Paragraph 4

4.Third, banks serve to transmit the impulses of monetary policy to the whole financial system and ultimately to the real economy.

第三，银行将货币政策的变化趋势传导到整个金融系统并最终至实体经济部门。

(1)transmit (to): v.pass or hand on;send on:传送；传递

(2)the impulse of monetary policy：货币政策态势（传导机制，调节机制）

impulse: n.tendency to act without reflection：不假思索而行事的顷向

sudden inclination to act without thought about the consequences：冲动

(3)the real economy：实体经济部门

real: a.existing in fact：真实的；

（价格等）实际的（按照通货膨胀率重新调整过的）

例：real income(real wages)：实际收入（实际工资）（扣除所得税并排除通货膨胀因素后的可支配收入）

real interest rate：实际利率（考虑通货膨胀后的利率）

real value：实际价值（通过指数化等方法保持不变的投资价值）

1.Fourth, the banking sector provides the indispensable national payments mechanism for the development of modern financial and business systems.

第四，银行部门为现代财政和企业体制的发展提供必要的国家支付体系。

(1)the indispensable national payment mechanism：必要的国家支付体系

indispensable：a．不可缺少的；绝对必要的

mechanism: n.way in which sth works or is constructed：机制；结构

例：competitive mechanism：竞争机制

exchange rate mechanism：汇率机制

market mechanism：市场机制

price mechanism：价格机制

mechanism of exchange：交易机构

mechanism of government：政府机构

(2)modern financial and business systems：现代财务制度和工商企业体系

Paragragh 6

2.Fifth, the banking system as a whole reduces risks through aggregation and enables them to be carried by those more willing to bear them.

整个银行体系采用集中风险的手段来降低风险，使那些更原意承担风险的人去承担风险。

(1)aggregation: n.聚集；汇集（风险）

aggregate: v.bring or come together in a mass聚集；汇聚

them:此处指"风险"

carry them (risks):负担（具有）风险

carry: v. involve;entail:具有；使负担

例：The loan carries 3.5% interest.该贷款负担百分之三点五的利息。

(2)(those persons) (who are) more willing to bear them:更原意承担风险的（那些人）

由(who are) willing to bear them定语从句（简化为分词短语）修饰前面的those (persons)。

bear: v.endure承担；忍受

Paragragh 7

3.Following five decades of evolution, particularly more than two decades of reform and opening to the outside world, China‘s banking sector has entered a stage of vigorous development.

中国银行业经过50年的发展，特别是经过20多年的改革开放，已经进入了一个蓬勃发展的阶段。

(1)decade: n.period of ten years:十年的期间

(2)evolution: n.process of opening out or developing:发育；发展

(3)reform and opening to the outside world:改革开放

4、 The past few years have seen marked acceleration of China‘s banking reform, particularly significant strengthening of the central bank’s capacity for supervision and microeconomic management.

在过去的几年中，中国银行业的改革速度显著加快，特别是强化了中央银行的监管职能和对宏观经济的管理职能。

(1)strenghen: v.make or become strong(er)加强；强化

(2)capacity: n.ability能力；职能

(3)supervision: n.监督；管理

supervise: v.watch and direct监督；管理；指导

(4)microeconomic management:宏观经济管理

(5)openness: n.open+ness

Paragragh 8

5. The evolution of the Chinese banking system can be broadly divided into three phases.

现代中国银行业体制的发展演变大体上分为三个阶段。

(1)phase: n.stage of development:阶段；时期

6.The establishment of the People‘s Bank of China (PBC) in December 1984 marked the beginning of the first phase, which was characterized by a mono-bank engaged in both policy and commercial banking operations.

这个阶段以中国人民银行由既从事政策性银行业务，又从事商业性银行业务的单一银行（制度）为特征。

本句为由which引导的非限制性定语从句，对主句作补充说明。

(1)be characterized by …:以……为特征

(2)mono-bank (system):单一银行（制度）

mono-:（字首）表示"单一"之意。

(3)由engaged in …过去分词短语修饰前面的a mono-bank (system)。

6.It is dictated by highly centralized planned economic system.

这种体制是由高度集中的计划经济体制决定的。

(1)highly centralized planned economic system:高度集中的计划经济体制

(2)dictate: v.口授命令；支配

1.The second phase begin in 1984 when the State Council decided to make the PBC function as a central bank.

第二阶段始于1984年，是国务院决定由中国人民银行行使中央银行的职能。

此句为由when关系副词引导的定语从句，修饰前面的时间先行词1984年。

(1)to make the PBC function as a central bank:使中国人民银行行使中央银行职能

(2)make: v.cause to be or become:使；使成为

(3)function (as…):operate;act:尽职责；起作用

(4)PBC(People‘s Bank of China):the central bank of our country中国人民银行，即我国的中央银行

2.The decision,which was made in response to the increased role of market forces in the economy,promoted diversification of financial institutions with the establishment of the four specialized banks,now known as wholly state-owned commercial banks.

该决定是针对当时市场经济活动在整个国民经济生活中的作用明显提高的情况作出的，它促进了金融机构多元化的发展，先后组建了四大专业银行，即现在人们所说的四家国有独资商业银行。

(1)which引导非限制性定语从句。

(2)in response to:对……作出反应；对……作出回答

(3)market forces:市场因素；市场经济活动

force: n.thing that makes great changes:引起重大改变的事物；因素；力

例：economic forces:经济因素

monetary forces:货币因素

(4)diversification: n.多种经营；多元化

diversify: v.make diverse;give variety to:使不同；使变化

diversification of export:出口多样化

diversification of risk:风险分散

(5)specialized bank:专业银行

(6)wholly state-owned commercial bank:国有独资商业银行

Paragragh 10

3.The third phase began in 1993 when the State Council issued the Decision on Financial Reform, recognizing the urgent need for developing new financial markets, institutions and instruments.

第三阶段始于1984年，那一年国务院颁发了《关于金融体制改革的决定》，强调了建立和发展新的金融市场、金融机构以及金融工具的重要性和紧迫性。

(1)Decision on Financial Reform:《关于金融体制改革的决定》

4.The government introduced a comprehensive package of measures aimed at restoring financial order as well as addressing the inflationary pressure and signs of overheating,particularly in the real estate sector and the stock markets.

政府采取了一系列措施以整顿金融秩序，应对通货膨胀的压力及经济过热现象，尤其是房地产和股票市场的过热现象。

(1)introduce(into;to):bring sth into use or into operation for the first time:采用；引进；提倡

例：introduce new ideas into a business:引进新观念于一事业

(2)package:detailed plan:详细的计划

comprehensive: a.that comprehend much:包罗广泛的；综合性的

例：a complete package:整批

a comprehensive package of:一篮子；一系列

(3)aim at:have as a plan or intention:计划；打算；以……为目标

(4)restore:make welll or normal again;bring back (to a former condition):使恢复健康或正常；使恢复（以前的情况）

例：Law and order were quickly restored after the attempted violence.那次暴乱之后，法律与秩序迅速恢复了。

(5)address:引导；指引

(6) inflationary pressure:通货膨胀压力

(7)(economic) overheating:经济过热

(8)real estate:(legal)immovable property consisting of land,any natural resources,and buildings:（法律）房地产；不动产

(9)stock market:股票市场

1.During this period a number of important structural measures have been taken with particular significance for the banking sector.

在这一阶段中，政府对银行部门进行了一系列具有重要意义的结构性调整。

(1)(take) structural measures:（进行）结构性调整；采取结构性调整措施

2.The first was the unification of the renminbi(RMB) exchange rates and foreign exchange markets in January 1994.

其中包括：第一，1994年1月实行了人民币汇率并轨。

(1)unification of Renminbi exchange rates:人民币汇率并轨

exchange rates:汇率

unification: n.being unified:统一；单一化

unify: v.form into one;unite:使合一；统一

3.Second, the passage of central banking and commercial banking laws in 1995 has provided legal basis for the banking system in China.

第二，1995年通过中央银行法和商业银行法为中国的银行体制改革提供了法律依据。

(1)provide legal basis for…:为……提供法律依据

4.Third, the acceptance of the obligations of Article VIII of the Artiles of Agreement of the International Monetary Fund in December 1996, namely commitment to RMB current account convertibility, has officially removed the remaining restrictions on international payments for trade and service transactions.

第三，1962年12月，我国接受国际货币基金协定第八条义务，承诺人民币在经常账户下可兑换，消除了官方对国际商品和服务贸易的外汇支付限制。

(1)Article VIII of the Artiles of Agreement of the International Monetary Fund:国际货币基金组织协定第八条款

(2)RMB current account convertibility:人民币在经常项目下可兑换（第八条款的一项内容）

5.Fourth, the establishment of a unified inter-bank money market in 1996 has facilitated better liquidity adjustment for financial institutions.