国际金融与结算期末试卷(英文)
国际金融英语试题及答案
国际金融英语试题及答案1. 以下哪个选项不是国际货币基金组织（IMF）的主要职能？A. 提供技术援助B. 监督成员国的经济政策C. 促进国际贸易D. 提供紧急财政援助答案：C2. 世界银行的主要目标是什么？A. 促进全球贸易B. 减少全球贫困C. 维护国际货币稳定D. 促进全球金融市场发展答案：B3. 什么是外汇储备？A. 一个国家持有的外国货币和黄金B. 一个国家持有的国内货币和黄金C. 一个国家持有的外国货币和证券D. 一个国家持有的国内货币和证券答案：A4. 根据国际收支平衡表，以下哪项交易不属于经常账户？A. 商品出口B. 服务进口C. 外国直接投资D. 工人汇款回国答案：C5. 什么是货币贬值？A. 一个国家的货币价值相对于其他国家货币的减少B. 一个国家的货币价值相对于黄金的减少C. 一个国家的货币价值相对于商品和服务的减少D. 一个国家的货币价值相对于外国投资的减少答案：A6. 什么是浮动汇率制度？A. 货币价值由市场供求关系决定B. 货币价值由政府固定C. 货币价值由国际货币基金组织决定D. 货币价值由中央银行决定答案：A7. 什么是国际金融市场？A. 跨国公司进行商品和服务交易的市场B. 跨国公司进行货币和金融资产交易的市场C. 跨国公司进行商品和金融资产交易的市场D. 跨国公司进行服务和金融资产交易的市场答案：B8. 什么是国际货币体系？A. 国际货币的发行和流通体系B. 国际货币的监管和管理体系C. 国际货币的交换和结算体系D. 国际货币的发行、监管和管理体系答案：D9. 什么是外汇交易？A. 一种货币兑换成另一种货币的交易B. 一种商品兑换成另一种商品的交易C. 一种服务兑换成另一种服务的交易D. 一种资产兑换成另一种资产的交易答案：A10. 什么是国际金融危机？A. 一个国家内部的金融体系崩溃B. 一个国家内部的货币体系崩溃C. 多个国家金融体系的崩溃D. 多个国家货币体系的崩溃答案：C。
国际结算期末测试题一
一、单选题1、To the exporter, the fastest and safest method of settlement is ( )A. remittance under open accountB.remittance under cash in advanceC. letter of creditD.banker’s draft正确答案：B2、To the importer, the fastest and safest method of settlement is ( )A. collectionB.letter of creditC. remittance under open accountD.remittance under cash in advance正确答案：C3、 Under a letter of credit, the exporter can receive the payment only when ( )A. he has presented the documentsB.the importer has taken delivery of the goodsC.A he has shipped the goodsD.the documents presented comply with the credit terms正确答案：D4、The trade term FOB means Free on Board named ( )A. port of shipmentB.premisesC. place of destinationD.port of destination正确答案：A5、The trade term CIF should be followed by ( )A. named port of destinationd placeC. named place of destinationd port of shipment正确答案：A6、Under the trade term ( ), the importer undertakes the least obligation.A. CIPB. B. DDPC. EXWD.DDU正确答案：B7、In documentary collection, after the goods have been shipped, the exporter presents the documents to ( )A. the opening bankB.the reimbursing bankC. the collecting bankD.the remitting bank正确答案：D8、From the point of view of a Chinese bank, ( ) is our bank’s account in the books of an overseas bank, denominated in foreign currency.A. a vostro accountB.a mirror accountC. a record accountD.a nostro account正确答案：D9、The documentary collection provides the seller with a greater degree of protection than shipping on ( )A. documentary creditB.banker’s letter of guaranteeC. banker’s draftD.open account正确答案：D10、An exporter sells goods to a customer abroad on FOB and on CIF terms. Who is responsible for the freight charges in each? ( )A. Exporter; importerB.Importer; importerC. Exporter; exporterD.Importer; exporter正确答案：D11、If Bank of China instructs Bank of America to pay a sum of US $ 1,000,000.00 to Midland, its nostro account will be ( )A. decreasedB.increasedC. creditedD.debited正确答案：D12、If a bill is payable “ 60 days after date”, the date of payment is decided according to ( )A. the date of presentationB.the date of maturityC. the date of acceptanceD.the date of the bill正确答案：D13、 The party to whom the bill is addressed is called the ( )A. payeeB.drawerC. holderD.drawee正确答案：D14、( ) must be accepted by the drawee before payment.A. A bill payable xx days after sightB.A promissory noteC. A bill payable xx days after dateD.A sight bill正确答案：A15、Which type of collection offers the greatest security to the exporter?A. Clean collectionB.Acceptance D/PC. Documents against acceptanceD.Documents against payment正确答案：D16、A stand-by letter of credit ( )A. is invoked in the event of non-compliance by buyer or seller with the terms of an original creditB.is not a letter of creditC. is never revokedD.is invoked in the event of non-compliance by buyer or seller with the terms of the sales contract正确答案：D17、The beneficiary of a transferred credit is ( )A. the paying / accepting / negotiating bankB.the shipperC. the producerD.the middleman正确答案：D18、The sum of the transferred credit will not be ( )A. less than in the credit before transferB.the same as in the credit before transferC. more than in the credit before transferD.equal to the original credit正确答案：C19、An applicant must reimburse an issuing bank unless he finds that ( )A. goods are defectiveB.documents received do not allow him to clear the goods through customsC. goods are not as ordered in the sales contractD.documents do not conform on the face to the terms and conditions of the credit正确答案：D20、A revocable credit can’t be amended or cancelled only after ( )A. the documents under it have been honoredB.the advising bank has notified the beneficiary of its openingC. it has been confirmed by a correspondent bankD.it has been amended once正确答案：A21、( ) gives the beneficiary double assurance of payment.A. The confirmed creditB.The irrevocable confirmed creditC. The irrevocable creditD.The revocable credit正确答案：A22、The red clause credit is often used as a method of ( )A. providing the buyer with funds after shipmentB.providing the seller with funds after shipmentC. providing the seller with funds prior to shipmentD.providing the buyer with funds prior to shipment正确答案：C二、多选题1、Under the trade term ( ), the importer need undertake to clear the goods for import into the buyer’s country.A. DDPB.FOBC. FASD.EXW正确答案：B、C、D2、Which of the following statement is correct? ( )A.It is cheaper than cable and telex.B.SWIFT was founded in 1970s.C.It’s messages are standardized formatted.D.it is a computerized international telecommunications system.正确答案：A、B、C、D3、 Which of the following is based on commercial credit?A. Bank letter of guaranteeB.Letter of creditC. CollectionD.remittance正确答案：C、D4、A(n) ( ) is a financial document.A. bill of exchangeB.bill of ladingC. commercial invoiceD.bearer bonds正确答案：A、D5、 International transactions include ( )A. goods tradeB. financial transactionsC. service tradeD. capital flows正确答案：A、B、C、D三、判断题1、True or False: Direct B/L means transshipment is not allowed. ( )正确答案：√2、 True or False: International settlements are financial activities. ( )正确答案：√3、 CANP for RMB settlement is a netting payment system. ( )正确答案：×4、True or False: In a daft, the more endorsers, the safer the payee. ( )正确答案：√5、True or False: Negotiation of L/C can be done by the issuing bank. ( )正确答案：×6、 True or False: Basic documents must be indispensable in international trade. ( )正确答案：×7、True or False: The drawer in D/D is the remitting bank, and the drawee is the paying bank. ( )正确答案：√8、True or False: Seaway bill is a non-transferable document. ( )正确答案：√9、True or False: Trade terms are important to arbitrate disagreements about sales contract. ( )正确答案：×10、True or False: Chips is more efficient than Fedware. ( )正确答案：√11、True or False: A commercial draft is a draft drawn by a bank on a firm. ( )正确答案：×12、True or False: A draft paid to a bearer is risky. ( )正确答案：√13、True or False: Credit card is to encourage consumption. ( )正确答案：√14、True or False: Consular invoice is a basic document. ( )正确答案：×15、 True or False: A transfer check can be paid by cash. ( )正确答案：×16、True or False: A check with a special crossing can be paid to the payee through any bank. ( )正确答案：×17、True or False: The headquarters of CHIPS is in New York. ( )正确答案：√18、True or False: Traveler’s check is a financial document. ( )正确答案：√19、True or False: A bill of exchange conditionally accepted can beregarded as dishonor. ( )正确答案：√20、True or False: The maker is primarily liable to a promissory note. ( )正确答案：√21、True or False: Usance L/C payable at sight provides financing to the importer. ( )正确答案：√22、SWIFT was founded to provide interbank telecommunication services. ( )正确答案：√23、 True or False: Fedware is a RTGS system. ( )正确答案：√。
(完整word版)国际金融题库(英文版)
Multiple-choice test(only one is correct):1. Gresham’s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, it will be themore valuable of the two metals that circulate.d)None of the above.2. Balance of paymentsa)is defined as the statistical record of a country’s international transactions over a certain period oftime presented in the form of a double-entry bookkeepingb)provides detailed information concerning the demand and supply of a country’s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the above3. If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market, ceterisparibus.b)One can infer that the U.S. dollar would be under pressure to depreciate against other currenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/£ and the three-month forward rate is $1.50/£. You enter into a short position on £1,000. At maturity, the spot exchange rate is $1.60/£. How much have you made or lost?a)Lost $100b)Made £100c)Lost $50d)Made $1505. The sensitivity of “realized” domestic currency values of the firm’s contractual cash flows denominated in foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6. Three days ago, you ente red into a futures contract to sell €62,500 at $1.20 per €. Over the past three days the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per € or $2,500b)Made $0.04 per € or $2,500c)Lost $0.06 per € or $3,750d)None of the above7. A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8. Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is$1.20/€, and the one-year forward exchange rate is $1.16/€. What must one-year interest rate be in the euro zone?a) 5.0%b) 1.09%c)8.62%d)None of the above.9. Suppose the spot ask exchange rate, S a($|£), is $1.90 = £1.00 and the spot bid exchange rate, S b($|£), is $1.89 = £1.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be “eaten” by the bid-ask spread?a)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810. Under the gold standard, international imbalances of payment will be corrected automatically under thea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11. With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you make moneycoming and goingc)You should spend at least as much time working the hedge as working the underlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing “forward” and “futures” exchange contracts, we can say that:a)They are both “marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchase or sale:futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders and is traded onorganized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC.d)b) and c)13. An “option” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell a given quantityof an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell a givenquantity of an asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14. Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm’s contractual cash flowsdenominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changes in exchangeratec)the potential that the firm’s consolidated financial statement can be affected by changes inexchange ratesd)ex post and ex ante currency exposures15. Under a purely flexible exchange rate systema) Supply and demand set the exchange ratesb) Governments can set the exchange rate by buying or selling reservesc) Governments can set exchange rates with fiscal policyb) and c) are correct.。
金融英语期末试题及答案
金融英语期末试题及答案一、选择题1. What is the time value of money?A. The concept of money having different values at different times.B. The concept of money having the same value at all times.C. The concept of money having no value over time.D. The concept of money having a fixed value regardless of time.答案：A2. Which of the following is a type of risk in finance?A. Exchange rate riskB. Market riskC. Interest rate riskD. All of the above答案：D3. What is the purpose of diversification in investment?A. To concentrate investments in a single assetB. To reduce the overall risk of a portfolioC. To increase the potential return of a portfolioD. To eliminate all risk from a portfolio答案：B4. What is the function of a stock exchange?A. To regulate the trading of stocks and other securitiesB. To provide loans to individuals and businessesC. To monitor interest rates in the economyD. To facilitate international trade transactions答案：A5. What is the role of a financial analyst?A. To analyze economic trends and make investment recommendationsB. To issue and sell financial products to customersC. To manage the day-to-day operations of a financial institutionD. To set monetary policies for an economy答案：A二、填空题1. The process of buying and selling securities on the stock market is known as _________.答案：trading2. A document that outlines the terms and conditions of a loan is called a _________.答案：loan agreement3. The risk that an investment will lose value due to changes in the overall market is known as _________ risk.答案：market4. The interest rate at which banks lend money to each other overnight is called the _________ rate.答案：overnight5. The process by which a company raises capital by selling shares to the public is known as _________.答案：initial public offering (IPO)三、简答题1. Explain the difference between stocks and bonds.答案：Stocks represent ownership in a company and give investors the right to share in the company's profits and voting rights. Bonds, on the other hand, are debt securities issued by companies or governments to raise capital. Bondholders lend money to the issuer in exchange for periodic interest payments and the return of the principal amount at maturity.2. What factors can affect currency exchange rates?答案：Currency exchange rates can be influenced by factors such as interest rates, inflation, political stability, economic performance, and market speculation. Changes in these factors can cause the value of a currency to fluctuate relative to other currencies.3. What is the difference between a mutual fund and an exchange-traded fund (ETF)?答案：A mutual fund is a pooled investment vehicle that collects money from multiple investors to invest in a diversified portfolio of securities. Investors in mutual funds buy shares directly from the fund at the net asset value (NAV) price. An ETF, on the other hand, is a type of investment fund that is traded on a stock exchange like a common stock. ETFs can be bought and sold throughout the trading day at market prices, and their prices may deviate slightly from the underlying asset value.四、解释题1. Explain the concept of compound interest.答案：Compound interest is the interest that is earned on both the initial principal amount and any accumulated interest from previous periods. In other words, it is interest on interest. As interest is added to the principal, the total amount grows over time, and subsequently, the amount of interest earned in each period also increases. This compounding effect allows investments to grow at an accelerated rate compared to simple interest, where interest is only calculated on the initial principal.2. What is diversification in investment and why is it important?答案：Diversification refers to the practice of spreading investments across different assets, industries, or geographical regions to reduce risk. By diversifying a portfolio, an investor can decrease the impact of any single investment's performance on the overall portfolio. Different investments may have different risk levels and may react differently to economic or market conditions. Therefore, if one investment performs poorly, other investments in the portfolio may provide a buffer against potential losses. Diversification can help to achieve a more balanced risk-return profile and enhance the potential for long-term investment success.五、翻译题Translate the following sentence into English:中国货币政策的调整对全球金融市场有重要影响。
国际金融学期末分录题及答案英文
国际金融学期末分录题及答案英文1、Almost every one of us could see her anxiety from the（）on her face. [单选题] *A. appearanceB. feelingC. movementD. expression(正确答案)2、We have ______ homework today. （）[单选题] *A. too manyB. too much(正确答案)C. much tooD. very much3、Tom sits _______ Mary and Jane. [单选题] *A. amongB. between(正确答案)C. onD. next4、22．Will there ________ any schools in the future? [单选题] *A．isB．areC．amD．be(正确答案)5、My home is about _______ away from the school. [单选题] *A. three hundred metreB. three hundreds metresC. three hundred metres(正确答案)D. three hundreds metre6、Boys and girls, please _______ your favorite book here and show it to us next class. [单选题] *A. bring(正确答案)B. sellC. buyD. take7、The house is well decorated _____ the disarrangement of a few photos. [单选题] *A. exceptB. besidesC. except for(正确答案)D. in addition to8、( ) --------Please take my seat here.-------- __________________________. [单选题]*A. That is nice of you(正确答案)B. I think it is my seatC. No, you sit hereD. I don’t think it’s a good seat.9、By the end of this month, all this _____. [单选题] *A. is changedB．will changeC. will have changed(正确答案)D. has changed10、Tony can _______ the guitar.Now he _______ the guitar. [单选题] *A. play; plays(正确答案)B. playing; playingC. plays; is playingD. play; is playing11、The sun disappeared behind the clouds. [单选题] *A. 出现B. 悬挂C. 盛开D. 消失(正确答案)12、I _______ Zhang Hua in the bookstore last Sunday. [单选题] *A. meetB. meetingC. meetedD. met(正确答案)13、Tom is very _______. He never cleans his room. [单选题] *A. lazy(正确答案)B. activeC. shyD. healthy14、We _____ three major snowstorms so far this winter. [单选题] *A.hadB. haveC. have had(正确答案)D.had had15、The teacher has his students_____a composition every other week. [单选题] *A.to writeB.writtenC.writingD.write(正确答案)16、59．—Can I talk to the manager?—Please wait ________ minute. [单选题] * A．anB．a(正确答案)C．theD．/17、She talks too much; you’ll be glad when you’re free of her. [单选题] *A. 与她自由交谈B. 离开她(正确答案)C. 受她的控制D. 与她在一起18、I have worked all day. I'm so tired that I need _____ . [单选题] *A. a night restB. rest of nightC. a night's rest(正确答案)D. a rest of night19、I paid him 50 dollars for the painting, but its real（）must be about 500 dollars. [单选题] *A. feeB. value(正确答案)C. priceD. fare20、You could hardly imagine _______ amazing the Great Wall was. [单选题] *A. how(正确答案)B. whatC. whyD. where21、These plastics flowers look so_____that many people think they are real. [单选题] *A.beautifulB.artificialC.natural(正确答案)D.similar22、Just use this room for the time being ,and we’ll offer you a larger one _______it becomes available [单选题] *A. as soon as(正确答案)B unless .C as far asD until23、The boy’s mother always _______ him a story before he goes to bed. [单选题] *A. saysB. speaksC. tells(正确答案)D. talks24、—______ do you play basketball?—Twice a week.（）[单选题] *A. How often(正确答案)B. How muchC. How manyD. How long25、—______ pencils are these?—They are Tony’s.（）[单选题] *A. WhatB. WhereC WhoD. Whose(正确答案)26、Her （）for writing was that she wished women to get the right to higher education. [单选题] *A. motivation(正确答案)B. motivateC. effectD. concentration27、I got caught in the rain and my suit____. [单选题] *A. has ruinedB. had ruinedC. has been ruined(正确答案)D. had been ruined28、Nick has always been good _______ finding cheap flights. [单选题] *A. at(正确答案)B. forC. withD. to29、During the Spring Festival, people in Northern China usually eat _______ as a traditional Chinese food. [单选题] *A. pizzaB. dumplings(正确答案)C. hamburgersD. noodles30、Mike and his friend are going to the _______ to see the new action movie tonight. [单选题] *A. book shopB. restaurantC. concertD. cinema(正确答案)。
国际结算英语试题及答案
国际结算英语试题及答案一、单选题（每题2分，共10题，满分20分）1. 国际结算中常用的支付方式不包括以下哪一项？A. 信用证B. 托收C. 汇款D. 现金支付答案：D2. 信用证的开证行是指：A. 申请人的银行B. 受益人的银行C. 开立信用证的银行D. 通知信用证的银行答案：C3. 托收业务中，代收行是指：A. 委托行的代理银行B. 申请人的银行C. 受益人的银行D. 开证行答案：A4. 汇款业务中，汇款人是指：A. 付款方B. 收款方C. 银行D. 任何第三方答案：A5. 在信用证结算方式中，受益人提交的单据不符合信用证条款时，开证行将：A. 无条件付款B. 拒绝付款C. 保留付款D. 延迟付款答案：B6. 国际结算中，汇票的付款期限通常分为即期和：A. 远期B. 定期C. 延期D. 长期答案：A7. 国际结算中，银行保函通常用于：A. 贸易融资B. 项目投标C. 信用担保D. 以上都是答案：D8. 信用证结算方式中，如果信用证过期，受益人将：A. 无法使用信用证B. 可以延期使用C. 可以部分使用D. 可以全额使用答案：A9. 在国际结算中，D/P（付款交单）和D/A（承兑交单）的主要区别在于：A. 交单时间B. 付款时间C. 交单地点D. 付款方式答案：D10. 国际结算中，SWIFT是指：A. 环球银行金融电信协会B. 国际货币基金组织C. 世界贸易组织D. 国际商会答案：A二、多选题（每题3分，共5题，满分15分）1. 国际结算中，以下哪些属于贸易术语？A. FOBB. CIFC. DDPD. T/T答案：A, B, C2. 信用证结算方式中，以下哪些属于信用证的特点？A. 银行信用B. 独立性C. 可转让性D. 无条件性答案：A, B3. 国际结算中，以下哪些属于支付方式？A. 信用证B. 托收C. 汇款D. 现金支付答案：A, B, C4. 国际结算中，以下哪些属于汇票的类型？A. 商业汇票B. 银行汇票C. 即期汇票D. 远期汇票答案：A, B, C, D5. 在国际结算中，以下哪些属于银行保函的类型？A. 投标保函B. 履约保函C. 预付款保函D. 质量保函答案：A, B, C, D三、判断题（每题1分，共5题，满分5分）1. 信用证是一种无条件的支付承诺。
国际金融双语期末A卷
Part I: Multiple choice(1*30=30score)( only one choice for each question)1.Which of the following transactions is recorded in the financial account?A)Ford motor company builds a new plant in ChinaB)A Chinese businessman imports Ford automobiles from the United States.C)A U.S. tourist spends money on a trip to China.D)The New York Yankees are paid $10 million by the Chinese to play anexhibition game in Beijing, China.2.In the balance of payments, the statistical discrepancy or error term is used to:A)Ensure that the sum of all debits matches the sum of all credits.B)Ensure that imports equal the value of exports.C)Obtain an accurate account of a balance-of-payments deficit.D)Obtain an accurate account of a balance-of-payments surplus.3. A deficit in the overall balance generally is an indication that:A)The country’s monetary authorities were selling foreign currency.B)The country’s monetary authorities were buying foreign currency.C)The country’s monetary authorities were buying domestic currency.D)The country’s monetary authorities were buying imported goods.4. Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is:A)1.5 won per dollarB)0.75 won per dollarC)$1.50 per wonD)$3 per won5. To the US, U.S. capital inflows will create a __________ foreign currency and a __________ U.S. dollars.A)Demand for; supply ofB)Supply of; demand forC)Shortage of; demand forD)Supply of; shortage of6. U.S. imports of goods and services will create a __________ foreign currency anda __________ U.S. dollars.A) Demand for; supply ofB) Supply of; demand forC) Shortage of; demand forD) Supply of; shortage of7.If the spot price of the euro is $1.10 per euro and the 30-day forward rate is $1.00 per euro, and you believe that the spot rate in 30 days will be $1.05 per euro, you canmaximize speculative gains by:A)Buying euros in the spot market and selling the euros in 30 days at thefuture spot rate.B)Signing a forward foreign exchange contract to sell the euros in 30 days.C)Signing a forward foreign exchange contract to sell the dollars in 30 days.D)Buying dollars in the spot market and selling the dollars in 30 days at thefuture spot rate.8.Assume you are a Chinese exporter and expect to receive $250,000 at the end of 60 days. You can remove the risk of loss due to a devaluation of the dollar by:A)Selling dollars in the forward market for 60-day delivery.B)Buying dollars now and selling it at the end of 60 days.C)Selling the yuan equivalent in the forward market for 60-day delivery.D)Keeping the dollars in the United States after they are delivered to you.9. The interest rate in the U.K. is 4% for 90 days, the current spot rate is $2.00/£ and the forward rate is $1.96/£. If the covered interest rate differential is about 1%, then the interest rate in the U.S. for 90 days would have to be:A)7%B)4%C)3%D)2%10. If the covered interest differential is zero:A)International investments will be unprofitable.B)Parity has not been reached.C)The overall covered return on a foreign-currency investment equalsthe return on a comparable domestic-currency investment.D)A currency is at a forward premium by as much as its interest rateis higher than the interest rate in the other country.11. When uncovered interest parity holds:A)A currency is expected to appreciate by as much as its interest rateis lower than the interest rate in the other country.B) A currency is expected to appreciate by as much as its interest rateis higher than the interest rate in the other countryC) A currency is expected to depreciate by as much as its interest rateis lower than the interest rate in the other countryD)The forward premium equals the interest rate differential.12. International Fisher Effect refers to the condition when:A)Covered differential equals zero.B)Expected uncovered differential equals zero.C)Uncovered interest parity holds.D)Both (B) and (C).13. __________ purchasing power parity states that the difference between changes over time in product-price levels in two countries will be offset by the change in the exchange rate over this time.A)FullB)PartialC)RelativeD)Absolute14. The __________ approach to exchange rates emphasizes the importance of the supply and demand for money as a key to understanding the determinants of exchange rates.A)Purchasing-power-parityB)Asset marketC)MonetaryD)Balance of payments15. Based on PPP and the quantity theory of money, if Japan’s real income rises relative to real income in the US, there should be a(n):A)Appreciation of the dollar.B)Appreciation of the yen.C)Interest rate parity.D)Depreciation of the yen.16..The __________ effect can sometimes be destabilizing because it moves the exchange rate away from its long-run equilibrium value.A)BandwagonB)BubbleC)Exchange rateD)Arbitrage17. The law of __________ states that a product that is easily and freely traded in a perfectly competitive global market should have the same price everywhere.A) International tradeB) One priceC) Diminishing returnsD) Relative PPP18..According to the relative version of purchasing power parity, when the foreign country inflation rate increases, the home country’s:A)Currency tends to depreciate.B)Currency tends to appreciate.C)Inflation rate tends to decrease.D)Inflation rate tends to stay the same.19..Which of the following are in place when government imposes limits on or requires approvals for payments related to some (or all) international financial activities?A)Exchange controls.B)Capital controls.C)Official interventions.D)Adjustable pegs.20. Pressures in the foreign exchange market are such as to cause the British pound to appreciate with respect to the U.S. dollar. If Britain is trying to maintain a fixed exchange rate with respect to the U.S. dollar, which of the following interventions will stem the pressures for appreciation of the pound?A)Britain should sell pounds and buy dollars.B)Britain should do nothing as a fixed rate will not change.C)Britain should buy pounds and sell dollars.D)Britain should decrease their money supply to contract the economy.21. Faced with ever increasing outflows of gold in the late 1960’s, the United States:A)Used contractionary fiscal policies to rid the nation of deficits.B)Devalued the dollar in terms of gold.C) Suspended the convertibility of dollars into gold.D) Imposed foreign exchange controls.22. .If the marginal propensity to save is 0.3 and the marginal propensity to import is 0.1, and the government increases expenditures by $10 billion, ignoring foreign-income repercussions(回流效应), how much will GDP rise?A)$20 billion.B)$10 billion.C)$25 billion.D)$15 billion.23.The IS curve illustrates:A)All combinations of domestic output levels and interest rates for which thedomestic product market is in equilibrium.B)All combinations of domestic output levels and interest rates for which thedomestic money market is in equilibrium.C)All combinations of domestic output levels and interest rates that results ina zero balance for the country’s official settlements balance.D)All combinations of domestic output levels and interest rates for whichthere is full employment.24.The LM curve has a:A)Positive slope because a higher interest rate leads to a decrease in thedemand for money and thus a higher level of domestic production isneeded to cause people to continue to hold the same amount ofmoney.B)Negative slope because a higher interest rate leads to a decrease in thedemand for money and thus a higher level of domestic production isneeded to cause people to continue to hold the same amount ofmoney.C)Negative slope because a higher interest rate leads to a decrease inaggregate demand and thus a lower level of domestic production isneeded for equilibrium.D)Positive slope because a higher interest rate leads to a decrease inaggregate demand and thus a higher money supply is needed forequilibrium.25. Official intervention in the foreign exchange market to defend a fixed exchange rate when the value of domestic currency is under downward pressure:A）Causes international reserve holdings to rise.B）Has no impact on the domestic money supply.C）Causes the domestic money supply to rise.D）Causes the domestic money supply to fall.26. Floating exchange rates ensure:A) Full employment domestically.B) Domestic price stability.C) Equilibrium in the overall balance of payments.D) A surplus in the trade balance.27. There are limits to the ability of monetary authorities to use sterilized intervention in the case of a surplus because:A)The central bank may be unwilling to increase its holdings of foreigncurrency.B)Pressure from foreign countries to allow the domestic currency todepreciate will lead to large losses.C)The central bank is limited in its ability to obtain foreign currency.D)There are no limits on the use of sterilized intervention.28. Under a floating exchange rate regime, following an expansion in the money supply, monetary authorities will:A) Buy foreign currency in the foreign exchange market.B) Buy domestic currency in the foreign exchange market.C) Do nothing in the foreign exchange market.D) Sell domestic currency in the foreign exchange market.29.Given the IS-LM-FE framework and an overall payments balance of zero, if the country implements expansionary monetary policy, the LM curve will shift to the __________ which will lead to the country's currency __________. In response, the FE and IS curves will shift to the __________ and external balance will be reestablished.A) left; appreciating; rightB) left; depreciating; leftC) right; depreciating; rightD) right; appreciating; right30. Under a floating exchange rate regime with a low degree of capital mobility, expansionary fiscal policy will lead to:A) Higher interest rates.B) Lower interest rates.C) Capital outflows.D) A surplus in the official settlements balance.Part II, True or False (10*1.5=15 score)( T for true and F For false, you are not required to give reason for your choice) 1.If a currency is at a forward premium by as much as its interest rate is lower than the interest rate in the other country, covered interest parity holds.2. Contractionary fiscal policy with floating exchange rates and low capital mobility leads to currency depreciation.3. Over the long-run, a country with a relatively high inflation rate tends to have a depreciating currency.4.The quantity theory of money says that in any country the money supply is equated to the demand for money, which is directly proportional to the money value of the gross domestic product.5.With fixed exchange rates, external capital flow shocks have little impact on theinternal economy.6.The Bretton Woods conference created the International Monetary Fund (IMF).7.The official settlements balance is in deficit if the IS-LM intersection is to the right of the FE curve.8.(P f*e / P) is a useful indicator of a country’s international price competitiveness.9.The assignment rule says that, with fixed exchange rates, fiscal policy should be assigned to stabilizing the balance of payments and monetary policy should be assigned to stabilizing the domestic economy.10.The J curve shows a typical response of the current account balance to a drop in the exchange rate value of a country's currency.Part III: Questions(6*6=36 score)1.You are provided with the following information about a country's internationaltransactions during a given year:Service exports $ 346Service imports $354Merchandise exports $480Merchandise imports $348Income flow, net $153Unilateral transfers, net $142Increase in the country holding of foreign assets, net $352(excluding official reserves assets)Increase in foreign holding of foreign assets, net $252(excluding official reserves assets)Statistical discrepancy, net $154Calculate the official settlements balance and the current account balance. Is the country increasing or decreasing its net holdings of official reserve assets? Why? 2. The following rates exist:Current spot exchange rate: $1.8/£Annualized interest rate on 90-day dollar-denominated bonds: 8% (2% for 90 days) Annualized interest rate on 90-day pound-denominated bonds: 12% (3% for 90 days)Financial investor expect the spot exchange rate to be $1.77/£ in 90 days,A)With the uncovered interest differential to make judgment that if he bases his decisions solely on the difference in the expected rate of return, should a U.S.-based investor make an uncovered investment in pound-denominated bonds rather than investing in dollar-denominated bonds? Why?B) if there is substantial uncovered investment seeking higher expected returns, what pressure is placed on the current spot exchange rate?3.What is the exchange rate overshooting, why does it occur?4.Assume that a government has become committed to maintaining a fixedexchange rate that officially values foreign currencies less, and the domestic currency (here the dollar) more, than the free market equilibrium rate. The official rate is, say, $1.0 per pound sterling. This exchange controls result in considerable costs to a country whose government imposes them. Describe these costs and the role that bribery and parallel markets can play in economies with exchange controls.Figure: Welfare Losses from Exchange Controls$/£5. Use the standard IS-LM-FE framework and assume the country begins at a triple intersection under floating exchange rate. What effect will the following have on domestic interest rates, output levels, and the official settlements balance, assuming low capital mobility?(you are suggested explain with figure)a.The central bank increases the money supply.b.The government increases its spending.6.Explain the effects of expanding the money supply on the economy of a country with fixed exchange rates. (Assume the country begins at a triple intersection ,you are suggested explain with figure)Part III, Reading and analysis (9 score for paper1 and 10 score for paper 2)1: China to further reform RMB exchange rate regime (体制)The People's Bank of China（PBOC）, China's central bank, has decided to proceed further with the reform of the Renminbi （RMB）exchange rate regime to enhance the RMB exchange rate flexibility, a spokesperson of the central bank said on Jun 19, 2010, Saturday Beijing.The decision was made in view of the recent economic situation and financial market developments at home and abroad, and the balance of payments (BOP) situation in China, the spokesperson said in a statement.In further proceeding with the reform, continued emphasis would be placed to reflecting market supply and demand with reference to a basket of currencies. The exchange rate floating bands will remain the same as previously announced in the inter-bank foreign exchange market, the spokesman said.The spokesperson said China's external trade is becoming more balanced. The ratio of current account surplus to GDP, after a notable reduction in 2009, has been declining since the beginning of 2010."With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist," the spokesperson said.The PBOC will further enable market to play a fundamental role in resource allocation, promote a more balanced BOP account, maintain the RMB exchange rate basically stable at an adaptive and equilibrium level, and achieve the macroeconomic and financial stability in China, the spokesperson said.China has moved into a managed floating exchange rate regime based on market supply and demand with reference of a basket of currencies since July 1, 2005.The spokesperson said the reform of the RMB exchange rate regime has been making steady progress since 2005, producing the anticipated results and playing a positive role. ( On July 21, 2005, the People's Bank of China, announced that the RMB yuan, will be traded at a rate of 8.11 to the US and the yuan to US dollar pegging system is switched to a basket of foreign currencies.) With the current round of international financial crisis was at its worst, the exchange rate of a number of sovereign currencies to the US dollar depreciated by varying margins."The stability of the RMB exchange rate has played an important role in mitigating(缓解) the crisis' impact, contributing significantly to Asian and global recovery, and demonstrating China's efforts in promoting global rebalancing," the spokesperson said.The gradual recovery of the global economy and upturn of the Chinese economy has become more solid with enhanced economic stability. It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility, said the spokesperson.Question1：Why the spokesperson said. "With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist,"Question2: Why the Chinese Central bank would like to proceed the reform of the Renminbi （RMB）exchange rate regime to enhance the RMB exchange rate flexibility. Can you explain the benefit by making the RMB more flexible?2: Hot money flow and its explanationThe generally accepted view is that the inflow of short-term speculative money (so-called hot-money) began in 2007 in China targeting capital gains derived from rising stock and property prices and the anticipated appreciation of the RMB. “hot money” is defined as the flow of funds counted as capital and financial account other than for direct investment and errors and omissions. In other words, “hot money” is defined as “changes in reserve assets” minus “changes in current account” minus “direct investment flows”. This is the simplest way to express the movement of short-term funds, and the most conservative, as the estimates tend to be smaller.When adjustments are made for the some policy measures, the BoP statistics indicate that “hot money” inflows into China accelerated from 22.5 billion USD in the first half of 2007, to 70.2 billion USD in the second half of 2007, and up to 139.1 billion USD in the first half of 2008. In contrast, a huge 184.8 billion USD of “hot money” flowed out in the second half of 2008 (2008, 2H)(Figure 1).Figure 1: Hot money in China after adjustmentSome people says that the huge inflow of hot money is the reason for the increasing price of stock price and property price. In order to check this point, here we give two figures about the Shanghai Stock index and Property (资产) Price index of different regions including ShangHai, Shengzhen, Beijing.Figure 2: Shanghai Stock IndexCurrent accountDirect investmentHot moneyForeign reserveFigure 3: Property Price index.We find that Stock prices peaked in October 2008, and thereafter began a downward trend (Figure 2). Growth in property prices began to fall in the first half of 2008 (c) (Figure 3) although the hot money inflow go to its peak at the same time. Figure 4: RMB exchange rate and interest rate parityFrom the above figure 4, we find that the RMB forward exchange rate shifted after the rapid appreciation of the RMB spot exchange rate, and deviated from interest rate parity from late-2007 until the autumn of 2008. The distance from interest rate parity widened most in the first half of 2008. This is because spot exchange rates are under the control of the authorities while forward exchange rates are not, and their appreciation reflected market participants’ expectation of spot rate appreciation in the following period. As a consequence, the RMB forward exchange rate moved toward appreciation, and the difference between the RMB forward rate and spot rate began to deviate from interest rate parity in May 2007, peaking in March 2008.Figure 5: Returns from arbitrage transactions using RMB forward exchange rateInterest rate differencebetween RMB and USDRMB Forwardpremium (远升水)Change of RMB spot rate（US$/￥）Question 1: From fighre1,2,3, do you agree with the such idea that the huge hot money inflow is the main force that pushes the Chinese stock price and property price increase and raises the bubbles. Why?Question 2: With the figure 1, 4, 5 would you please explain the relationship between RMB appreciation and hot money inflow by the asset market approach, say, the covered interest differential equation and covered interest parity.浙江财经学院2009～2010学年第一学期《国际金融(双语)》课程期末考试试卷（ A 卷）答案PART I: Multiple choice（10*1=10）1-5 AAAAB 6-10 ACACC 11-15 ADCCB 16-20 ABBBA21-25 CCAAD 26-30CACCAPART II TRUTH OR FALSE(10*1.5=15)1T 2 F 3 T 4T 5F. 6T 7T 8T 9 F 10 TPART III: Questions(6*6=36)Question 1:POSSIBLE RESPONSE:Current account balance: $346 - 354 + 480 - 348 + 153 - 142 = $135Official settlements balance: $346 - 354 + 480 - 348 +153 -142 + 252 – 352 + 154 = $189Change in official reserve assets (net) = -official settlements balance = -$189.The country is increasing its net holdings of official reserve assets.Question 2:POSSIBLE RESPONSE:a)From the point of view of the U.S.-based investor, the expected uncovered interest differential is [(1+0.03)*1.77/1.8]-(1+0.02)=-0.0072. Because the differential is negative, the U.S –based investor should stay at home, investing in dollar-denominated bonds, if he bases his decision on the difference in expected reurns.b) If there is substantial uncovered investment flowing from Britain to the United States, this increases the supply of pounds in the spot exchange market. There is downward pressure on the spot exchange rate to drop below $1.8/pound. The pound teds to depreciate.Question 3:POSSIBLE RESPONSE:Overshooting occurs because in this sticky price version of the monetary approach, prices are assumed to be fixed in the short run and completely flexible in the long run.A considerable amount of time must pass for the increase in money supply to lead to an increase in domestic prices. Thus, purchasing power parity is more realistically assumed to hold in the long run but not in the short run. Because prices are sticky at first, the increase in money supply drives down domestic interest rates. This shift favors foreign currency assets which results in immediate depreciation of the domestic currency. As prices adjust, the domestic currency reverts back to its new long run equilibrium.Question4、Assume that a government has become committed to maintaining a fixed exchange rate that officially values foreign currencies less, and the domestic currency (here the dollar) more, than the free market equilibrium rate. The official rate is, say, $1.0 per pound sterling. This exchange controls result in considerable costs to a country whose government imposes them. Describe these costs and the role that bribery and parallel markets can play in economies with exchange controls. Figure: Welfare Losses from Exchange ControlsPOSSIBLE RESPONSE:The exchange controls require exporters to turn over all their revenues from foreign buyers to the government. The government, in turn, gives them $1.0 in domestic bank deposits for each pound sterling they have earned. In Figure 20.2, the exchange control limits the foreign currency available to 30 billion pounds, which is the amount earned by the country’s exporters at the exchang e rate of $1.0 per pound. Even if those who most value the limited foreign currency get it, the country suffers a loss of well being equal to the triangular area depicted by CEA.Actual exchange control regimes are likely to have other effects and costs. One such example is the efforts evade exchange controls. People are frustrated when they are not allowed to buy foreign exchange, even though they are willing to pay more than the recipients of foreign exchange will get from the government when these holders sell their foreign currency. The frustrated demanders will look for other ways to obtain foreign exchange. One way is to bribe the government functionaries in charge of determining the official approvals. Another is to offer more to recipients of foreign exchange than the government is offering. In this way a second foreign exchange market, a parallel market or black market, develops as a way for private demanders and sellers of foreign exchange to evade exchange controls. Parallel markets exist in most countries that have exchange controls.5. Use the standard IS-LM-FE framework and assume the country begins at a triple intersection under floating exchange rate. What effect will the following have on domestic interest rates, output levels, and the official settlements balance, assuming low capital mobility?(you are suggested explain with figure)a.The central bank increases the money supply.b.The government increases its spending.POSSIBLE RESPONSE:a.The LM curve shifts to the right, and the country moves to a new short-runequilibrium at the intersection of the IS curve and the new LM curve.The domestic interest rate decreases, real GDP increases, and the officialsettlements balance goes into deficit. With the increase in the moneysupply, it is temporarily greater than money demand. To bring about anequilibrium in the money market, interest rates must fall. The fall ininterest rates increases interest-sensitive spending, so the GDP outputlevel increases. There is now a payment deficit because the newintersection of the IS and LM curves takes place to the right of the FEcurve.b.The IS curve shifts to the right, and the country moves to a new short-runequilibrium at the intersection of the LM curve and the new IS curve.Real GDP increases, the domestic interest rate increases, and the officialsettlements balance goes into deficit. This new intersection occurs to theright of the relatively steep FE curve, which corresponds to a paymentsdeficit.The figure is neglected.6. Explain the effects of expanding the money supply on the economy of a country with fixed exchange rates. (Assume the country begins at a triple intersection , you are suggested explain with figure)POSSIBLE RESPONSE:Beginning from an external balance, an expansion in the money supply increases bank liquidity. In the short run, as banks compete with each other to lend money, interest rates are bid down. The fall in interest rates causes some holders of financial assets denominated in the domestic currency to seek higher returns abroad. The international capital outflow causes the financial account to deteriorate. the currency of this country will under the pressure of depreciate, thus the central bank should intervene the foreign market by buying the domestic currency. Thus the concretionary monetary policy will be applied.Finally we will find it that the expansionary monetary policy can not make effect on the economy..The figure is neglected.Part III, Reading and analysisReading 1 ,9 scoreQuestion1：Why the spokesperson said. "With the BOP account moving closer to equilibrium, the basis for large-scale appreciation of the RMB exchange rate does not exist,"POSSIBLE RESPONSE:The policy makers usually will pursuer both the external balance and internal balance, the external balance means that the Balance of Payments or the current account balance plus the financial account balance is close to zero. In this situation, it means that the export value (including goods, services and financial products) is equal to the import value in China. Thus in the foreign exchange market the supply of foreign currency is similar to the demand of the foreign currency and the foreign exchange market is close to the equilibrium. The values of Chinese currency RMB will not experience the appreciation pressure more. So the spokesperson said the basis for large-scale appreciation of the RMB exchange rate does not exist. This basis means the BOP account moving closer to equilibrium.Question2: Why the Chinese Central bank would like to proceed the reform of the Renminbi （RMB）exchange rate regime to enhance the RMB exchange rate flexibility. Can。
英文版国际金融试题和答案
Part Ⅰ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分分，答错不扣分1. 1. If If If perfect perfect perfect markets markets markets existed, existed, existed, resources resources resources would would would be be be more more more mobile mobile mobile and and and could could could therefore therefore therefore be transferred be transferred to to those those countries more willing to pay a high price for them. ( T ) 2. The forward contract can h edge hedge hedge future receivables future receivables or or payables payables payables in in in foreign currencies to foreign currencies to i nsulate insulate insulate the the the firm firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. 7. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage is is is plausible plausible plausible when when when the the the forward forward forward premium premium premium reflect reflect reflect the the the interest interest interest rate rate rate differential differential between two countries specified by the interest rate parity formula. ( F ) 8． The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) Part Ⅱ:Cloze (20%)每题2分，答错不扣分分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. 3. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage involves involves involves the short-term the short-term investment investment in in in a a a foreign foreign foreign currency currency currency that that that is covered is covered by by a a ( forward contract ) to sell that currency when the investment matures. 4. （ Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. 6. IFE IFE IFE is is is based based based on on on nominal nominal nominal interest interest interest rate rate rate ( ( differentials ), ), which which which are are are influenced influenced influenced by by by expected expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( ( value ) will be affected. 8. 8. The The The option option option writer writer writer is is is obligated obligated obligated to to to buy buy buy the the the underlying underlying underlying commodity commodity commodity at at at a a a stated stated stated price price price if if if a a a ( ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. 10. Any Any Any good good good secondary secondary secondary market market market for for for finance finance finance instruments instruments instruments must must must have have have an an an efficient efficient efficient clearing clearing clearing system. system. system. Most Most Eurobonds are cleared through either ( Euroclear ) or Cedel. Part Ⅲ :Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given Given this this this information, information, information, is is is locational locational locational arbitrage arbitrage arbitrage possible? possible? If If so, so, so, explain explain explain the the the steps steps steps involved involved involved in in in locational locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Y es! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500. 2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in two years if if the the the United United United Kingdom Kingdom Kingdom experiences experiences experiences an an an inflation inflation inflation rate rate rate of of of 7 7 7 percent percent percent per per per year year year while while while the the the United United United States States experiences an inflation rate of 2 percent per year?(10%) ANSWER: According to PPP , forward rate/spot=indexdom/indexfor the exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 × [1 + (–.047)] = $1.8107 3. 3. Assume Assume Assume that that that the spot the spot exchange exchange rate rate rate of the of the Singapore Singapore dollar dollar dollar is is is $0.70. $0.70. The The one-year one-year one-year interest interest interest rate rate rate is is is 11 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%) (5%) ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf) $.70 × (1 + .04) = $0.728 4. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%) ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be be received received received could could could be be be used used used to to to pay pay pay off off off the the the loan. loan. This This amounts amounts amounts to to to (100,000/1.02) (100,000/1.02) (100,000/1.02) = = = about about about S$98,039, which S$98,039, which could could be be be converted converted converted to to to about about about $49,020 $49,020 $49,020 and and and invested. invested. The The borrowing borrowing borrowing of of of Singapore Singapore Singapore dollars dollars dollars has has has offset offset offset the the transaction exposure due to the future receivables in Singapore dollars. 5. 5. A A U.S. company ordered ordered a a a Jaguar Jaguar Jaguar sedan. In sedan. In 6 6 months , months , it will pay pay ££30,000 30,000 for for for the the the car. car. car. It It worried worried that that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 cents/£. (1)Is hedging in the options market better if the £ rose to $1.92 in 6 months? (2)what did the exchange rate have to be for the company to break even?（15%）Solution: (1)If the £ rose to $1.92 in 6 months, the U.S. company would rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is $1.90 + $0.023 = $1.9230/£This is bigger than $1.92. So hedging in the options market is not better. (2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate , hedging or not doesn’t matter. So, the exchange rate =$1.923/£. 6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%) textbook page50 答案以教材第50 页为准页为准P AR T Ⅳ: Diagram(10%) The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call option Solution: Following diagram shows the profit and loss potential, and the break-even price of this put option: P AR T Ⅴ:Additional Question Suppose Suppose that that that you you you are are are expecting expecting expecting revenues revenues revenues of of of Y Y 100,000 100,000 from from from Japan Japan Japan in in in one one one month. month. Currently, Currently, 1 1 1 month month forward contracts are trading at $1 = $105 Y en. Y ou have the following estimate of the Y en/$ exchange rate in one month. Price Probability 90 Y en/$ 4% 95 Y en/$ 25% 100 Y/$ 45% 105 Y en/$ 20% 110 Y en/$ 6% a) What position in forward contracts would you take to hedge your exchange risk? b) Calculate the expected value of the hedge. c) How could you replicate this hedge in the money market? Y ou are expecting revenues of Y100,000 in one month that you will need to covert to dollars. Y ou could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Y en). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to be Y100,000/ 105 = $952 On the other hand, you can wait and use the spot markets. Exchange Rate Probability Revenue w/Hedge Revenue w/out Hedge V alue of Hedge 90 Y/$ 4% $1,111 $952 -$159 95 Y/$ 25% $1,052 $952 -$100 100 Y/$ 45% $1,000 $952 -$48 105 Y/$ 20% $952 $952 $0 110 Y/$ 6% $909 $952 $43 Expected V alue = (.02)(-159) + (.25)(-100) + (.45)(-48) + (.20)(0) + (.08)(43) = -$24 Y ou could replicate this hedge by using the following: a) Borrow in Japan b) Convert the Y en to dollars c) Invest the dollars in the US d) Pay back the loan when you receive the Y100,000 。
国际结算英语试题及答案
国际结算英语试题及答案一、选择题（每题2分，共20分）1. What is the most common type of documentary credit used in international trade?A. Documentary credit at sightB. Usance documentary creditC. Standby documentary creditD. Revolving documentary credit答案：B2. In international settlements, which of the following is not considered a method of payment?A. Letter of creditB. RemittanceC. CollectionD. Barter答案：D3. What does the term "D/P" stand for in international trade?A. Document against paymentB. Document against acceptanceC. Direct paymentD. Deferred payment答案：A4. Which of the following is a risk associated with documentary collections?A. Political riskB. Credit riskC. Exchange rate riskD. All of the above答案：B5. The term "usance" in the context of a usance documentary credit refers to:A. The time it takes for the documents to be presentedB. The time it takes for the payment to be madeC. The time it takes for the goods to be shippedD. The time it takes for the goods to be received答案：B6. What is the primary purpose of a documentary credit?A. To guarantee paymentB. To facilitate the transfer of documentsC. To provide a means of exchangeD. To finance the purchase of goods答案：A7. In international trade, what does "L/C" stand for?A. Letter of creditB. Letter of guaranteeC. Letter of indemnityD. Letter of intent答案：A8. Which of the following is not a document typically required in a documentary credit transaction?A. Commercial invoiceB. Bill of ladingC. Certificate of originD. Personal identification答案：D9. What is the meaning of "at sight" in the context of a documentary credit?A. Payment is made immediately upon presentation of documentsB. Payment is made after a specified periodC. Payment is made at the discretion of the bankD. Payment is made at the time of shipment答案：A10. Which of the following is a form of open account trade?A. Advance paymentB. ConsignmentC. CountertradeD. All of the above答案：A二、填空题（每题1分，共10分）11. The term "clean bill of exchange" refers to a bill of exchange that is _________.答案：unsecured12. The _________ is a document that provides evidence of the terms of a contract for the sale of goods.答案：sales contract13. In international trade, the term "forfaiting" refers to the sale of _________ at a discount.答案：usance bills of exchange14. The _________ is a document that certifies the quality, quantity, and description of the goods being shipped.答案：certificate of inspection15. A _________ is a type of documentary credit that can be drawn more than once within a specified period.答案：revolving documentary credit16. The _________ is a document that provides evidence of the insurance of goods during transit.答案：insurance policy17. The term "acceptance" in the context of a bill of exchange means that the _________ has agreed to pay the amount stated at a future date.答案：drawee18. The _________ is a document that provides evidence of the origin of the goods being shipped.答案：certificate of origin19. A _________ is a type of documentary credit that isissued by a bank at the request of the importer.答案: usance documentary credit20. The term "back-to-back" documentary credit refers to a situation where one documentary credit is _________ on the basis of another.答案：issued三、简答题（每题5分，共30分）21. Explain the difference between a documentary collection and a documentary credit.答案：A documentary collection involves the transfer of documents against payment or acceptance, without a bank guaranteeing payment. A documentary credit, on the other hand, is a commitment by a bank to pay a specified amount to the beneficiary upon fulfillment of the terms and conditionsstated in the credit.22. What are the advantages of using a documentary credit in international trade?答案：The advantages of using a documentary creditinclude providing a guarantee of payment, reducing the riskfor the exporter, ensuring that the terms of the contract are met,。
（完整word版）国际金融题库（英文版）.doc
（完整word版）国际⾦融题库（英⽂版）.doc Multiple-choice test(only one is correct):1.Gresham’ s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, it will be themore valuable of the two metals that circulate.d)None of the above.2.Balance of paymentsa) is defined as the statistical record of a country’ s international transactions over a certain period oftime presented in the form of a double-entry bookkeepingb) provides detailed information concerning the demand and supply of a country’ s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the above3.If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus.b)One can infer that the U.S. dollar would be under pressure to depreciate against other currenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/ and the three-￡month forward rate is $1.50/. You enter into￡ a short position on 1,000￡.At maturity, the spot exchange rate is $1.60/. How much have￡ you made or lost?a) Lost $100b) Made ￡100c) Lost $50d) Made $1505. The sensitivity of“ realized” domestic currency values of the firm denomi’scontractualated cash flowsin foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6.Three days ago, you ente red into a futures contract to sell ?62,500 at $1.20 per ?. Over the past three days the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per ? or $2,500b)Made $0.04 per ? or $2,500c)Lost $0.06 per ? or $3,750d)None of the above7.A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8.Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is$1.20/?, and the one -year forward exchange rate is $1.16/?. What must one -year interest rate be in the euro zone?a) 5.0%b) 1.09%c) 8.62%d) None of the above.a b$1.89 =1￡.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be“ eaten-ask”spread?bythe bida)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810.Under the gold standard, international imbalances of payment will be corrected automatically underthea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11.With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you make money comingand goingc)You should spend at least as much time working the hedge as working the underlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing“ forward” and“ futures” exchange contracts, we can say that:a)They are both“ marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchase or sale:futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders and is traded on organized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC.d)b) and c)13.An “ option ” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell a given quantityof an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell a given quantity of an asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14.Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm ’contractuals cash flows denominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changes in exchange ratec) the potential that the firm ’consolidated financial statement can be affected by changes in exchange ratesd)ex post and ex ante currency exposures15.Under a purely flexible exchange rate systema)Supply and demand set the exchange ratesb)Governments can set the exchange rate by buying or selling reservesc)Governments can set exchange rates with fiscal policyb) and c) are correct.。
国际金融试卷中英版
国际金融试卷中英版Single choice1、自发形成的国际货币体系是( B )A．国际金汇兑本位制B．国际金本位制C. 布雷顿森林体系D．牙买加体系1. Spontaneous form of the international monetary system is ( )A. The international gold exchange standard systemB. The international gold standardC. The Breton Woods SystemD. Jamaica System2、如果美元相对日元升值了，则美国对日本的出口会__进口会__（B）A、增加；减少B、减少；增加C、增加；增加D、减少；减少2、If the dollar have appreciate in term of the yen, the export from America to Japan will__, and the import from Japan will__ (B)A、increase; decreaseB、decrease; increaseC、increase; increaseD、decrease；decrease3、看涨期权__看跌期权__（A）A、有限损失，有限收益B、有限收益；有限损失C潜在收益无限；有限损失D、有限损失；潜在收益无限3、The potential gain of the call option is __, and the possible lose is __(A)A. unlimited; limitedB. unlimited; unlimitedC. limited; unlimitedD. limited; limited4、外国投资者收购某企业股权10%以上，属于（B）A、资产组合投资B、直接投资C、间接投资D、直接投资4、Economists consider foreign acquisition of 10 percent or more of the entity’s outstanding stock as( B )A、portfolio investmentB、foreign direct investmentC、foreign indirect investmentD、International payment5、如果一国出现通货紧缩和逆差，应该采取()的财政政策和（）的货币政策：CA、膨胀性；膨胀性B紧缩性；紧缩性C、膨胀性；紧缩性D；紧缩性；膨胀性5.If Deflation and adverse balance happen in one country ,what you can do is to make Fiscal Policy ( ) and Monetary Policy ( )A. Inflated; InflatedB. Deflationary; DeflationaryC. Inflated; DeflationaryD. Deflationary; Inflated6、巴塞尔协议规定银行必须符合，核心资本对风险调整资产的比率必须超过（B）A、2%B、4%C、6%D、8%6、Under the Basel capital standards, the ratio of core capital to risk-adjusted assets must exceed () percent.A、2%B、4%C、6%D、8%7.假设美国外汇市场上的即期汇率为1英镑=1.4608美元，3个月的远期外汇升水为0.51美分，则远期外汇汇率为( B )A.0.9508B.1.4557C.1.4659D.1.97087、If the spot rate in US foreign exchange market is 1￡=1.4608$, and the forward premium in 3 months is 0.15 cent, the forward foreign exchange rate will be (B)A.0.9508B.1.4557C.1.4659D.1.97088、在国际资金完全不流动的浮动汇率制下，经济的自发调整过程中，（A ）不发生移动A．LM曲线B．IS曲线C．CA曲线D．MM 线8.In the international capital not flow floating exchange rate system ,The process of adjusting economic spontaneously ,(）don't move.A.LM CurveB.IS CurveC.CA CurveD.MM Curve9、决定投资支出变化的因素是：（C）A、名义收入B、实际收入C、利率D财政政策9、The decisive factor of investment spending is(C)A、nominal income B real income C、interest rate D、fiscal policy10.期权交易( C )A.代表金融资产的合约B.买方向卖方交付保险费的费率固定C.买方向卖方交付的保险费不能收回D.买方与卖方的损益具有对称性10、About Options Trading ,which the following is right ?( )A、The contract stand for financial assetsB. the rate of premium which buyer giving to seller is fixed.C. the premium which buyer giving to seller is unredeemable.D. the profit and loss between buyer and seller is symmetrical.PartⅡmultiple choices1、根据外汇风险的表现形式将外汇风险分为（BDE）A、汇率风险B、交易风险C、利率风险D、经济风险E、会计风险2、已过确定合理的经常账户余额的标准为（AD）A、经济理性B、顺差C、逆差 D 可持续性E国际收支平衡3、最大的三个世界金融中心是（ACD）A、伦敦B、巴黎C、纽约D、东京E香港4、估计金本位制的基本特点有（ABDE）A、各国货币以黄金为基础，保持固定比价关系B、实行自由多变的国际结算制度C、特备提款权为主要的国际储备资金D、国际收支依靠市场机制自发调节E、纸币与黄金自由兑换F、在市场机制自发作用下的国际货币制度需要国际金融组织的监管1、According to the foreign exchange risk forms of expressiondivides ，the foreign exchange risk divides into (BDE )A、exchange rate risk B. transaction risk C. interest rate riskD. economic riskE. Accounting Risks2.The standard to be sure that the Current account balance is reasonable (AD )A.economic rationalityB. favourable balanceC.adverse balanceD.SustainabilityE.balance of international payments3.The three biggest The World Financial Centers are (ACD )A.LondonB.ParisC.New YorkD.TokyoE.HongKong4、The characteristics of the Gold Standard (ABDE )A. National currency is a foundation with gold, keep fixed rate of exchangeB. carry out A free and volatile international settlement systemC. Repearing drawn right for International reservesD.The international balance of payments depending on market mechanism spontaneous regulationE.Notes and gold freely convertiblePartⅢtrue/false1、A low inflation rate tends to increase import and decrease export, thereby decreasing the current account deficit, other things equal. (F)2、在纸币制度下，黄金平价是决定汇率的基础（错）2、Under the paper money system, gold parity is the foundation of exchange rate determination （F）3、远期合约与期货合约相比涉及的面值比较小（T）3、Compared with forward contracts, futures contracts typically involve smaller currency denominations. ( T )4、如果经常账户与私人资本账户的借方与贷方的总额为正，则私人部门对外国的支付超过外国对本国的支付（F）4、If the sum of the credits and debits in the current account and the private payment capital account is positive, private payment made to foreigners exceed private payments received from foreigners. ( F )5、Future must be market-to-market. Options are not. ( T )PART ⅤInterpretation1、有效汇率1、Effective Exchange Rate有效汇率是一种以某个变量为权重计算的加权平均汇率指数，它指报告期一国货币对各个样本国货币的汇率以选定的变量为权数计算出的与基期汇率之比的加权平均汇率之和。
国际结算期末测试习题与答案
一、单选题1、What service isn’t provided by SWIFT?A. financial applicationB. interbank file transferC. financial businessesD. message transmission正确答案：C2、What’s not a correct statement about SWIFT?A. The headquarter of SWIFT is at Brussels.B.The most important service provided by SWIFT is interbank file transfer.C. It is a computerized international telecommunications system.D. Messages are standardized formatted.正确答案：B3、What’s not a correct statement about international settlements?A. It is financial activities.B. financial businessesC. policy cooperationD. interbank file transfer正确答案：B4、Transfer payments are payments by ()A. cashB. financial instrumentsC. silverD. gold正确答案：B5、What is a correct statement about vostro account?A. It’s a due to accountB. It’s our bank’s account in the book of an overseas bank denominated in foreign currency.C. It’s a due from accountD. It’s purpose is to facilitate international payments and settlements abroad.正确答案：A6、Which system adopts a netting payment system? ( )A. TARGETB. ChapsC. ChipsD. Fedware正确答案：C7、Commercial documents don’t include ( ).A. P/LB. B/LC. CDsD. invoice正确答案：C8、The trade term DAT should be followed by ( )A. named port of destinationB. named place of destinationC. named port of shipmentD. named place正确答案：B9、According to Incoterms 2010, there are ( ) different trade terms.A. 6B. 13C. 14D. 11正确答案：D10、Which of the following is a title document? ( )A. B/LB. P/LC. invoiceD. AWB正确答案：A11、Which of the following is clean collection? ( )A.collection of financial documents accompanied by commercialdocuments.B. collection of financial documents not accompanied by commercial documents.C. collection by B/L.D. collection of commercial documents not accompanied by financial documents.正确答案：B12、Which is based commercial credit? ( )A. remittanceB. L/CC. collectionD. L/G正确答案：B13、Under a letter of credit, the exporter can receive the payment only when ( )A. he has shipped the goodsB. the documents presented comply with the credit termsC. he has presented the documentsD. the importer has taken delivery of the goods正确答案：B二、多选题1、What is the advantage of SWIFT services?A. reliableB. secureC. fastD. cheap正确答案：A、B、C、D2、What services can SWIFT provide?A. financial applicationB. interbank file transferC. financial businessesD. policy cooperation正确答案：A、B3、Cash payments include payments by ( )A. silverB. checkC. cashD. gold正确答案：A、C、D4、international settlements serve for ( )A. financial transactionsB. payments between governmentsC. service tradeD. goods trade正确答案：A、B、C、D5、What services are provided by correspondent bank?A. Collecting checks, drafts, and other credit instruments.B. Making credit investigation of firms that borrow in the open market.C. Providing banks with funds/loans in case of need.D. Providing banks with foreign exchange facilities, including commercial and traveler’s checks.正确答案：A、B、C、D6、What is the advantage of netting payment system?A. efficientB. more powerful processing capacitiesC. less settlement risksD. secure正确答案：A、B7、What is a correct statement about Chips?A. It’s operated by the New York Clearing House Association.B. It’s a netting system.C. It’s member banks are commercial banks in New York.D. It’s acronym for Clearing House Interbank Payment System.正确答案：A、B、C、D8、Which of the following documents are negotiable ones?A. checkB. warehouse receiptC. dock warrantD. CDs正确答案：A、D9、What is a correct statement about banker’s draft?A. It is drawn by a bank.B. the drawee bank is a branch or correspondent bank of the issuer.C. It’s a sight draft.D. It ‘s used in remittance.正确答案：A、B、C、D10、Which of the following statement is true? ( )A. the drawer is the party primarily liable for a check.B. The maker is primarily liable on a promissory note.C. the acceptor is primarily liable for a time bill.D. the drawer is primarily liable for a sight bill.正确答案：A、B、C、D11、A traveler’s check is generally involved ( )A. paying agentB. transfereeC. the issuerD. holder正确答案：A、B、C、D12、A credit card is generally involved ( )A. cardholderB. payerC. issuing bankD. merchant正确答案：A、C、D13、What invoices are used in trade protectionism?A. visa invoiceB. customs invoiceC. consular invoiceD. pro forma invoice正确答案：A、B、C、D14、Which document is basic in trade settlements?A. P/LB. B/LC. invoiceD. insurance document正确答案：B、C、D15、Which of the following is L/C/? ( )A. It is based on bank credit.B. L/C is independent on trade contract.C. L/C is a transaction of documents.D. The issuing bank takes the first responsibility to pay.正确答案：A、B、C、D16、Which can be used to settle middleman trade? ( )A. red clause L/CB. reciprocal L/CC. back-to-back L/CD. transferable L/C正确答案：C、D三、判断题1、Fedware is a system of RTGS. ( )正确答案：√2、Chips is a system of RTGS. ( )正确答案：√3、Vostro account is a due to account. ( )正确答案：√4、Fedware is operated by Fed reserve system. ( )正确答案：√5、RTGS means each payment order is settled immediately upon its entry into the system in its entire (gross) amount.正确答案：√6、Negotiable instrument is a chose in action. ( )正确答案：√7、checks are negotiable instruments. ( )正确答案：√8、Clean bil refers to a bill without shipping documents attached thereto. ( )正确答案：√9、a check must be drawn upon a banker. ( )正确答案：√10、A bona fide holder can claim payment from all parties liable on the instrument when dishonored by the acceptor. ( )正确答案：√11、Legalized invoice is a predecessor of commercial invoice. ( )正确答案：×12、FAS is used in marine transportation. ( )正确答案：√13、Export license is an additional document. ( )正确答案：√14、Beneficiary’s statement: a statement issued and signed by the beneficiary, certifying that he has done some work according to the stipulations in the credit. ( )正确答案：√15、A transferable L/C can be transferred only once. ( )正确答案：√16、L/C is dependent on sales contract. ( )正确答案：×17、Anticipatory L/C provides financing to the importer. ( )正确答案：×18、Revolving L/C can be renewed or reinstated. ( )正确答案：√19、Back-to-back L/C involves two L/Cs. ( )正确答案：√。
(完整word版)英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分, 答错不扣分1.I.perfec.market.existed.resource.woul.b.mor.mobil.an.coul.therefor.b.transferre.t.thos.countrie.mor.willin.t.pa..hig.pric.fo.them.. .. .2.Th.forwar.contrac.ca.hedg.futur.receivable.o.payable.i.foreig.currencie.t.insulat.th.fir.agains.exchang.rat.risk ... . )3.Th.primar.objectiv.o.th.multinationa.corporatio.i.stil.th.sam.primar.objectiv.o.an.firm.i.e..t.maximiz.sharehol de.wealth.. .. )4..lo.inflatio.rat.tend.t.increas.import.an.decreas.exports.thereb.decreasin.th.curren.accoun.deficit.othe.thing.e qual......5..capita.accoun.defici.reflect..ne.sal.o.th.hom.currenc.i.exchang.fo.othe.currencies.Thi.place.upwar.pressur.o.tha.hom.currency’.value.. .. )parativ.advantag.implie.tha.countrie.shoul.specializ.i.production.thereb.relyin.o.othe.countrie .fo.som.products.. .. .7.Covere.interes.arbitrag.i.plausibl.whe.th.forwar.premiu.reflec.th.interes.rat.differentia.betwee.tw.countrie.sp ecifie.b.th.interes.rat.parit.formula. .. . )8.Th.tota.impac.o.transactio.exposur.i.o.th.overal.valu.o.th.firm.. .. .9. .pu.optio.i.a.optio.t.sell-b.th.buye.o.th.option-.state.numbe.o.unit.o.th.underlyin.instrumen.a..specifie.pric.pe.uni.durin..specifie.period... . )10.Future.mus.b.marked-to-market.Option.ar.not.....)PartⅡ:Cloze (20%)每题2分, 答错不扣分1.I.inflatio.i..foreig.countr.differ.fro.inflatio.i.th.hom.country.th.exchang.rat.wil.adjus.t.maintai.equal.. purchasin.powe... ）2.Speculator.wh.expec..currenc.t..appreciat..... .coul.purchas.currenc.future.contract.fo.tha.currency.3.Covere.interes.arbitrag.involve.th.short-ter.investmen.i..foreig.currenc.tha.i.covere.b.....forwar.contrac...... .t. sel.tha.currenc.whe.th.investmen.matures.4.. Appreciation.Revalu....）petitio.i.increased.5.....PP... .suggest..relationshi.betwee.th.inflatio.differentia.o.tw.countrie.an.th.percentag.chang.i.th.spo.exchang.ra t.ove.time.6.IF.i.base.o.nomina.interes.rat....differential....).whic.ar.influence.b.expecte.inflation.7.Transactio.exposur.i..subse.o.economi.exposure.Economi.exposur.include.an.for.b.whic.th.firm’... valu... .wil.b.affected.modit.a..state.pric.i..... pu..optio..i.exercised9.Ther.ar.thre.type.o.long-ter.internationa.bonds.The.ar.Globa.bond. .. eurobond.....an....foreig.bond...).10.An.goo.secondar.marke.fo.financ.instrument.mus.hav.a.efficien.clearin.system.Mos.Eurobond.ar.cleare.thr oug.eithe...Euroclea... ..o.Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分rmation:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800rmation.i.locationa.arbitrag.possible?put.t h.profi.fro.thi.arbitrag.i.yo.ha.$1,000,e.(5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2.Assum.tha.th.spo.exchang.rat.o.th.Britis.poun.i.$1.90..Ho.wil.thi.spo.rat.adjus.i.tw.year.i.th.Unite.Kingdo.experience.a.inflatio.rat.o..percen.pe.yea.whil.th.Unite.State.experience.a.inflatio.rat.o..perc en. pe.year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforth.exchang.rat.o.th.poun.wil.depreciat.b.4..percent.Therefore.th.spo.rat.woul.adjus.t.$1.9..[..(–.047)..$1.81073.Assum.tha.th.spo.exchang.rat.o.th.Singapor.dolla.i.$0.70..Th.one-yea.interes.rat.i.1.percen.i.th.Unite.State.a n..percen.i.Singapore..Wha.wil.th.spo.rat.b.i.on.yea.accordin.t.th.IFE?.(5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284.Assum.tha.XY.Co.ha.ne.receivable.o.100,00.Singapor.dollar.i.9.days..Th.spo.rat.o.th.S.i.$0.50.an.th.Singap or.interes.rat.i.2.ove.9.days..Sugges.ho.th.U.S.fir.coul.implemen..mone.marke.hedge..B.precis. .(10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.pan.ordere..Jagua.sedan.I..month..i.wil.pa.£30,00.fo.th.car.I.worrie.tha.poun.ster1in.migh.ris.sharpl.fro.th.curren.rate($1.90)pan.bough...mont.poun.cal.(suppose.contrac.siz..£35,000.wit..strik.pric.o.$1.9.fo..premiu.o.2..cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)I.th..ros.t.$pan.woul. exercis.th.poun.cal.option.Th.su.o.th.strik.pric.an.premiu..i.$1.90 + $0.023 = $1.9230/£Thi.i.bigge.tha.$1.92.So hedging in the options market is not better.(2.whe.w.sa.th. compan.ca.brea.even.w.mea.tha.hedgin.o.no.hedgin.doesn’. matter.An.onl.whe.(strik.pric..premiu.).th.exchang.rat.,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6.Discus.th.advantage.an.disadvantage.o.fixe.exchang.rat.system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)Th.strik.pric.fo..cal.i.$1.67/£.Th.premiu.quote.a.th.Exchang.i.$0.022.pe.Britis.pound.Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴa) b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?Yo.ar.expectin.revenue.o.Y100,00.i.on.mont.tha.yo.wil.nee.t.cover.t.dollars.Yo.coul.hedg.thi.i.forwar.market.b.takin.lon.position.i.U.dollar.(shor.position.i.Japanes.Yen).B.lockin.i.you.pric.a.$..Y105.you.dolla.revenue.ar.guarantee.t.b.Y100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。
大学专业试卷国际金融双语试卷
《International Finance 》试卷A一．单项选择题（共10小题，每题2分，共20分）1.Which of the following is not true ：A.a credit is a flow for which the country is paidB.a debit is a flow for which the country must payC.Exports are an example of creditD.Imports are an example of credit2.Which of the following is the most exact meaning of current account balance ： A.the net value of the flows of goods ，services ，income B.the net value of the flows of goods ，servicesC.the net value of the flows of goods ，services ，income ，giftsD.the net value of the flows of goods 3.Which of the following is not true ：A.the spot exchange rate is the price for "immediate" exchangeB.for most countries,spot exchange rate means exchange or delivery in two working daysC.the forward exchange rate is the price now for an exchange that will take place in the futureD.forward exchange rate is the price that is agreed in the future 4.According to exchange rate system,which of the following is true:A.fixed exchange rate system is the system without intervention by government or central banksB.under the floating-rate system a fall in the market price of a currency is called a devaluationC.under the floating-rate system a fall in the market price of a currency is called a appreciationD.under the floating-rate system a fall in the market price of a currency is called a depreciation 5.About IS curve,Which of the following is not true:A.IS curve is for which the money market is in equilibriumB.IS curve slopes downwardC.According to IS curve,the lower interest rate would induce the nation to invest in more domestic real capitalD.IS stands for investment-saving6.About LM curve,Which of the following is true:A.the LM curve is for which the product market is in equilibriumB.the intersection of the IS and LM curve represents equilibrium in both foreign exchange market and product marketC.the official settlements balance is surplus if the IS-LM intersection is to the left of the FE curveD.LM curve slopes downward7.Which of the following is not the components to a country's official reserve assets:A.the country's holdings of foreign exchange assets denominated in the major currencies of the worldB.the country's reserve position with the International Monetary FundC.the country's holdings of special drawing rightsD.the country's government bonds issued by the domestic central bank 8.Which of the following is not the ways to resolve the financial crises:A.rescue packagesB.global contagionC.debt restructuringD.exchange reform 9.According to Purchasing Power Parity theory(PPP),which of the following is true:A.rate of appreciation of the foreign currency nearly equates as the inflation rate of foreign country minus the the inflation rate of domestic countryB.relative PPP may be useful as a guide to why exchange rates change over timesC.PPP posits that the difference between interest rate will be offset by the change in the exchange rateD.relative PPP implies that countries with relatively high inflation rates have currencies whose values tend to appreciate10.According to rescue packages,which of the following is not true: A.rescue packages leads to less moral hazardB.the failure of rescue packages can lead to large lossesC.the two major types of international efforts to resolve financial crises have been rescue packages and debt restructuringD.a large rescue package provide a bailout for lenders二.判断题(共10小题,每个2分,共20分)注意:只要求判断正误,不要求改正 1.hedging is the act of taking a net asset position or a net liability position in a foreign currency 2.the forward rate is the future spot rate3.a currency is at a forward premium by as much as its interest rate is lower4.for an investment in a foreign-curreny-denominated financial asset ，part of the return comes from the asset itself and part from the foreign currency5.relative PPP implies that countries with relatively high inflation rates have currencies whose values tend to depreciate6.Absolute PPP is not related to the law of on price7.crawling peg is a kind of floating exchange rate8.the effects of floating exchange rates on fiscal policy is very clear9.in the fixed exchange rate system,if the country's official settlement balance is in deficit,so the院系： 专业班级： 姓名： 学号：装 订 线exchange rate value of the country'scurrency is under downward pressure 10.it is best for a country never to borrow from foreign lenders三.名词解释（共4小题，每个5分，共20分）1.direct investment2.managed float3.the law of one price4.forward foreign exchange contract四.计算题（共2小题，每个10分，共20分）1.You observe the following current rates ： Spot exchange rate ：100yen/1$Annual interest rate on 60-day U.S.-dollar-denominated bonds:6% Annual interest rate on 60-day JAPAN-dollar-denominated bonds:4%Tips:Yen is the name of the Japanese currency ；$is the name of the Ameriacan currencyAccording to the c overed parity theory ,calculate the 60-day forward exchange rate.2.Suppose an economy has a marginal propensity to save of 0.3 and marginal propensity to import of 0.1.here is an increase of $2 billion in government spending.Question1:According to the spending multiplier,for a small and open economy,by how much will domestic product increase?Question2:if instead this is a closed economy with a marginal propensity to save of 0.4,if the increase of government spending is still $2 billion,by how much will domestic product increase?五.问答题（共2个小题，每个10分，共20分）1.Once a country's government has decided to have a fixed exchange rate,the government must defend that rate.How does the government defend the fixed rate ?Answer five ways that government can choose.2.Please name four marcoeconomy objectives.And we can divide these marcoeconomy objectives into two categories:internal balance and external balance.Explain the meaning of internal balance and external balance.院系： 专业班级： 姓名： 学号：装 订 线《International Finance 》试卷A院系： 专业班级： 姓名： 学号：装 订 线。
英文版国际金融试题和答案教学内容
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T )2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T )3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T )4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F )5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F )6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T )7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula. ( F )8．The total impact of transaction exposure is on the overall value of the firm. ( F )9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T )10. Futures must be marked-to-market. Options are not. ( T )PartⅡ:Cloze (20%)每题2分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency.3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures.4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased.5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time.6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation.7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected.8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ).10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in two years if the United Kingdom experiences an inflation rate of 7 percent per year while the United Statesexperiences an inflation rate of 2 percent per year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforthe exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 ×[1 + (–.047)] = $1.81073. Assume that the spot exchange rate of the Singapore dollar is $0.70. The one-year interest rate is 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.5. A U.S. company ordered a Jaguar sedan. In 6 months , it will pay £30,000 for the car. It worried that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)If the £ rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is$1.90 + $0.023 = $1.9230/£This is bigger than $1.92.So hedging in the options market is not better.(2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate ,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴ:Additional QuestionSuppose that you are expecting revenues of Y 100,000 from Japan in one month. Currently, 1 month forward contracts are trading at $1 = $105 Yen. You have the following estimate of the Yen/$ exchange rate in one month.a)b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?You are expecting revenues of Y100,000 in one month that you will need to covert to dollars. You could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Yen). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to beY100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。
(完整word版)英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T )2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T )3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T )4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F )5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F )6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T )7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula. ( F )8．The total impact of transaction exposure is on the overall value of the firm. ( F )9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T )10. Futures must be marked-to-market. Options are not. ( T )PartⅡ:Cloze (20%)每题2分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency.3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures.4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased.5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time.6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation.7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected.8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ).10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in twoyears if the United Kingdom experiences an inflation rate of 7 percent per year while the United States experiences an inflation rate of 2 percent per year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforthe exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 ×[1 + (–.047)] = $1.81073. Assume that the spot exchange rate of the Singapore dollar is $0.70. The one-year interest rate is 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.5. A U.S. company ordered a Jaguar sedan. In 6 months , it will pay £30,000 for the car. It worried that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)If the £ rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is$1.90 + $0.023 = $1.9230/£This is bigger than $1.92.So hedging in the options market is not better.(2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate ,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴ:Additional QuestionSuppose that you are expecting revenues of Y 100,000 from Japan in one month. Currently, 1 month forward contracts are trading at $1 = $105 Yen. You have the following estimate of the Yen/$ exchange rate in one month.a)b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?You are expecting revenues of Y100,000 in one month that you will need to covert to dollars. You could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Yen). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to beY100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。
金融英语期末试题及答案
金融英语期末试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a type of financial instrument?A. StockB. BondC. DerivativeD. Real estate2. The term "Bull Market" refers to a market condition where:A. Prices are fallingB. Prices are stableC. Prices are risingD. There is no trading activity3. In finance, what does the acronym "IPO" stand for?A. Initial Public OfferingB. International Private OfferingC. Inflation Protection OptionD. Interest Payment Option4. What is the primary role of a central bank?A. To manage the national economyB. To provide banking services to individualsC. To regulate the money supply and interest ratesD. To sell financial products to the public5. The risk associated with the potential changes in exchangerates is known as:A. Market riskB. Credit riskC. Liquidity riskD. Currency risk6. What does "leverage" mean in the context of finance?A. The use of borrowed money to increase the potential return of an investmentB. The process of buying and selling securitiesC. The ability to influence the marketD. The amount of capital a company has7. A "futures contract" is an agreement to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in the future. What is the main purpose of futures trading?A. To speculate on price movementsB. To provide a means of transferring riskC. To invest in commoditiesD. To earn interest on investments8. In finance, "beta" is a measure of:A. The volatility of a security or a portfolio in comparison to the market as a wholeB. The amount of risk a security or a portfolio carriesC. The market capitalization of a companyD. The rate of return on an investment9. Which of the following is a type of investment strategy?A. DiversificationB. ArbitrageC. HedgingD. All of the above10. The term "blue chip" is used to describe:A. A company with a high market capitalizationB. A company that is financially stable and has a history of reliable performanceC. A company that is new to the stock marketD. A company that is involved in high-risk ventures二、填空题（每题1分，共10分）11. The process of converting interest rates from an annual rate into a rate for a shorter period is known as ______. 12. A ______ is a type of investment fund that pools money from many investors to invest in a diversified portfolio of assets.13. The ______ is the difference between the bid price and the ask price of a security.14. An investor who believes that the price of a securitywill rise is said to have a ______ position.15. The ______ is a measure of the performance of a company's investments.16. A ______ is a financial contract that obligates the buyer to purchase an asset or a service, including a financial instrument, from the seller at a predetermined future date and price.17. The ______ is the process of evaluating an investment based on its risk and potential return.18. A ______ is a type of financial derivative that gives the holder the right, but not the obligation, to buy or sell anunderlying asset at a specified price within a specified period.19. The ______ is the risk of default by a borrower or issuer of debt.20. An ______ is a financial statement that shows a company's financial performance over a period of time.三、简答题（每题5分，共20分）21. Define the term "leverage" in the context of finance and explain its potential benefits and drawbacks.22. What is the difference between a "bear market" and a "bull market"?23. Explain the concept of "diversification" and why it is important in portfolio management.24. Describe the role of a futures contract in risk management.四、论述题（每题15分，共30分）25. Discuss the importance of understanding financial ratios for investors and provide examples of commonly used financial ratios.26. Analyze the impact of inflation on the economy and on individual investments.五、案例分析题（共20分）27. (a) Assume you are an investor considering the purchase of a company's stock. Describe the factors you would consider before making an investment decision.(b) Based on the information provided in the case study (not included in this template), evaluate the company's financial health and make。
国际金融双语测试题
(d) When will you let the option expire?
PART SIX: Essay Question (16 points)
What is the current status of China’s Balance of Payments? Are we having
1. (6 points) Suppose 1 JPY = 0.0077 USD in London, 1 USD = 2 CHF in
New York, and 1 CHF = 65 JPY in Paris. - 4 -
(a) If you begin by holding 10,000 yen, how could you make a profit from
15. Under the Gold standard, the market exchange rate is always equal to the
Mint Par. ( )
PART THREE: Definitions (This part has 4 questions, 3 points each. A total
system?
3. List at least three ways in which a futures contract differs from a forward
contract.
4. Explain the macroeconomic equilibrium.
PART FIVE: Calculation (This part has 3 questions, a total of 21 marks)
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湖南涉外经济学院2015—2016学年度第一学期《国际金融与结算》课程考核试题册学院：外国语学院专业年级：2012级商英本科考核方式：闭卷考试时量：100分钟试卷类型： AI. Multiple choices: Choose the best answer to each question, and write your answers on your answer sheet.（本大题共20小题，每小题1分，共20分）1. A credit item in the balance of payments is .A.an item for which the country must be paidB.an item for which the country must payC.any imported itemD.an item that creates a monetary claim owned to a foreigner.2. In a exchange rate system there is no intervention by the government or central bankers.A.fixedB. peggedC. floatingD. managed float3. The price in the foreign exchange market is called .A.the trade surplusB. the money priceC. the exchange rateD. the currency rate4. If Canadian speculators believed the Swiss franc was going to appreciate against the U.S. dollar, theywould .A. puchase Canadian dollarsB. purchase U.S. dollarsC. purchase Swiss francsD. sell Swiss francs5. Under a system of floating exchange rates, the Swiss franc would depreciate in value if which of thefollowing occurs?A. price inflation in FranceB. an increase in U.S. real incomeC. a decrease in the Swiss money supplyD. falling interest rates in Switzerland6. is an example of foreign direct investment.A. Exporting to a countryB. Establishing licensing arrangement in a countryC. Purchasing existing companies in a countryD. Investing directly (without brokers)in foreign stocks7. The payment of a dividend by an American company to a foreign stockholder represents .A. a debit in the US capital accountB. a credit in the US capital accountC. a credit in the US current accountD. a debit in the US current account8. If American exports to Japan increase and American imports from Japan decreases, then, under afloating exchange rate system, we would expect the dollar to .A. weaken against the Japanese yenB. depreciate against the Japanese yenC. devalue against the Japanese yenD. appreciate against the Japanese yen 9. The term foreign exchange is best defined by the following statement; it is .A. the rate of exchange between two currenciesB. an instrument such as paper currency, note, and check used to make payments between countriesC. the place in which foreign currencies are exchangedD. synonymous with currency exchange10. Which of the following is likely to exist when people are willing to pay more for dollars than theofficial rate?A. gray marketB. black marketC. gold marketD. crawling peg market11. Which of the following is NOT a way for a country to defend its fixed exchange rate?A. Engage in one-way speculative bubbleB.Intervene in the foreign exchange market by buying or selling foreign currency.C.Alter domestic interest rates to influence short-term capital flows.D.Impose some form of exchange control to influence short-term capital flows.12. If the price of British pounds in terms of US dollar is $1.80 per pound, then the price of US dollar in terms of British pounds is .A. 1.8£ per dollarB. 0.555£ per dollarC. 0.90£ per dollarD. 3.6£ per dollar13. When a country’s currency appreciates, the country’s goods abroad become , and foreign goods in that country become .A. cheaper…more expensiveB. more expensive…cheaperC. cheaper…cheaperD. more expensive…more expensive14. Intervention in the foreign exchange market means the government .A. restricts individuals from buying and selling foreign exchangeB. restricts the importation of certain goodsC. or central bank buys or sells foreign exchangeD. devalues the currency in the foreign-exchange market15. A strong dollar encourages .A. travel to the United States by foreignersB. purchase of American goods by foreignersC. Americans to travel abroadD. Americans to save dollars.16. In an exchange rate, the first currency is referred to as and the second as .A. the base currency…the quote currencyB. the quote currency…the base currencyC. the base currency…the exchange currencyD. the trade currency…the base currency17. When the Japanese yen appreciates, then we might expect (everything else equal) that imports in Japan will and exports will .A. rise…fallB. rise…riseC. fall…fallD. fall…rise18. While trading in foreign exchange takes place worldwide, the major currency trading centers are located in .A. London, New York, and TokyoB. New York, Zurich, and BahrainC. Paris, Frankfurt, and LondonD. Los Angeles, New York and London19. For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example of hedging?A. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financialinstruments, and sign a forward exchange contract to buy the foreign currency.B. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financialinstruments, and sign a forward exchange contract to buy dollars.C. Sell dollars at the spot rate, invest the proceeds in foreign currency-denominated financialinstruments, and then buy dollars at the future spot rate.D. Buy a dollar-denominated financial asset.20. is the rate a bank buys foreign currency from foreign banks or its clients.A. spot rateB. forward rateC. offer rateD. bid rateII. Decide whether each of the following statements is true or false, and write T or F on your answer sheet. （本大题共15小题，每小题1分，共15分）1.Arbitrage is buying a currency low and selling it high.2.As the dollar depreciates against the peso, US residents tend to import more Mexican goods and thusdemand more pesos.3.Forward exchange contracts are used for hedging but not for speculating.4.Today, no country fixed its currency to gold.5.Fixed exchange rates are likely to be changed at some point over time.6. A debit transaction leads to a payment from foreigners.7.The 3-month forward exchange rate between two currencies is the spot rate given by the bank 3months later.8.Similar to stock and commodity exchanges, the foreign exchange market is an organized structure witha central meeting palce and formal licensing requirements.9.Countries with lower inflation rates tend to see an appreication in the value of their currency.10.Every international exchange of value is entered into the balance-of-payments accounts 2 times.11.Captial and financial inflows are analogous to exports of goods and services because they result in thereceipt of funds from other nations.12.A current account deficit occurs when the sum of the credit entries exceeds the sum of the debitentries.13.Imports of goods and services create a demand for foreign currency.14.An exchange rate represents the price of a currency, which is determined by the demand for thatcurrency relative to the supply for that currency.15.Unilateral transfers include items such as government grants abroad, private remittance, and privategrants broad. III. Find the correct term for each definition.（本大题共10小题，每小题3分，共30分）and supply of that currency in foreign exchange market, without the intervention by governments or central bankers.2.It is the account includes all debit and credit items that are exports and imports of goods and services,income receipts and income payments, and gifts.3.This is the price agreed now for a currency exchange that will occur sometime in the future.4.It is an international reserve asset, created by the IMF in 1969 to supplement its member countries’official reserves.5.This is a systematic account of all the exchanges of value between residents of that country and the restof the world during a given time period.6.It is the act of reducing or eliminating a net asset or net liability position in the foreign currency.7.It is a system in which a country tries to keep its exchange rate fixed for long periods of time and onlychanges the pegged rate when there is a substantial disequilibrium at that rate.8.It is a party that mediates between a buyer and seller, who is paid a commission for executing customerorders.9.It is the price for immediate exchange of two currencies.10.It shows a nation’s stocks of international assets and liabilities at a moment in time.IV. Calculate the following problems according to the information.（本大题共4小题，每小题5分，共20分）1.Suppose the exchange rate between the Japanese yen and the US dollar is 100 yen per dollar. Howmany dollars will a Japanese stereo with a price of 60,000 yen cost?2.In the New York foreign market, the spot rate of EUR/USD is 1,8252/62, the points of 1-month EURare 30/20. What is the forward rate of EUR/USD?3.In the Hong Kong foreign market, the spot rate of USD/HKD is 7.7800～7.8000, the points of1-month USD are 30/50. What is the forward rate of USD/HKD?4.If USD1 = JPY 119.7400, USD1 = EUR 0.8943so what is the rate between JPY and EUR?V. Explain how each of the following transactions will be classified and recorded in the US balance of payments.（本大题共5小题，每小题3分，共15分）1. A US importer purchases a shipload of French wine.2. A Japanese automobile firm builds an assembly plant in Kentucky.3. A British manufacturer exports machinery to Japan on a US vessel.4. A US college student spends a year studying in Switzerland.5. American charities donate food to people in drought-plagued Africa.。