Английский разговорный язык. Практическое пособие по развитию устной речи

Exercise 2

Answer the questions:

1. How long did the Bretton Woods system of fixed exchange rates last?

2. Who determined the levels of exchange rates within the Bretton Woods system?

3. When were the «floating» exchange rates introduced?

4. Who determines at what price to buy and sell a currency under the «floating» exchange rates?

5. What is a Forex market?

6. How has the pound sterling been fluctuating since 1967?

7. How do currency markets behave when they are subject to destabilizing speculation?

8. How did the economists\'s attitude towards exchange rate flexibility change in the sixties?

9. What is the main advantage of floating exchange rates?

10. How do exchange rates relate to differences in national inflation rates?

What is Fluctuations?

A tourist from China was traveling to New York City for a two week vacation. He went to the bank as soon as he arrived in order to exchange his Chinese money for American money. He gave the teller 1000 yuan, and the teller in turn gave him 150 dollars.

A week went by, and the tourist had used up his money, so he returned to the bank. He gave the teller another 1000 yuan, but this time the teller only gave him 125 dollars. Seeing the difference, the man angrily asked the teller in his broken English why last week he received 150 dollars for the same amount of money. The teller replied, «Fluctuations.»

Flustered, the tourist responded, «Well fluck you crazy Americans too!»

Слова и выражения:

fluctuations – колебание (цен)

fluster

– разгорячаться, возмущаться

teller – банковский кассир

yuan – юань

China – Китай

in turn – в свою очередь

Exercise 3

Answer the questions:

1. For how long did the Chinese tourist come to New York?

2. What was the exchange rate of the dollar to the yuan on the first week of his vacation?

3. By how much had the yuan depreciated in two weeks?

4. What is fluctuations, in the Chinese\'s point of view?

International Business

Companies that want greater control over their product have to manufacture it at home and then export it to the foreign countries. In this case exporters must examine the market. Some firms can sell their products to an export/import merchant who takes all the selling risks. In other cases the company may use an export/import agent who sells the product to wholesalers or retailers in the foreign country. Sometimes the exporter may set up its own sales offices and branches abroad. This is more expensive, and only large firms can afford it.