International trade and financial dealings between countries make it necessary for them to make payments to one another．The balance of international payments shows how one country’s total payments relate to all other countries and what it receives from them．It is thus a sort of statement of income and expenditure on international account．Payments and receipts on international account are of three kinds：the visible balance of trade，invisible items，and capital transfers．
　　The chief payments and receipts arise from trade in goods，payment having to be made for imports and being received from the sale of exports．This is the balance of trade，now also known as the visible balance．Services provided by one country for another also give rise to payments and receipts and the relation between these provides the invisible balance．Invisible items in the balance of international payments include receipts and payments for shipping services，travel and income from investments abroad． A debit balance of international payment is often considered as being unfavourable or adverse or passive，a credit balance being favourable or active．Each country’s balance of international payments must balance each year，for a debit or credit balance must be covered in some way．In the case of a debit balance the deficit may be covered in any one of the following ways; by borrowing；by assistance from the International Monetary Funds；by selling investments abroad；by importing on credit；by gifts from abroad；and by exporting gold．A credit balance can be used to increase investment abroad or to add to a country’s gold reserve．
　　New Words &Terms
　　balance of international payment国际收支平衡表
　　statement of income and expenditure收支对照表，损益表
　　expenditure n．支出 visible a．有形的，明显的
　　balance of trade贸易差额 adverse a．相反的，不利的
　　invisible a．无形的 passive a．消极的；无利息的；被动的
　　capital transfer资本转移 visible balance有形贸易差额
　　credit balance贷方余额 shipping n．海运，装运
　　cover v．补进，抵补
　　debit balance借方余额 on credit赊欠交易
　　unfavorable a．不利的 gold reserve黄金储备
　　Phrases
　　Arise from由…而产生 add to增加
　　in the case of就…来说，至于
　　Proper Names
　　International Monetary Fund国际货币基金织织
　　Notes
　　1．International trade and financial dealings between countries make it necessary for them to make payments to one another．
　　两国间的国际贸易及金融交易使相互之间的付款成为必然。
　　“ It ”在句中为形式宾语，真正的宾语应为后面的不定式结构，“to make…”。“necessary”为"make”使役动词的宾语补足语。如： Telegraphic transfer makes speedy payments possible．
　　2．A debit balance of international payment is often considered as being unfavourable or adverse or passive，a credit balance being favourable or active．
　　国际收支中的借方余额通常被认为是不利的或逆向的或消极的，而贷方余额却是有利的和积极的。
　　 “a credit balance…”与“A debit balance…”为并列句句型结构，所以在第二句中省略了与前面分句相同的部分"is considered as"．例如：
　　His boss likes traveling on holiday，but he staying at home.
　　Exercises to the Text
　　I．Answer the following questions．
　　1．Why is it necessary for countries to make payment to one another?
　　2．What is balance of international payments?
　　3．What is the trade balance?
　　4．What are listed in the text as some examples of invisible items?
　　5．What is said to be unfavorable and what favorable?
　　6．Why is it necessary for each country’s balance of international payments to balance each Other?
　　7．How can a debit balance be covered?
　　8．What purpose can be achieved through the use of a credit balance?
　　II. Write out the words in the text according to the definitions given．
　　1．difference between two Columns of an account
　　2．contrary
　　3．amount expended
　　4．of a currency
　　5．something，esp．money stored for later use
　　6．report
　　7．capable of being seen
　　8．money received
　　9．helpful，in one’s favour
　　10．balance in one’s favour in an account
　　III. Fill in the blanks with the words or phrases given
　　below．Change the form if necessary．
　　visible goods，debit，add to，invisible
　　trade，consider…as，credit balances，cover， balance of payment，in the case of，on credit
　　1．Every transaction involves both a credit and a and should be entered twice in the accounts．
　　2．Even U.K pop singers to touring abroad(到国外巡回演出) the nation’s invisible earnings．
　　3．A bank active in international business has to maintain sufficient in all major currencies for the conduct of international payments.
　　4．When anyone borrows to an income deficit，eventually the debt has to be repaid．
　　5． are such things as
　　foodstuffs，oil，chemicals，electrical goods，raw material and so on．
　　6．A deficit on visible trade may not represent a problem if it offset by a surplus on .
　　7．A United States bank the funds on deposit
　　money belonging to the depositing bank.
　　8．The most direct means of correcting a deficit in the and having an immediate impact is by reducing imports．
　　9. We are prepared to sell the goods .
　　10. Sellers are responsible to pay the difference pro rata(按比例) inferior quality.
　　IV. Fill in the missing words with the words given. Change the form if necessary.
　　shares, as, interest, place, loans, balance, direction,
　　flow, inward, investment, where, rise
　　Flows of payments between countries take when governments，firms and households make to，or purchase assets in，other countries．The capital transactions in the of payments are those which give to a subsequent flow of income in the opposite ．For example，if a UK citizen buys shares in an overseas company，there will be an outward of foreign currency when the are bought in the following years there will be an flow of foreign currency in the form of and profits．Capital transactions may take the form of real ，that is the purchase of real assets such factories，mines and oil refineries or portfolio investment financial assets such as shares and bonds are purchased．
　　V．Translate the following sentences．
　　1．The balance of international payments is an account of a country’s financial transactions with the rest of the world．
　　2．The difference between the values of exports and imports of visible items is known as the balance of trade．
　　3．Invisible trade is the buying and selling of services and the main items are transport，travel，banking，interest，profits and private transfer．
　　4．If the balances of visible trade and invisible trade are added together we have the balance of payments on current account(往来账户).
　　5．The current account is described as being favorable if total receipts exceed(超过) total payments．
　　6．公民携带货币出境其实是一种无形贸易支出。
　　7．国际收支的每笔交易以相等的金额分记借贷两方。(involve)
　　8．出口货记入贷方，进口货记入借方。(enter，while)
　　9．在国际交易中进出口贸易的价值是经常项目(current account)中最大的项目。
　　10．国际收支是一国在一定时期内因和其他国家进行贸易及其他交往所发生的收入与支出。(arise from)