Unit Twelve Foreign Exchange TradingUnit 12 Foreign Exchange TradingIntroduction Foreign Foreign exchange exchange trading trading has has been been playing playing an an essential essential role role in in international international trade. trade. It It has has taken taken the the form form of of gold gold standard, standard, fixed fixed exchange exchange rates rates system, system, floating floating exchange exchange rates rates system system since since the the 19th 19th century. century. And And the the foreign foreign exchange exchange market market is is the the mechanism mechanism through through which which foreign foreign currencies currencies are are traded. The market consists of spot and forward transactions.traded. The market consists of spot and forward transactions.Unit 12 Foreign Exchange Trading Text Exercises Related Technical Terms GrammarUnit 12 Foreign Exchange Trading 1 1 Without foreign exchange trading, international trade itself could not exist. In former times trade was based on barteringgoods were exchanged for other goods. The introduction of precious metals (i.e., gold and silver) to pay for goods can be considered the forerunner of the foreign exchange market.Text Unit 12 Foreign Exchange Trading 2 2 The Greeks and Romans commonly used gold as a medium of exchange. Most world trade continued to be based on gold until the nineteenth century. But then industrialization in Western Europe and the United States had boosted world trade to such an extent that gold reserves were no longer adequate to meet the requirements. Governments introduced a par value of their respective local currencies in gold. Thus, the currencies were related to one another through a system called the gold standard. The gold standard system determined the value of all currencies based on gold. This meant the values of different currencies could be compared in terms of one another. Text Unit 12 Foreign Exchange Trading 3 3 The system worked well until World War I, when trade was interrupted. After the war, currencies fluctuated widely in terms of gold and, thus, in relation to each other. The value of currencies was meant to be regulated by supply and demand (the market mechanism), but speculators often interfered with this mechanism. So in an effort to create more stable exchange markets, some countries, notably the United States, England, and France, returned to the gold standard. Except for a brief period in the early 1930s, the United States stayed on the gold standard. By 1971 itText Unit 12 Foreign Exchange Trading was the only country whose currency remained convertible into gold, and so, by declaring the dollar inconvertible, the gold standard was finally abolished. This meant that holders of United States dollars could no longer exchange their dollars for gold at par value. 4 4 In 1944 toward the end of World War II, the Western industrialized nations realized that foreign trade would be necessary to quickly and effectively heal the wounds of war. To create a calm and stable foreign exchange market, the United States government calledText Unit 12 Foreign Exchange Tradingfor a conference in the summer of 1944. It was held in Bretton Woods, New Hampshire. At this conference, both the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development were established. 5 The Bretton Woods Agreement stipulated that all member countries would express the value of their currencies in gold. However, only the United States dollar was convertible into gold, at the price of $35 an ounce.Text Unit 12 Foreign Exchange Trading 6 6 Central banks of the member countries were required to intervene in the foreign exchange markets to keep the value of their currencies within 1 percent of the par value. This intervention was achieved by buying or selling foreign exchange or gold. A given currency could, therefore, never rise above nor fall below fixed points, which are called intervention points. There are the prices beyond which the central bank intervenes. This is called the system of fixed exchange rates. Text Unit 12 Foreign Exchange Trading 7 7 The system of fixed exchange rates worked well until the late1960s and early 1970s. At that time a number of countries devalued their currencies. This meant that their currencies were now worth less in terms of gold. England in 1967, France in 1969, and the United States in 1971 and 1973, devalued their currencies. This caused an almost unprecedented turbulence in the foreign exchange markets. In addition, countries such as Western Germany and Holland revalued their currencies (increased the par value of their currencies in terms of gold). Intervention by centralText Unit 12 Foreign Exchange Trading banks became very costly. Foreign currency and gold reserves were drained. Countries had to buy their own currency with gold and foreign exchange in order to keep its value above the minimum intervention point, as agreed at Bretton Woods. 8 8 It is not surprising, then, that the world saw a return to a floating exchange rate system. Central banks were no longer required to support their own currencies. England, France (only temporarily), Italy, Japan, and the United States all floated their currencies. Western Europe, united Text Unit 12 Foreign Exchange Trading in the Common Market, moved to preserve the fixed-rate system but allowed a widening of the intervention points to within 2.25 percent of the par value of the currencies. This system became known as the snake since these currencies move up and down together against currencies outside the snake. The British and the Italians, now members of the Common Market, are expected to eventually join their currencies to the snake. 9 The foreign exchange market is the mechanism through which foreign currencies are traded. It is not an actual marketplace but a system of telephone and telex communications between banks, customers, and middlemen (foreign exchange brokers, acting for a client vis-vis the bank). Text Unit 12 Foreign Exchange Trading 10 10 Most banks have a special foreign exchange trading department, which consists of foreign exchange dealers and an administrative staff. Customers trade with banks, banks trade among themselves, and brokers often trade on behalf of banks or corporations. Active participants in the foreign exchange market include tourists, investors, exporters and importers, and governments, whose central banks intervene in the markets to minimize fluctuations in their currencies.Text Unit 12 Foreign Exchange Trading 1111 The market consists of spot and forward transactions. When a French father transfers money to his son in New York, a typical spot transaction occurs. The French father buys the dollars spotfor immediate delivery although business practice allows two days for actual delivery. This permits sufficient time to consummate the transaction. The French father, of course, pays for the dollars with his own currency, that is, French francs. Text Unit 12 Foreign Exchange Trading 12 12 A forward transaction means that delivery of a currency is specified to take place at a future date. Japanese exporters of Toyota cars to the United States know from their sales contracts that they will receive a specified United States dollar amount in six months. In order to protect themselves against fluctuating exchange rate, they can sell the dollars forward six months to their bank in Japan in return for yen. Payment and delivery are not required until six months later. The rate of exchange is fixed, however, on the date of the contract. Forward rates are usually quoted on a 30-, 90-, or 180-day basis, but major currencies can have any maturity up to a year ad sometimes longer. Text Unit 12 Foreign Exchange Trading 1. gold reserve Notes 黄金储备，指国家为维持其本国货币而储存的黄金，黄金储备，指国家为维持其本国货币而储存的黄金，用以保证发行的货币价值。用以保证发行的货币价值。Unit 12 Foreign Exchange Trading 2. Governments introduced a par value of their respective local currencies in gold. Notes 各国政府就以黄金来表示各自货币的平价。各国政府就以黄金来表示各自货币的平价。Unit 12 Foreign Exchange Trading 3. gold standard Notes 金本位制，金本位制，a monetary system used in the nineteenth and early twentieth centuries whereby the value of currencies could, on request of the owner(holder), be converted into gold at a countrys central bank.Unit 12 Foreign Exchange Trading 4. The value of currencies was meant to be regulated by supply and demand (the market mechanism) , but speculators often interfered with this mechanism. Notes 在在这这句句话话中中，be meant to do(sth) 意意为为 be supposed to do(sth)类似句子如：类似句子如：You are meant to take your shoes off when you enter a Hindu temple.Unit 12 Foreign Exchange Trading 5. The Bretton Woods Agreement stipulated that all member countries would express the value of their currencies in gold. Notes 布雷顿森林会议的协定规定：所有成员国都要用黄金来表示布雷顿森林会议的协定规定：所有成员国都要用黄金来表示 本国货币的价值。本国货币的价值。 Unit 12 Foreign Exchange Trading Notes Bretton Woods Agreement 布布雷雷顿顿森森林林协协定定（系系联联合合国国货货币币金金融融会会议议的的最最后后决决议议书书、国国际际货货币币基基金金协协定定和和国国际际复复兴兴开开发发银银行行协协定定的的总总称称）。指指第第二二次次世世界界大大战战后后，根根据据布布雷雷顿顿森森林林协协定定而而建建立立的的国国际际货货币币制制度度。在在此此制制度度下下，所所有有国国际际货货币币基基金金组组织织(IMF)的的会会员员必必须须遵遵守守相相同同的的外外汇汇市市场场政政策策，并并且且须须得得到到基基金金组组织织的的同同意意，才才可可以以调调整整该该国国汇汇率率的的平平价价，此此为为可可调调整整的的钉钉住住汇汇率率制制度度(adjustable rate system), 而而实实际际上上就就是是在不恢复金本位的条件下，各国货币钉住美元固定汇率制度。在不恢复金本位的条件下，各国货币钉住美元固定汇率制度。Unit 12 Foreign Exchange Trading 6. fixed exchange rate Notes 固固定定汇汇率率制制，a system whereby central banks are required by international agreements to maintain their currency at a relatively fixed value. This is achieved by buying the currency when it reaches its low point and by selling when it reaches its high point.Unit 12 Foreign Exchange Trading 7. floating exchange rate system Notes 浮浮动动汇汇率率制制，a system in which currencies have no specific par value; value is normally determined by supply and demand.Unit 12 Foreign Exchange Trading 8. snake Notes 蛇蛇形形浮浮动动，又又称称snake in the tunnel(洞洞中中之之蛇蛇)，指指西西欧欧共共同同市市场场成成员员国国间间外外汇汇汇汇率率波波动动的的较较小小幅幅度度（2.25%）和和史史密密森森协协定定规规定定的的汇汇率率波波动动的的较较大大幅幅度度（4.5%）两两者者间间关关系的形象化名称。系的形象化名称。 Unit 12 Foreign Exchange Trading9. The foreign exchange market is the mechanism through which foreign currencies are traded. Notes 外汇市场是进行外汇交易的机制或渠道。外汇市场是进行外汇交易的机制或渠道。 Unit 12 Foreign Exchange Trading 10. forward transaction Notes 期期汇汇交交易易, 意意为为to buy or sell a currency in the future, with payment and delivery at that future date. Unit 12 Foreign Exchange Trading 11. spot transactions Notes 现汇交易，意为现汇交易，意为currently bought or sold today withdelivery two business days later.Unit 12 Foreign Exchange Trading 12. Forward rates usually quoted on a 30-, 90-,or 180-day basis, but major currencies can have any maturity up to a year and sometimes longer. Notes 远远期期外外汇汇买买卖卖有有30天天期期的的，90天天期期的的或或180天天期期的的，有有些些主主要货币还可以有要货币还可以有1年期的，甚至年期的，甚至1年以上期的。年以上期的。 Unit 12 Foreign Exchange TradingI. Answer the following questions according to the text. 1. Briefly describe the importance of the gold standard.2. Whats the system of fixed exchange rates? 3.What does devaluation mean? Name the three countries in the Western industrialized world that devalued their currencies between 1967 and 1973.4. Are intervention points applicable in a system of floating exchange rates?5. What is a forward transaction?Exercises Unit 12 Foreign Exchange TradingII. Word Study. Exercises 1. Match the words and the explanations. A B1. capital appreciation a. 消费品价格指数消费品价格指数2. cash flow b. 数据库数据库3. capital equipment c. 普通股普通股4. clearance agent d. 现金流量，资金流动现金流量，资金流动Unit 12 Foreign Exchange TradingII. Word Study. Exercises 1. Match the words and the explanations. A B5. Commodities Exchange in New York e. 资本升值资本升值6. common share f. 固定设备，资本设备固定设备，资本设备 7. Consumer Price Index g. 清算代理人，结关代理人清算代理人，结关代理人8. data bank h. 纽约商品交易所纽约商品交易所1. e 2. d 3. f 4. g 5. h 6. c 7. a 8. b Unit 12 Foreign Exchange Trading2. Fill in the blanks. 1.We are thinking _moving to the south, there are so few jobs in the north.2. It was decided _ the pound because having a fixed value was damaging exports.3. The system of _was superseded by the use of money.4. Smith is going to become an insurance_ after graduating from the college. 5.The opposition _an immediate inquiry into the behavior of the police yesterday afternoon. barter float speculate broke stipulate in terms of to such an extent call for relate to interfere withUnit 12 Foreign Exchange Trading6. He _in gold shares, and lost a lot of money. 7. She _that all her expense would have to be refunded.8. The temperature rose _that the firemen had to leave the burning building.9. Last night the sound of the radio upstairs _my work.10.The costs will _the amount of time spent on the job.Unit 12 Foreign Exchange Trading 1. in terms of 2. to float 3. barter 4. broker 5. called for 6. had been speculating 7. stipulated 8. to such an extent 9. interfered with 10. relate to.Key Exercises Unit 12 Foreign Exchange Trading3. Multiple Choice. 1.Generally speaking, a growing demand can _increased prices. A. result B. result in C. result for D. result to 2. It was found upon examination that nearly 15% of the packages _, which was obviously attributed to improve packing. A. was broken B. broken C. had been broken D. had been already broken3. We find that the quality of your shipment is in conformity with the _ specifications. A. agreed B. is agreed C. agreeing D. to agree4. We have the goods you asked for in stock and will deliver as soon as we _your order. A. receive B. received C. receiving D. will receive5. Packing charges _in the price, and we can make delivery whenever you wish. A. is included B. are included C. include D. includedExercises Unit 12 Foreign Exchange Trading3. Multiple Choice.6. The importer will submit references if these _ given in the preliminary negotiation. A. not B. was not C. has not been D. have not been 7. We would like to inform you that you _for all the samples if they are not returned to us within 120 days. A. will invoice B. will be invoiced C. invoice D. invoiced8. Complaints _ if the contract is not fulfilled in some way, amounting to a breach of conditions. A. is made B. will be made C. will make D. were made9. Rope or metal handles should be fixed to the boxes to _ safe carrying. A. make B. easier C. convenient D. facilitating10. Our Advice of Dispatch was faxed to you three days ago and you _ it by now. A. will receive B. received C. must have received D. have been received Exercises 1. B 2. C 3. A 4. A 5. B 6. D 7. B 8. B 9. A 10. CUnit 12 Foreign Exchange Trading. Translate the following sentences into English. 1.1.根据直接标价法，汇率按一定的外国货币单位为标准表示本国根据直接标价法，汇率按一定的外国货币单位为标准表示本国 货币汇率的变化。货币汇率的变化。(quotation method)(quotation method)2.2.在金本位制下，外汇汇率基本上受铸币平价决定，铸币平价在金本位制下，外汇汇率基本上受铸币平价决定，铸币平价 就是两种货币含金量的对比。就是两种货币含金量的对比。(gold standard system)(gold standard system)3.3.货币的贬值和升值对外汇市场产生了前所未有的动荡。货币的贬值和升值对外汇市场产生了前所未有的动荡。 (devaluation and appreciation of currencies)(devaluation and appreciation of currencies)4.4.在浮动汇率制下，汇率由供求关系（市场机制）和货币的购买在浮动汇率制下，汇率由供求关系（市场机制）和货币的购买 力决定。力决定。(floating exchange rate system)(floating exchange rate system)5.5.如果一个国家的生产力落后于其他国家，该国商品就会非常昂如果一个国家的生产力落后于其他国家，该国商品就会非常昂 贵，货币往往就会贬值。贵，货币往往就会贬值。(lag behind)(lag behind)Exercises Unit 12 Foreign Exchange Trading 1. Under the quotation method, the rates are quoted in terms of a variable number of home currency per fixed foreign currency unit. 2. Under the gold standard system, foreign exchange rates are basically determined by mint par, which is the ratio in terms of gold content two currencies contain. 3. The devaluation and appreciation of currencies caused an unprecedented disturbance in the foreign exchange market. 4. Under the floating exchange rate system, exchange rates are determined by supply and demand (market mechanism) and the purchasing power of currencies. 5. If a countrys productivity lags behind that of other countries, its goods become relatively more expensive, and the currency tends to depreciate.Exercises KeyUnit 12 Foreign Exchange TradingV. Translate the following sentences in the text into Chinese. 1. By 1971 it was the only country whose currency remained convertible into gold and so, by declaring the dollar inconvertible, the gold standard was finally abolished. 2. Central banks of the member countries were required to intervene in the foreign exchange markets to keep the value of their currencies within 1 percent of the par value. 3. It is not surprising, then, that the world saw a return to a floating exchange rate system. 4. This system became known as the snake since these currencies move up and down together against currencies outside the snake. 5. A forward transaction means that delivery of a currency is specified to take place at a future date.Exercises Unit 12 Foreign Exchange TradingKey 1.1971年前，美国是唯一能把本国货币兑换成黄金的国年前，美国是唯一能把本国货币兑换成黄金的国 家，正因为如此，当美国宣布美元停止兑换黄金后，金本家，正因为如此，当美国宣布美元停止兑换黄金后，金本 位制从此就销声匿迹了。位制从此就销声匿迹了。2. 协议还要求成员国的中央银行对外汇市场进行干预，确保协议还要求成员国的中央银行对外汇市场进行干预，确保 本国货币的价值维持在黄金平价正负本国货币的价值维持在黄金平价正负1%的范围内浮动。的范围内浮动。3. 在这种情况下，世界各国改而恢复浮动汇率制就不足为怪在这种情况下，世界各国改而恢复浮动汇率制就不足为怪 了。了。4. 这种制度就是众所周知的蛇形浮动制，参加蛇形浮动的国这种制度就是众所周知的蛇形浮动制，参加蛇形浮动的国 家对其它国家则实行联合浮动。家对其它国家则实行联合浮动。5. 期汇交易是规定在将来某日交割的交易。期汇交易是规定在将来某日交割的交易。Exercises Unit 12 Foreign Exchange Trading VI. Write a summary of the text in about 120 words.Exercises Unit 12 Foreign Exchange Trading VII. Write a one-paragraph composition entitled “The Importance of Foreign Exchange ”. The first sentence is given: “Foreign exchange plays a very important role in the international trade among countries.” Complete the paragraph with five to seven sentences, using the words or phrases given below. Exercises foreign trade gold standard floating exchange rate mechanism foreign currencies spot transactions Unit 12 Foreign Exchange Trading VIII. Discuss with your partner the role that foreign exchange trading plays in international trade.Exercises Unit 12 Foreign Exchange Trading1. foreign exchange （1）the currency of a country other than ones own 外汇外汇, 非自己本国的某国货币：非自己本国的某国货币： e.g. My bankers will supply me with foreign exchange for my trip abroad: French francs, lire and Egyptian pounds. （2）the exchange of the currency of one country for that of another 国际汇兑国际汇兑 用某国的货币兑换成另一国的货币用某国的货币兑换成另一国的货币 （3）the practice of buying and selling the money of other countries 外汇买卖外汇买卖 买卖其他国家货币的做法。买卖其他国家货币的做法。Related Technical Terms Unit 12 Foreign Exchange Trading 2.barter: trade by the direct exchange of goods for other goods without using money or other medium of exchange 易货贸易，物物交换易货贸易，物物交换 用一种商品直接交换另一种商品，不使用一种商品直接交换另一种商品，不使 用货币或其他交换媒介的贸易用货币或其他交换媒介的贸易 e.g. Barter was the earliest form of trade 物物交换是最早物物交换是最早的贸易形式。的贸易形式。 3.gold reserve a countrys gold reserves held mainly for the purpose of making international payments 黄金储备黄金储备Related Technical Terms Unit 12 Foreign Exchange Trading 4. gold standard a monetary system formerly used by many countries, under which the value of the standard unit of currency was by law made equal to a fixed weight of gold of a stated fineness. Thus the rates of exchange between various gold-standard countries remained fixed, which helped international trade, but the system limited the power of the monetary authorities to control the supply of money in fighting inflation and unemployment. Under a full gold-standard system, such as existed in Britain from the 1870s to 1914, gold coin and bullion (bars of gold) could be freely be freely imported and exported; gold coins circulated freely; Related Technical Terms Unit 12 Foreign Exchange Trading and the central bank bought and sold gold in any quantity at the fixed price. The system was set up again by 1982 in a limited form but it broke down in the 1930s. After the Second World War some countries in Europe agreed to make their currencies freely convertible into gold for international payments only, thus forming a gold standard that was entirely external. Related Technical Terms Unit 12 Foreign Exchange Trading 金金本本位位（制制），黄黄金金本本位位 从从前前许许多多国国家家采采用用的的一一种种货货币币制制度度，按按此此制制度度，货货币币的的标标准准单单位位的的价价值值根根据据法法律律规规定定，相相当当于于规规定定成成色色的的固固定定分分量量的的黄黄金金。因因此此，各各个个金金本本位位制制国国家家之之间间的的对对率率保保持持固固定定不不变变，这这有有助助于于国国际际贸贸易易，但但是是这这种种制制度度限限制制了了货货币币当当局局控控制制货货币币供供应应量量，对对付付通通货货膨膨胀胀和和失失业业的的权权力力。在在完完全全的的金金本本位位制制下下，如如在在英英国国十十九九世世纪纪七七十十年年代代至至1914年年期期间间存存在在的的那那样样，金金币币和和金金条条可可以以自自由由地地进进出出口口，金金币币可可以以自自由由流流通通，中中央央银银行行可可按按固固定定价价格格买买入入和和卖卖出出任任何何数数量量的的黄黄金金。这这一一制制度度到到1982年年时时又又一一次次以以有有限限的的形形式式建建立立起起来来，但但是是在在本本世世纪纪30年年代代又又垮垮台台了了。第第二二次次世世界界大大战战后后，欧欧洲洲的的有有些些国国家家同同意意使使它它们们的的货货币币可可自自由由地地兑兑换换成成黄黄金金，但但仅仅供供国国际际支付之用，因此形成了一个完全是为了对外需要的金本位制。支付之用，因此形成了一个完全是为了对外需要的金本位制。Related Technical Terms Unit 12 Foreign Exchange Trading 5. par value the price or value fixed by the organization issuing a security and printed on the stock or share certificate. 平平价价，票票面面价价值值 （印印在在普普通通股股、优优先先股股和和债债券券等等票票面面上上的的价价值值）发发行行证证券券的的组组织织确确定定的的并并印印在在债债券券或或股股票票证证上上的的价价格格或或价值。价值。 6. speculator a person who speculates, esp. a person who buys in the expectation of making a quick profit from a change in the market price in the future. 投投机机客客，炒炒手手，投投机机者者 从从事事投投机机活活动动的的人人，尤尤指指一一个个期期望望从从将来市场价格的变动中迅速获利而买进的人。将来市场价格的变动中迅速获利而买进的人。Related Technical Terms Unit 12 Foreign Exchange Trading 7. convertible currency one that can be freely exchanged for all other currencies at the rates of exchange existing in the market 自自由由兑兑换换货货币币，可可兑兑换换货货币币 可可按按市市场场上上现现行行汇汇率率自自由由兑兑换换成成其他任何通货的货币。其他任何通货的货币。 8. exchange rate the price at which one currency can be exchanged for another currency; the amount which one currency will buy of another currency at a particular time 汇汇率率，汇汇价价 一一种种货货币币兑兑换换另另一一种种货货币币的的价价格格：一一种种货货币币在在特特定时间能买到另一种货币的数额。定时间能买到另一种货币的数额。Related Technical Terms Unit 12 Foreign Exchange Trading 9. Common Market 共同市场共同市场 European Economic Community 的简称，即的简称，即欧洲经济共同体。它是由法国、意大利、比利时、德国、欧洲经济共同体。它是由法国、意大利、比利时、德国、荷兰、卢森堡、丹麦、英国、土耳其、葡萄牙、爱尔兰和荷兰、卢森堡、丹麦、英国、土耳其、葡萄牙、爱尔兰和希腊等国组成的集团，目的是使用共同货币，取消关税，希腊等国组成的集团，目的是使用共同货币，取消关税，制定共同农业政策，各国居民自由出入境等。制定共同农业政策，各国居民自由出入境等。Related Technical Terms Unit 12 Foreign Exchange Trading It is / was + 被强调部分被强调部分 + that / who结构结构 这是表示强调的特殊句型，称为分裂句，常用来强调句子的主这是表示强调的特殊句型，称为分裂句，常用来强调句子的主 语、宾语和状语。语、宾语和状语。 例如：例如： I bought a book in the bookstore yesterday. 我昨天在书店买了一本书。我昨天在书店买了一本书。 根据不同的强调重点可以改写成：根据不同的强调重点可以改写成： It was I who / that bought a book in the bookstore yesterday. 是我昨天在书店买了一本书。是我昨天在书店买了一本书。 It was a book that I bought in the bookstore yesterday. 昨天我在书店买的是一本书。昨天我在书店买的是一本书。Grammar Emphatical “It” Unit 12 Foreign Exchange Trading It was in the bookstore that I bought a book yesterday. 昨天我是在书店买的书。昨天我是在书店买的书。 It was yesterday that I bought a book in the bookstore. 我是昨天在书店买的书。我是昨天在书店买的书。 这种句型也可强调间接宾语、介宾和宾补。例如：这种句型也可强调间接宾语、介宾和宾补。例如： Its me that he gave the book (to). 他把书给了我，而不是别人。他把书给了我，而不是别人。 Its him that we are talking about. 我们谈论的是他。我们谈论的是他。 Its dark screen that weve painted the window. 我们把窗户漆成黑色。我们把窗户漆成黑色。Grammar Emphatical “It”Unit 12 Foreign Exchange Trading 关于分裂句，还需要注意以下几点：关于分裂句，还需要注意以下几点： 1.这种句型通常是这种句型通常是It is / was，不能用，不能用It has / had been或或It is / was being，但可以和表示推测的情态动词，但可以和表示推测的情态动词can，may， must，will等连用。例如：等连用。例如： It cant be John who did that. 不可能是约翰做的那件事。不可能是约翰做的那件事。 It must be the picture of your mother. 这可能是你母亲的照片。这可能是你母亲的照片。 It must have been at Christmas that the girl got her presents. 这女孩可能是在圣诞节收到的礼物。这女孩可能是在圣诞节收到的礼物。Grammar Emphatical “It”Unit 12 Foreign Exchange Trading 2.这种句型可用于否定句，这种句型可用于否定句，notbut常用于此句型。例如：常用于此句型。例如： It is not you that is wrong. 错的不是你。错的不是你。 It is not who does it that is important but how he does it. 不是谁做的问题显得重要，而是怎样做的才重要。不是谁做的问题显得重要，而是怎样做的才重要。 3.这种句型可用于疑问句和感叹句。例如：这种句型可用于疑问句和感叹句。例如： Was it the window that he broke yesterday? 他昨天打碎的是这块玻璃吗？他昨天打碎的是这块玻璃吗？ What a wonderful speech it was you made! 你做的演讲是多么的精彩呀！你做的演讲是多么的精彩呀！ How wonderful a speech it was you made! 你的演讲多么精彩呀！你的演讲多么精彩呀！Grammar Emphatical “It”Unit 12 Foreign Exchange Trading 4. 分裂句中被强调的人称代词是主格时，从句的谓语动词常和分裂句中被强调的人称代词是主格时，从句的谓语动词常和被强调的代词在人称和数上一致，但也可和从句的主语一致。被强调的代词在人称和数上一致，但也可和从句的主语一致。但被强调的人称代词是宾格时，从句的谓语动词常和从句的但被强调的人称代词是宾格时，从句的谓语动词常和从句的主语一致。例如：主语一致。例如： It is not I who am / is angry and it is you who are / is angry. 是我在生气而不是你在生气。是我在生气而不是你在生气。 It is me who needs help. 是我需要帮助。是我需要帮助。 5.分裂句的谓语动词和原句的谓语动词的时态一致。分裂句的谓语动词和原句的谓语动词的时态一致。 It was ourselves that built the house last year. 是我们自己去年修的这座房子。是我们自己去年修的这座房子。 Grammar Emphatical “It”Unit 12 Foreign Exchange Trading It is with the help of our teachers that we have made great progresses. 正是在老师的帮助下，我们才取得很大的进步。正是在老师的帮助下，我们才取得很大的进步。 6.分分裂裂句句中中的的从从句句通通常常用用that或或who引引导导，从从句句的的主主语语是是人人时时用用who，其余的用，其余的用that引导。引导。 It is here that we met for the first time. 就是在这儿我们初次见面。就是在这儿我们初次见面。 It was Uncle Tom who called you yesterday evening. 是汤姆叔叔昨晚打的电话。是汤姆叔叔昨晚打的电话。 7.这这种种句句型型在在谚谚语语中中表表示示“无无论论怎怎样样都都不不免免”的的意意思思，含有否定的意义。例如：含有否定的意义。例如： It is an ill bird that fouls its own nest. 再坏的鸟也不会弄脏自己的窝。再坏的鸟也不会弄脏自己的窝。 （家丑不可外扬。）（家丑不可外扬。）Grammar Emphatical “It”Unit 12 Foreign Exchange Trading It is a good horse that never stumbles. 再好的马也难免失蹄。再好的马也难免失蹄。 （人人都有犯错误的时候。）（人人都有犯错误的时候。） It is a wise father that knows his child. ( Venice Merchant ) 只有聪明的父亲才会了解自己的儿子。只有聪明的父亲才会了解自己的儿子。Grammar Emphatical “It”Unit 12 Foreign Exchange Trading 1. Translate the following the sentences into English. 1)我们是为这个公司工作，所以我们得负责。我们是为这个公司工作，所以我们得负责。 2)他是从哈佛大学毕业的，所以很容易就找到了薪水很高的工他是从哈佛大学毕业的，所以很容易就找到了薪水很高的工 作。作。 3)他们是因为下雨才停止工作的。他们是因为下雨才停止工作的。 4)直到孩子的父母回来，张阿姨才回家。直到孩子的父母回来，张阿姨才回家。 5)让新鲜空气进来，我才经常将窗户大大打开。让新鲜空气进来，我才经常将窗户大大打开。Grammar Exercises Unit 12 Foreign Exchange Trading 1. It is this company that we are working for, so we should be responsible. 2. It was from Harvard that he graduated and it was easy for him to find a well-paid job. 3. It was because of rain that they stopped working. 4. It was not until the babys parents came back that Miss Zhang went home. 5. It was to let the fresh air in that I left the windows wide open.Grammar Exercises Key: Unit 12 Foreign Exchange Trading2. Translate the following sentences into Chinese.1) It was Columbus that discovered America.2) It was for sales to increase that we lowered our price.3) It was through an employment agency that he got the job.4) It was an engineer that Mary eventually became.5) It was not until dark that she realized it was too late to go home.Grammar Exercises Unit 12 Foreign Exchange Trading 1) 是哥伦布发现美洲大陆的。是哥伦布发现美洲大陆的。 2)我们是为了增加销售额才降低价格的。我们是为了增加销售额才降低价格的。 3) 他是通过职业介绍所找到这份工作的。他是通过职业介绍所找到这份工作的。 4) 玛莉最终成了一名工程师玛莉最终成了一名工程师 5) 直到天黑她才意识到太晚了，回不了家了。直到天黑她才意识到太晚了，回不了家了。 Grammar Exercises Key