argue that central banks have utterly failed to obtain the objective of a stable currency. Under the gold standard, for example, the price level in both England and the US remained relatively stable over literally hundreds of years, though with some protracted periods of deflation. Since the US Federal Reserve was formed in 1913, however, the US dollar has fallen to barely a twentieth of its former value through the consistently inflationary policies of the bank. Economists counter that deflation is hard to control once it sets in and its effects are much more damaging than modest, consistent inflation.

这就是支持自由银行，黄金标准，或者至少减少对中央银行的政治控制的原因之一。这样后者就可以通过控制货币扩张限制通膨来确保货币价值的稳定，作为自己的首要目标来执行。要达到这个目的就必须有独立性，不受政府控制，事实上，经济学文章里说的政府在这方面面临的利益冲突已经是众所周知的了。事实上，“硬钱”的倡导者们辩说央行在稳定货币的目标上已经彻底失败。在黄金标准之下，例如英国和美国的价格水平几百年来都保持相对的稳定，虽然有一些时期的通货萎缩。自从美国联邦储备局在1913年成立之后，银行持续性的通膨政策已经导致美元跌到只剩下原值的二十份之一。经济学家反驳说，通缩是很难控制的，一旦开始通缩，其破坏力比起适度和一致的通货膨胀还要大得多。

Banks or governments relying heavily on seigniorage and fractional reserve sources of revenue can find it counterproductive. Rational expectations of inflation take into account a bank’s seigniorage strategy, and inflationary expectations can maintain high inflation . Instead of accruing seigniorage from fiat money and credit most governments opt to raise revenue primarily through taxation and other means.

银行或政府如果过度依赖铸币税和部分准备金源的收入就会发现效果适得其反。合理期望的通货膨胀有考虑到银行的铸币税策略，但是预期中的通胀也可以保持高通胀率。与其通过不兑现纸币和信贷去累积铸币税，大多数政府都选择通过税收等手段去增加收入。

 

Seigniorage today  现今的铸币税

The “50 State” series of quarters (25-cent coins) was launched in the U.S. in 1999. The U.S. government planned on a large number of people collecting each new quarter as it rolled out of the U.S. Mint, thus taking the pieces out of circulation[citation needed]. Each set of quarters is worth $14.00 (a complete set includes quarters for all fifty states, the five U.S. territories, and the District of Columbia). Since it costs the Mint about five cents for each 25-cent piece it produces, the government made a profit whenever someone “bought” a coin and chose not to spend it. The U.S. Treasury estimates that it has earned about US$6.3 billion in seigniorage from the quarters over the course of the entire program.

1999年，美国推出“50州”季度系列(25美分硬币)。美国政府预计，每个新季度都有很多人会收集美国造币厂推出的硬币去流通。每个季度的每一套硬币价值$14.00(一套完整的硬币包括所有五十个州，五个管辖区和哥伦比亚特区)。由于每一个25美分的硬币成本约5美分，每当有人“买”一个硬币不花掉，政府就有利润可赚。美国财政部估计，从整个计划的每个季度中赚取了大约63亿美元的铸币税。

In some cases, national mints report the amount of seigniorage provided to their respective governments; for example, the Royal Canadian Mint reported that in 2006 it generated $C93 million in seigniorage for the Government of Canada. The US government, the largest beneficiary of seignorage, earned approximately $25 billion annually as of 2000.

在某些情况下，国家铸币厂向各个政府报告提供的铸币税金额; 例如，加拿大皇家铸币厂在2006年向加拿大政府报告赚取了九千三百万加拿大币。美国政府这个铸币税的最大受益者每年赚取了大约250亿美元，截至2000年为止。

According to some reports, currently over half the revenue of the government of Robert Mugabe in Zimbabwe is in seigniorage. Zimbabwe has experienced hyperinflation (see Hyperinflation in Zimbabwe), with the annualized rate at about 24,000% in July 2008 (prices doubling every 46 days).

据报道，目前津巴布韦由穆加贝领导的政府有一半以上的收入都来自铸币税。津巴布韦经历了恶性通货膨胀，在2008年7月通膨年率约24000％(每46天增加一倍)。

 

2011 U.S. debt ceiling crisis   2011年美国债务上限的危机

On 3 January 2011, a blogger suggested seigniorage as a solution to the 2011 U.S. debt ceiling crisis. This was covered on Slate online, on 29 July 2011 when it was suggested that a US$5 trillion coin could be minted and deposited with the Federal Reserve and used to buy back debt thus making funds available.

2011年1月3日，一名博客把货币税当成美国债务上限危机的解决方案，这个建议也在2011年7月29日的Slate在线网站上讨论，有人建议铸造五兆元的硬币存放在美联储，用来回购债务，这样便有资金可用。

 

Overseas circulation  海外流通

A very profitable type of seignorage is from the international circulation of banknotes. While the cost of printing banknotes is minimal, the foreign entity must provide goods and services at the face value of the note to obtain it. The banknote is retained because the entity values it as a store of value because of mistrust of the local currency.

一个非常有利可图的铸币税的类型就是来自国际流通的纸币。虽然印刷钞票的成本很低，外国个体必须提供跟纸币等值的商品和服务来换取纸币。收留钞票是因为该个体承认纸币是一种储存价值的形式，因为不信任当地的货币价值。

Overseas circulation is intimately tied in with large value banknotes. One purpose of using foreign currency is for store of value, but another is efficiency of private transactions many of which are illegal.

海外流通跟大面值钞票息息相关。使用外币的目的之一是要保值，另一个好处是许多非法的私下交易就变得很有效率。

American currency has been circulating globally for most of the 20th century. Certainly in WWII, the amount of currency in circulation was increased several fold. However, the modern era of huge printings of the United States one hundred-dollar bill started with the fall of the Soviet Union in 1991. Production was quadrupled with the first ever trillion dollar printing of this bill. As of the end of 2008, U.S. currency in circulation with the public amounted to $824 billion and 76% of the currency supply was in the form of $100 denomination banknotes, amounting to twenty $100 bills per U.S. citizen. Over the past decade there has been considerable controversy concerning the amount of U.S. currency circulating abroad. Porter and Judson have claimed that in the mid nineties between 53-67 percent of U.S. currency was overseas, whereas Feige’s estimates suggested a figure closer to 40 percent abroad. Most recently, Goldberg writing in a New York Federal Reserve publication asserted that “about 65 percent ($580 billion) of all banknotes are in circulation outside of the country. However, these assertions are contradicted by the Federal Reserve Board of Governors Flow of Funds statistics which show that at the end of March 2009, only $313 billion (36.7 percent) of U.S. currency was held abroad. Feige calculates that since 1964, “the cumulative seigniorage earnings accruing to the U.S. by virtue of the currency held by foreigners amounted to $167-$185 billion and over the past two decades seigniorage revenues from foreigners have averaged $6-$7 billion dollars per year”.

美国的货币在20世纪的大部份时候都一直通行全球。当然，在二战中，流通中的货币量增加了好几倍。然而，美国大量印刷百元钞的新时代也从1991年苏维埃联邦解体之后开始。印刷生产翻了四倍，首度印刷超过一兆币值的百元钞。截至2008年底，美国公众流通的货币总额有8240亿美元，有76％的货币供应量是百元面额的钞票，平均每个美国公民有20张百元美钞。在过去十年里，对于美国货币在海外流通的数量一直都有很大的争议。Porter与Judson-波特和贾德森都声称，在90年代中期，53%到67％的美国货币都在海外，而Feige-菲戈的估计则接近40％。最近，Goldberg-戈德堡在纽约联邦储备局的出版物发表文章断言，“有65％左右（约5800亿美元）的纸币在国外流通。然而，这些说法却有别于联邦储备局资金流量统计委员会在2009年3月底公布的数据，只有3130亿（36.7％）的美国货币在国外。Feige估算，从1964年起，“由于外国人持有的货币累积出的铸币税收益约1670到1850亿美元，在过去二十年里，来自外国人的铸币税收入平均是每年60到70亿美元”。

The American $100 bill has some competition, primarily from the €500 note. The larger value of the banknote makes it easier to transport larger amounts of money. As an example, to carry $1 million in currency on board an airplane, and it is in $100 bills, the weight of the money is 22 pounds. It is difficult to carry this much without a briefcase and some physical security. Since it is against authority of Title 26 of the United States Code (U.S.Tax Code) regulations to carry more than $10,000 without reporting it (31 USC 5311), it is unlikely to pass security unnoticed. The same amount in €500 notes would weigh less than three pounds, and it could probably be dispersed in clothing and in luggage without attracting attention or alerting a security device. For many illegal operations the problem of transporting currency is more difficult than transporting cocaine because of the size and weight of the currency. The ease of transporting banknotes makes the euro very attractive to Latin American drug cartels.

美国的百元美钞也面对一些竞争，主要是€500欧元的纸钞。面值大的钞票方便转移大数额的钱。打个比方，带着一百万的货币登机，如果是百元钞，钱的重量是22磅。因此很难不用公事包和一些保安措施来携带这么多钱。由于这个做法违反了“美国法典”（US税务守则）第26条的规定，携带超过一万元却不通报（31 USC 5311），就很难通过安检。同等数量的€500欧元纸币的重量就少过三磅，很容易藏在服装和行李箱里分散开来而不引起人们的注意或触动保安设备。对许多非法行动来说，运送货币比起运输可卡因还困难，问题出在纸币的体积和和重量。轻易可运送钞票的欧元就吸引了拉丁美洲的毒品商。

The Swiss 1000 franc note is probably the only other banknote that is in circulation outside of its home country. It is worth slightly more than US$1000. However, to the non-Swiss it doesn’t provide a significant advantage over the €500 note as there are 20 times as many of the €500 note circulating and they are more widely recognized. As a reserve currency it is roughly 0.1% of the currency composition of official foreign exchange reserves.

瑞士1000法郎的钞票很可能是唯一在其国土外通行的钞票，其价值超过1000美元一些。然而，对于瑞士以外的人来说，这种钞票并不比€500欧元占显着的优势，因为有多达20倍的€500欧元纸钞在流通，而且广泛被接受。作为一种储备货币，它也只是占了大约0.1％的官方外汇储备的货币组合。

Governments differ radically in their issuance of large banknotes. As of August 2009, the number of 1000 franc Swiss banknotes circulating is over 3 times the population of Switzerland. In comparison the number of £50 banknotes circulating slightly less than 3 times the population of UK. But the 1000 franc banknote is worth roughly £600. The British government has traditionally been wary of large banknotes since the counterfeiting Operation Bernhard in World War II which caused the Bank of England to withdraw all notes larger than £5 from circulation, and not reintroduce other denominations until the early 1960s (£10), 1970 (£20) and March 20, 1981 (£50). Circulation rates are so low that Britain could stop printing the £50 note and much of the population wouldn’t notice.

在发行大面值的钞票上，各个政府的观点都大不同。截至2009年8月，1000元瑞士法郎钞票的流通量超过瑞士人口的3倍。相比之下，50元英镑的纸钞比英国人口少了三倍，但是1000元瑞士法郎的钞票大约值600英镑。第二次世界大战发生的借Bernhard行动去造假的假钞事件，逼英格兰银行收回所有流通中大过5英镑的纸钞，从那时起，英国政府传统上就很小心处理大钞，就不再推出新的面额新钞，直到60年代初才推出10英镑纸钞，1970年推出20英镑的纸钞，以及1981年3月20日发行的50英镑纸钞。流通率低到英国政府可以停止印刷50英镑的纸钞而大部份人民还没察觉出来。

There is a banknote for 500 Latvian lats which is currently one of the most valuable notes in the world, as it is worth more than $1000, but it is unlikely to be accepted outside of Latvia. Likewise, the 10000 Singapore dollar note is the most valuable, but is rarely used and unlikely to be accepted outside of Singapore. Other currencies in Europe, like the British pound, and the Scandinavian currencies do not issue large value banknotes. Iceland in particular has never needed much currency since electronic transactions are commonplace, and their population is small with over 60% of the population living in one metropolitan area. Their largest banknote is worth less than €28.

拉脱维亚的500拉钞票是目前世界上最有价值的纸币，因为价值超过1000元，但是不大可能在拉脱维亚国外被接受。同样的，新加坡的一万元纸钞也是最有价值的，但却很少用到，也不大可能在海外被接受。欧洲其他货币，如英镑和Scandinavian-斯堪第纳维亚的货币里没有大面值的钞票。尤其是Iceland-冰岛，从来都不需要那么多货币，因为电子交易很普遍，而他们的人口很少，只有60％多一些的人口住在一个都市里。他们最大的钞票面值少过€28欧元。

South Korea is an example of a country with a high Human Development Index that fears counterfeiting so much that they don’t utilize large banknotes. South Korea has a larger purchasing power parity per capita than Latvia, but until recently the largest South Korean banknote was worth about US$8, which was a severe impediment to routine business. On June 23, 2009 they issued a new banknote worth five times as much.

韩国是一个具有较高的人类发展指数的例子，因为他们害怕收到假钞，就不敢用大面值的钞票。韩国的人均收入购买力比拉脱维亚还高，但要到最近，韩国最大的钞票面值才值约8美元，对日常业务造成严重的不便。2009年6月23日，他们发行了一个价值大了五倍多的新钞票。

The American treasury considered re-issuing a US$500 banknote when the euro banknotes began circulating. There was concern that the high value banknotes would provide competition. However, after recognition that the $500 banknote would provide a huge advantage to worldwide criminal operations and dictatorships, the decision was made not to pursue this option.

美国财政部考虑重新在欧元纸钞开始通行时发行500美元的钞票。有人担心高面值的钞票将鼓励竞争。然而，在认识到500美元的钞票会提供全球化的犯罪活动和专政政权巨大的便利之后，才决定不考虑这个选项。

Canada briefly issued a $1000 Canadian dollar bill in 1992, but the Royal Canadian Mounted Police was able to successfully argue against the continued printing of this bill in 2000; it is still legal tender but no more are being printed, and it will diminish as older bills are destroyed. It was not widely circulated outside of Canada.

加拿大简要地在1992年发行了$1000加拿大元的纸钞，但加拿大皇家骑警警方在2000年成功地辩驳反对继续印刷这种纸钞，虽然还是法定货币，但已经不再印刷，而且在旧钞被销毁后会逐渐减少。这种钞票不在加拿大境外广泛流通。

 

See also  另见

• Central bank  中央银行
• Digital gold currency  数码式黄金货币
• Fractional reserve banking  部分储备金银行
• Full reserve banking  全储备银行
• Money  货币
• Monetarism  货币主义
• Demurrage (currency)  滞期费(货币)

 

External links  外部链接

• Extensive discussion   广泛的讨论

• Sovereignty & Seignorage  主权和铸币税

• Information about Seigniorage  关于铸币税的信息

• “The temptation of dollar seigniorage”, By Kosuke Takahashi of Asia Times Online, January 23, 2009.

美元铸币税“的诱惑” ， 耿介高桥撰，亚洲时报在线 ，2009年1月23日。

• “A better way to account for fiat money at the Central Bank” By Thomas Colignatus, December 31, 2005

“一个审计中央银行的法定货币更好的办法” Thomas Colignatus撰，2005年12月31日

 

Categories  分类

• Numismatics  钱币学
• Taxation  税务

—— END ——

 

Source > en.wikipedia.org/wiki/Seiniorage

Translated by > BlogHost

Word Count > approx. 2250 words in English

 

Osteology

Osteology  骨骼学

 

Osteology is the scientific study of bones, practiced by osteologists. A subdiscipline of anatomy, anthropology, and archeology, osteology is a detailed study of the structure of bones, skeletal elements, teeth, morphology, function, disease, pathology, the process of ossification (from cartilaginous molds), the resistance and hardness of bones (biophysics), etc. often used by scientists with identification of human remains with regard to age, death, sex, growth, and development in a biocultural context.

骨骼学是一项科学研究，由骨科学家来做。这是解剖学，人类学和考古学的一个分支学科。骨科是一个详细研究骨骼结构，骨骼元素，牙齿，形态，功能，疾病，病理学，骨化过程(软骨模具)，骨骼的阻力和硬度（生物物理学）等经常被科学家用来鉴定人类遗骸的年龄，死因，性别，成长，以及在生物文化背景下的发展。

Osteology and osteologists should not be confused with the alternative medical practice known as osteopathy and its practitioners, osteopaths.

骨骼学和骨科学家不应该跟另一个医学领域里的整骨及其从业人员混淆。

 

Methods 方法

A typical analysis will include:

• an inventory of the skeletal elements present
• a dental inventory
• aging data, based upon epiphyseal fusion and dental eruption (for subadults) and deterioration of the pubic symphysis or sternal end of ribs (for adults)
• stature and other metric data
• ancestry
• non-metric traits
• pathology and/or cultural modifications

典型的分析包括：

• 现成的骨骼元素清单
• 牙科清单
• 根据（未成年）骨骺融合和牙齿突长，以及（成人）耻骨愈合或肋骨的胸骨尾端的恶化得来的老化数据。
• 身材和其他度量数据
• 祖先族谱
• 非度量的特征
• 病理亦或文化

 

Applications 应用

Osteological approaches are frequently applied to investigations in disciplines such as forensic science, physical anthropology and archaeology, and has a place in research on topics including:

骨学方法通常都用在法医学，体质人类学和考古学等学科的调查，在以下课题的研究占有一定的地位：

• Health  健康
• Demography  人口
• Diet  饮食
• Disease  疾病
• activity patterns  活动模式
• physique  体质
• genetics of early populations  早期人口的遗传
• population migration  人口迁徙
• Ancient warfare  古代战争
• social inequality  社会不平等
• identification of unknown remains  鉴定不明的遗骸
• criminal investigations  刑事侦查
• war crimes  战争罪

 

See also 另见

• Osteometric points  骨量点

 

External Links 外部链接

• British Association for Biological Anthropology and Osteoarchaeology

英国的生物人类学和骨骼考古学协会

 

Categories 分类

• Osteology  骨骼学
• Physical anthropology  体质人类学
• Musculoskeletal system  肌肉骨骼
• Anthropology  人类学

—— END ——

 

Source > Wikipedia at en.wikipedia.org/wiki/Osteology

Translated by > BlogHost

Word Count > approx.300 words in English

 

Gifu

Mesmerising Gifu  迷惑人心的岐阜

Be seduced by a world of art, history and natural beauty of Central Japan

中部日本的藝術，歷史與自然美的誘惑

When people think of Japan they think Tokyo, Hokkaido, Kyoto and sometimes, of less frequency, Osaka. A large region, right in the centre of Japan, has slipped past the thoughts of many travellers. What Gifu Prefecture offers is a palpable sense of tradition that colours every aspect of its cities, towns and people. Its formidable mountains, gorgeous wheat fields and countless rivers will find its place in a traveller’s heart, and perhaps stay there for the longest time.

當人們想起日本時就會想到東京，北海道，京都以及比較少人想到的大阪。但是旅人們卻錯過了日本中部的一大片區域。岐阜縣提供遊人們一種傳統的臨場感，給那裡的城市，鄉鎮和居民增添了色彩。令人敬畏的山脈，美麗的稻田和無數的河流都會在遊客的心中找到落腳處，或也促使他們逗留得更久。

 

Nakatsugawa City  中津川市

Ji-kabuki is a traditional Japanese dance-drama, which can be found in this city. An amateur version of kabuki, one can catch an intriguing performance of Ji-kabuki at Tokiwa-za theatre house. Amateur actors have performed in this theatre house since 1891, attracting villagers to come—bringing their own futons—during cold winters and warm summers. This performance is easily recognized by the heavily painted faces and exaggerated movements of the actors on stage.

這個城市裡有日本的傳統歌舞劇，叫地芝居歌舞伎，可以在常盤座劇場內觀賞到有趣的業餘歌舞伎表演。業餘演員從1981年起就已經在這個劇場內表演，吸引村民在寒冬與盛夏時帶著自家的蒲團前來觀賞。這種表演很容易從台上演員臉上的濃妝和誇張的動作去分辨出來。

A short distance away, a tall precipitous rock wall hangs near the Osaka Falls, Nakatsugawa City’s notable waterfalls. The rock wall was formed by the solidification of magma that was erupted from the Ontake Mountain thousands of years ago. Now it stands tall and formidable, like a guardian to the gentle waterfalls. Beneath the wall lies a trail that leads one to different routes, which eventually take visitors to a series of waterfalls such as the Mitsudaki, Akaganetoyo and Karatanidaki. The Gandate Park Hiking Trail covers several trails, and is categorized into beginner, intermediate and advanced levels. What visitors see at the end, is the rewarding sight of brilliant waterfalls surrounded by strong cliffs.

不遠處靠近大阪瀑布的地方掛了一面高大陡峭的石牆，那是中津川市著名的瀑布。這面石牆是幾千年前從禦嶽山爆發出來的岩漿凝固形成的岩壁，現在它就像這個溫柔的瀑布的守護人，聳立而堅不可摧。石壁下面有一條小徑可通往不同方向，最後會把訪客帶到一系列的瀑布如Mitsudaki，Akaganetoyo和Karatanidaki。巖立自然公園步道的小徑有好多條，分為初級，中級和高級水平。在路的盡頭，訪客會看到被堅固懸崖包圍住的壯觀瀑布，很值得一看。

 

Shirakawa-go  白川村

This UNESCO World Heritage Site is a breathtaking scene in Ono District. As if pulled out from a postcard, neat and delicate wooden houses stand alongside green pastures, seemingly undisturbed by the current world’s turmoil of political instability and natural disasters. These wooded houses are called the Gassho-style houses, with its characteristic large thatched gable roof, built with dense layering of straw to a thickness of a metre. The construction of the house, including the roof, does not involve a single nail. Bound by ropes and tree barks, it is built in a way that would sway along with the wind but never collapses. These traditional houses are spread across Shirakawa-go, and one is able to spend a quiet afternoon here to enjoy its serene surroundings and appreciate the architectures that are so cleverly constructed.

這個聯合國教科文組織的世界遺產在小野區裡是一個令人屏息的地方，整潔又精緻的木屋建在綠茵之中，似乎不受到動盪不安的世界局勢和自然災害所干擾，彷彿是從明信片中脫穎而出。這些木屋叫Gassho-zukuri–合掌式房屋，特點是很大的坡狀牆屋頂，用厚達一米的稻草緊密重疊編制而成，而且，整個房子的建造，包括屋頂沒動用到任何一根鐵釘。由於是用繩索和樹皮來捆綁，房子可以隨風搖擺但從來都不倒塌。這類傳統房屋都散佈在白川村，每個人都可以在這裡度過一個寧靜的下午享受清幽的環境，欣賞如此巧妙的建築結構。

 

Hida City  飛騨市

The best way to enjoy Hida City is by cycling. Hida Satoyama Cycling Store is located in Hida Furukawa, and it offers good quality bicycles and experienced guides. Cycling through Hida City is a pleasant experience, regardless of seasons. Quaint shops, cafes, restaurants, bars, confectionary shops, rice stores stand along the street, all full of colours, contrasts and telling details. Ride pass wheat fields that stretch far beyond one’s sight, its wheat waiting to be harvested and made into delicious soba. Tomato farms and rice fields are common sights here. It is the perfect place for fans of rustic countryside and photography enthusiasts who appreciate nature as much as a simple bowl of soba.

享受飛騨市最好的方式就是騎自行車，飛驒佐藤小自行車店就位於飛驒古川，提供優質腳踏車和經驗豐富的導遊。在飛驒市裡騎腳踏車不論季節都是愉快的經驗，街道兩旁有古色古香的商店，咖啡廳，餐廳，酒吧，糕餅店，米店，都色彩繽紛，對比強烈，細節生動。在一望無際的稻田裡呼嘯而過，一邊觀賞等待收成的小麥準備製成可口的蕎麥麵，而番茄園和稻田在這裡舉目可見。對那些喜歡淳樸鄉村和攝影愛好者來說，這是個欣賞自然風光和品嚐一碗蕎麥麵的理想場所。

 

Gifu City  岐阜市

Cormorant fishing is a traditional and important culture in Gifu City. A respectable occupation sees only a few eligible fishermen become a cormorant fisherman. Using a cormorant, fishermen hunt for fishes along Nagara River.

鸕鶿捕魚是岐阜市傳統和重要的文化，而且是個受到尊敬的行業，只有少數合格的漁民可以成為鸕鶿漁夫，漁民們就在長良川上用鸕鶿捕魚。

Excellent fishermen themselves, the cormorants bob up and down the water, each time swallowing a couple of fishes and store it in their throats. The cormorant fishermen then extract the fishes by squeezing it out of the cormorant’s elastic throat. Visitors can watch cormorant fishing in action at an event called Ukai, from mid-May until October on selected evenings.

這些鸕鶿本身就是優秀的漁夫，每次下水再上船都吞進了幾條魚收在脖子裡，鸕鶿漁民就擠壓牠們的彈性脖子拿出魚兒。訪客們可以在一個叫Ukai-鵜飼的節日中觀賞這種鸕鶿捕魚的表演，在五月中到十月的晚上擇日舉辦。

Take a ride up Mount Kinka to the Gifu Castle, where one is able to view the landscape of the entire city. Gifu Castle, one of the main symbols of the city, was built in the 1200s by the Nikaido clan. Inside, a three-floor exhibition where the castle’s history, weapons and other artefacts are on display.

乘車到金華山頂上的岐阜堡就可以觀賞整個城市的地貌，岐阜堡是這個城市的主要標誌之一，由二階堂氏家族在13世紀建成，裡面有三層樓的展廳，展示了古堡的歷史，武器和其他文物。

 

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Source > The Travel Times Newsletter  旅遊時光報

Translated by > BlogHost

Word Count > approx. 700 words in English