The word “finance” signifies capital in monetary¹ form， that is in the form of funds lent or borrowed，normally for capital purposes， through financial markets or financial institutions. When finance goes international， it is then an international finance.

　　Financial market is a place where financial transactions take place.When a financial transaction takes place between a resident of a country and a non-resident， it is an international financial transaction， and the place where the transaction is traded is called an international financial market.

　　金融，就是以货币形式表示的资本，换句话说，就是通常为了资本目的通过金融市场或金融机构已借贷资金形式构成的资本。当金融国际化了，就成了国际金融。金融市场就是各种金融交易发生的场所。当一笔金融业务发生在一个国家的居民和非居民之间，就成了国际金融业务，而这笔交易发生的场所就是国际金融市场。

　　Normally a financial market consists of foreign exchange market， money market， bond market and equity² market.The last two markets usually fall into the category of securities market or capital market.

　　通常，金融市场包括外汇市场、货币市场、债券市场和股票市场。债券市场和股票市场又统称为资本市场。

　　Foreign exchange market deals with the exchanges of different means of payment.Because the relative values among different currencies will fluctuate according to economic and political circumstances of the currencies of the relative countries， foreign exchange markets provide services for international investors³ or financiers such as forward transactions and foreign currency futures⁴ to eliminate such risks.

　　外汇市场处理不同支付手段的兑换。由于不同货币之间的相对价值会随着相关国家经济和政治情况的变化而波动，外汇市场为国际投资者和融资家减少风险而提供了一些服务，例如远期交易、外汇期货等。

　　Most of the savings⁵ and investment transfers take place in the domestic market of a country.However， domestic investors may purchase foreign securities and may invest in foreign financial institutions.Strictly⁶ speaking，it is a “foreign” financial market. A significnat aspect of such international　transactions is that all transcations are directly subject to the rules， usance，institutional arrangements， offcial policy governing foreign transcations in the respective domestic markets.

　　大多数储蓄和投资业务是发生在一国的国内市场。但是，国内的投资者也可以购买外国证券和在外国金融机构内投资。严格的说，这是“外国”

　　金融市场。“外国”金融市场的一个显著特征就是，所有交易都直接受各自国内市场的规章、管理、机构协议以及有关国外交易的官方政策的制约。

　　The Euromarket， which is defined as a market where financial instruments traded are denominated in currencies other than the currency of the country where the market is located.It is， in the true sense， an external financial market.The important distinction between the external financial market and the domestic financial market lies in that Eurocurrecy banking⁷ is not subject to domistic banking regulations. Today the Euromarket has become an indispensable element of the international financial market.

　　欧洲市场，就是在该市场上交易的金融工具都是用欧洲货币来标价而不是用市场所在地国家的货币来标价。欧洲市场是真正意义上的境外金融市场。境外金融市场和国内金融市场的重要区别是欧洲货币银行业务不受国内银行规章制度的管辖。今天，欧洲市场已成为国际金融市场不可分割的一个部分

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