Chapter 6 Foreign Exchange Rate, Offer &
Chapter six policies toward the__ foreign exchange market
FIXED EXCHANGE RATE: when and how to change the fixed rate?
Important note: The polar cases of a clean float and a permanently fixed exchange rate are useful in order to contrast the implications of a country’s choice of exchange rate policy. But we must remember the fact that there is more of a continuum in which the country permits more or less flexibility in the movements of the exchange rate value of the country’s currency. A floating rate arrangement does not necessarily allow more flexibility in the exchange rate than a pegged rate arrangement does.
Two aspects: rate flexibility and restrictions on use
Government policies toward the exchange rate are categorized according to the flexibility of the exchange rate. One polar case is floating rate, the other polar case is fixed rate. Government policies toward the use of the foreign exchange market can be very restrictive and not restrictive at all. ( This type of policy is related to the problem of currency convertibility and the problem of exchange control. Note the following concepts: fully convertible, convertible for current account transactions, capital control, exchange control.)
7-Chapter 6 Exchang-Rate Systems 精简版
汇率制度
Contents
Unit 1 Fixed Exchange-Rate System 固定汇率制
Exchange-Rate Practices
国际货 币制度 的发展
布雷顿 森林体 系
国际金 本位制
固定汇率制
牙买加 体系
浮动汇率制
2. Anchoring to a single currency 盯住单一货币 Developing nations whose trade and financial relations are mainly with a single industrial-country partner.（主要的贸易伙伴国只有一个）
Exchange-Rate Practices
（1）黄金充当国际货币制度的基础。 在各国国内实行的金铸币本位制的基础之上，黄金是国际货 币制度的基础，这主要表现在： A． 金币可以自由铸造、自由兑换、黄金可以自由进出口； B． 储备货币使用黄金，并以黄金作为国际结算工具，因此 各国的国际收支可以用黄金的输出入自动平衡。 （2）各国货币间的汇率由各自货币的含金量决定，从而形 成了极其严格的固定汇率制。 金铸币本位条件下金币和黄金的自由输出入，使得外汇市场 上汇率的波动始终维持在黄金输送点（即金平价和黄金运输费用 之和）之内。
Devaluation & Revaluation Depreciation & Appreciation
Legal redefinition of a currency’s par value under a system of fixed exchange rates
Actual impact on the market exchange rate caused by a redefinition of a par value Changes in an exchange rate Changes in the supply of or demand for foreign exchange
国际商务函电第6单元答案chapter6
[1]Form the importer’s point of view(1)Deposit a margin in the bank as a security money(2)Obtain shipping documents representing the title of the good after he makes payment(3)Stipulate any required terms in the credit to reduce risks[2]From the exporter’s point of view(1)Receive payment against the shipping documents(2)When shipping the goods, no worry about difficulties in foreign exchange transfer1’Name and address of the issuing bank2’type of the credit. Every credit must indicate whetherit is revocable or irrevocable.Whether it is a transferable credit or a confirmed credit must also be indicated in the credit.3’Name and address of the beneficiary.4’Amount of the credit and its currency.5’Expiry date of the credit and its place to be expire6’ Namearid address of the applicant.7’L/C number and date of issue.8’Drawer and draweeas well astenor of the draft. The drawer is always the beneficiary: the drawee may be the issuing bank or any other bank.9’ Full details of the foods, including description, quantity, unit price, specification, price terms, packing, shipping mark, etc.10’ Full details of the documents to be presented: bill of exchange, commercial invoice, marine bill of lading(11)Partial shipment permitted/not permitted.(2) Transshipment allowed/not allowed.(I3} Port of shipment and port of discharge14) Latest date for shipment, and the latest date for presentation of documents.15’Instructions to the advising bank, negotiating bank or paying bank.(16) Other special terms and conditions.(17) The undertaking clause of the issuing bank.(18} The indication "This credit is subject to UCP600".。
金融英语第六章答案
金融英语第六章答案Chapter 6The Foreign Exchange MarketExercisesⅠ. Answer the following questions in English.1. How many common methods to express a foreign exchange rate?Answer:There are two common methods to express a foreign exchange rate.2. What is usefulness of settling account?Answer:Business people will pay and recieive different currencies.Therefore, they must convert the currencies that they received into the currencies thatthey could buy commodities.3. How does stop order work?Answer: Stop orders can be used to enter the market on momentuma or to limit the potential loss of a position.4. What do you think about single currency system? Is it possible to establishsingle currency system in the world now?Answer：I think a single currency system，it means no foreign exchange market，no foreign exchange rates，no foreign exchange．It is no possible to establish single currency system in the world now. Because in our world of mainly national currencies，the foreign exchange market plays the indispensable role of providing the essential machinery for making payments across borders，transferring funds and purchasing powerfrom one currency to another，and determining thatsingularly important price，the exchange rate．5. What is limit order?Answer: A limit is an order to buy or sell a currency at a specified price or better.6. How to make money for many traders through foreign exchange market?Answer：(一)You should have trading currencies with a strategy.(1) Currency Trading is Only For Part of Your Investment Money(2)You Must Limit Your Losses in Currency Trading(3)Know the Trends of the Foreign Currency Market Before Trading（二）Decide What Type of Currency Trader You Will be.(1)Trade currendes in multiple lots(2)Lose the urge to trade currencies every day(3)Stick to your trading planⅡ.Fill in the each blank with an appropriate word or expression.l. The currency trader should also decide the time __frame__ that he will be using to trade in order to determine which trend will be the most important. 2. The bid is the price at which dealers are willing to __buy__ dollars (basecurrency) in terms of yen (quote currency) and users of our trading platform can __sell__ dollars in terms of yen.3. The order remains active until the end of the trading day (5:00 PM EST),unless it is __executed__ or canceled by the trader.4. A GTC order remains active until it is canceled by the currency trader or untilthe order is executed. It is the __trade’s__ responsibility to __cancel__ aGTC order.5. The Foreign Exchange Market is where the majority of buying and selling ofworld __currencies__ takes place.6. When placing a limit order, the trader also specifies the__duration__ for whichthe order is to remain active while it is not executed.Ⅲ.Translate the following sentences into English.1.外汇交易市场，也称为“Forex”或“FX”市场，是世界上最大的金融市场，平均每天超过1兆美元的资金在当中周转——相当于美国所有证券市场交易额总和的30倍。
外贸英语函电.Chapter6PPT课件
goodwill
Begin with a buffer Explain why the refusal
has to be made State the refusal Close positively
e.g.
1.Obviously, if you’d read your policy carefully, you’d be able to answer these questions yourself. Sometimes policy wording is a little hard to understand. I’m glad to clear up these questions for you.
e.g…
3.If you will take the machine to the authorized service center in your area, I am confident they can correct the defect at reasonable charge.
4.If I can be of additional service, please contact me.
Acknowledgment
Black & White Inc. P.O. Box 6789-098-B
We thank you for your order No._______ for _______
Because ______o_u_r__s_u_p_p_l_y_o_f__ra_w___m_a_t_e_r_ia_l_s_h_a_s__b_e_e_n_________ ______c_o_m__m__it_t_e_d_t_o_o__th_e_r__o_r_d_e_r_s _f_o_r _m__o_n_t_h_s_i_n______ ______a_d_v_a_n__c_e_, ___________________________, We are unable to accept your order at this time.
外贸英语函电Chapter 6
Task 10 Making Enquiries
• 14.list price 定价, 价目表所列的价格 • 搭配: price list 价目表 • 15.terms of payment 支付条件 • 16.bill of exchange 汇票 • 17.document against payment 付款交单 • 18.meet vt.满足 • We are sorry that we won't be able to meet your order this time
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Task 10 Making Enquiries
• If your price is favorable, we expect to place an order with you upon receipt of your sample.
• We trust you will give this enquiry your prompt and careful attention and look forward to your early reply.
because we have already been heavily committed. • 很抱歉！ 我们的承约量很大, 所以这次无法接受你方的订单。
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Task 10 Making Enquiries
• 19.at a time 一次, 每次 • Email 2: A Specific Enquiry by an Old Customer • Dear Lily, • Thank you very much for your email of Sept.28 together with
国际金融(英文版第二版)Chapter 6 The Foreign Exchange Market
The forward foreign exchange market
Forward
quotes
Discounts and premiums
When we looked at interest parity we established the relationship between the spot and forward exchange rates and the interest rate differential. Conventions in forward quotations There are basically two methods of expressing forward exchange rate. The first method is to quote the rate “outright” and is similar to spot quotes. The second method presents the forward rate as a discount or premium on the spot rate and is called the swap rate.
Fund transfers through clearing house
CHIPS
(Clearing House Interbank Payments System) is a computerized network for international transfers of dollar funds that links depository institutions with offices in New York City.
6.2 Mechanics of the foreign exchange market
5.foreign exchange rate 金融英语
Rate of exchange
➢ The rate of exchange is the ratio by which one currency is expressed用…表示 in terms of换言之 another, or, in other words, the number of units of one currency that can be expressed for units of another currency.
➢ 外汇市场不是一个具体的场所,而是一个连 接全世界各大银行的电话和电传网.
➢ Forms of exchange rate ➢ (1)For the banking systems: ➢ Buying rate selling rate middle rate ➢ (2)decisions of the government ➢ Basic rate 基础汇率 ➢ Cross rate 套算汇率 ➢ For times ➢ Spot exchange rate即期汇率 ➢ Forward exchange rate 远期汇率
➢ 美元是当前最重要的国际货币，总的看来，大 约有2/3的国际贸易交易用美元结算的。
➢ 只要外汇汇率依然浮动，便存在着汇率和 利率变动的风险。
➢ So long as foreign exchange rates fluctuate there must exist risks come from variations变化 of foreign exchange rates and interest rates.
国际金融第6章the foreign exchange market课件
2021/6/29
• 在签订合同时，3个月远期汇率$ 1=¥120 • 进口成本可固定为500万/120=41666美圆 • 结论：利用远期外汇交易套期保值可以：
①固定成本或收益②避免汇率波动带来的 风险
2021/6/29
投机Speculation
• 预测某外汇汇率上升，先买入该种货币远
圆=142日圆，则可赚取1000万日圆。
• 情况二：到交割日即期美圆汇率下浮至1美
圆=122日圆，则损失1000万日圆。
2021/6/29
3.3 套汇交易 (arbitrage)
（一）地点套汇space arbitrage(P330) 直接套汇（两地套汇） 间接套汇（三角套汇）
2021/6/29
1、直接套汇举例：设伦敦和纽约 同时出现如下行情：
日圆计价支付，3个月后结算。签订合同时即期汇 率为$ 1=¥125
• (情况一)3个月后汇率不变仍为$ 1=¥125，进口商
需支付4万美圆（500／125）
• (情况一)3个月后美圆贬值， 为$ 1=¥110，进口
商需支付4.5454万美圆（500／110）
• (情况一)3个月后美圆贬值， 为$ 1=¥130，进口
2021/6/29
外汇市场 套汇 零售汇率
银行间批
银行间交易 增值 贬值 套期保值
Key terms
• Speculation
投机
• Space arbitrage
地点套汇
• Time arbitrage
时间套汇
• Interest arbitrage
利息套汇
• Spot against forward
International Economics 国际经济学 Chpt 6
The foreign exchange market is a worldwide decentralized over-the-counter financial market for the trading of currencies. It is the largest and most liquid financial market in the world.
6.1 Balance of Payments
The capital and financial account (KA) reflects net change in national ownership of assets.
The capital account capital transfers
trade balance exports
of goods and services minus imports of goods and
services current account balance capital and financial account balance overall BP balance the current account plus the capital and financial account except for reserve assets Most frequently, when we mention an imbalance in the BP, we actually refer to the current account balance.
6.3 Exchange Rate System
6.1 Balance of Payments
外贸英语函电chaptersix
and accurately
02
The Basic Elements of Foreign Trade English
Response
Letterhead
Common honorifics include "Yours Sincerely," "Best rewards," and so on.
Autograph
The sender's signature is used to indicate which specific person wrote the letter.
Contains information such as company name, address, phone number, email address, and website to indicate which company the letter comes from.
Usually located at the top of the letter, with a larger font for easy reading.
Usually located below the honorific, opposite the sender's address.
03
Writing Skills for Foreign Trade English
Response
Language accuracy and professionalism
Foreign Trade English
国际贸易Chapter 6
3 Commission and Discount
1. Commission 1) The implication of commission Commission is the remuneration paid by the principal to the agent in recompensing the latter for his sales work or service rendered for the former. E.g USD 200 per metric ton CIFC3 London USD 200 per metric ton CIF London, including 3% commission
3 Commission and Discount
2) The calculation of discount Discount=Amount X Discount Rate Price less discount = Price X (1 – Discount rate)
4 The Price Calculation of Export
4 The Price Calculation of Export
4) From FOB price to CFR price CFR price = FOB price + F 5) From CFR to FOB price FOB price = CFR price – F 6) From CFR price to CIF price CIF price = CFR price/(1-Insurance Rate X (1+ Percentage of Additional)
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A
货币名称
现汇买入价
现钞买入价
卖出价
基准价
中行折算价
发布日期
英镑
1059.95
1027.22
1068.46
1071.07
1071.07
2010-11-10
港币
85.53
84.85
85.86
85.89
85.89
2010-11-10
美元
663.07
657.76
665.73
665.8
665.8
2010-11-10
Chapter 6 Foreign Exchange Rate, Offer & Acceptance
Objectives:
After reading this chapter, you will understand: foreign exchange foreign exchange rate direct and indirect quotations floating exchange rate and international trade definite offer and indefinite offer principles of pricing counter offer acceptance
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LOGO
II. The principle of setting prices
1.How to work out an offer Setting prices is certainly the important terms in the contract. The cost must be calculate accurately. When setting the price, the exporters shall take into account the following costs:
113
109.51
113.91
114.44
2010-11-10
日元
8.0927
7.8429
8.1577
8.1985
8.1985
2010-11-10 Your site here
Exchange Rate 2010-11-10 B
货币名称 现汇买入价 现钞买入价 卖出价 基准价 中行折算价 发布日期
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1)In export business，the exporter generally tries to have hard currency as the evaluation and the payment currency. 2)The importer generally tries to use soft currency．Hard currency is the one that tends to appreciate while soft currency is the one that tends to depreciate．
菲律宾比索
15.34
14.87
15.47
15.5
2010-11-10
泰国铢
22.36
21.67
22.54
22.44
2010-11-10
新西兰元
513.31
517.44
524.6
2010-11-10
韩国元
0.5741
0.6226
0.601
2010-11-10
卢布
21.49
21.66
21.64
2010-11-10
When the exchange rate rises , it means that foreign exchange rate is higher and the home currency is less valuable than before.
Exchange Rate 2010-11-10
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Indirect quotation Indirect quotation is the foreign currency price of one unit of home currency.
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Exchange Rate 2010-11-10
加拿大元
657.37
637.08
662.65
664.08
2010-11-10
澳大利亚元
665.22
644.68
670.56
674.4
2010-11-10
欧67 82.31
918.1 83.32
922.77
922.77 83.39
2010-11-10 2010-11-10
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5. Payment currency
Payment currency is an important part of a sales contract．Usually there is quite a long time between the conclusion of a Sales Contract and settlement of the payment. During this time, the payment currency may depreciate or appreciate in the international trade． In international trade，the payment currency should first of all be convertible currency．To prevent exchange risks，the exporter can adopt some ways in determining the evaluation currency and the payment currency．
瑞士法郎
683.02
661.93
688.5
689.82
2010-11-10
新加坡元
513.28
497.43
517.4
517.59
2010-11-10
瑞典克朗
97.85
94.82
98.63
99.36
2010-11-10
丹麦克朗
122.21
118.44
123.19
124.16
2010-11-10
挪威克朗
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2012-11-26
币种 单位 (USD)100 (HKD)100 (EUR)100 (GBP)100 (JPY)100
中间价 现汇买入价 现钞买入价 622.40 621.16 616.18 80.31 80.15 79.59 806.44 803.21 777.81 996.40 992.41 961.03 7.59 7.56 7.32
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1）production cost or purchasing cost of the goods 2) quality and quantity of the goods 3) costs of packing 4) market demand and competition
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2. Foreign exchange rate
Foreign exchange rate means the price relationship between the currencies of two countries or the price of one currency in terms of the other.
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3. Direct and indirect quotation
Direct quotation Direct quotation is the home currency price of one unit of foreign currency. Most countries in the world use direct quotation.
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3)If soft currency is used in export and hard currency is USD in import，we should try to raise the price for exported goods and reduce the price in import so as to offset the possible depreciation or appreciation of the currency used． 4)To use both soft currency and hard currency．That is the payment to be made partially in soft currency and partially in hard currency．
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5) inland transportation or inland delivery 6) commodity inspection 7) export license and formalities 8) warehousing expenses 9) ocean freight or insurance premiums 10) profit margin 11)foreign exchange rate
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Most international trade is conducted in US dollars. The fluctuation of exchange rate do affect the cost of import and export products. For example, the exporter of Chinese companies will lose money if RMB appreciates. On the other hand, the importer of Chinese companies will pay less if RMB appreciates.