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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