中国银行业的作用（2）-FECT(2)
网络资源 Freekaoyan.com/2008-04-11
Paragraph 3
3.Second, by channeling savings to productive investments, banks play a key role in facilitating efficient allocation of scarce financial resources.
第二，银行通过将储蓄引导到生产性投资领域，在有效配置有限的金融资源方面起着关键的作用。
(1)channel……(to): v.cause to go through a channel:使经过某种路线前进；引导
channel: n.any way by which news,ideas,etc may travel:（消息，意见等传播的）途径；路线；方法
(2)savings: n.money saved up:（复）储金；储蓄
例：keep one’s savings in a bank:把储蓄的钱存在银行
savings account:储蓄账户
(3)productive investments:生产性投资（领域）
(4)to play a unique role (in)：发挥着特殊作用
to play a key role (in)：起着关键作用
(5)to facilitate efficient allocation of：有效配置……
facilitate: vt.make easy;lessen the difficulty of：使容易；使便利
(6)scarce financial resources：有限的（稀缺的）金融资源
scarce: a.not available in sufficient quantity; not equal to the demand：缺乏的；稀罕的 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） 