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English to Chinese: 本月债市分析 General field: Bus/Financial Detailed field: Investment / Securities
Source text - English Investor sentiment was volatile at the start of the year, as slowing global growth indicators warred with central bank easing. During the month, the European Central Bank announced a larger-than-expected asset purchase programme, which lifted markets. Government bond yields were sharply lower as a result. In contrast, credit spreads widened, but the steep fall in interest rates resulted in overall bond price gains.
In Singapore, the Monetary Authority of Singapore (MAS) delivered a surprise policy shift to a more gradual currency appreciation bias, and cited the easing inflation outlook as the key reason for the policy change. Inflation has been revised down to -0.5-0.5% in 2015, while core inflation is now expected to be 0.5–1.5%, from the earlier 2–3%. Meanwhile, Singapore’s economic growth slowed more than expected in 4Q14, as the manufacturing sector contracted given the unstable global demand environment.
Despite an expected rise in US interest rates this year, US Treasury yield gains may be capped by lower yields in Germany and Japan, global growth concerns (ex US) and contained inflation. Although Asian credit valuations are more attractive, we are cognizant of the risk of spread volatility. We continue to focus on limiting idiosyncratic risk, with a preference for investment grade names over high yield.
Global bond markets started the year on a volatile note, as slowing growth indicators and central bank actions roiled investor sentiment. The Swiss National Bank’s unexpected decision to lift its currency cap shocked markets at that start of the month. However, markets subsequently recovered on the back of the European Central Bank’s long-awaited quantitative easing announcement. The asset purchase programme was larger in size and scope than had been expected, and resulted in a sharp drop in government bond yields. The ten-year US Treasury yield dropped 53bps to 1.64% over the month. In Asia, the theme of central bank surprises continued, with the Reserve Bank of India and the Monetary Authority of Singapore both announced easing actions intra-meeting. Asian currencies were mixed against the USD, with the INR outperforming while the MYR weakened on fiscal deficit worries.
The portfolio’s cautious stance with a higher-than-usual level of cash contributed to its underperformance versus the benchmark. The credit market performed well, driven by the sharp downward move in US benchmark interest rates. In particular, the underweight to investment grade sovereign bonds detracted from performance as these bonds did very well. Over the month we deployed cash into bonds of Philippines, Indonesia, Rizal Commercial Bank, Huarong Finance and Shenhua. We will continue to maintain a cautious duration stance while seeking out bonds with reasonable fundamentals and valuations.
Translation - Chinese 全球经济增长指标放缓引致央行推出宽松政策，一度导致年初投资者信心动荡。本月期间，欧洲央行宣布高于预期的资产购买计划，以此提振市场。此举导致政府债收益率大幅下降。相反，信贷利差扩大，但大幅降息导致债券价格整体上涨。
新加坡国内，金管局意外推出政策，倾向于促进更平缓的货币升值，并指出政策变化的关键原因在于通胀前景放缓。2015年通胀率向下修正至-0.5%-0.5%，而目前核心通胀率预计为0.5%-1.5%，低于早前的2%-3%。同时，由于全球需求环境不稳定导致制造业收缩，2014年四季度新加坡经济增长放缓幅度超过预期。
尽管市场预期美国于今年加息，但是鉴于德国和日本国债收益率低迷、对全球经济增长的担忧（美国除外）以及通胀乏力，因而美国国债收益率的涨幅有限。亚洲信贷的估值纵然更为诱人，但利差波动的风险不可忽视。我们继续注重控制特定风险，较高收益债券看好投资级债券。
今年年初全球债券市场呈波动态势，因为放缓的经济增长指标和央行政策打击了投资者信心。一月初，瑞士央行意外取消汇率限制的决定震惊市场。但是，随着欧洲央行宣布期待已久的量化宽松政策，市场纷纷从这一消息中恢复。资产购买计划规模和范围优于预期，使得政府债收益率大幅下跌。十年期美国国债收益率上个月下跌53个基点至1.64%。在亚洲，各国央行政策频出，印度央行和新加坡金管局双双在政策会议之间宣布宽松措施。亚洲各国货币兑美元汇率有涨有落，印度卢比表现出色，而马来西亚林吉特在对财政赤字的担忧中走弱。
该投资组合立场谨慎，所持现金高于通常水平，导致组合表现低于基准。在美国基准利率大幅下调的影响下，信贷市场表现出色。具体而言，减持投资级主权债拉低了组合表现，因为这些债券的表现都很出色。上个月我们配置了菲律宾、印尼、中华银行、Huarong Finance 和Shenhua的债券。我们将在继续保持谨慎的久期立场的同时，寻求具有合理的基本面和估值的债券。
English to Chinese: 五个妙招助您稳获管理层职位 General field: Other Detailed field: Human Resources
Source text - English 5 CV tips to secure an executive-level position
There is no room for mediocrity at the top, and this starts with your CV. Given that the competition at executive level is so steep, it’s essential that you consider your CV as a representation of your personal brand, rather than just a list of skills and employment history.
Here, Executive Search Manager Roger Holterman provides his advice for executive-level professionals, based on common mistakes he has seen at this level.
Often when I get an executive-level CV across my desk, it doesn’t do the professional’s career and achievements justice. At this level, it is not about listing your experience, but quantifying your results to highlight the value you can bring to an organisation. Executive-level professionals are measured on completely different criteria, and your CV needs to match this.
1. Generalists don’t make the grade: The mistake – a standard CV format of just listing your experience. It may sound like common sense, but I’m often surprised by the fact that key achievements have not been articulated in a concise and thoughtful way. Follow a ‘challenge–actions– results’ framework and quantify your accomplishments in numbers wherever possible.
2. Forget the objective statement: The mistake – outlining your career objectives. I often see objective statements on executive CVs. At executive level, hiring managers are more concerned about what you will do for them, so don’t waste the prime real estate on your CV. Instead, include a brief overview of yourself and your top three accomplishments that highlight your talent. You generally only have about 10 seconds to their capture attention.
3. Keep it brief: The mistake – long-winded CVs outlining your entire career. You would think that the more experience you have, the longer your CV should be, right? Not the case, your CV should only highlight your last 10-15 years’ experience and focus on what you achieved for the business. The trick and challenge is to provide a snapshot of your talent. It’s not about the number of years’ experience or a list of job duties; it’s about selling your success story and highlighting your value.
4. The Blackberry effect: The mistake – essay style CVs. More and more hiring decision-makers review CVs on their smart phones or similar device. Produce a document that will capture and hold their attention. It may sound simple, but the way to do this is to use dot points, clear concise statements, easy-to-see results and plenty of white space.
5. The cover letter: The mistake – not using your cover letter to its full ability. If you decide to use one, your cover letter should provide additional branding value and articulate the unsurpassed level of experience you bring to the table. Making your CV concise is imperative, so your cover letter gives you the opportunity to provide more context and details around your achievements.
Translation - Chinese 五个妙招助您稳获管理层职位
高层岗位容不下平庸之辈，竞争从您的简历开始。鉴于管理层的岗位竞争异常激烈，所以请务必用您的简历来打出您的个人品牌，而非简单的罗列技能和工作经验。
English to Chinese: 观点：中国品牌如何走进国际消费者心中？ General field: Marketing Detailed field: Advertising / Public Relations
Source text - English The path to global acceptance for Chinese brands
brandz china xiaomi zte "millward brown" "doreen wang" Lenovo
What will it take for a Chinese brand to be accepted by global consumers? Doreen Wang, global director of Millward Brown's BrandZ describes the path from manufacturer to marketer.
Two brands in the BrandZ ranking of China’s most valuable brands derived over half their revenue from overseas in 2014: technology company Lenovo (62 per cent) and ZTE, which makes telecom equipment (53 per cent). A look at the ranking over the five years since it launched clearly shows Chinese brands’ growing global presence. Lenovo, for instance, has increased the proportion of revenue it gains from abroad by 10 per cent since 2011.
ZTE has successfully met the evolving communication needs of consumers worldwide. In the last year it drove sales by developing its mobile internet and cloud-computing capabilities, including a cloud radio technology that facilitates clear signal transmission to mobile devices. The brand has a stronger focus on innovation than many competitors—over one third of the workforce is made up of R&D specialists.
A series of savvy acquisitions has enabled Lenovo to expand onto the world stage, growing sales across PCs, tablets and smartphones through 2014. Acquiring Motorola Mobility, for instance, positions it to become a contender in smartphones the way it became a leader in PCs after purchasing IBM’s PC division.
Both brands have succeeded overseas by bridging the gap between how consumers perceive Chinese brands and how they view successful global brands. They have a profound understanding of consumers’ needs and desires, and meet them by leveraging their decades of production experience to make and market quality, value-added products under their own brand names.
The challenge facing other Chinese brands with global ambitions is to establish themselves as more than just manufacturers for western brands, or ‘hot stocks’ like Alibaba—which entered this year’s BrandZ Top 100 ranking at No. 2 after its record-breaking $25 billion IPO on the New York Stock Exchange.
Close the confidence gap
The out-of-date view of Chinese brands as makers of low-price, low-quality goods has not yet caught up with the reality of Brand China. Only 32 per cent of overseas consumers say they have faith in products that were ‘Made in China’. Chinese brands need to change global perceptions of quality and reliability to increase trust. This will take time, and must begin with understanding the perception gap, then closing it with clever marketing that clearly communicates the reality.
Home appliance brand Haier, which derives 11 per cent of its revenue from overseas, actively participates in the development of international quality and standards, and designs products that surpass them—emphasising the resulting reliability and efficiency through its marketing.
Move up the value chain
Brands that previously leveraged low cost as a point of differentiation need to move toward the high end of the value chain if they are to succeed globally, and align their marketing to reflect and reinforce their new positioning. Jewellery retailer Lao Feng Xiang for example, which grew its brand value 10 per cent in 2014, has made a bold effort to move upscale by opening a flagship store on New York’s Fifth Avenue.
Gain competitive advantage with creativity
BrandZ research shows that China’s technology brands are considered ‘creative’ by consumers—not a characteristic normally associated with Chinese brands. This helps them compete with global technology leaders in terms of brand value. Tencent, for instance, is the fifth most valuable technology brand in the world, after Google, Apple, IBM and Microsoft, and gets 7 per cent of its revenue from abroad.
The smartphone brand Xiaomi has successfully repositioned itself from ‘the poor man’s iPhone’ to an exciting, disruptive technology brand. Its innovative business model to crowdsource improvements for the product interface of its handsets has built an engaged and loyal base of fans. Some overseas users even translate Xiaomi software into local languages.
What’s most important is that innovations are meaningful and relevant. Chinese marketers must have a good understanding of overseas consumers, then innovate and localize to meet their needs.
Tell a powerful story about Brand China
By playing on China’s unique cultural and social identity in their marketing, brands can offer meaningful and appealing points of differentiation. Being seen as different in a positive way is a key component of a strong, growing brand.
Banking and insurance companies could emphasise Chinese values such as diligence and integrity, for instance. Fashion and apparel brands can tell a story of China’s creativity and diversity, using designs and local crafts. Leading casual apparel brand Metersbonwe gives customers unique Chinese cultural experiences by applying different themes to stores around China, a strategy it plans to extend to its overseas stores.
For decades, consumers have bought products made in China and branded in the west. But as Chinese brands continue to innovate and produce high-quality offerings, the image of ‘me-too China’ is no longer relevant. If brands want to be accepted, valued and desired in global markets as consumer brands, and earn recognition and profit as a result of their brand-building efforts, they need to consistently live up to and promote the reality.
Doreen Wang is global head of BrandZ with Millward Brown
Doreen Wang
Translation - Chinese 观点：中国品牌如何走进国际消费者心中？
在BrandZ中国最具价值品牌榜单上，有两个品牌2014年的营业额半数以上来自海外市场：技术巨头联想（62%）与电信设备制造商中兴（ZTE）（53%）。回顾此榜单自发起之日开始五年来的变化，我们看到了中国品牌与日俱增的国际化水平。比如，联想的海外营业额占比就比2011年提高了10%。
With more than 8 years of experience in translation/interpretation, I am now working for one the world's leading language providers - CLS Communication, which recently have become a subsidiary of Lionbridge (external partner of Microsoft).
Throughout my career, I have been immersing myself in such industries/fields as finance, fashion, advertisement, patent, etc and can provide reliable and highly qualified translation works.
I have also received specific training in interpretation and have passed the Advanced-Level English Interpretation Accreditation Examination by relevant Authorities in Shanghai, China. I've been interpreter for a fashion school for more than 3 years.
Keywords: chinese, finance, art, advertisement, human resource, literature
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