Trading Glossary

Take a look at our list of the financial terms associated with trading and the markets.
Zambia Kwacha

Zambia's currency in circulation, code named ZMW. It was issued in 1968 to replace the Zambian pound. With inflation problems creating and making numerical calculations inconvenient, Zambia officially decided to issue a new Kwacha in 2013, with the new currency launched on 1 January and co-circulating with the old Kwacha until 30 June.  

Zero Coupon Bond

Bonds that do not pay interest during the bondholder's period are issued at a discounted price and redeemed by the issuer at par on the maturity date. For example, a 10-year zero-coupon bond with a face value of 100 yuan, after discounting according to the market interest rate at the time of issuance, the bondholder buys it for 70 yuan, and after holding the bond until maturity, it can obtain 100 yuan. 

Zero Interest Rate Policy

A situation in which a country's central bank uses monetary policy to set interest rates that would be close to zero. The policy itself is seen as an unconventional monetary policy tool. It is primarily used to deal with slow economic growth, deflation, and deleveraging. 

Zero Lower Bound

When the central bank's policy nominal interest rate falls to 0% or approaches 0%, the central bank is theoretically unable to cut the interest rate further to negative interest rates, which will lead to a liquidity trap and limit the central bank's ability to stimulate economic growth.  

ZEW Economic Expectations

More than 300 professionals from banks, insurance companies, and industry-specific finance departments are interviewed by the Center for European Economic Research (ZEW) to evaluate five items over six months, including inflation, interest rates, exchange rates, stock markets and oil prices, which reflect the ratio of analysts' optimism to pessimism about market forecasts. If the index is greater than 0, it indicates that the market is generally optimistic; An index less than 0 indicates that the market is generally pessimistic. 

ZEW Financial Market Survey

ZEW translates to the Center for European Economic Research. The survey measures the institutional investor sentiment, reflecting the difference between the share of investors that are optimistic and the share of analysts that are pessimistic. The results of the survey are known as the ZEW Economic Sentiment Index.  

Zimbabwe Zimbabwean Dollars

The Zimbabwean dollar is the legal tender of Zimbabwe between 1980 and 2009. Each dollar is divided into 100 cents, and its symbol is abbreviated as "$" or "Z$". On April 12, 2009, the Zimbabwean government decided to officially suspend the use of Zimbabwean dollars. The Zimbabwean dollar has ceased to circulate in the market, and people have replaced it with currencies such as south African rand, Botswana pula, the US dollar and the euro.  


Refers to enterprises that have lost the ability to develop themselves and must rely on government subsidies or bank renewals to survive. Although these enterprises do not produce benefits, they still occupy land, capital, labor and other factor resources, which seriously hinders the growth of new kinetic energy such as new technologies and new industries. Zombie enterprises are contagious, and if a healthy enterprise is allowed to merge zombie enterprises, it may cause healthy enterprises to be dragged down and thus become zombie enterprises.