The Euromarkets are international money and capital markets, they are concerned with Eurocurrencies, that is, currencies traded in Europe (and elsewhere) outside their home countries. The most important Eurocurrency is the Eurodollar. The Eurodollar market developed in the second half of the 1950s. When the London banks, during the sterling crisis of 1957, were prohibited from using sterling funds to finance non-British trade, they offered high interest rates to attract dollar deposits from both non-American and American holders of dollars. The Eurodollar market was given another major boost when the American Federal Reserve Board placed limits on deposit interest rates in the United States. To avoid these restrictions, dollar deposits were transferred from banks in the United States to European banks and to the foreign branches of American banks, mainly those in London.		欧洲市场是国际货币与资本市场,从事与欧洲货币有关的业务，欧洲货币即在货币发行国境外的欧洲（及其他地方）进行交易的货币，最重要的欧洲货币是欧洲美元。欧洲货币市场产生于20世纪50年代末，1957年英国发生英镑危机，伦敦的银行被禁止用英镑去为非英镑区国家的贸易提供融资；它们提高利率，从非美国人和美国人手中吸收美元存款。后来美国联邦储备委员会对美国的存款利率加以限制，欧洲货币市场得到又一次大发展。为了逃避这些限制，美国境内的美元存款转移到欧洲银行和在欧洲的美国银行，主要是在伦敦的分支机构中去。
The chief participants in the Euromarkets are the London banks, the overseas branches of American banks and commercial banks on the Continent and in other parts of the world. These banks accept deposits of dollars and other convertible currencies from other banks, including central banks, companies and individuals. The funds thus obtained are traded among the banks and lent out to non-banks, either in the original currency or after having been converted into another currency. Eurocurrency loans involve large sums of money，they may be short-term, medium-term or long-term. Long-term Eurocurrency funds can also be raised by an issue of Eurobonds on the Eurobond market.		欧洲货币市场的主要参与者是伦敦的银行，美国银行在海外的分支行，以及美洲大陆和世界其他各地的商业银行。这些银行从其他银行，包括中央银行、公司和个人吸收美元存款及其他可兑换货币。这样筹集到的资金在银行之间融通，或者借贷给非银行机构，有的用原币，有的已兑换成另一种货币。欧洲货币贷款金额大，有短期、中期或长期。长期欧洲货币资金也可通过在欧洲债券市场发行欧洲债券来筹集。

New Words Euromarket Eurocurrency Eurodollar sterling n. prohibit vt. finance vt. boost n. limit n. avoid vt. restriction n. transfer vt. continent convertible adj. raise vt. issue n.;vt. Eurobond n.	单词 欧洲市场 欧洲货币 欧洲美元 英国货币, 标准纯银 禁止, 阻止 供给...资金, 负担经费 增加；增强 界限, 限度, 限制 避免, 消除 限制, 约束 转移, 调转 大陆，陆地 可改变的, 自由兑换的 筹集；筹措 发行 欧洲债券
Phrases and Expressions concern with vt. Eurodollar market sterling crisis American Federal Reserve Board convertible currencies Eurobond market	短语与词组 涉及：与…有关或相关 欧洲美元市场 英镑危机 美国联邦储备委员 可兑换货币；自由货币 欧洲债券市场

Notes1.The Euromarkets are international money and capital markets, they are concerned with Eurocurrencies, that is, currencies traded in Europe (and elsewhere) outside their home countries. 欧洲市场是国际货币与资本市场,从事与欧洲货币有关的业务，欧洲货币即在货币发行国境外的欧洲（及其他地方）进行交易的货币。　(1)the Euromarkets欧洲市场Euromarket n.the money market in Eurocurrency or Eurobonds欧洲市场：欧洲货币和欧洲债券的市场　(2)Eurocurrency n.funds deposited in a bank when those funds are denominated in a currency differing from the bank's own domestic currency欧洲货币：存储在某一银行的资金，这种资金被命名为与银行所在国发行货币名称不同的货币名称。　(3)money market:the trade in short-term, low-risk securities, such as certificates of deposit and U.S. Treasury notes货币市场，即短期资金市场：一种短期、低风险的证券经营买卖市场，如银行存单和美国短期公债2.When the London banks, during the sterling crisis of 1957, were prohibited from using sterling funds to finance non-British trade, they offered high interest rates to attract dollar deposits from both non-American and American holders of dollars. 1957年英国发生英镑危机，伦敦的银行被禁止用英镑去为非英镑区国家的贸易提供融资；它们提高利率，从非美国人和美国人手中吸收美元存款。　(1)sterling crisis英镑危机　(2)non adv.非, 不3.The chief participants in the Euromarkets are the London banks, the overseas branches of American banks and commercial banks on the Continent and in other parts of the world.欧洲货币市场的主要参与者是伦敦的银行，美国银行在海外的分支行，以及欧洲大陆和世界其他各地的商业银行。　(1)the Continent:the mainland of Europe.欧洲大陆4.Eurocurrency loans involve large sums of money，they may be short-term, medium-term or long-term. Long-term Eurocurrency funds can also be raised by an issue of Eurobonds on the Eurobond market.欧洲货币贷款金额大，有短期、中期或长期。长期欧洲货币资金也可通过在欧洲债券市场发行欧洲债券来筹集。　(1)Eurobond n.a bond of a U.S. corporation issued in Europe欧洲债券：美国公司在欧洲发行出售的债券