申論題

1. Please translate the followings into Chinese (10%), and then provide specific explanations for the three bolded and underlined parts (15%):
        Monetary policy operates via asset prices and the financial conditions faced by borrowers and lenders, which in turn are key determinants of the cost of capital, households ' wealth, the balance sheet offirms and fnancial intermediaries, and the strength of the currency. In general, it operates by: (1) setting short-term nominal rates； (2) managing expectations using a range of communication tools; (3) providing liquidity to financial intermediaries and financial markets in case their stability is threatened by non-fundamental stress or panic; (4) adopting regulatory/supervisory measures when in charge; and (5) carrying foreign exchange interventions when in charge.