Topic 13 (Influence of Exchange Rate Fluctuations)
大学英语作文题目大全
大学英语作文题目大全1. The Impact of Social Media on College Students社交媒体对大学生的影响2. The Role of Technology in Modern Education技术在现代教育中的作用3. The Importance of Environmental Conservation环境保护的重要性4. Challenges and Opportunities of Online Learning在线学习的挑战与机遇5. The Influence of Pop Culture on Youth流行文化对青少年的影响6. The Ethics of Genetic Engineering基因工程的伦理问题7. The Benefits of Bilingualism双语的好处8. The Future of Renewable Energy Sources可再生能源的未来9. The Effects of Globalization on Local Cultures全球化对本土文化的影响10. The Role of Public Libraries in the Digital Age数字时代公共图书馆的作用11. The Importance of Physical Fitness in Daily Life日常健身的重要性12. The Impact of Artificial Intelligence on Employment人工智能对就业的影响13. The Role of Volunteering in Community Development志愿服务在社区发展中的作用14. The Challenges of Balancing Work and Personal Life平衡工作与个人生活的挑战15. The Significance of Cultural Exchange Programs文化交流项目的意义16. The Effects of Climate Change on Biodiversity气候变化对生物多样性的影响17. The Importance of Financial Literacy for College Students大学生金融素养的重要性18. The Impact of Urbanization on Rural Communities城市化对农村社区的影响19. The Role of Art in Society艺术在社会中的角色20. The Ethics of Animal Testing in Scientific Research科学研究中动物实验的伦理问题21. The Benefits of Studying Abroad出国留学的好处22. The Impact of E-commerce on Traditional Retail电子商务对传统零售业的影响23. The Role of Education in Achieving Gender Equality教育在实现性别平等方面的作用24. The Importance of Mental Health Awareness心理健康意识的重要性25. The Challenges of Immigration Policy移民政策的挑战这些题目覆盖了社会、文化、科技、环境、教育等多个领域，适合不同水平的大学生进行深入探讨和写作。
关于英语作文的题目大全
关于英语作文的题目大全1. "The Impact of Social Media on Modern Communication"分析社交媒体对当代沟通方式的影响。
2. "The Role of Technology in Education"探讨技术在教育中的作用。
3. "Environmental Conservation: Individual and Corporate Responsibility"讨论环境保护中个人和公司的责任。
4. "The Power of Positive Thinking"阐述积极思考的力量。
5. "The Importance of Cultural Exchange Programs"讨论文化交流项目的重要性。
6. "The Influence of Advertising on Consumer Behavior"分析广告对消费者行为的影响。
7. "The Challenges of Maintaining Work-Life Balance"探讨维持工作与生活平衡的挑战。
8. "The Evolution of Music: From Vinyl to Digital Streaming"讨论音乐的演变，从黑胶唱片到数字流媒体。
9. "The Benefits of Learning a Second Language"讨论学习第二语言的好处。
10. "The Impact of Globalization on Local Cultures"分析全球化对本土文化的影响。
11. "The Role of Volunteering in Community Development"探讨志愿服务在社区发展中的作用。
2020年考研英语一真题
绝密★启用前2020年全国硕士研究生招生考试英语（一）（科目代码：201）☆考生注意事项☆1.答题前，考生须在试题册指定位置上填写考生编号和考生姓名；在答题卡指定位置上填写报考单位、考生姓名和考生编号，并涂写考生编号信息点。
2.考生须把试题册上的“试卷条形码”粘贴条取下，粘贴在答题卡的“试卷条形码粘贴位置”框中。
不按规定粘贴条形码而影响评卷结果的，责任由考生自负。
3.选择题的答案必须涂写在答题卡相应题号的选项上，非选择题的答案必须书写在答题卡指定位置的边框区域内。
超出答题区域书写的答案无效；在草稿纸、试题册上答题无效。
4.填（书）写部分必须使用黑色字迹签字笔书写，字迹工整、笔迹清楚；涂写部分必须使用2B铅笔填涂。
5.考试结束，将答题卡和试题册按规定交回。
（以下信息考生必须认真填写）考生编号考生姓名SectionⅠUse of EnglishDirections:Read the following text.Choose the best word(s)for each numbered blank and mark A,B,C or D on the ANSWER SHEET.(10points)Even if families don’t sit down to eat together as frequently as before,millions of Britons will nonetheless have got a share this weekend of one of that nation’s great traditions:the Sunday roast.1a cold winter’s day,few culinary pleasures can 2it.Yet as we report now,the food police are determined that this3should be rendered yet another guilty pleasure4to damage our health.The Food Standards Authority(FSA)has5a public warning about the risks of a compound called acrylamide that forms in some foods cooked6high temperatures.This means that people should7crisping their roast potatoes,reject thin-crust pizzas and only8toast their bread.But where is the evidence to support such alarmist advice?9studies have shown that acrylamide can cause neurological damage in mice,there is no10evidence that it causes cancer in humans.Scientists say the compound is11to cause cancer but have no hard scientific proof12the precautionary principle,it could be argued that it is13to follow the FSA advice.14,it was rumoured that smoking caused cancer for years before the evidence was found to prove a15.Doubtless a piece of boiled beef can always be16up on Sunday alongside some steamed vegetables,without the Yorkshire pudding and no wine.But would life be worth living?17,the FSA says it is not telling people to cut out roast foods18,but to reduce their lifetime intake.However,their19risks coming a cross as being pushy and overprotective.Constant health scares just20with one listening.1.[A]In[B]Towards[C]On[D]Till2.[A]match[B]express[C]satisfy[D]influence3.[A]patience[B]enjoyment[C]surprise[D]concern4.[A]intensified[B]privileged[C]compelled[D]guaranteed5.[A]issued[B]received[C]ignored[D]cancelled6.[A]under[B]at[C]for[D]by7.[A]forget[B]regret[C]finish[D]avoid8.[A]partially[B]regularly[C]easily[D]initially9.[A]Unless[B]Since[C]If[D]While10.[A]secondary[B]external[C]conclusive[D]negative11.[A]insufficient[B]bound[C]likely[D]slow12.[A]On the basis of[B]At the cost of[C]In addition to[D]In contrast to13.[A]interesting[B]advisable[C]urgent[D]fortunate14.[A]As usual[B]In particular[C]By definition[D]After all15.[A]resemblance[B]combination[C]connection[D]pattern16.[A]made[B]served[C]saved[D]used17.[A]To be fair[B]For instance[C]To be brief[D]In general18.[A]reluctantly[B]entirely[C]gradually[D]carefully19.[A]promise[B]experience[C]campaign[D]competition20.[A]follow up[B]pick up[C]open up[D]end upSectionⅡReading ComprehensionPart A Directions:Read the following four texts.Answer the questions after each text by choosing A,B, C or D.Mark your answers on the ANSWER SHEET.(40points)Text 1A group of Labour MPs, among them Yvette Cooper, are bringing in the new y ear with a call to institute a UK "town of culture" award. The proposal is that itshould sit alongside the existing city of culture title, which was held b y Hull in 2017, and has been awarded to Coventry for 2021. Cooper and her colleagues argue that the success of the crown for Hull, where it brought in位20m of investment and an avalanche of arts, ought not to be confined to cities. Britain's towns, it is true, are not prevented from appl y ing, but the y generall y lack the resources to put together a bid to beat their bigger competitors. A town of culture award could, it is argued, become an annual event, attracting funding and creating jobs.Some might see the proposal as a boob y prize for the fact that Britain 1s no longer able to appl y for the much more prestigious title of European capital of culture, a sought-after award bagged b y Glasgow in 1990 and Liverpool in 2008. A c y nic might speculate that the UK is on the verge of disappearing into an endless fever of self-celebration in its desperation to reinvent itself for the post-Brexit world: after town of culture, who knows what will follow-village of culture? Suburb of culture? Hamlet of culture?It is also wise to recall that such titles are not a cure-all. A badl y run "y ear of culture" washes in and washes out of a place like the tide, bringing prominence for a spell but leaving no lasting benefits to the community. The reall y successful holders of such titles are those that do a great deal more than fill hotel bedrooms and bring in high-profile arts events and good press for a y ear. The y transform the aspirations of the people who live there; the y nudge the self-image of the cit y into a bolder and more optimistic light. It is hard to get right, and requires a remarkable degree of vision, as well as cooperation between city authorities, the private sector, communit y groups and cultural organisations. But it can be done: Glasgow's y ear as European capital of culture can certainl y be seen as one of a complex series of factors that have turned the cit y into the powerhouse of art, music and theatre that it remains toda y.A "town of culture" could be not just about the arts but about honouring a town's peculiarities—helping sustain its high street, supporting local facilities and above all celebrating its people. Jerem y Wright, the culture secretary, should welcome this positive, hope-filled proposal, and turn it into action.21. Cooper and her colleagues argue that a "town of culture" award could[A] consolidate the town-cit y ties in Britain.[BJ promote cooperation-among Britain's towns.[CJ increase the economic strength of Britain's towns.[DJ focus Britain's limited resources on cultural events.22. According to Paragraph 2, the proposal might be regarded b y some as[A] a sensible compromise.[BJ a self-deceiving attempt.[CJ an e y e-catching bonus.[DJ an inaccessible target.23. The author suggests that a title holder is successful onl y if it[A] endeavours to maintain its image.[B] meets the aspiration of its people.[C] brings its local arts to prominence.[DJ commits to its long-term growth.24. Glasgow is mentioned in Paragraph 3 to present[A] a contrasting case.[B] a supporting example.[C] a background story.[D] a related topic.25. What is the author's attitude towards the proposal?[A] Skeptical.[B] Objective.[C] Favourable.[D] Critical.Text2Scientific publishing has long been a licence to print mone y. Scientists need journals in which to publish their research, so the y will suppl y the articles without monetary reward. Other scientists perform the specialised work of peer review also for free, because it is a central element in the acquisition of status and the production of scientific knowledge.With the content of papers secured for free, the publisher needs onl y find a market for its journal. Until this century, university libraries were not very price sensitive. Scientific publishers routinel y report profit margins approaching 40% on their operations at a time when the rest of the publishing industry is in an existential crisis.The Dutch giant Elsevier, which claims to publish 25% of the scientific papers produced in the world, made profits of more than砂OOm last y ear, while UK universities alone spent more than£210m in 2016 to enable researchers to access their own publicl y funded research; both figures seem to rise unstoppabl y despite increasingl y desperate efforts to change them.The most drastic, an thoroughl y illegal, reaction has been the emergence of Sci-Hub, a kind of global photocopier for scientific papers, set up in 2012, which now claims to offer access to every paywalled article published since 2015. The success of Sci-Hub, which relies on researchers passing on copies the y have themselves legall y accessed, shows the legal ecos y stem has lost legitimac y among its users and must be transformed so that it works for all participants.In Britain the move towards open access publishing has been driven b y funding bodies. In some wa y s it has been very successful. More than half of all British scientific research is now published under open access terms: either freel y available from the moment of publication, or paywalled for a y ear or more so that the publishers can make a profit before being placed on general release.Yet the new s y stem has not y et worked out an y cheaper for the universities. Publishers have responded to the demand that the y make their product free to readers b y charging their w门ters fees to cover the costs of prep ring an article. These range from around眨00to $5,000, and apparentl y the work gets more expensive the more that publishers do it. A report last y ear pointed out that the costs both of subscriptions and of these "article preparation costs" had been steadil y rising at a rate above inflation.In some wa y s the scientific publishing model resembles the econom y of the social internet: labour is provided free in exchange for the hope of status, while huge profits are made b y a few big伍ms who run the market places. In both cases, we need a rebalancing of power.26. Scientific publishing is seen as "a licence to print money" partly because[A] its funding has enjoyed a steady increase.[B] its marketing strategy has been successful.[C] its payment for peer review is reduced.[D] its content acquisition costs nothing.27. According to Paragraphs 2 and 3, scientific publishers Elsevier have[A] thrived mainly on university libraries.[B] gone through an existential crisis.[C] revived the publishing industry.[D] financed researchers generously.28. How does the author feel about the success of Sci-Hub?[A] Relieved.[B] Puzzled.[C] Concerned.[D] Encouraged.29. It can be learned from Paragraphs 5 and 6 that open access terms[A] allow publishers some room to make money.[B] render publishing much easier for scientists.[C] reduce the cost of publication substantially.[D] free universities from financial burdens.30. Which of the following characterizes the scientific publishing model?[A] Trial subscription is offered.[B] Labour triumphs over status.[C] Costs are well controlled.[D] The few feed on the many.Text3Progressives often support diversity mandates as a path to equality and a wa y to level the pla y ing field. But all too often such policies are an insincere form of virtue-signaling that benefits onl y the most privileged and does little to help average people.A pair of bills sponsored b y Massachusetts state Senator Jason Lewis and House Speaker Pro Tempore Patricia Haddad, to ensure "gender parity" on boards and commissions, provide a case in point.Haddad and Lewis are concerned that more than half the state-government boards are less than 40 percent female. In order to ensure that elite women have more such opportunities, the y have proposed imposing government quotas. If the bills become law, state boards and commissions will be required to set aside 50 percent of board seats for women b y 2022.The bills are similar to a measure recentl y adopted in Califomia, which last y ear became the first state to require gender quotas for private companies. In signing the measure, California Governor Jerry Brown admitted that the law, which expressl y classifies people on the basis of sex, is probabl y unconstitutional.The US Supreme Court frowns on sex-based classifications unless the y are designed to address an "important" polic y interest, Because the California law applies to all boards, even where there is no history of prior discrimination, courts are likel y to rule that the law violates the constitutional guarantee of "equal protection".But are such government mandates even necessary? Female participation on corporate boards ma y not currentl y mirror the percentage of women in the general population, but so what?The number of women on corporate boards has been steadil y increasing without government interference. According to a study b y Catal y st, between 2010 and 2015 the share of women on the boards of global corporations increased b y 54 percent.Requiring companies to make gender the primary qualification for board membership will inevitabl y lead to less experienced private sector boards. That is exactl y what happened when Norwa y adopted a nationwide corporate gender quota.Writing in The New Republic, Alice Lee notes that increasing the number of opportunities for board membership without increasing the pool of qualified women to serve on such boards has led to a "golden skirt" phenomenon, where the same elite women scoop up multiple seats on a variety of boards.Next time somebod y pushes corporate quotas as a wa y to promote gender equity, remember that such policies are largel y self-serving measures that make their sponsors feelgood but do little to help average women.31. T he author believes that the bills sponsored by Lewis and Haddad will[A] help little to reduce gender bias.[B] pose a threat to the state government.[C] raise women's position in politics.[D] greatly broaden career options.32. Which of the following is true of the Califormia measure?[A] It has irritated private business owners.[B] It is welcomed by the Supreme Court.[C] It may go against the Constitution.[D] It will settle the prior controversies.33. The author mentions the study by Catalyst to illustrate[A] the harm from arbitrary board decision.[B] the i mp ortance of constitutional guarantees.[C] the pressure on women in global corporations.[D] the needlessness of government interventions.34. Norway's adoption of a nationwide corporate gender quota has led to[A] the underestimation of elite women's role.[B] the objection to female participation on boards.[C] the entry of unqualified candidates into the board.[D] the growing tension between labor and management.35. Which of the following can be inferred from the text?[A] Women's need in employment should be considered.[B] Feasibility should be a prime concern in policymaking.[C] Everyone should try hard to promote social justice.[D] Major social issues should be the focus of legislation.Text4Last Thursda y, the French Senate passed a di g ital services tax, which would impose an entirel y new tax on lar g e multinationals that provide di g ital services to consumers or users in France. Di g ital services include everythin g from providin g a platform for sellin g g oods and services online to tar g etin g advertisin g based on user data, and the tax applies to gross revenue from such services. Man y French politicians and media outlets have referred to this as a " GAF A tax," meanin g that it is desi g n ed to appl y primaril y to companies such as Goo g le, Apple, Facebook and Amazon—in other words, multinational tech companies based in the United States.The di g ital services tax now awaits the si g n ature of President Emmanuel Macron, who has expressed support for the measure, and it could g o into effect within the next few weeks. But it has already sparked si g n ificant controvers y, with the United States trade representative openin g an investi g ation into whether the tax discriminates a g ainst American companies, which in tum could lead to trade sanctions a g ainst France.The French tax is not just a unilateral move b y one countr y in need of revenue. Instead, the di g ital services tax is part of a much lar g er trend, with countries over the past few y ears proposin g or puttin g in place an alphabet soup of new international tax provisions. The y have included Britain's DPT. (diverted profits tax), Australia's MAAL (multmat1onal anti-avoidance law), and India's SEP (si g n ificant economic presence) test, to name but a few. At the same time, the European Union, Spain, Britain and several other countries have all seriousl y contemplated di g ital services taxes.These unilateral developments differ in their specifics, but the y are all desi g n ed to tax multinationals on income and revenue that countries believe the y should have a ri g ht to tax, even if international tax rules do not grant them that ri g ht. In other words, the y all share a view that the international tax s y stem has failed to keep up with the current econom y.In response to these man y unilateral measures, the Or g anization for Economic Cooperation and Development (OECD) is currentl y workin g with 131 countries to reach a consensus b y the end of 2020 on an international solution. Both France and the United States are involved in the or g anization's work, but France's di g ital services tax and the American response raise questions about what the future holds for the international tax s y stem.France's planned tax is a clear warnin g: Unless a broad consensus can be reached on reformin g the international tax s y stem, other nations are likel y to follow suit, and American companies will face a cascade of different taxes from dozens of nations that will prove burdensome and costl y.36.The French Senate has passed a bill to[A] regulate digital services platforms.[B] protect French companies" interests.[C] impose a levy on tech multinationals.[D] curb the influence of advertising.37. It can be learned from Paragraph 2 that the digital services tax[A] may trigger countermeasures against France.[B] is apt to arouse criticism at home and abroad.aims to ease mtemat10nal trade tensions.[C][D] will prompt the tech giants to quit France.38. The countries adopting the unilateral measures share the opinion that[A] redistribution of tech giants'revenue must be ensured.[B] the current international tax system needs upgrading.[C] tech multinationals'monopoly should be prevented.[D] all countries ought to enjoy equal taxing rights.39. It can be learned from Paragraph 5 that the O ECD's current work[A] is being resisted by US companies.[B] needs to be readjusted immediately.[C] is faced with uncertain prospects.[D] needs to in involve more countries.40. Which of the following might be the best title for this text?[A] France Is Confronted with Trade Sanctions[B] France leads the charge on Digital Tax[C] France Says" NO" to Tech Multinationals[D] France Demands a Role in the Digital EconomyPartBDirections:Read the following text and answer the questions b y choosing the most suitable subheading from the list A-G for each of the numbered paragraphs (41-45). There are two extra subheadings. Mark y our answers on the ANSWER SHEET. (10 points)[A] E y e fixations are brief[B] Too much e y e contact is instinctivel y felt to be rude[C] E y e contact can be a friendl y social signal[D] Personalit y can affect how a person reacts to e y e contact[E] Biological factors behind e y e contact are being investigated[F] Most people are not comfortable holding e y e contact with strangers[G] E y e contact can also be aggressive.In a social situation, e y e contact with another person can show that y ou are pa y ing attention in a friendl y wa y. But it can also be antagonistic such as when a political candidate turns toward their competitor during a debate and makes e y e contact that signals hostilit y.Here's what hard science reveals about e y e contact: 巳We know that a typical infant will instinctivel y gaze into its mother's e y es, and she will look back. This mutual gaze is a major part of the attachment between mother and child. In adulthood, looking someone else in a pleasant wa y can be a complimentary sign of pa y ing attention. It can catch someone's attention in a crowded room, "E y e contact and smile" can signal availability and confidence, a common-sense notion supported in studies b y ps y chologist Monica Moore.尸Neuroscientist Bonnie Au y eung found that the hormone oxytocin increased the amount of e y e contact from men toward the interviewer during a brief interview when the direction of their gaze was recorded. This was also found in high-functioning men with some autistic spectrum symptoms, who ma y tend to avoid e y e contact. Specificbrain re g ions that respond durin g direct g aze are bein g explored b y other researches, usin g advanced methods of brain scannin g.巳With the use of e y e-trackin g technology, Julia Minson of the Harvard Kenned y School of Government concluded that e y e contact can signal very different kinds of messa g es, dependin g on the situation. While e y e contact may be a sign of connection or trust in friendl y situations, it's more likel y to be associated with dominance or intimidation in adversarial situations. "Whether y ou're a politician or a parent, it mi g ht be helpful to keep in mind that tryin g to maintain e y e contact ma y backfire if ou're tryin g to convince someone who has a different set of beliefs than y ou,"said yMinson.巳When we look at a face or a picture, our e y es pause on one spot at a time, often on the e y es or mouth. These pauses typicall y occur at about three per second, and the e y es then jump to another spot, until several important points in the ima g e are re g istered like a series of snapshots. How the whole ima g e is then assembled and perceived is still a m y stery althou g h it is the subject of current research.巳In people who score hi g h in a test of neuroticism, a personality dimension associated with self-consciousness and anxiety, e y e contact tri gg ered more activity associated with avoidance,accordin g to the Finnish researcher Jari Hietanen and colleagues "Our findin g s indicate that people do not onl y feel different when the y are the centre of attention but that their brain reactions also differ." A more direct findin g is that people who scored hi g hl y for ne g ative emotions like anxiet y looked at others for shorter periods of time and reported more comfortable feelin g s when others did not look directl y at them.Part C Directions:Read the following text carefull y and then translate the underlined segments into Chinese. Your translation should be written neatl y on the ANSWER SHEET. (10 points)Following the explosion of creativit y in Florence during the 14th century known as the Renaissance, the modern world saw a departure from what it had once known. It turned from God and the authority of the Roman Catholic Church and instead favoured a more humanistic approach to being. Renaissance ideas had spread throughout Europe well into the 17th century,with the arts and sciences flourishing extraordinaril y among those with a more logical disposition. (46) with the Church's teachin s and wa s of thinkin ecli sed b the Renaissance the a between the Medieval and modern eriods had been brid ed leadin to new and unex lored intellectual territories.During the Renaissance, the great minds of Nicolaus Copernicus, Johannes Kepler and Galileo Galilei demonstrated the power of scientific study and discovery.(4 7) Before each of their revelations man thinkers at the time had sustained more ancient wa s of thinkin includin the eocentric view that the Earth was at the centre of o ur universe. Copernicus theorized in 1543 that all of t he planets that we knew of revolved not around the Earth, but the Sun, a s y stem that was later upheld b y Galileo at his own expense. Offering up such a theory during a time of high tension between scientific and religious minds was branded as heres y and an y such heretics that continued to spread these lies were to be punished b y imprisonment or even death. (48) Des ite attem ts b the Church to su ress. this new eneration of lo icians and rationalists more ex lanations for how the universe functioned were bein made at a rate that the people could no longer ignore.It was with these great revelations that a new kind of philosoph y founded in reason was born.The Church's long-standing dogma was losing the great battle for truth to rationalists and scientists. This ver y fact embodied the new wa y s of thinking that swept through Europe during most of 17th centur y. (49) As many took on the duty of t·n to inte ate reasonin and scientific hiloso hies into the world the Renaissance was over and it was time for a new era -the A e of Reason.The 17th and 18th centuries were times of radical change and curiosit y, Scientific method, reductionism and the questioning of Church ideals was to be encouraged, as were ideas of liberty, tolerance and progress. (50) Such actions to seek knowledge and to understand what information we alread knew were ca tured b the Latin hrase'sa ere aude'or'dare to know'after Immanuel Kant used it in his essa y An Answer to the Question: What is Enlightenment?. It was the purpose and responsibility of great minds to go forth and seek out the truth, which the y believed to be founded in knowledge.Section III WritingPart A51. Directions:The Students Union of y our university has assi gn ed y ou to inform the international students about an upcoming singing contest. White a notice in about 100 words. Write your answer on the ANSWER SHEET.Do not use your own name in the notice. (10 points)PartB52. Directions:Write an essa y of 160-200 words based on the picture below. In y our essa y , y ou should1) describe the picture briefl y ,2) interpret the implied meaning, and3) give y our comments.You should write neatl y on the ANSWER SHEET. (20 points)I .I 习惯。
国际商务英语校内考试范围
9.intermediate productssemi-manufactures
10.liabilitywhat one is responsible for according to law
6.Economies of scale规模经济
7.Specific duty从量税
8.Non-tariff barrier非关税壁垒
clearance清关、结关
10.Contraction parties缔约方
11.Counter trade对销贸易、反向贸易
12.Clean draft光票
13.Confirming bank保兑行
Some major differences between international business and domestic business is following:
(1)Differences in legal systems
(2)Differences in currencies
(3)Differences in cultural background
10.Portfolio investment证券投资: Purchases of foreign financial assets for a purpose other than controlling.
11.GSP普惠制: Generalized system of preferences
12.FOB装运港船上交货: Free On Board
(4)Different in natural and economic conditions
Chapter 13 Exchange Rates and the Foreign Exchan
Example
Party A: Euro1 Party B:Euro 1.2420/25 Party A:20 Done
My Euro TO A Frankfurt A/C Party B:Agree
CFM at 2.2420 We Buy USD 1 MIO AG Euro Val Sep 10 USD To B NY TKS For Calling N Deal BIBI
corporations corporations corporations
ns
13-2-3 Characteristics of the Market
Immense trade volume Concentrated Rapid growth Integrated and highly efficient The US dollar involved mostly
Running broker
Actors
central banks
Central bankss
brokers
brokers
Commercialbanks Commercialbanks Commercialbanks Commercialbanks
B ro k e rs Nonbankfinancialinstitutions Nonbankfinancialinstitutions Nonbankfinancialinstitutions Nonbankfinancialinstitutions
US$ Quotation:The price of dollars in terms of one country’s currency.
红宝书必考词（纯单词版）
unit 1perform optional rate sensible tolerate choose performance organ ratio sensitive accumulate board period organic rational separate accuracy boast periodical organism reach sequence accurate bonus perish organiz(s)ation react serial accuse boom perpetual organiz(s)e realistic series achieve boost perplex enhance reality serious acknowledge verbal perspective enlarge realiz(s)e toast cheer verdict pessimistic enlighten select together chemical verify perform optional rate sensible tolerate choose optimum rare sense tolerance chip version option rarely sensation tolerant choice vesselunit 2acclaim charge dependent feed grant immigrant accommodate charm deposit feedback heap immune accommodation(s) c hase depress feeling heal likely accompany demand emerge fertile health likelihood accomplish democracy emergency goal healthy likewise account democratic eminent goods hesitate self accountant demonstrate emotion govern highlight selfishbias denote fear government highlandbid denial fearful governor highlybill deny feature gradual immediatebillion department federal graduate immensebirth depend federation grand immerseunit 3meditate flexible implication limitation pierce severe meditation fling implicit limited reason shape medium flourish imply origin reasonable share deprive grow import original recent sharp derive grown-up importance originate serve shelter describe growth important petition servant sophisticated description hinder impose phase service sovereign deserve hint impress phenomenon set sow design hitherto impression philosopher setback toll designate impact impressive philosophy setting tone desirable impair improve phrase settle topic desire impart impulse physical settlementflaw implement limit physician severalunit 4choke action fold ground list signature chop activate folk group literally signal circumstance active follow guarantee literary significance cite activity following guard literature significant claim actual force include memo signify clear acute fore inclusive memorial similar border despise forecast income memory simple bore despite foresee incorporate mental simplicity born energetic forge increase mention simplify bother energy grim increasingly other simply acquire enforce grasp incredible otherwise slack acquisition engage grip incur outcomeact engagement gross link signunit 5addict adopt client format guilty soaradd adult cling formation recognition sociable addition brace close former recogniz(s)e socialadditional brain closet formidable recommend socialismaddress branch code formula recover society adequate brand detach formulate recovery sociology adjoin toss detail fortunate recruit solubleadjust total detain fortune sell solutionadministration touch personal guide send solveadmire tough personality guidance senioradmission vice personnel guideline smartadmit vicious form guild smelladapt click formal guilt soakunit 6shadow advocate collapse commercial develop pleadshade aesthetic colleague commission device plotsort affair collect commit devise policysoul affect collection committee ensure politesound affection collective commodity entail politicalsour affiliate collide common indeed politiciansource affirm column communicate independence politicsadvance afford combat communication independent polladvanced breach combine communism index ponderadvantage break command community mereadvice breakdown commend detect merelyadvise breed comment deteriorate plausibleadvisable coincide commerce determine pleaunit 7brisk alienate compete comply encounter specialbrief allocate competition compliment encourage specialistbrittle allow competitive differ end specializ(s)ebrowse alter competent difference endeavo(u)r specialty(-ity) aggravate alternate compile diffuse endorse species aggressive alternative complain emphasis indicate specific agitate comparable complaint emphasize indication specification agreeable comparative complement employ indicative specifyaid compare complete employee outrage speculateaim comparison complex employer outsetalarm compel complicate employment outsidealien compensate complicated enable outwardunit 8console distinct fund transmit primary liberalconsist distinction fundamental transplant prime liberateconsistent distinguish anguish transport primitive license/licenceconstant overlook annoy stride principal innocent constituent overseas annual strike principle innovation constitute fruitful monopoly striking psychiatry environment constitution frustrate monotonous string psychology enterprise constrain fulfil/fulfill mood structure liability entertain construct function transmission stun liable entertainment unit 9pose ambition concept episode militant spur position ambitious conception epoch military spypositive bubble concern indifferent mind stabilitypossess budget concise indignant redeem stablepossession build concrete indignation reduce staffdilute business conclude indispensable reduction stagedim compress conclusion individual referdiminish comprise confer mess referenceamateur compromise conference message spoilamaze conceive confess messenger sponsorambiguous concentrate epidemic method spreadunit 10remote contend divide moral subject associate remove contest dividend morality subjective association removal context division moreover submit amend remain continual document mostly subordinate among(st) remainder continue documentary prior subscribe amount remains continuous execute priority subsequent ample remedy contract executive privacy substance amuse remember contradict exemplify private substantial anchor remind contrary exert privilege substituterender contrast exhaust prove subtlecontemporary diverse exist provide treatcontempt diversion existence provided treatycontent divert exotic prudent trendunit 11stand statute apart condemn hoist native standard stay assassinate condense hold natural standpoint steady assault condition holder naturestart steer assemble conduct household overall startle stem assembly conductor however overcome starve step assert disable huddle overlap state stern component disappear narrative portion statement anonymous compose disappoint narrow possibility statesman answer composition discipline nasty possible statistics anticipate comprehend disclose nation potential statue anxiety comprehension d iscover national pourstatus anxious comprehensive discovery nationalityunit 12holy location presumably strategy architecture conservation honor/honour neglect presume strength area conservative honorable negligible prevent strengthen argue consider horizon prescribe previous strenuous argument considerable horizontal prescription prey transaction arise considerate ingenious presence reliable transfer arouse consume ingredient present reliance transform array consumption initial presently religion transient vital dispute initiate preserve religious translation vivid dissolve initiative preside rely visible void exchange local press straight vision volume excludevisual consequence exclusive locality pressure straightforward v isuallocate prestige strain architect consequentlyunit 13stick confront distribute inferior modify reflect stimulate confuse distort influence predecessor reflectionstir confusion distract influential predict reform stock congress evidence inform preface rejectstore connect evident information preferable rejoice storage connection/connex evil mock preference relate approach conscious evolution mode prejudice relation appropriate dismiss evolve model preliminary relationship approval disorder exaggerate moderate premier relative approve disperse examine modern premise relativityapt displace infer moderniz(s)ation premium relevant conform display inference modest preparationunit 14confine viewpoint appointment estimate necessary practice confirm violence apply ethic necessitate practiseconflict violent appreciate ethnic necessity practitionerconfidence virtual discriminate evaluate negative preach confident virtue discuss industrial negotiate precede confidential apparent disease industrializ(s)e outer precautiontrail appeal disgrace industry outlet precedenttrain appear escape inevitable outline precedingtraining appearance especially miserable outlook precioustrait appliance essay misery output precisetraitor applicable essence mislead poverty precision victim application essential mix power stressview appoint establish mixture practical stretchunit 15elaborate abstract captive cause decline sitelegant ban capture caution decrease siteelement bar career cautious deem situated elementary bare careful cease dedicate situation eliminate barely case celebrate deduce skeleton abolish bargain cast celebrity deduct skeptical absence beam casual ceremony fashion sketch absent become casualty certain fashionableabroad capable catch certainty favo(u)rabsolute capacity category certificate favo(u)rableabsorb capital cater certify favo(u)riteunit 16radiant journey largely make observation qualityradiate judge lateral theme observe qualitativeradical judgement latter theory obsession safeguardideal judicial law theoretical obsolete safetyideology jury magnitude therapy obtain savage identical justice magnify object obvious save identification justify magnificent objective pace saving identify key maintain objection panel scale identity knit maintenance obligation panorama scene journal label major oblige qualification scenery journalist lag majority obscure qualifyunit 17tow temporary ultimate union variable weigh toward(s) tempt underestimate unique variation weight take temptation undergo universal variety weird talent tend underlie universe various weld target tendency underlying unlike vary welfare taste tentative underline unlikely vast whirl technical term understand unusual wage whisper technician terminal understanding vague wander yield technique terminate undertake vain want youth technology testify uneasy valid way zigzag teenager trace unemployment valuable weak zone temper track unexpected value wear zoom temperature tradition unify vanish wearyunit 18abandon call decide efficient fall hamperabide calm decision efficiency fan handicapability campaign decisive effort fancy shieldable candidate decorate fabric fascinate shiftabnormal data economic fabricate gain shoulderbackground database economical face gamble show balance date economics factor gap shower base deal economy fade genebasement dealer educate fail generalbasic dazzle education failure generaliz(s)ebasis debate effect fair habitcalculate decade effective fairly habitatunit 19glamour harsh imitate manifest offset passive generate ignorance imitation manipulate offspring quick generation ignorant lead manner paragraph quit generator ignore leadership margin paralys(z)e quest generous ill leading marginal parallel questionnaire genius illness legal mass part quotegift illusion legislation massive partial spangenre illustrate legitimate massacre participant sparegiant illustration leisure occupation participate schedule gigantic image level occupy particle schemegive imagine lever occur particular science happen imaginary levy occurrence partly scientific harm imagination manage offend partner scientist harmony imaginative management offer passionunit 20embrace upgrade incident behavior defendant fightembed uphold incidentally belief define figure embody upset incline believe definite finance embryo up-to-date academic belong definition financialelite ventilate academy beneficial defy finding elsewhere venture accelerate benefit degree finitethirst widespread accept challenge delay firm thorough win acceptance chance deliberate firstthough wit access change delicate fitthought withdraw accessory channel deliver fitting thoughtful witness begin character delivery globalthreat inaugurate beginning characteris(z)e fiction globe threaten incentive behalf characteristic fieldupdate incidence behave defend fierceunit 21patent raise mean opinion seek urgent pattern rally meaning opportunity seem utiliz(s)epay random means opponent seemingly utter payment range meantime oppose thrift wonder peculiar rank meanwhile opposite thrill worshippeer master measure oppress thrive worthper masterpiece opening scope through worthwhile perceive mate opera score throughout worthy percentage material operate scorn tip writeperfect mathematical operation secure title writerrail mature operational security urbanunit 22project promote respective suck superb atmosphere profit prompt respond sue superficial council profitable proof response suffer superfluous counsel profound reservation responsibility suffice superior drama program/programme reserve responsible sufficient superiority dramatic progressive resist succeed suggest supervise exploit prohibit resistance success suggestion trigger explore prolong resistant successful suicide triumph intellectual prominent resort succession suit assure intelligence promise resource successive suitable assurance intelligent promising respect successor super astonish intelligibleunit 23rescue reporter contribute doom instinct process research reputation contribution double institute procession resent request controversial doubt institution proclaim refresh require controversy expand insurance produce refute requirement control expansion insure product region assess convention expect integral production regular assimilate converge expectation integrate productive regulate assist convey experience integrity productivity regulation assistance domain experiment probe profession replace assistant domestic expert procedure professional reply assume dominant expertise proceedreport assumption dominate expire proceedingunit 24curious extravagant puzzle roll survey swell curiosity extreme reverse root survival swing currency invisible review route survive switch current involve revise routine susceptible systemcut issue revive row suspend systematic(al) average item reward rule suspect logicavoid overturn rich ruler suspicion logicalawake overwhelm rise surname suspiciousaward purchase risk surpass sustainaware pursue rival surplus swarmawkward pursuit role surprise swearunit 25twist vulgar culprit introduction note revenue trivial vulnerable cultivate invest notion supplytry author culture investment public support tumble authority dubious investigate publication suppose turbulent auxiliary due mutual publicity suppress turn avail durable mysterious publish supplement turnover available duration mystery result supremetype critic duty myth resultanttypical critical dynamic noble resumevoluntary criticism extinct norm revealvolunteer criticiz(s)e extinguish normal revelationvote crucial introduce normaliz(s)ation revengeunit 26polish restore attribute expose intend interpret point restrain court exposure intention losepropel restraint courtesy express intense lossproper restrict cover expression intensity low property attach create extend intensive lower proportion attack creative extension interact nerve proposal attain credit extensive intercourse nervous propose attempt crisis extent interest nevertheless proposition attend drive human interiorprospect attention drug humanity internal prospective attitude export humble international。
国外经济学论文题目大全
国外经济学论文题目大全1. The Impact of Foreign Direct Investment on Economic Growth2. The Role of International Trade in Promoting Economic Development3. The Effects of Exchange Rate Fluctuations on International Trade4. Economic Integration and its Implications for Global Markets5. The Relationship Between Inflation and Unemployment in Developed Economies6. The Influence of Government Fiscal Policy on Economic Stability7. The Role of Entrepreneurship in Economic Development8. The Impact of Technological Innovation on Economic Growth9. Income Inequality and its Effects on Economic Prosperity10. The Economics of Climate Change and Sustainable Development11. The Role of Financial Markets in Economic Stability12. The Influence of Globalization on Developing Economies13. The Economics of Healthcare and its Impact on the Economy14. The Relationship Between Education and Economic Growth15. The Economics of Aging Population and its Implications for Society16. The Economics of Urbanization and its Impact on Regional Development17. The Role of Government Regulation in Promoting Market Efficiency18. The Effects of Corporate Social Responsibility on Business Performance19. The Economics of Natural Resources and Environmental Sustainability20. The Impact of Global Economic Crises on National Economies21. The Role of Monetary Policy in Controlling Inflation22. The Economics of Migration and its Influence on Labor Markets23. The Relationship between Economic Freedom and Economic Growth24. The Impact of Consumer Behavior on Market Demand25. The Role of Infrastructure Investment in Economic Development26. The Economics of Poverty and its Implications for Social Welfare27. The Influence of Cultural Factors on Economic Development28. The Role of Foreign Aid in Promoting Economic Development29. The Economics of International Debt and its Impact on Developing Economies30. The Relationship Between Government Debt and Economic GrowthEconomic theories and policies are crucial in understanding and promoting sustainable economic development. These diverse topics in economic study cover a wide range of issues that are vital for policymakers, economists, and researchers. The understanding of these issues contributes to a better grasp of the complexities of economic systems and aids in the formulation of effective strategies for economic growth and stability. As such, continued research and analysis in these areas are essential for the advancement of our knowledge and the improvement of our economies.。
Financial-English-7
• 2006.12.14-15 7.8197
• 2007.3.7-8 7.74
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Course Structure
1. What Are Foreign Exchange Rates? 2. Why Are Exchange Rates Important? 3. How Is Foreign Exchange Traded? 4. Exchange Rates and the Economy 5. Defining the Balance of Payments and Its
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How Is Foreign Exchange Traded?
• Types of foreign exchange transactions
• Spot transaction—a foreign exchange transaction to be settled on the second following business day
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• Basic Rate and Cross Rate • Official Rate and Market Rate • Bid Rate(Buying) and Offered Rate(Selling) • Inter-bank Rate and Commercial Rate • T/T(Telegraphic Transfer Rate)
•
2 远期交割日不是营业日，则顺延至下
一个营业日。顺延后跨月份的则必须提前到
当月的最后一个营业日为交割日。
•
3 ‘双底’惯例。假定即期交割日为当
第2页，共44页。
• The trading of currency and bank deposits denominated in particular currencies takes place in the foreign exchange market. The volume of these transactions worldwide averages over $1 trillion daily.
国际财务管理课后答案_10th edition_chapter04_杰夫·马杜拉著
1. Why did exchange rates change recently?
2. Show the class a current exchange rate table from a periodical—identify spot and forward quotations. Then show the class an exchange rate table from a date a month ago, or three months ago. The comparison of tables will illustrate how exchange rates change, and how forward rates of the earlier date will differ from the spot rate of the future date for a given currency.
duplicated, or posted to a publicly accessible website, in wholenge Rate Determination
Chapter Theme
This chapter provides an overview of the foreign exchange market. It is designed to illustrate (1) why a market exists, and (2) why exchange rates change over time.
Anticipation of Exchange Rate Movements Bank Speculation Based on Expected Appreciation Bank Speculation Based on Expected Depreciation Speculation by Individuals
人民币汇率变动对我国物价水平的影响——以江苏省为例
人民币汇率变动对我国物价水平的影响——以江苏省为例摘要：汇率和物价在一个国家和地区的经济生活中有重要的地位，关系到一个国家的经济运行和经济安全，是政府、企业和普通民众都非常关注的经济指标。
随着我国对外贸易的不断扩大，人民币汇率对我国物价水平的影响也在与日俱增，对他们直接关系的研究不断丰富。
本文通过对汇率和物价的有关理论和概念的理解和探讨，分析人民币汇率的变动对我国物价的影响。
在具体分析中，运用江苏省的统计资料，对汇率和物价的关系进行探讨，分析汇率是如何通过各种途径对物价产生影响的，并结合我国目前的经济形势，对我国的汇率机制改革和货币政策提出相关的政策建议。
关键词：实际汇率名义汇率物价水平The Influence of RMB Exchange Rate Change To Price Level in Our Country—— In JiangsuProvince As An ExampleABSTRACT：Exchange rates and prices in a country and region economy has important position in life, it is related to a country's economic operation and economic security,and the government, enterprises and ordinary people are extremely concerned about economic indicator. With the expansion of the foreign trade in our country, the influence of the RMB exchange rate on China's price level is also growing, constantly enrich for their direct relationship between the research. This article analysizes the RMB exchange rate change on the impact of price in our country by the related theories of exchange rate and prices and understanding and discussion of the concept of. In specific analysis, using the statistical data of jiangsu province, discusses on therelationship between the exchange rate and price, analysison exchange rate how to influence prices through various channels, and combined with the current economic situation in China, reform of exchange rate and monetary policy of our country puts forward relevant policy Suggestions.Keyword：The real exchange rate， The nominal exchange rate ，Price level第一章绪论1.1研究背景物价是一个国家和社会经济的重要内容，它不仅关系着整个社会经济的运行，更与人们的日常生活息息相关。
without练习题
一、词汇辨析1. 下列哪个词与“happy”同义？a. joyfulb. sadc. angryd. calm2. 下列哪个词与“quick”反义？a. slowb. fastc. shortd. long3. 下列哪个词与“large”同义？a. smallb. bigc. talld. wide4. 下列哪个词与“hot”反义？a. coldb. warmc. coold. cool5. 下列哪个词与“big”同义？a. smallb. largec. shortd. tall二、语法填空1. He ______ (is) a very kind person.2. She ______ (go) to the movies last night.3. They ______ (be) at home when I called them.4. I ______ (not see) you before.5. She ______ (not like) coffee, but she likes tea.三、阅读理解1. 阅读下列短文��判断正误。
The cat is a small, furry animal with a long tail. It has sharp claws and can climb trees. Cats are often kept as pets. They are very playful and can be very independent.a. The cat is a large, furry animal with a short tail.b. Cats have soft paws and can't climb trees.c. Cats are usually kept as pets and are very playful.d. Cats are dependent on their owners for food and care.2. 阅读下列短文，回答问题。
中国的外汇储备与货币供应量增长的关系
摘 要2000年以来，我国外汇储备持续快速地增长。
特别是2007年以来，外汇储备以每年4000亿美元以上的增量增长。
截至2010年12月，我国外汇储备已经达到28473亿美元，是世界上外汇储备最多的国家，也是世界上第一个外汇储备超过两万亿美元的国家。
外汇储备增长速度之快，规模之大不得不引起金融业界的重视。
外汇储备的规模在某种程度上体现了一国的经济实力，外汇储备的快速增长增强了国内外对中国经济的信心，这有利于我国经济的发展，增强了我国抵御金融风险的能力。
同时我们也应该看到快速增长的外汇储备对我国货币供应量和货币政策产生的巨大影响。
本文不仅从理论方面探讨了我国持续增长的外汇储备对我国货币供应量影响的内在机制，也从实证方面分析了我国外汇储备的增加对货币供应量增加的影响程度，并对减轻外汇储备影响货币供应量增加提出了相关的政策建议。
全文共分五章，第1章导论是对本文写作背景、研究意义以及相关研究成果的综述。
第2章外汇储备与货币供给的相关理论解释，介绍了汇率制度和外汇储备的概念以及货币供给量的决定，分析了外汇储备影响货币供给量的内在机理。
第3章是对目前我国的外汇储备状况及货币供给量状况的分析，并对外汇储备影响货币供给量的后果进行了阐述。
第4章以2000年以来我国外汇储备的增长和货币供给量的增长状况为依据，对两者之间的关系进行实证分析。
通过这种实证研究，分析出外汇储备的增长是否会对货币供给量的变化产生影响，以及影响的程度有多大。
第5章为政策建议，在前面分析的基础上提出了减少外汇储备的增加对货币供给量影响的建议。
本文创新之处在于研究外汇储备与货币供应量的关系时考虑到汇率因素。
从2005年7月汇率改革以来，人民币汇率从1美元兑8.27元人民币左右升值到现在的1美元兑6.7元人民币左右，大约升值了20%，并且仍在不断地升值。
在此情况下研究外汇储备与货币供应量的关系时不得不考虑汇率因素了，而以前的研究基本上都未考虑汇率因素，因此本文就是在考虑汇率的情况下分析外汇储备与货币供应量之间的关系。
CH06 Government Influence On Exchange Rates(国际金融管理,英文版)
C6 - 8
Freely Floating Exchange Rate System
• Pros: Governments are not restricted by
exchange rate boundaries when setting new policies.
• For example, Hong Kong has tied the
value of the Hong Kong dollar to the U.S. dollar (HK$7.8 = $1) since 1983, while Argentina has tied the value of its peso to the U.S. dollar (1 peso = $1) since 1991.
• Cons: A government may manipulate its
exchange rates such that its own country benefits at the expense of others.
C6 - 11
Pegged Exchange Rate System
• In a pegged exchange rate system, the
• Exchange rate systems normally fall into
one of the following categories: ¤ fixed ¤ freely floating ¤ managed float ¤ pegged
C6 - 4
Fixed Exchange Rate System
有关汇率英语作文
有关汇率英语作文In the global economy, the exchange rate is a critical financial metric that influences trade, investment, and the overall economic health of a country. An exchange rate is the value of one country's currency in terms of another country's currency, and it plays a pivotal role in international transactions.Firstly, exchange rates are determined by the foreign exchange market, where supply and demand for currencies are constantly changing. Factors such as interest rates, economic performance, and political stability can all affect the value of a currency. For instance, if a country has a strong economy with low inflation and high interest rates, its currency is likely to be in high demand, leading to an appreciation in value.Secondly, the fluctuation of exchange rates can have significant implications for businesses and consumers. For businesses engaged in international trade, a favorable exchange rate can reduce costs and increase competitiveness. Conversely, an unfavorable rate can erode profits and make products less attractive in foreign markets.Moreover, exchange rates are crucial for tourists and students studying abroad. A strong domestic currency can make travel more affordable, as it requires less of the home currency to purchase foreign currency. However, this can alsolead to a decrease in tourism from other countries, as the destination becomes more expensive for foreign visitors.Furthermore, governments and central banks often intervene in the foreign exchange market to manage their currency's value. This can be done through various monetary policies, such as adjusting interest rates or engaging in currency swaps. Such interventions aim to stabilize the currency and protect the economy from excessive volatility.Lastly, understanding exchange rates is not just importantfor economists and financial analysts; it is also essential for anyone involved in international dealings. Knowledge of exchange rates can help individuals make informed decisions about when to travel, invest, or conduct business abroad.In conclusion, the exchange rate is a complex and dynamic aspect of the global economy that affects everyone from multinational corporations to individual consumers. By staying informed about exchange rate movements and their underlying causes, one can better navigate the complexities of international finance.。
近十年考研英语一小作文题目
近十年考研英语一小作文题目1. 2013: The Importance of Cultural Exchange- Candidates were asked to write a letter to a foreign friend, discussing the significance of cultural exchange and inviting them to participate in a cultural event.2. 2014: The Role of Education in Personal Development- The essay prompt required students to reflect on therole education plays in shaping an individual's character and career.3. 2015: The Impact of Technology on Learning- Students were tasked with writing an essay on how technological advancements have influenced the learning process and what challenges they present.4. 2016: Environmental Awareness and IndividualResponsibility- The topic focused on writing an essay about the importance of environmental awareness and the actions individuals can take to protect the environment.5. 2017: The Influence of Social Media- An essay was required on the impact of social media on society, including both its positive and negative aspects.6. 2018: The Value of Teamwork- Candidates had to write a letter to a colleague,emphasizing the value of teamwork in achieving common goals and overcoming challenges.7. 2019: The Challenges of Urbanization- The essay topic for this year was about the challenges that urbanization poses to society and the potential solutions to these issues.8. 2020: The Significance of Lifelong Learning- Students were asked to write an essay on why lifelong learning is essential in the modern world and how it can be promoted.9. 2021: The Benefits of Bilingualism- The essay prompt focused on discussing the benefits of being bilingual and the methods that could be used to encourage language learning.10. 2022: The Role of Sports in Society- An essay was required on the role of sports in fostering social cohesion, promoting health, and developing leadership skills.Each year, the mini-essay section of the postgraduate entrance English exam in China has aimed to assess the candidate's ability to express complex ideas in English, focusing on a variety of contemporary and relevant topics.。
The influence of exchange rate changes-推荐下载
天津外国语大学国际商学院The influence of exchange rate changes[abstract]exchange rate is a country with international activities is the mostimportant comprehensive price index, it changes to the national foreign tradebalance and domestic economic activity has profound influence. After thereform and opening-up policy, the RMB exchange rate movements tostimulate the export in our country, which plays an important role in China'strade balance. This paper first introduces the impact on exchange ratemovements on foreign trade, and based on this research the RMB exchangerate change on the influence of foreign trade and countermeasures.[key words] ：currency price index of reform and opening up trade balance、管路敷设技术通过管线敷设技术不仅可以解决吊顶层配置不规范高中资料试卷问题，而且可保障各类管路习题到位。
在管路敷设过程中，要加强看护关于管路高中资料试卷连接管口处理高中资料试卷弯扁度固定盒位置保护层防腐跨接地线弯曲半径标高等，要求技术交底。
IAS 21 The Effects of Changes in Foreign Exchange Rates (revised 1993)
International Accounting StandardsIAS 21 The Effects of Changes in Foreign Exchange Rates (revised 1993)This revised International Accounting Standard supersedes IAS 21, Accounting for the Effects of Changes in Foreign Exchange Rates, and became effective for financial statements covering periods beginning on or after 1 January 1995.IAS 21 does not deal with hedge accounting for foreign currency items (other than items that hedge a net investment in a foreign entity). IAS 39, Financial Instruments: Recognition and Measurement deals with this topic.In 1998, paragraph 2 of IAS 21 was amended to refer to IAS 39, Financial Instruments: Recognition and Measurement.In 1999, paragraph 46 was amended to replace references to IAS 10, Contingencies and Events Occurring After the Balance Sheet Date, by references to IAS 10 (revised 1999), Events After the Balance Sheet Date.The following SIC Interpretations relate to IAS 21:z SIC-7, Introduction of the Euro;z SIC-11, Foreign Exchange - Capitalisation of Losses Resulting from Severe CurrencyDevaluations; andz SIC-19, Reporting Currency - Measurement and Presentation of Financial Statements under IAS 21 and IAS 29.z SIC-30: Reporting Currency - Translation from Measurement Currency to PresentationCurrencyThe standards, which have been set in bold italic type, should be read in the context of the background material and implementation guidance in this Standard, and in the context of the Preface to International Accounting Standards. International Accounting Standards are not intended to apply to immaterial items (see paragraph 12 of the Preface).ObjectiveAn enterprise may carry on foreign activities in two ways. It may have transactions in foreign currencies or it may have foreign operations. In order to include foreign currency transactions and foreign operations in the financial statements of an enterprise, transactions must be expressed in the enterprise's reporting currency and the financial statements of foreign operations must be translated into the enterprise's reporting currency.The principal issues in accounting for foreign currency transactions and foreign operations are to decide which exchange rate to use and how to recognise in the financial statements the financial effect of changes in exchange rates.Scope1. This Standard should be applied:(a) in accounting for transactions in foreign currencies; and(b) in translating the financial statements of foreign operations that are included in the financial statements of the enterprise by consolidation, proportionate consolidation or by the equity method.[1]2. This Standard does not deal with hedge accounting for foreign currency items other than the classification of exchange differences arising on a foreign currency liability accounted for as a hedge of a net investment in a foreign entity. Other aspects of hedge accounting, including the criteria to use hedge accounting, are dealt with in IAS 39, Financial Instruments: Recognition and Measurement.3. This Standard supersedes IAS 21, Accounting for the Effects of Changes in Foreign Exchange Rates, approved in 1983.4. This Standard does not specify the currency in which an enterprise presents its financial statements. However, an enterprise normally uses the currency of the country in which it is domiciled. If it uses a different currency, this Standard requires disclosure of the reason for using that currency. This Standard also requires disclosure of the reason for any change in the reporting currency.[2]5. This Standard does not deal with the restatement of an enterprise's financial statements from its reporting currency into another currency for the convenience of users accustomed to that currency or for similar purposes.[3]6. This Standard does not deal with the presentation in a cash flow statement of cash flows arising from transactions in a foreign currency and the translation of cash flows of a foreign operation (see IAS 7, Cash Flow Statements).Definitions7. The following terms are used in this Standard with the meanings specified:Foreign operation is a subsidiary, associate, joint venture or branch of the reporting enterprise, the activities of which are based or conducted in a country other than the country of the reporting enterprise.Foreign entity is a foreign operation, the activities of which are not an integral part of those of the reporting enterprise.Reporting currency is the currency used in presenting the financial statements.Foreign currency is a currency other than the reporting currency of an enterprise.Exchange rate is the ratio for exchange of two currencies.Exchange difference is the difference resulting from reporting the same number of units of a foreign currency in the reporting currency at different exchange rates.Closing rate is the spot exchange rate at the balance sheet date.Net investment in a foreign entity is the reporting enterprise's share in the net assets of that entity.Monetary items are money held and assets and liabilities to be received or paid in fixed or determinable amounts of money.Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.Foreign Currency TransactionsInitial Recognition8. A foreign currency transaction is a transaction which is denominated in or requires settlement in a foreign currency, including transactions arising when an enterprise either:(a) buys or sells goods or services whose price is denominated in a foreign currency;(b) borrows or lends funds when the amounts payable or receivable are denominated in a foreign currency;(c) becomes a party to an unperformed foreign exchange contract; or(d) otherwise acquires or disposes of assets, or incurs or settles liabilities, denominated in a foreign currency.9. A foreign currency transaction should be recorded, on initial recognition in the reporting currency, by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.10. The exchange rate at the date of the transaction is often referred to as the spot rate. For practical reasons, a rate that approximates the actual rate at the date of the transaction is often used, for example, an average rate for a week or a month might be used for all transactions in each foreign currency occurring during that period. However, if exchange rates fluctuate significantly, the use of the average rate for a period is unreliable.Reporting at Subsequent Balance Sheet Dates11. At each balance sheet date:(a) foreign currency monetary items should be reported using the closing rate;(b) non-monetary items which are carried in terms of historical cost denominated in a foreign currency should be reported using the exchange rate at the date of the transaction; and(c) non-monetary items which are carried at fair value denominated in a foreign currency should be reported using the exchange rates that existed when the values were determined.12. The carrying amount of an item is determined in accordance with the relevant International Accounting Standards. For example, certain financial instruments and property, plant and equipment may be measured at fair value or at historical cost. Whether the carrying amount is determined based on historical cost or fair value, the amounts so determined for foreign currency items are then reported in the reporting currency in accordance with this Standard.Recognition of Exchange Differences13. Paragraphs 15 to 18 set out the accounting treatment required by this Standard in respect of exchange differences on foreign currency transactions. These paragraphs include the benchmark treatment for exchange differences that result from a severe devaluation or depreciation of a currency against which there is no practical means of hedging and that affects liabilities which cannot be settled and which arise directly on the recent acquisition of assets invoiced in a foreign currency. The allowed alternative treatment for such exchange differences is set out in paragraph 21.14. This Standard does not deal with hedge accounting for foreign currency items other than the classification of exchange differences arising on a foreign currency liability accounted for as a hedge of a net investment in a foreign entity. Other aspects of hedge accounting, including the criteria to use hedge accounting, are dealt with in IAS 39, Financial Instruments: Recognition and Measurement.15. Exchange differences arising on the settlement of monetary items or on reporting an enterprise's monetary items at rates different from those at which they were initially recorded during the period, or reported in previous financial statements, should be recognised as income or as expenses in the period in which they arise, with the exception of exchange differences dealt with in accordance with paragraphs 17 and 19.16. An exchange difference results when there is a change in the exchange rate between the transaction date and the date of settlement of any monetary items arising from a foreign currency transaction. When the transaction is settled within the same accounting period as that in which it occurred, all the exchange difference is recognised in that period. However, when the transaction is settled in a subsequent accounting period, the exchange difference recognised in each intervening period up to the period of settlement is determined by the change in exchange rates during that period.Net Investment in a Foreign Entity17. Exchange differences arising on a monetary item that, in substance, forms part of an enterprise's net investment in a foreign entity should be classified as equity in the enterprise's financial statements until the disposal of the net investment, at which time they should be recognised as income or as expenses in accordance with paragraph 37.18. An enterprise may have a monetary item that is receivable from, or payable to, a foreign entity. An item for which settlement is neither planned nor likely to occur in the foreseeable future is, in substance, an extension to, or deduction from, the enterprise's net investment in that foreign entity. Such monetary items may include long-term receivables or loans but do not include trade receivables or trade payables.19. Exchange differences arising on a foreign currency liability accounted for as a hedge of an enterprise's net investment in a foreign entity should be classified as equity in the enterprise's financial statements until the disposal of the net investment, at which time they should be recognised as income or as expenses in accordance with paragraph 37.Allowed Alternative Treatment20. The benchmark treatment for exchange differences dealt with in paragraph 21 is set out in paragraph 15.21. Exchange differences may result from a severe devaluation or depreciation of a currency against which there is no practical means of hedging and that affects liabilities which cannot be settled and which arise directly on the recent acquisition of an asset invoiced in a foreign currency. Such exchange differences should be included in the carrying amount of the related asset, provided thatthe adjusted carrying amount does not exceed the lower of the replacement cost and the amount recoverable from the sale or use of the asset.[4]22. Exchange differences are not included in the carrying amount of an asset when the enterprise is able to settle or hedge the foreign currency liability arising on the acquisition of the asset. However, exchange losses are part of the directly attributable costs of the asset when the liability cannot be settled and there is no practical means of hedging, for example when, as a result of exchange controls, there is a delay in obtaining foreign currency. Therefore, under the allowed alternative treatment, the cost of an asset invoiced in a foreign currency is regarded as the amount of reporting currency that the enterprise ultimately has to pay to settle its liabilities arising directly on the recent acquisition of the asset.Financial Statements of Foreign OperationsClassification of Foreign Operations23. The method used to translate the financial statements of a foreign operation depends on the way in which it is financed and operates in relation to the reporting enterprise. For this purpose, foreign operations are classified as either "foreign operations that are integral to the operations of the reporting enterprise" or "foreign entities".24. A foreign operation that is integral to the operations of the reporting enterprise carries on its business as if it were an extension of the reporting enterprise's operations. For example, such a foreign operation might only sell goods imported from the reporting enterprise and remit the proceeds to the reporting enterprise. In such cases, a change in the exchange rate between the reporting currency and the currency in the country of foreign operation has an almost immediate effect on the reporting enterprise's cash flow from operations. Therefore, the change in the exchange rate affects the individual monetary items held by the foreign operation rather than the reporting enterprise's net investment in that operation.25. In contrast, a foreign entity accumulates cash and other monetary items, incurs expenses, generates income and perhaps arranges borrowings, all substantially in its local currency. It may also enter into transactions in foreign currencies, including transactions in the reporting currency. When there is a change in the exchange rate between the reporting currency and the local currency, there is little or no direct effect on the present and future cash flows from operations of either the foreign entity or the reporting enterprise. The change in the exchange rate affects the reporting enterprise's net investment in the foreign entity rather than the individual monetary and non-monetary items held by the foreign entity.26. The following are indications that a foreign operation is a foreign entity rather than a foreign operation that is integral to the operations of the reporting enterprise:(a) while the reporting enterprise may control the foreign operation, the activities of the foreign operation are carried out with a significant degree of autonomy from those of the reporting enterprise;(b) transactions with the reporting enterprise are not a high proportion of the foreign operation's activities;(c) the activities of the foreign operation are financed mainly from its own operations or local borrowings rather than from the reporting enterprise;(d) costs of labour, material and other components of the foreign operation's products or services areprimarily paid or settled in the local currency rather than in the reporting currency;(e) the foreign operation's sales are mainly in currencies other than the reporting currency; and(f) cash flows of the reporting enterprise are insulated from the day-to-day activities of the foreign operation rather than being directly affected by the activities of the foreign operation.The appropriate classification for each operation can, in principle, be established from factual information related to the indicators listed above. In some cases, the classification of a foreign operation as either a foreign entity or an integral operation of the reporting enterprise may not be clear, and judgement is necessary to determine the appropriate classification.Foreign Operations that are Integral to the Operations of the Reporting Enterprise27. The financial statements of a foreign operation that is integral to the operations of the reporting enterprise should be translated using the standards and procedures in paragraphs 8 to 22 as if the transactions of the foreign operation had been those of the reporting enterprise itself.28. The individual items in the financial statements of the foreign operation are translated as if all its transactions had been entered into by the reporting enterprise itself. The cost and depreciation of property, plant and equipment is translated using the exchange rate at the date of purchase of the asset or, if the asset is carried at fair value, using the rate that existed on the date of the valuation. The cost of inventories is translated at the exchange rates that existed when those costs were incurred. The recoverable amount or realisable value of an asset is translated using the exchange rate that existed when the recoverable amount or net realisable value was determined. For example, when the net realisable value of an item of inventory is determined in a foreign currency, that value is translated using the exchange rate at the date as at which the net realisable value is determined. The rate used is therefore usually the closing rate. An adjustment may be required to reduce the carrying amount of an asset in the financial statements of the reporting enterprise to its recoverable amount or net realisable value even when no such adjustment is necessary in the financial statements of the foreign operation. Alternatively, an adjustment in the financial statements of the foreign operation may need to be reversed in the financial statements of the reporting enterprise.29. For practical reasons, a rate that approximates the actual rate at the date of the transaction is often used, for example, an average rate for a week or a month might be used for all transactions in each foreign currency occurring during that period. However, if exchange rates fluctuate significantly, the use of the average rate for a period is unreliable.Foreign Entities30. In translating the financial statements of a foreign entity for incorporation in its financial statements, the reporting enterprise should use the following procedures:(a) the assets and liabilities, both monetary and non-monetary, of the foreign entity should be translated at the closing rate;(b) income and expense items of the foreign entity should be translated at exchange rates at the dates of the transactions, except when the foreign entity reports in the currency of a hyperinflationary economy, in which case income and expense items should be translated at the closing rate; and (c) all resulting exchange differences should be classified as equity until the disposal of the net investment.31. For practical reasons, a rate that approximates the actual exchange rates, for example an average rate for the period, is often used to translate income and expense items of a foreign operation.32. The translation of the financial statements of a foreign entity results in the recognition of exchange differences arising from:(a) translating income and expense items at the exchange rates at the dates of transactions and assets and liabilities at the closing rate;(b) translating the opening net investment in the foreign entity at an exchange rate different from that at which it was previously reported; and(c) other changes to equity in the foreign entity.These exchange differences are not recognised as income or expenses for the period because the changes in the exchange rates have little or no direct effect on the present and future cash flows from operations of either the foreign entity or the reporting enterprise. When a foreign entity is consolidated but is not wholly owned, accumulated exchange differences arising from translation and attributable to minority interests are allocated to, and reported as part of, the minority interest in the consolidated balance sheet.33. Any goodwill arising on the acquisition of a foreign entity and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign entity are treated as either:(a) assets and liabilities of the foreign entity and translated at the closing rate in accordance with paragraph 30; or(b) assets and liabilities of the reporting entity which either are already expressed in the reporting currency or are non-monetary foreign currency items which are reported using the exchange rate at the date of the transaction in accordance with paragraph 11(b).34. The incorporation of the financial statements of a foreign entity in those of the reporting enterprise follows normal consolidation procedures, such as the elimination of intra-group balances and intra-group transactions of a subsidiary (see International Accounting Standards IAS 27, Consolidated Financial Statements and Accounting for Investments in Subsidiaries, and IAS 31, Financial Reporting of Interests in Joint Ventures). However, an exchange difference arising on an intra-group monetary item, whether short-term or long-term, cannot be eliminated against a corresponding amount arising on other intra-group balances because the monetary item represents a commitment to convert one currency into another and exposes the reporting enterprise to a gain or loss through currency fluctuations. Accordingly, in the consolidated financial statements of the reporting enterprise, such an exchange difference continues to be recognised as income or an expense or, if it arises from the circumstances described in paragraphs 17 and 19, it is classified as equity until the disposal of the net investment.35. When the financial statements of a foreign entity are drawn up to a different reporting date from that of the reporting enterprise, the foreign entity often prepares, for purposes of incorporation in the financial statements of the reporting enterprise, statements as at the same date as the reporting enterprise. When it is impracticable to do this, IAS 27, Consolidated Financial Statements and Accounting for Investments in Subsidiaries, allows the use of financial statements drawn up to a different reporting date provided that the difference is no greater than three months. In such a case, the assets and liabilities of the foreign entity are translated at the exchange rate at the balance sheet date of the foreign entity. Adjustments are made when appropriate for significant movements in exchange rates up to the balance sheet date of the reporting enterprise in accordance with IAS 27,Consolidated Financial Statements and Accounting for Investments in Subsidiaries, and IAS 28, Accounting for Investments in Associates.36. The financial statements of a foreign entity that reports in the currency of a hyperinflationary economy should be restated in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies, before they are translated into the reporting currency of the reporting enterprise. When the economy ceases to be hyperinflationary and the foreign entity discontinues the preparation and presentation of financial statements prepared in accordance with IAS 29, Financial Reporting in Hyperinflationary Economies, it should use the amounts expressed in the measuring unit current at the date of discontinuation as the historical costs for translation into the reporting currency of the reporting enterprise.Disposal of a Foreign Entity37. On the disposal of a foreign entity, the cumulative amount of the exchange differences which have been deferred and which relate to that foreign entity should be recognised as income or as expenses in the same period in which the gain or loss on disposal is recognised.38. An enterprise may dispose of its interest in a foreign entity through sale, liquidation, repayment of share capital, or abandonment of all, or part of, that entity. The payment of a dividend forms part of a disposal only when it constitutes a return of the investment. In the case of a partial disposal, only the proportionate share of the related accumulated exchange differences is included in the gain or loss. A write-down of the carrying amount of a foreign entity does not constitute a partial disposal. Accordingly, no part of the deferred foreign exchange gain or loss is recognised at the time of a write-down.Change in the Classification of a Foreign Operation39. When there is a change in the classification of a foreign operation, the translation procedures applicable to the revised classification should be applied from the date of the change in the classification.40. A change in the way in which a foreign operation is financed and operates in relation to the reporting enterprise may lead to a change in the classification of that foreign operation. When a foreign operation that is integral to the operations of the reporting enterprise is reclassified as a foreign entity, exchange differences arising on the translation of non-monetary assets at the date of the reclassification are classified as equity. When a foreign entity is reclassified as a foreign operation that is integral to the operation of the reporting enterprise, the translated amounts for non-monetary items at the date of the change are treated as the historical cost for those items in the period of change and subsequent periods. Exchange differences which have been deferred are not recognised as income or expenses until the disposal of the operation.All Changes in Foreign Exchange RatesTax Effects of Exchange Differences41. Gains and losses on foreign currency transactions and exchange differences arising on the translation of the financial statements of foreign operations may have associated tax effects which are accounted for in accordance with IAS 12, Income Taxes.Disclosure42. An enterprise should disclose:(a) the amount of exchange differences included in the net profit or loss for the period;(b) net exchange differences classified as equity as a separate component of equity, and a reconciliation of the amount of such exchange differences at the beginning and end of the period; and(c) the amount of exchange differences arising during the period which is included in the carrying amount of an asset in accordance with the allowed alternative treatment in paragraph 21.43. When the reporting currency is different from the currency of the country in which the enterprise is domiciled, the reason for using a different currency should be disclosed. The reason for any change in the reporting currency should also be disclosed.[5]44. When there is a change in the classification of a significant foreign operation, an enterprise should disclose:(a) the nature of the change in classification;(b) the reason for the change;(c) the impact of the change in classification on shareholders' equity; and(d) the impact on net profit or loss for each prior period presented had the change in classification occurred at the beginning of the earliest period presented.45. An enterprise should disclose the method selected in accordance with paragraph 33 to translate goodwill and fair value adjustments arising on the acquisition of a foreign entity.46. An enterprise discloses the effect on foreign currency monetary items or on the financial statements of a foreign operation of a change in exchange rates occurring after the balance sheet date if the change is of such importance that non-disclosure would affect the ability of users of the financial statements to make proper evaluations and decisions (see IAS 10, Events After the Balance Sheet Date).47. Disclosure is also encouraged of an enterprise's foreign currency risk management policy. Transitional Provisions48. On the first occasion that an enterprise applies this Standard, the enterprise should, except when the amount is not reasonably determinable, classify separately and disclose the cumulative balance, at the beginning of the period, of exchange differences deferred and classified as equity in previous periods.Effective Date49. This International Accounting Standard becomes operative for financial statements covering periods beginning on or after 1 January 1995.[1]See also SIC - 7, Introduction of the Euro.。
互动的单词
形容表达互动的英文单词用法介绍互动（Interaction）是指人们之间的相互作用、交流和影响的过程。
以下是几个与互动相关的英语单词及其用法介绍和解释：(1)Communicate（交流）：表示通过语言、文字、行为等方式传递信息和思想。
例如，"We need to communicate more effectively to improve our teamwork."（我们需要更有效地交流，以改善我们的团队合作。
）(2)Collaborate（合作）：表示共同努力、合作完成某项任务或达成共同目标。
例如，"The team members collaborated on the project and achieved great results."（团队成员在这个项目上进行了合作，并取得了很好的成果。
）(3)Engage（参与）：表示积极参与或参与某个活动或讨论。
例如，"It is importantto engage with the audience during a presentation."（在演示中与观众互动是很重要的。
）(4)Interact（互动）：表示相互作用、相互影响。
通常用于描述人们之间的交流和互动。
例如，"The students interacted with each other during the group discussion."（学生们在小组讨论中互相交流。
）(5)Participate（参与）：表示积极参与某个活动或事件。
例如，"She activelyparticipated in the community service project."（她积极参与社区服务项目。
）(6)Socialize（社交）：表示与他人交往、建立社交关系。
例如，"Attending socialevents is a great way to socialize and meet new people."（参加社交活动是社交和结识新朋友的好方法。
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Risk of Foreign currency transaction
• Exchange rates fluctuate due to a great many factors
– Some may be strictly financial but political events can also affect the exchange rates. – If there is the threat of military conflict in some part of the world those holding funds there may want to transfer their holdings to the U.S. They consequently exchange their currency for dollars thus driving up the value of the dollar. – E.g. When Japan was hit by a major earthquake at Kobe, Japanese businesses began transferring funds back into Japanese yen for the rebuilding process. This had the effect of increasing the value of the yen with respect to other currencies. – E.g. In the early 1980's the tight monetary policy of the Fed resulted in high real interest rates in the U.S. compared to other countries. This in turn resulted in a high value of the dollar compared to other currencies.
Home currency VS Foreign currency
• Currency risk/exchange rate risk
– It is a form of financial risk that arises from the potential change in the exchange rate of one currency in relation to another. – Investors or businesses face an exchange rate risk when they have assets or operations across national borders or if they have loans or borrowings in a foreign currency.
– CTT is levied on every currency exchange, set at a level low enough not to hinder transactions needed to finance trade in goods and services, or long-term investments. – Further CTT is a financial instrument for governments seeking to raise large amounts of global, independent, and stable funds.
– It is produced from redeeming receivables/payables that are fixed in terms of amounts of foreign currency received/paid. – That is, a business
• buys or sells on credit goods or services whose prices are denominated in a foreign currency, or • borrows or lends funds whose amounts payable or receivable are denominated in a foreign currency.
Home currency VS Foreign currency
• Cross-Currency Transaction
– A cross-currency transaction is one which involves the simultaneous buying and selling of two or more currencies. An example is the purchase of Canadian dollars with yen and the simultaneous sale of yen for U.S. dollars. The term is also used generically for any transaction that involves more than one currency, such as a currency swap – Cross currency transactions are most common for multinational corporations or international bond funds that manage or hedge their currency exposure. – Sometimes all the transactions are effected in one country without the use of that country's currency, which is referred to as a currency cross.
Topic 13 Influence of Exchange Rate Fluctuations
Home currency VS Foreign currency
• • • • Home currency 本币 Foreign currency 外币 Home currency transaction 本国货币业务 Foreign currency transaction 外国货币业务
Forward market hedging
• Forward market hedging:
– The forward price is the agreed upon price of an asset in a forward contract. Using the rational pricing assumption, for a forward contract on an underlying asset. – If some companies have no expertise in the foreign currencies markets, they decide to sell on the forward market any foreign currency funds they are to receive immediately. – They then know exactly what profit they are making on a foreign trade transaction. – Other companies decided to try their hand at foreign currency speculation. Some found that they made a profit on such speculation. – Sometimes the profit on currency speculation offset losses on these companies' main operations.
Spot market hedging
• Spot market:
– The spot price or spot rate of a currency is the price that is quoted for immediate (spot) settlement (payment and delivery). – Spot settlement is normally one or two business days from trade date. – E.g. even if you know tomatoes are cheap in July and will be expensive in January, you can't buy them in July and take delivery in January, since they will spoil before you can take advantage of January's high prices. The July price will reflect tomato supply and demand in July.
• Types of CTT include:
– Tobin tax – Saphn tax – Special drawing rights
Hedging