Question

急求英文翻译

Liquidity Effects
Substitution of central bank currency would affect all monetary aggregates. The largest impact, however, would be on the narrowly defined stock of money, M1. We will, therefore, confine our attention to changes in the narrowly defined money stock (liquidity effects). To simplify the analysis, M1 consists only of central bank currency, C, and transaction deposits, D. For some purposes we also include digital money balances, EM, in the definition of M1.
Conversion of central bank currency into digital money balances would affect M1 through two channels. Obviously, a substitution of central bank currency would affect M1 most directly trough a reduction of the stock of central bank currency. A conversion, however, would also change the reserve position of banks and, eventually, the size of deposits, D. This second channel could be of more importance because it potentially has a larger impact on M1.
Banks hold reserves for two reasons. ( 1 ) In many countries they are required to hold a percentage of certain types of deposits as reserves. The types of deposit accounts that require the holding of reserves and the reserve ratio differ from country to country. ( 2 ) Banks also hold reserves -- excess reserves -- for settlement purposes to cushion costly daylight and overnight overdrafts. Reserves are either held as vault cash -- central bank currency in the hands of banks -- or as book entries at the central bank [ 6 ]. The liquidity effect of a conversion of central bank currency into digital money balances depends on whether binding reserve requirements are in place. Banks expand their deposits by making loans. When a bank makes a loan this is automatically matched by an equal increase in deposits. Banks are willing to make loans if the marginal return on loans is larger than the marginal costs of deposits. With binding reserve requirements, this condition is met but their reserve position prevents the provision of further loans and, correspondingly, a further expansion of deposits. Thus, with binding reserve requirements, the marginal rate of return on loans is larger that the marginal costs of deposits and banks would be willing to expand their deposits at the prevailing rate of return and costs, respectively.
The following analysis, therefore, distinguishes two scenarios. ( 1 ) A set-up with zero or non-binding reserve requirements and ( 2 ) a set-up with binding reserve requirements.

Answer 1

流动资金的影响
取代中央银行的货币会影响所有货币总量。最大的冲击，不过，会就狭义界定，股市的钱，货币供应M1 。因此，我们会只限于我们注意的变化，在狭义货币存量（流动资金的影响） 。为了简化分析，货币供应M1只有中央银行的货币， C和交易存款， d.对于某些目的，我们还包括数字的金钱余额，查询，在定义为M1货币供应量。
转换中央银行的货币转换成数字的金钱余额，会影响货币供应M1通过两个渠道。显然，替代中央银行的货币会影响货币供应M1 ，最直接的槽，减少存量，中央银行的货币。 A转换，不过，也将改变储备银行的地位，并最终大小存款，四这第二个频道，可更重要的，因为它可能有一个较大的影响，货币供应M1 。
银行持有储备的原因有两个。 （ 1 ）在许多国家，他们须持有的百分比某些类型的存款，作为储备。该类型的存款账户，需要持有的储备和存款准备金率因国而异的国家。 （ 2 ）银行也持有储备-超额储备-定居的目的，减轻昂贵的日光和通宵透支。储备，要么举行跳马现金-中央银行的货币在手中的银行-或作为图书作品，在中央银行的[ 6 ] 。流动资金的影响，转换中央银行的货币转换成数字的金钱余额取决于是否具有约束力的储备要求是在地方。银行扩大其存款的贷款。当银行提出了贷款，这是自动由另一项相同的增加存款。银行愿意提供贷款，如果边际收益对贷款大于边际成本的存款。具有约束力的储备要求，这个条件是满足，但其储备的立场，防止提供进一步的贷款，相应地，进一步扩大存款。因此，有约束力的储备要求，边际回报率，贷款大于边际成本的存款和银行将愿意扩大他们的存款，在当时的回报率和成本，分别为。
以下的分析，因此，区分两种情况。 （一）设立零或不具约束力的储备要求及（ 2 ）建立具有约束力的储备要求。

Answer 2

IRREVOCABLE FEE PROTECTION GUARANTEE
By
China Jiangsu Construction Corp.中国江苏建筑公司的不可撤消费用保护保证书
CONTRACT No:合同号:
Date:xx, xxxx 2008 日期:xx, xxxx 2008
Issued to : JAL开立于:JAL
Fee payer’s name: China Jiangsu Construction Corp.
付费者名字:中国江苏建筑公司
Address:地址:
Signatory: 签署者:

Title:标题:
TEL : +86-XXXXXXXXX 电话号码:+86-XXXXXXXXX
FAX : +86-XXXXXXXXX 传真:+86-XXXXXXXXX
EMAIL : XXXXXXXXXX 邮箱:XXXXXXXXXX
Project xxxxxxxxx 工程xxxxxxxxx
Contract Value: US$xxxxxxxxxxxx 合同金额:US$xxxxxxxxxxxx
Commission: US$ of 5% of contract value 佣金:合同金额的5%的美元
In regard to XXXXXXX project contract done which include JAL,
China Jiangsu Construction Corp. hereby irrevocably guarantee that the following payments will be made within 24 ( twenty four ) banking times/hours of fund transfers after each successfully completed each payment with regard to the xxxxxxxxx project from MAMMUT. 根据MAMMUT的xxxxxxxxx 工程,在每一次成功完成付款之后,凭包括JALXXXXXXX工程的合同,中国江苏建筑公司特此付上不可撤消的,此下付款将在24小时内转移资金的保证书
.
1. 5% of contract value as commissions made on every payment from MAMMUT will be paid to JAL 在每一次付款中,MAMMUT将会付给JAL5%的合同金额作为佣金
2. The nominated account for JAL is: JAL的指定帐号:

Telegraphic Transfer Information 汇兑信息
Bank Name: XXXXXX 银行名字:XXXXXX
Branch Name: XXXXXXXXX 分行名字:XXXXXXXXX
Address:XXXXXXXXXXXXXX 地址:XXXXXXXXXXXXXX
Account No.: XXXXXXXXXXXX 帐号:XXXXXXXXXXXX
Account Name: XXXXXXXXXX 帐号名:XXXXXXXXXX
Swift Code: XXXXXXXXXXX 更改密码:XXXXXXXXXXX
Mobile: XXXXXXXXXX 手机号码: XXXXXXXXXX
Address: XXXXXXXXXXX 地址:XXXXXXXXXXX

This Fee Protection Agreement confirms that, China Jiangsu Construction Corp. now herewith without prejudice or recourse other than payment in full, guarantee the above payments are as payable to the aforementioned beneficiary/s upon any contract executed China Jiangsu Construction Corp. in which JAL has introduced. 这付费保护协议表明,除非款项已全付,中国江苏建筑公司将附上无损害或追索权,并根据JAL提出由中国江苏建筑公司执行的合同,保证以上款项可付于前面所说的受益人.Further that said fee be paid in good, clean United States Dollars (USD) by direct wire transfer, into the bank account nominated by JAL, including any extensions and/or rollovers, without protest, and that all parties agree to observe遵守 the不透露的 Non-disclosure, Non-circumvention 不可回避的Agreement currently recommended by the International Chamber of Commerce, Paris, France for a period of contract. 另外还表明,费用将不得反对地以完好的,清洁的美元直接转汇到JAL指定的帐号,包括任何增加的部分或协定条件,
It is also agreed that no changes shall be made to contract/transaction, during the validity of this document and that a facsimile copy of this document will be regarded as an original, in all jurisdictions and signatories thereon shall be legal and binding.

Each parties contain duty that keeps secret for intermediator.

Signed this xxx xxxxxxx 2008. 签署于xxx xxxxxxx 2008.
Beneficiary 受益人

Full Names: xxxxxxx 全名:xxxxxxx
Passport Number: 护照号码:
Japanese Passport No.xxxxxxx 日本护照号码xxxxxxx
Signature: 签署:

For and on behalf of: 代表受益于:
Payer’s bank: xxxxxxxx 付款人银行:xxxxxxxx
Bank officer: 银行官员:
Tel: 电话号码:
Fax: 传真:
Signature: 署名:

Payer : 付款人
China Jiangsu Construction Corp. 中国江苏建筑公司
Address: xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
TEL: +xxxxxxxxxxxx 电话号码:F+xxxxxxxxxxxx
FAX: +xxxxxxxxxxxxxxxxxxx 传真:+xxxxxxxxxxxxxxxxxxx
Full Names: xxxxxx 全名:xxxxxx
Passport Number: 护照号码:
Signature:署名:
(有空再译)