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Translation - Chinese Three-dimensional comparison of adjustments of credit bonds and interest rate bonds.
1. The causes of credit bond market adjustment. The causes of credit bond market adjustment can be classified into two categories: The first is adjustment caused by improving fundamentals and tighter monetary policies, such as the credit crunch in 2013 and interest rate hike in 2010. The second is adjustment driven by credit risk. Such as quasi-municipal bond default in 2H2011, default of Shandong Cement bond in late 2015 and outbreak of defaults in March and April in 2016. Some unexpected events also brought about some impact on the bond market, such as the unexpected raising of repurchase collateral requirement for credit bonds in late 2014 by CSDC.
2. Credit bond adjustment often lags behind interest rate bond. Under normal circumstances, interest rate bonds have better liquidity, and when the bond market is facing liquidity pressure, they generally see earlier adjustment than credit bonds, and the time adjustment completes is also about 1-3 weeks ahead. For a bond market adjustment dominated by credit risk, credit bonds and interest rate bonds’ movements are relatively consistent and the time adjustments complete are also close.
3. Credit bonds adjustment has higher Beta. In a rising interest rate cycle, credit bonds often see sharper adjustment than interest rate bonds; accordingly, when interest rates fall, credit bonds will also fall deeper.
4. Credit bonds trading volume moves with interest rate fluctuation. Bond trading volume and yield trends have relatively high correlation, and in a downward yield movement, bond market trading volume will surge, while in a upward yield movement, trading volume will shrink. From a bond type perspective, trading volume and yield trends of MTNs and SCPs are highly correlated, especially SCPs; enterprise bonds and corporate bonds are also consistent in the general trend, but the volatility is less obvious.
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Translation education
Bachelor's degree - Wuhan University of Technology
Experience
Years of experience: 14. Registered at ProZ.com: Dec 2016.
English to Chinese (College English Test) English to Chinese (CATTI Level 2) Chinese to English (College English Test) Chinese to English (CATTI Level 2)
English major graduate from Wuhan University of Technology
7 years of English to Chinese and Chinese to English translation experience
Translated/reviewed over 10 million English words/Simplified Chinese characters from a wide range of sectors including IT, Machinery, Marketing, Law, Finance, Consulting, Advertising etc.
Passed TEM-8 (issued by the Ministry of Education of China) and CATTI (level 2 as issued by the Ministry of Human Resources and Social Security of China)
Proficient use of CAT tools including Trados and memoQ.
Working as Marketing Creative Reviewer for a leading U.S. Trading Card Game business for 2 years, and long term translator for a leading Chinese securities brokerage for 3 years.
Keywords: Finance, Marketing, Games, Creative, Copy-writing, Translation, Manufacturing, IT, law