Foreign Exchange Markets
第2章外汇市场与外汇交易
四、掉期交易
Swap Transaction
❖ 定义：是指交易双方约定以A货币交
换一定数量的B货币，并以约定价格在 未来的约定日期用B货币反向交换同样 数量的A货币。
❖ 1995年起，全球外汇掉期交易的日交 易量已超过外汇即期交易和远期交易。
❖ 2005年8月，中国人民银行允许符合条 件的商业银行开办人民币与外币掉期 交易。
（一）两角套汇 (Bilateral/Two-point Arbitrage)
利用两个不同的外汇市场，某一时 刻某种货币汇率差异，贱买贵卖，赚取汇 差。 例如：
纽约市场：USD1=HKD7.8010/25， 香港市场：USD1=HKD7.8030/45。
International Finance
（二）三角套汇（间接套汇）
买入/卖出
*主要货币买卖差价小；小币种差价大。
二、远期外汇交易
❖（一）概念
❖ 又称期汇交易，是买卖双方在成交时先就交易 的币种、汇率、数额、交割日等达成协议，并以合 约确定下来。在规定的交割日再由双方履行合约， 结清有关货币金额的收付。
❖ 特点：预约式交易 ❖ 注意：交割日
（二）具体应用 *1. 商业性远期外汇交易（规避汇率风险）
2. 抛补套利
在将资金从利率低的货币转向利率 高的货币的同时，卖出远期高利率货币, 以避免汇率风险。
❖ 续例9： 假设一年期英镑远期汇率为
GBP1=USD1.5500 则：691824英镑*1.55=1072327美元 与国内投资相比：
❖ 假设市场行情如下： （1）即期汇率:GDP1=USD1.5960/1.5970； （2）1个月远期汇率：GDP1=USD1.5868/1.5880； （3）3个月远期汇率：GDP1=USD1.5729/1.5742； （4）2个月的美元存款利率为0.5%； （5）2个月的英镑存款利率为1%。
金融英语
Intermediaries
The primary distinction between the two channels is that, in the first case, i.e. direct financing, the investor is faced directly with the credit risk of the issuer, while in the second case, i.e. financing through financial intermediation, a financial institution, such as a bank, interjects itself between users and providers of funds. Any analysis of the sector of money market dominated by financial intermediaries must be very much concerned with these financial institutions themselves (their policies, financial conditions and official regulatory environment) in addition to those factors governing the suppliers and users of funds.
1.2
Functions
Apart from borrowing from banks, a firm or an individual can obtain funds in a financial market in two ways. The most common method is to issue a debt instrument, such as a bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed amounts at regular intervals (interest and principal payments) until a specified date (the maturity date), when a final payment is made.
外汇交易专业名词解释
外汇交易专业名词解释外汇交易是指在国际货币市场上进行货币买卖的行为。
在外汇交易中，有一些专业术语需要我们了解和掌握。
下面是对一些常见外汇交易专业名词的解释。
1.外汇市场（Foreign Exchange Market）：也称为外汇市场或货币市场，是全球最大的金融市场之一。
这个市场上买卖各种货币，包括美元、欧元、英镑等。
2.基础货币和报价货币（Base Currency and Quote Currency）：在外汇交易中，货币对被分为基础货币和报价货币。
基础货币是进行交易的主要货币，而报价货币是购买基础货币所需要的货币。
3.外汇报价（Foreign Exchange Quote）：外汇报价是指某种货币对的交易价格。
它通常由买入价和卖出价组成，买入价是交易商愿意购买货币对的价格，而卖出价是交易商愿意出售货币对的价格。
4.交易杠杆（Trading Leverage）：交易杠杆是指借用资金进行交易的比例。
它可以帮助交易者放大其交易收益，但也会增加交易风险。
常见的交易杠杆有1:100、1:200等。
5.外汇交易账户（Forex Trading Account）：外汇交易账户是供交易者进行外汇交易的账户。
交易者可以通过这个账户进行买卖货币对、查看交易记录等操作。
6.止损订单（Stop Loss Order）：止损订单是一种在市场价格达到预定水平时自动停止交易的订单。
它可以帮助交易者限制亏损，保护投资。
7.保证金（Margin）：保证金是指交易者在进行外汇交易时需要支付的一部分资金，用于担保其交易头寸。
交易者只需支付一小部分的保证金就可以进行较大规模的交易。
8.技术分析（Technical Analysis）：技术分析是一种通过研究历史市场数据，如价格走势、交易量等，来预测未来市场走势的方法。
它主要依赖于图表和指标等工具。
9.基本分析（Fundamental Analysis）：基本分析是一种通过研究经济和政治因素，如利率、通胀率、政府政策等，来预测货币对走势的方法。
外汇的种类名词解释
外汇的种类名词解释外汇（Foreign Exchange，简称FX）是指在国际间进行的货币交易活动，涉及全球各个国家的货币兑换。
外汇市场是全球最大的金融市场之一，每天交易金额达数万亿美元。
在外汇市场中，不同的货币被分为不同的种类，下面将对一些常见的外汇种类进行简要解释。
1. 美元（USD）美元是世界上最主要的货币之一，也是全球外汇市场中最常见的交易货币。
美元在国际贸易、投资和储备中起着重要角色。
大部分国家和地区的货币都与美元存在一定的联系，例如中国人民币就与美元挂钩。
2. 欧元（EUR）欧元是欧洲货币联盟成员国（如法国、德国、意大利等国家）所使用的共同货币，也是世界上最重要的货币之一。
欧元在欧洲内部贸易和金融市场中具有广泛的应用，使用人数最多，市场份额最大。
3. 英镑（GBP）英镑是英国货币，被广泛用于英国及其相关地区的经济活动中。
尽管英国已经脱欧，但英镑仍然是重要的全球储备货币，在国际外汇市场上具有较高的交易活跃度。
4. 日元（JPY）日元是日本的货币单位，是世界上最重要的货币之一。
日本是全球第三大经济体，与美国、欧洲和亚洲的其他国家有广泛的贸易往来。
因此，日元在外汇市场中的交易量非常大。
5. 加元（CAD）加元是加拿大的货币单位，也是世界上最重要的货币之一。
由于加拿大是主要的原油生产国之一，加元在国际能源贸易中扮演重要角色。
此外，加元还与美元有较紧密的联系。
6. 澳元（AUD）澳元是澳大利亚货币，也被广泛用于周边地区。
澳大利亚是重要的原材料出口国，尤其是黄金和铁矿石。
因此，澳元对于全球商品市场的波动非常敏感。
在外汇市场中，除了这些主要的货币之外，还有其他一些次要的货币，如瑞士法郎（CHF）、新西兰元（NZD）、瑞典克朗（SEK）等。
此外，还有一些被称为“次级货币”的货币，如墨西哥比索（MXN）、土耳其里拉（TRY）等，在某些情况下也可能成为投资者的选择。
总结起来，外汇市场涉及多种不同的货币，每一种货币都有其独特的地位和作用。
Foreign Exchange Market
Absolute Purchasing Power Parity
• 两国间汇率变化幅度等于两国通货膨胀之差 • E.g. A Big Mac should cost the same (in US dollars) in France, or the US. What are the shortcomings of the “big mac” method?
Foreign Exchange (FX) Market
• Read Chapter 9 (textbook) • Purchasing Power Parity • Interest Rate Parity • Covered Interest Arbitrage • Carry Trade
Geographical Distribution of FX Market Turnover
ቤተ መጻሕፍቲ ባይዱ
Example
• Suppose the rates now have bid ask spreads
• Is there any arbitrage opportunity?
How do exchange rates move?
• Several conditions govern how exchange rates move.
• Market quotes: The default convention to quote a currency is to express all currencies in foreign currency per USD (European terms) except for 4 currencies which will be expressed in American terms. EUR, GBP , AUD, NZD
第八章 外汇市场
两个概念：成交、交割
• 成交：指买卖双方达成协议 • 交割：指买卖双方履行交易契约，进 行钱货两清的授受行为。
2、交割日的确定—— 按月计算（1、2、3、6、12个月），确定以即期交割日为基 准。其中3个月最为普遍。远期交易很少超过1年，因为期限 越长，交易的不确定性越大。 例： 3月15日 3月16日 3月17日 即期交割日
第八章 外汇市场
主讲人：唐玉萍
本章我们将探索这些问题的答案:
• 什么是外汇？什么是外汇市场？ • 外汇市场是国际贸易和国际金融体制的重要组
成部分，其作用有哪些？
• 外汇市场的主要交易方式有哪些？
• 外汇市场的政策选择有哪些？
7.1 外汇市场的概况 外汇市场的定义 主要参与者 世界主要外汇市场 7.2 外汇市场的作用 货币的汇兑 规避外汇风险 货币投机 7.3 货币的可兑换性 货币可兑换性 外汇管制 对等贸易
纪人。
2、主要职能：安排需要外汇和供应外汇的双方进行教育，本
身并不持有外汇，不承担外汇盈亏风险。
• 外汇市场交易的三个层次 （1）银行与顾客之间的外汇交易（客户市场） （2）银行同业间的外汇交易（银行同业市场） （3）银行与中央银行之间的外汇交易
中央银行
持 有 外 汇 的 客 户 需 要 外 汇 的 客 户
例： 某日香港外汇市场外汇报价如下： 即期汇率：USD1=HK7.7800-7.7800 （直接标价法） 一月期USD升水：30-50（小数-大数） 三月期USD贴水：45-20（大数-小数）
3、交易的目的 –套期保值 –投机
4、远期外汇交易与即期外汇交易的主要区别在于： （1）目的不同。即期交易主要是出于实际需要，属兑 换性质，而远期交易主要是为了保值。 （2）汇率不同。即期交易是按当天、当时的汇率成交 的，而远期交易是按远期汇率成交的。
Seminar 10 Topic 10 Foreign Exchange Market and RiskPPT课件
matching FX dealers’ buy and sell orders for a fee
7
Centபைடு நூலகம்al banks
Enter FX market to
Purchase foreign currency
to pay for government imports, or pay interest on, or redeem, government debt
FX market participants can be classified as
FX dealers and brokers Central banks Firms conducting international trade transactions Investors and borrowers in the international capital markets Foreign currency speculators Arbitrageurs
Facilitate exchange of value from one currency to another Internationally adopted FX market conventions
to improve market functionality
5
15.1 FX Market Participants (cont.)
Change the composition of holdings of foreign currencies
in managing official reserve assets
Influence the exchange rate
Part of economic policies
M15 Chap.13 The Foreign-Exchange Market
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Forward Rates and Forward Exchange Market
• Much of international trade is contracted in advance of delivery and payment. • What options does the importer have with respect to payment?
13-7
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TABLE 13.1 Foreign-Exchange Rate Quotations
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Copyright © 2010 Pearson Addison-Wesley. All rights reserved.
Forward Rates (cont.)
• Forward exchange market—where a currency may be bought and sold at a price (i.e., forward rate) agreed upon today but for delivery at a future date.
Exchange Rate
• Exchange Rate (XR)—the price of one money in terms of another. • The XR helps determine the value of a product priced in a different currency. • Types of Exchange Rates: – Spot XR vs. Forward XR – U.S. $ per foreign currency vs. foreign currency per U.S. $ – Cross XR
米什金货币金融学英文版习题答案chapter18英文习题
米什金货币金融学英文版习题答案chapter18英文习题Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 18 The Foreign Exchange Market18.1 Foreign Exchange Market1) The exchange rate isA) the price of one currency relative to gold.B) the value of a currency relative to inflation.C) the change in the value of money over time.D) the price of one currency relative to another.Answer: DAACSB: Reflective Thinking2) Exchange rates are determined inA) the money market.B) the foreign exchange market.C) the stock market.D) the capital market.Answer: BAACSB: Reflective Thinking3) Although foreign exchange market trades are said to involve the buying and selling of currencies, most trades involve the buying and selling ofA) bank deposits denominated in different currencies.B) SDRs.C) gold.D) ECUs.Answer: AAACSB: Reflective Thinking4) The immediate (two-day) exchange of one currency foranother is aA) forward transaction.B) spot transaction.C) money transaction.D) exchange transaction.Answer: BAACSB: Reflective Thinking5) An agreement to exchange dollar bank deposits for euro bank deposits in one month is aA) spot transaction.B) future transaction.C) forward transaction.D) deposit transaction.Answer: CAACSB: Reflective Thinking6) Today 1 euro can be purchased for $1.10. This is theA) spot exchange rate.B) forward exchange rate.C) fixed exchange rate.D) financial exchange rate.Answer: AAACSB: Reflective Thinking7) In an agreement to exchange dollars for euros in three months at a price of $0.90 per euro, the price is theA) spot exchange rate.B) money exchange rate.C) forward exchange rate.D) fixed exchange rate.Answer: CAACSB: Reflective Thinking8) When the value of the British pound changes from $1.25 to $1.50, the pound has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking9) When the value of the British pound changes from $1.50 to $1.25, then the pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking10) When the value of the dollar changes from ￡0.5 to ￡0.75, then the British pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking11) When the value of the dollar changes from ￡0.75 to ￡0.5, then the British pound has________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking12) When the exchange rate for the Mexican peso changes from 9 pesos to the U.S. dollar to 10 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: BAACSB: Reflective Thinking13) When the exchange rate for the Mexican peso changes from 10 pesos to the U.S dollar to 9 pesos to the U.S. dollar, then the Mexican peso has ________ and the U.S. dollar has ________.A) appreciated; appreciatedB) depreciated; appreciatedC) appreciated; depreciatedD) depreciated; depreciatedAnswer: CAACSB: Reflective Thinking14) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 0.75 euros. Therefore, one euro would have purchased about ________ U.S. dollars.A) 0.75B) 1.00C) 1.33D) 1.75Answer: CAACSB: Analytical Thinking15) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 49.0 Indian rupees. Thus, one Indian rupee would have purchased about ________ U.S. dollars.A) 0.02B) 1.20C) 7.00D) 49.0Answer: AAACSB: Analytical Thinking16) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 1.15 Swiss francs. Therefore, one Swiss franc would have purchased about ________ U.S. dollars.A) 0.30B) 0.87C) 1.15D) 3.10Answer: BAACSB: Analytical Thinking17) On January 25, 2009, one U.S. dollar traded on the foreign exchange market for about 3.33 Romanian new lei. Therefore, one Romanian new lei would have purchased about ________ U.S. dollars.A) 0.30B) 1.86C) 2.86D) 3.33Answer: AAACSB: Analytical Thinking18) If the U.S. dollar appreciates from 1.25 Swiss franc per U.S. dollar to 1.5 francs per dollar, then the franc depreciates from ________ U.S. dollars per franc to ________ U.S. dollars per franc.A) 0.80; 0.67B) 0.67; 0.80C) 0.50; 0.33D) 0.33; 0.50Answer: AAACSB: Analytical Thinking19) If the British pound appreciates from $0.50 per pound to $0.75 per pound, the U.S. dollar depreciates from ________ per dollar to ________ per dollar.A) ￡2; ￡2.5B) ￡2; ￡1.33C) ￡2; ￡1.5D) ￡2; ￡1.25Answer: BAACSB: Analytical Thinking20) If the Japanese yen appreciates from $0.01 per yen to $0.02 per yen, the U.S. dollar depreciates from ________ per dollar to ________ per dollar.A) 100￥; 50￥B) 10￥; 5￥C) 5￥; 10￥D) 50￥; 100￥Answer: AAACSB: Analytical Thinking21) If the dollar appreciates from 1.5 Brazilian reals per dollar to 2.0 reals per dollar, the real depreciates from ________ per real to ________ per real.A) $0.67; $0.50B) $0.33; $0.50C) $0.75; $0.50D) $0.50; $0.67E) $0.50; $0.75Answer: AAACSB: Analytical Thinking22) When the exchange rate for the British pound changes from $1.80 per pound to $1.60 per pound, then, holding everything else constant, the pound has ________ and ________ expensive.A) appreciated; British cars sold in the United States become moreB) appreciated; British cars sold in the United States become lessC) depreciated; American wheat sold in Britain becomes moreD) depreciated; American wheat sold in Britain becomes lessAnswer: CAACSB: Analytical Thinking23) If the dollar depreciates relative to the Swiss francA) Swiss chocolate will become cheaper in the United States.B) American computers will become more expensive in Switzerland.C) Swiss chocolate will become more expensive in the United States.D) Swiss computers will become cheaper in the United States.Answer: CAACSB: Analytical Thinking24) Everything else held constant, when a country's currencyappreciates, the country's goods abroad become ________ expensive and foreign goods in that country become ________ expensive.A) more; lessB) more; moreC) less; lessD) less; moreAnswer: AAACSB: Analytical Thinking25) Everything else held constant, when a country's currency depreciates, its goods abroad become ________ expensive while foreign goods in that country become ________ expensive.A) more; lessB) more; moreC) less; lessD) less; moreAnswer: DAACSB: Analytical Thinking。
大学核心商务英语读写教程UnitForeignCurrenciesandExchangeRates
Rates
第1页/共79页
ObjectivesFra bibliotekTo know something about foreign exchange
To get familiar with business writing
To learn new words and expressions
第3页/共79页
1. Background Information
¡The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends.
To master how to analyze
difficult and long sentences
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Text A Foreign Exchange Market
1. Background Information 2. Introduction to the Text 3. Business Terms 4. Words and Expressions 5. Notes to the Text
国际商务定义英文版
●The foreign exchange market is a market for converting the currency of one country into that of another country.●The exchange rate is the rate at which one currency is converted into another.●Two main functions of the foreign exchange market:1、is used to convert the currency of one country into the currency of another2、provide some insurance against foreign exchange risk (the adverse consequences of unpredictable changes in exchange rates)●Spot Exchange Rate 即期汇率:The rate at which a foreign exchange dealer converts one currency into another currency on a particular day.●Forward Exchange Rate 远期汇率:Two parties agree to exchange currency and execute the deal at some specific date in the future.●Currency Swap 掉期（货币互换）:The simultaneous purchase and sale of a given amount of foreign exchange for two different value dates.●international monetary system: Refers to the institutional arrangements that govern exchange rates.● currency speculation：the short-term movement of funds from one currency to another in the hopes of profiting from shifts in exchange rates ●A floating exchange rate system 浮动汇率exists when a country allows the foreign exchange market to determine the relative value of a currency.●A pegged exchange rate system 钉住汇率exists when a country fixes the value of its currency relative to a reference currency.●A dirty float 管理浮动exists when a country tries to hold the value of its currency within some range of a reference currency such as the U.S. dollar.●A fixed exchange rate system 固定汇率exists when countries fix their currencies against each other at some mutually agreed on exchange rate.●Investors include corporations with surplus cash, individuals, and non-bank financial institutions.●Borrowers include individuals, companies, and governments.●Markets makers are the financial service companies that connect investors and borrowers, either directly or indirectly.●Capital market loans can be equity (stock)or debt ( cash loans or bonds).Equity (stock) Loans 股权融资An equity loan is made when a corporation sells stock to investors. (dividends, stock price)Debt ( cash loans or bonds) Loans 债券融资A debt loan requires the corporation to repay a predetermined portion of the loan amount (the sum of the principal plus the specified interest) at regular intervals regardless of how much profit it is making.●A Eurocurrency欧洲货币is any currency banked outside of itscountry of origin.About two-thirds of all Eurocurrencies are Eurodollars (dollars banked outside the United States).●Foreign bonds外国债券ar e sold outside the borrower’s country and are denominated in the currency of the country in which they are issued.●Eurobonds欧洲债券are underwritten by a syndicate of banks（国际银团）and placed in countries other than the one in whose currency the bond is denominated.●A firm’s strategy refers to the actions that managers take to attain the goals of the firm.一个企业的战略可定义为管理人员为达到企业的目标而采取的行动。
国际金融市场案例分析
国际金融市场案例分析Title: Analysis of International Financial Markets: A Case StudyIntroduction:The global financial market plays a pivotal role in the economic development and stability of nations. It enables countries to raise funds, facilitates international trade, and drives economic growth. This case study aims to analyze the various aspects of international financial markets through the lens of a recent event.Case Study: The Impact of COVID-19 on Global Financial MarketsBackground:The outbreak of the COVID-19 pandemic in early 2024 has had a significant impact on international financial markets. The virus-induced uncertainty led to a sharp decline in global economic activity, resulting in unprecedented challenges for financial systems worldwide. This case study aims to analyze the effects of the pandemic on specific aspects of international financial markets.1. Stock Markets:The stock markets experienced extreme volatility during the early months of the pandemic as investors panicked andliquidated their positions. Major indices, such as the Dow Jones Industrial Average and the FTSE 100, witnessed significant declines. Governments and central banks implemented various measures to stabilize the markets, including interest rate cuts and stimulus packages. However, stock market recovery has been uneven and, in some cases, remains below pre-pandemic levels.2. Foreign Exchange Markets:The foreign exchange market experienced heightenedvolatility due to uncertainty surrounding COVID-19. Safe-haven currencies, such as the US dollar, appreciated against emerging market currencies, which experienced severe depreciation. Cross-border restrictions and reduced global trade further affected exchange rates. Central banks intervened to stabilize their currencies, leading to increased currency interventions.3. Bond Markets:The bond market, particularly government bonds, experienced significant fluctuations as investors sought safe-haven assets. Yields on government bonds plummeted as investors flocked to safer investments. Central banks and governments responded by implementing expansionary monetary policies and issuing a significant amount of debt. The demand for corporate bonds, onthe other hand, was adversely affected due to heightened risk aversion and an increase in corporate defaults.Conclusion:The COVID-19 pandemic had a profound impact on international financial markets, leading to extreme volatility and economic uncertainty. Governments and central banks implemented various measures to stabilize the markets and stimulate economic recovery. Although markets have shown signs of recovery, the long-term effects of the pandemic on global financial systems remain uncertain. It is crucial for policymakers and market participants to closely monitor the evolving situation and adapt strategies accordingly.。
中英文对照外汇市场名词
Chapter ThreePart EightForeign Exchange Markets外汇市场[Teaching Aim]This chapter includes exchange rate, spot transactions, forward transactions, swap transactions, futures, options, etc. The students will be taught some general knowledge on foreign exchange dealing and some special expressions used in foreign exchange markets. It is planned that 4 or 5 periods will be used to study this chapter. The students will read the 10 passage with the help of their instructor and improve their both reading and listing comprehension. They will also have time to discuss their problems in understanding the passages and make some practice in calculation of the futures gain or loss, forward rate or in decision whether or not to exercise the option contract. They will be interested in the study of this chapter and be ready to learn more from their specialty courses.[Key Words & Expressions]1)pound sterling 英镑;2)Canadian dollar 加拿大元3)purchasing power 购买力4)foreign exchange rate 外汇汇率5)the dollar exchange rate 美元汇率6)reciprocal 倒数7)external value 对外价值8)appreciate 升值, 涨价9)depreciate (depreciation n.) 贬值, 跌价, 折旧10)domestic demand (for) 国内需求11)domestic supply (of) 国内供应12)equilibrium exchange rate 平均汇率13)supply and demand condition 供求条件14)offset 抵消15)exchange some dollars for pounds 把一些美元兑换成英镑类似的表示法还有：exchange dollars against pounds; exchange dollars in terms of pounds; trade dollars for pounds; convert dollars into pounds; buy pounds with dollars等。
第三章《国际金融学》
当投机者对某外汇期货未来行情看跌时，首先
卖出一定数量的外汇期货合约；等到价格下跌后再 补进原来卖出的等量同品种外汇期货合约进行对冲， 从中获取差额利润。
美国某进口商因需要在现汇市场以us1euro08汇率买进80万欧元准备先存放于欧洲某银行时间为1个月但同时又担心一个月后useuro的现汇汇率上升为us1euro095以致使自己遭受无谓的损失因此该进口商进行美元买进欧元即期交易的同时再同时进行远期交易即
第三章 外汇市场和外汇交易
本章主要介绍的内容
1.外汇市场
指将币种相同、金额相同，而方向相反、交割期 限不同的两笔或两笔以上的外汇交易结合起来进行的 交易形式。 掉期交易的目的也在于避免汇率变动的风险。
说明：
*即期对远期(Spot Against Forward）常见 *远期对远期(Forward to Forward) 极少
二.外汇交易形式（6）
即期对远期举例如下：
二.外汇交易形式（18）
(3)期货交易操作方式
①外汇期货交易中的套期保值交易：
指在现货市场和期货市场上针对某种外汇采取相反的买 卖 行动，以达到抵消或转移风险的目的。
A：空头套期保值：指交易者在外汇市场卖出外汇期
货合约，以达到对现货保值的目的。举例如下：
美国某跨国公司设在英国的分公司急需250万英镑现汇支付 当期费用，此时该跨国公司正好有一部分闲臵资金，于是在3月 12日在现汇市场上用美元买进250万英镑向英国分公司汇去，当 日
注意：无论是哪个层次的交易，外汇交易往往是买卖以外 币活期存款形式存在的交易。
二.外汇交易形式（1）
1.即期交易(Spot
Exchange Transaction )
又称现汇交易。是指买卖成交后，原则上在两个
chap.14 functions of foreign exchange market
Functions of Foreign Exchange Market
Second, international businesses use foreign exchange markets when they must pay a foreign company for its products or services in its country’s currency.
Functions of Foreign
Exchange Market
First, the payments a company receives for its export and the income it receives from foreign investments may be in foreign currencies. To use those funds in its home country ,the company must convert them to its home country’s currency. Consider the Scottish distillery that exports its whisky to the U.S. The distillery is paid in dollars, but since those dollars can’t be spent in Great Britain, they must be converted into British pounds.
Companies engaged in international trade and investment are major participants in the foreign exchange market. International businesses have two main uses of foreign exchange market.
国际金融英文版CH3
Foreign exchange rate quotations on the U.S.
Dollar/British Pound in the Financial Press
An exchange of currencies involves two currencies. Either of which may be placed in the denominator. The quotation of the exchange rates follows conventions.
Convertibility means a currency can be freely exchanged for another currency. This is the most important characteristic of the foreign exchange.
Foreign exchange rate is the price of one currency in terms of another.
Spot Exchange Market and Exchange Rate Quotations
The spot exchange market is a market that deals in foreign exchange for immediate delivery. Immediate delivery in foreign currencies usually means within two business days.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
金融英语专业词汇汇总
Money Markets 货币市场Capital Markets 资本市场Foreign Exchange Markets 外汇市场Gold Markets 黄金市场Derivative Markets 衍生品市场Direct Financing 直接金融市场Indirect Financing 间接金融市场Financial Intermediary 金融中介Deposit 存款Loan 贷款Foreign Currency 外汇Securities 证券Forward transactions 远期交易Foreign currency futures 外汇期货Commercial bank 商业银行Investment bank 投资银行Pension fund 养老基金Central Bank 中央银行Primary Market 一级市场Secondary Market 二级市场Dividends 股息Shareholders 股东Common Stock 普通股Preferred Stock 优先股Financial Institutions 金融机构Default Risk 违约风险Liquidity 流动性Treasury Bills 短期国库券Treasury Notes 中期国库券Treasury Bonds 长期国库券Inter-bank markets 同业拆借London Interbank Offered Rate LIBOR伦敦同业拆借利率Commercial Paper 商业票据Negotiable certificates of deposit大额可转让定期存单Repurchase Agreement 回购协议Reverse repurchase Agreement 逆回购协议Banker’s acceptances 银行承兑汇票Bond 债券Stock 股票Interest (coupon) payments 票面利息Interest (coupon) rate 票面利率Face value (Principle) 面值Maturity date 到期日Municipal bonds 市政债券Corporate bonds 企业债券Treasury Bills (Maturity less than 1 year) Treasury Notes (Maturity 1 to 10 years) Treasury Bonds (Maturity more than 10 years) Annual 一年Semi-annual 半年Mortgage bonds 抵押债券Zero-coupon bonds 零息债券Folate-rate bonds 浮动利率债券Redemption bonds 可赎回债券Convertible bonds 可转换债券Collateral 抵押物Common Stock 普通股Preferred Stock 优先股Residual Claims 剩余追索权Limited Liability 有限责任Capital Gains 资本利得Public placement 公募Private placement 私募Bid price 卖价Ask price 买价Market Order 市价委托指令Limit Order 限价指令Stop Order 停止指令Fundamental Analysis 基本面分析Technical Analysis 技术分析Buy on margin 买空Short sales 卖空Margin 保证金Initial Margin 初始保证金Maintenance Margin 维持保证金Margin Call 保证金催缴通知Exchange Rate 汇率Foreign Exchange Bank 外汇银行Foreign Exchange Broker 外汇经纪人Spot transaction 即期交易Forward transaction 远期交易Appreciation 升值Depreciation 贬值Cross-Exchange rates 交叉汇率Direct Quotation 直接标价法Indirect Quotation 间接标价法Dollar Quotation 美元标价Balance Sheet 资产负债表Income Statement 损益表Statement of Cash Flow 现金流量表Asset 资产Liability 负债Owner’s Equity 所有者权益Current Asset 流动资产Short-term assets 短期资产Cash 现金Accounts receivable 应收账款Inventory 存货Long-term assets 长期资产Tangible assets 有形资产Intangible assets 无形资产Patent 专利Copyright 版权Goodwill 商誉Long-term Liabilities 长期负债Current Liabilities 流动负债Accounts payable 应付账款Debt due for repayment 应偿还债务Long-term debt 长期债务Common stock and other paid in capital普通股和资本公积Retained Earnings 留存收益Operating Revenues 营业收入Net Sales 销售净收入Operating Expenses 营业费用Cost of Goods Sold 销货成本Selling, general & administrative expenses销售及一般管理性费用Research & Development Expenses 研发费用Depreciation 折旧Operating Income 营业利润Earnings before interest and income taxes息税前利润Interest expenses 利息费用Taxable income 应纳税所得额Net income 净利润Allocation of net income 净利润分配retained earnings 留存收益Return on Equity 净资产收益率Return on Asset 资产收益率Liquidity Ratio 流动性比率Quick Ratio 速动比率Gross Domestic Product 国内生产总值Unemployment rates 失业率Budget deficit 预算赤字Budget surplus 预算盈余Consumer sentiment 消费者心理因素Peak 高峰Trough 谷底Cyclical Industries 周期性行业Defensive Industries 防御性行业Business Cycle 经济周期Industry Analysis 行业分析Operating Leverage 经济杠杆Degree of Operating Leverage经济杠杆系数Sector Rotation 部门转换Industry Life Cycles 行业生命周期Start-up 创业阶段Consolidation 成长阶段Maturity 成熟阶段Relative Decline 衰退阶段Threat of Entry 进入者威胁Rivalry between existing competitors现有竞争者威胁Pressure from substitute products替代品压力Bargaining power of buyers买方议价能力Bargaining power of suppliers卖方议价能力Investment Company 投资公司Net Asset Value 资产净值Open-end Fund 开放式基金Close –end Fund 封闭式基金Discount Price 折价Premium Price 溢价Fund Manager 基金经理人Private Partnerships 私人合伙人Money Market Funds 货币市场基金Equity Funds 股权基金Income Funds 收入型基金Growth Funds 成长性基金Sector Funds 行业基金Bonds Funds 债券净值Balanced Funds 平衡型基金Aggressive Investors 激进型投资者Conservative Investors 保守型投资者Fee Structure 费用结构Operating Expenses 运营费用Front-End Load 前段费用Back-End Load 后端费用Bond Issuer 债券发行者Bond holder 债券持有者Seniority 求偿等级Limited Provisions 限制性条款Call Provisions on Corporate Bonds公司债券的赎回条款Convertible Bonds 可转换债券Conversion ratio 转换比例Market conversion value 转换价值Puttable Bonds 可回卖债券Yield to Maturity 到期收益率Default Risk 违约风险Investment grade bonds 投资级债券Junk bond 垃圾债券Securities Underwriting 证券承销业务Mergers and Acquisitions 兼并与收购Restructuring 重组Leveraged Finance 杠杆融资Initial Public Offerings (IPOs)首次公开发行Seasoned Equity Offerings (SEOs) 再次发行Public placement 公募Private placement 私募Cash Transaction 现金支付Share Transaction 股票支付Horizontal M&A 横向并购Vertical M&A 纵向并购Conglomerate M&A 混合并购Synergy 协同效应Friendly Acquisition 善意并购Hostile Acquisition 敌意并购White Knight 寻找白衣骑士Selling the Crown Jewels 焦土战术Pac-Man defense 帕克门策略Greenmail 绿色勒索Operating Synergy 经营协同效应Management Synergy 管理协同效应Financing Synergy 财务协同效应Leveraged buy-out (LBO) 杠杆收购Management buy-out (MBO) 管理层收购Options 期权Derivatives 衍生品Option Contract 期权合约Call option 看涨期权Put option 看跌期权Strike Price 执行价格Expiration date 到期日Premium 期权费/权利金In the Money 实值期权Out of the Money 虚值期权At the Money 平价期权American Option 美式期权European Option 欧式期权Futures 期货Futures Contract 期货合约Obligation 义务Delivery date 交割时间Delivery price 交割价格Long position 多头头寸Short position 空头头寸Leveraged Effect 杠杆效应Reserve Requirement 存款准备金要求Insurance Company 保险公司Life Insurance 寿险Liability Insurance 责任保险Health Insurance 健康保险Property Insurance 财产保险Accident Insurance 意外保险Term Life 期限人寿保险Whole Life 终身人寿保险Universal Life 万能人寿保险Pension Fund 养老基金Pension Plan 养老金计划Risk Premium 风险溢价Liquidity Premium 流动性溢价Inflation Rate 通货膨胀率Settlement 结算Trust Services 信托Trustee 托管人Beneficiary 受益人Lease 租赁Factoring 保理Syndicated Loan 银团贷款Monetary Policy 货币政策F iscal Policy 财政政策。
国际金融英语Part Three Foreign Exchange and Foreign Exchange Market
B. The foreign exchange market is a market for converting the currency of one country into that of another country. The major participants in the foreign exchange market are large commercial banks that operate at two levels-retail and interbank:
II. Quotation Methods of Exchange Rates
A. Direct Quotation Method
It reflects the amount of home currency that is required to buy the foreign currency. And China uses Direct quotation.
Unit 6. Foreign Exchange Market
I. Definitions of Foreign Exchange & Foreign Exchange Market
A. Foreign exchange is defined as the currency of another country.
A. Currency Conversion
• Currency speculation (short-term movements of funds from one currency to another one in the hopes of profiting from the fluctuations in exchange rates) is another use of foreign exchange markets. E.g. A US company has $ 10 m to invest for 3 months. Suppose the company suspects that US dollar is overvalued against franc. That is the company expects the value of the dollar to depreciate against franc. The current dollar/franc exchange rate is $1=FFr 6, the company exchange its $ 10 m into francs and receive FFr 6o m. In 3 months, $1=FFr 5 (dollar depreciate against franc), then the company exchange its FFr 60 m into $ 12 m. Thus, the company gets profits = $12 m-$10 m = $ 2 m.
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and Exchange Rates
Foreign Exchange Markets
• A network of systems and mechanisms through which currencies are traded • Market actors:
Types of FX Transactions
• Spot transactions • Forward and futures transactions • Transactions in FX derivatives (options) Forward and futures transactions: Buying or selling a certain amount of a currency at a predetermine (agreed upon) price for future delivery Currency options: Buying and selling options to buy or options to sell specific amounts of a currency at a preset price in the future
• • • • • • • Banks Brokers (Brokerage firms) Business entities (merchants, corporations, etc.) Individuals Governments Central banks International organizations
Hedging in the Forward Market
• Suppose an American merchant has purchased five full container loads of German beer at a total price of € 150,000. She has agreed to pay for the merchandise 90 days after the merchandise is placed aboard the ship; she holds a short position in the euro. • To close her position she can purchase €150,000 in the forward market today. That would enable her to buy the amount of euros she would need in 90 days at a pre-determined rate. The forward contract would protect her from FX risk.
Currency Quotes
• Today: UK pound: $/Pd: 1.83 Pd/$: 0.546 Euro: $/Er: 1.25 Er/$: 0.80
• A year ago: UK pound: $/Pd: 1.64 Pd/$: 0.609 Euro: $/Er: 1.08 Er/$: 0.925 • Currency cross rates
• A person having a long position in the British pound hopes to see the pound appreciate.
Hedging
• Hedging: A transaction made for the purpose of avoiding or reducing a business (FX fluctuation) risk. Positions in FX: No position Long position Short position Balanced or closed position • Hedging could be done in the spot market as well as in other FX markets
• Hedging in the spot market • Other types of hedging
• Speculation: Taking a long or a short position in a currency in the hope of profiting from a favorable change in the exchange rate
FX and Portfolio Management
• An asset portfolio is a set or basket of assets owned by an individual or a business entity
• An asset has a value if it brings returns either in the form of incomes (earnings) or pleasure • A portfolio containing FX denominated assets could change in value as FX rates change
The Reasons Behind FX Trading
• Clearing transactions • Arbitrage transactions: taking advantage of rate differentials (discrepancies) in different markets • Hedging transactions: Long and short positions
Foreign Exchange Rates
• A foreign exchange rate is the price of (one unit of) a currency in terms of another currency • There are nearly 200 currencies of which few than 50 are commonly traded inte place in the form of transfer of bank deposits and clear without actual currency notes changing hands