国际金融07
国际金融 International Finance Test Bank_07
Chapter 7—International Arbitrage and Interest Rate Parity1. Due to ____, market forces should realign the relationship between the interest rate differential of twocurrencies and the forward premium (or discount) on the forward exchange rate between the twocurrencies.a. forward realignment arbitrageb. triangular arbitragec. covered interest arbitraged. locational arbitrageANS: C PTS: 12. Due to ____, market forces should realign the spot rate of a currency among banks.a. forward realignment arbitrageb. triangular arbitragec. covered interest arbitraged. locational arbitrageANS: D PTS: 13. Due to ____, market forces should realign the cross exchange rate between two foreign currenciesbased on the spot exchange rates of the two currencies against the U.S. dollar.a. forward realignment arbitrageb. triangular arbitragec. covered interest arbitraged. locational arbitrageANS: B PTS: 14. If interest rate parity exists, then ____ is not feasible.a. forward realignment arbitrageb. triangular arbitragec. covered interest arbitraged. locational arbitrageANS: C PTS: 15. In which case will locational arbitrage most likely be feasible?a. One bank's ask price for a currency is greater than another bank's bid price for thecurrency.b. One bank's bid price for a currency is greater than another bank's ask price for thecurrency.c. One bank's ask price for a currency is less than another bank's ask price for the currency.d. One bank's bid price for a currency is less than another bank's bid price for the currency.ANS: B PTS: 16. When using ____, funds are not tied up for any length of time.a. covered interest arbitrageb. locational arbitragec. triangular arbitraged. B and CANS: D PTS: 17. When using ____, funds are typically tied up for a significant period of time.a. covered interest arbitrageb. locational arbitragec. triangular arbitraged. B and CANS: A PTS: 18. Assume that the interest rate in the home country of Currency X is a much higher interest rate than theU.S. interest rate. According to interest rate parity, the forward rate of Currency X:a. should exhibit a discount.b. should exhibit a premium.c. should be zero (i.e., it should equal its spot rate).d. B or CANS: A PTS: 19. If the interest rate is higher in the U.S. than in the United Kingdom, and if the forward rate of theBritish pound (in U.S. dollars) is the same as the pound's spot rate, then:a. U.S. investors could possibly benefit from covered interest arbitrage.b. British investors could possibly benefit from covered interest arbitrage.c. neither U.S. nor British investors could benefit from covered interest arbitrage.d. A and BANS: B PTS: 110. If the interest rate is lower in the U.S. than in the United Kingdom, and if the forward rate of theBritish pound is the same as its spot rate:a. U.S. investors could possibly benefit from covered interest arbitrage.b. British investors could possibly benefit from covered interest arbitrage.c. neither U.S. nor British investors could benefit from covered interest arbitrage.d. A and BANS: A PTS: 111. Assume that the U.S. investors are benefiting from covered interest arbitrage due to high interest rateson euros. Which of the following forces should result from the act of this covered interest arbitrage?a. downward pressure on the euro's spot rate.b. downward pressure on the euro's forward rate.c. downward pressure on the U.S. interest rate.d. upward pressure on the euro's interest rate.ANS: B PTS: 112. Assume that Swiss investors are benefiting from covered interest arbitrage due to a high U.S. interestrate. Which of the following forces results from the act of this covered interest arbitrage?a. upward pressure on the Swiss franc's spot rate.b. upward pressure on the U.S. interest rate.c. downward pressure on the Swiss interest rate.d. upward pressure on the Swiss franc's forward rate.ANS: D PTS: 113. Assume that a U.S. firm can invest funds for one year in the U.S. at 12% or invest funds in Mexico at14%. The spot rate of the peso is $.10 while the one-year forward rate of the peso is $.10. If U.S. firms attempt to use covered interest arbitrage, what forces should occur?a. spot rate of peso increases; forward rate of peso decreases.b. spot rate of peso decreases; forward rate of peso increases.c. spot rate of peso decreases; forward rate of peso decreases.d. spot rate of peso increases; forward rate of peso increases.ANS: A PTS: 114. Assume the bid rate of a New Zealand dollar is $.33 while the ask rate is $.335 at Bank X. Assume thebid rate of the New Zealand dollar is $.32 while the ask rate is $.325 at Bank Y. Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the $1,000,000 you started with?a. $15,385.b. $15,625.c. $22,136.d. $31,250.ANS: ASOLUTION: $1,000,000/$.325 = NZ$3,076,923 ⨯ $.33 = $1,015,385. Thus, the profit is$15,385.PTS: 115. Based on interest rate parity, the larger the degree by which the foreign interest rate exceeds the U.S.interest rate, the:a. larger will be the forward discount of the foreign currency.b. larger will be the forward premium of the foreign currency.c. smaller will be the forward premium of the foreign currency.d. smaller will be the forward discount of the foreign currency.ANS: A PTS: 116. Assume the following information:You have $1,000,000 to invest:Current spot rate of pound = $1.3090-day forward rate of pound = $1.283-month deposit rate in U.S. = 3%3-month deposit rate in Great Britain = 4%If you use covered interest arbitrage for a 90-day investment, what will be the amount of U.S. dollars you will have after 90 days?a. $1,024,000.b. $1,030,000.c. $1,040,000.d. $1,034,000.e. none of the aboveANS: ASOLUTION: $1,000,000/$1.30 = 769,231 pounds ⨯ (1.04) = 800,000 pounds ⨯ 1.28 =$1,024,000PTS: 117. Assume that the U.S. interest rate is 10%, while the British interest rate is 15%. If interest rate parityexists, then:a. British investors who invest in the United Kingdom will achieve the same return as U.S.investors who invest in the U.S.b. U.S. investors will earn a higher rate of return when using covered interest arbitrage thanwhat they would earn in the U.S.c. U.S. investors will earn 15% whether they use covered interest arbitrage or invest in theU.S.d. U.S. investors will earn 10% whether they use covered interest arbitrage or invest in theU.S.ANS: D PTS: 118. Assume the following information:U.S. investors have $1,000,000 to invest:1-year deposit rate offered on U.S. dollars = 12%1-year deposit rate offered on Singapore dollars = 10%1-year forward rate of Singapore dollars = $.412Spot rate of Singapore dollar = $.400Given this information:a. interest rate parity exists and covered interest arbitrage by U.S. investors results in thesame yield as investing domestically.b. interest rate parity doesn't exist and covered interest arbitrage by U.S. investors results in ayield above what is possible domestically.c. interest rate parity exists and covered interest arbitrage by U.S. investors results in a yieldabove what is possible domestically.d. interest rate parity doesn't exist and covered interest arbitrage by U.S. investors results in ayield below what is possible domestically.ANS: BSOLUTION: $1,000,000/$.400 = S$2,500,000 ⨯ (1.1)= S$2,750,000 ⨯ $.412 = $1,133,000Yield = ($1,133,000 - $1,000,000)/$1,000,000 = 13.3%This yield exceeds what is possible domestically.PTS: 119. Assume the following information:Current spot rate of New Zealand dollar = $.41Forecasted spot rate of New Zealand dollar 1 year from now = $.43One-year forward rate of the New Zealand dollar = $.42Annual interest rate on New Zealand dollars = 8%Annual interest rate on U.S. dollars = 9%Given the information in this question, the return from covered interest arbitrage by U.S. investors with $500,000 to invest is ____%.a. about 11.97b. about 9.63c. about 11.12d. about 11.64e. about 10.63ANS: ESOLUTION: $500,000/$.41 = NZ$1,219,512 ⨯ (1.08)= NZ$1,317,073 ⨯ .42 = $553,171Yield = ($553,171 - $500,000)/$500,000 = 10.63%PTS: 120. Assume the following bid and ask rates of the pound for two banks as shown below:Bid AskBank A $1.41 $1.42Bank B $1.39 $1.40As locational arbitrage occurs:a. the bid rate for pounds at Bank A will increase; the ask rate for pounds at Bank B willincrease.b. the bid rate for pounds at Bank A will increase; the ask rate for pounds at Bank B willdecrease.c. the bid rate for pounds at Bank A will decrease; the ask rate for pounds at Bank B willdecrease.d. the bid rate for pounds at Bank A will decrease; the ask rate for pounds at Bank B willincrease.ANS: D PTS: 121. Assume the bid rate of a Singapore dollar is $.40 while the ask rate is $.41 at Bank X. Assume the bidrate of a Singapore dollar is $.42 while the ask rate is $.425 at Bank Z. Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the $1,000,000 you started with?a. $11,764.b. -$11,964.c. $36,585.d. $24,390.e. $18,219.ANS: DSOLUTION: $1,000,000/$.41 = S2,439,024 ⨯ $.42 = $1,024,390PTS: 122. Based on interest rate parity, the larger the degree by which the U.S. interest rate exceeds the foreigninterest rate, the:a. larger will be the forward discount of the foreign currency.b. larger will be the forward premium of the foreign currency.c. smaller will be the forward premium of the foreign currency.d. smaller will be the forward discount of the foreign currency.ANS: B PTS: 123. Assume the following exchange rates: $1 = NZ$3, NZ$1 = MXP2, and $1 = MXP5. Given thisinformation, as you and others perform triangular arbitrage, the exchange rate of the New Zealand dollar (NZ) with respect to the U.S. dollar should ____, and the exchange rate of the Mexican peso (MXP) with respect to the U.S. dollar should ____.a. appreciate; depreciateb. depreciate; appreciatec. depreciate; depreciated. appreciate; appreciatee. remain stable; appreciateANS: A PTS: 124. Assume the following information:Spot rate today of Swiss franc = $.601-year forward rate as of today for Swiss franc = $.63Expected spot rate 1 year from now = $.64Rate on 1-year deposits denominated in Swiss francs = 7%Rate on 1-year deposits denominated in U.S. dollars = 9%From the perspective of U.S. investors with $1,000,000, covered interest arbitrage would yield a rate of return of ____%.a. 5.00b. 12.35c. 15.50d. 14.13e. 11.22ANS: BSOLUTION: $1,000,000/$.60 = SF1,666,667 ⨯ (1.07)= SF1,783,333 ⨯ $.63 = $1,123,500Yield = ($1,123,500 - $1,000,000)/$1,000,000 = 12.35%PTS: 125. Assume the following information for a bank quoting on spot exchange rates:Exchange rate of Singapore dollar in U.S. $ = $.32Exchange rate of pound in U.S. $ = $1.50Exchange rate of pound in Singapore dollars = S$4.50Based on the information given, as you and others perform triangular arbitrage, what should logically happen to the spot exchange rates?a. The Singapore dollar value in U.S. dollars should appreciate, the pound value in U.S.dollars should appreciate, and the pound value in Singapore dollars should depreciate.b. The Singapore dollar value in U.S. dollars should depreciate, the pound value in U.S.dollars should appreciate, and the pound value in Singapore dollars should depreciate.c. The Singapore dollar value in U.S. dollars should depreciate, the pound value in U.S.dollars should appreciate, and the pound value in Singapore dollars should appreciate.d. The Singapore dollar value in U.S. dollars should appreciate, the pound value in U.S.dollars should depreciate, and the pound value in Singapore dollars should appreciate.ANS: D PTS: 126. Assume the British pound is worth $1.60, and the Canadian dollar is worth $.80. What is the value ofthe Canadian dollar in pounds?a. 2.0.b. 2.40.c. .80.d. .50.e. none of the aboveANS: DSOLUTION: $.80/$1.60 = 0.50PTS: 127. Assume that the euro's interest rates are higher than U.S. interest rates, and that interest rate parityexists. Which of the following is true?a. Americans using covered interest arbitrage earn the same rate of return as Germans whoattempt covered interest arbitrage.b. Americans who invest in the U.S. earn the same rate of return as Germans who attemptcovered interest arbitrage.c. Americans who invest in the U.S. earn the same rate of return as Germans who invest inGermanyd. A and Be. None of the aboveANS: E PTS: 128. Assume the U.S. interest rate is 2% higher than the Swiss rate, and the forward rate of the Swiss franchas a 4% premium. Given this information:a. Swiss investors who attempt covered interest arbitrage earn the same rate of return as ifthey invested in Switzerland.b. U.S. investors who attempt covered interest arbitrage earn a higher rate of return than ifthey invested in the U.S.c. A and Bd. none of the aboveANS: B PTS: 129. Assume that British interest rates are higher than U.S. rates, and that the spot rate equals the forwardrate. Covered interest arbitrage puts ____ pressure on the pound's spot rate, and ____ pressure on the pound's forward rate.a. downward; downwardb. downward; upwardc. upward; downwardd. upward; upwardANS: C PTS: 130. Assume that interest rate parity holds, and the euro's interest rate is 9% while the U.S. interest rate is12%. Then the euro's interest rate increases to 11% while the U.S. interest rate remains the same. As a result of the increase in the interest rate on euros, the euro's forward ____ will ____ in order tomaintain interest rate parity.a. discount; increaseb. discount; decreasec. premium; increased. premium; decreaseANS: D PTS: 131. Assume the bid rate of a Swiss franc is $.57 while the ask rate is $.579 at Bank X. Assume the bid rateof the Swiss franc is $.560 while the ask rate is $.566 at Bank Y. Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the $1,000,000 you started with?a. $7,067.b. $8,556.c. $10,114.d. $12,238.ANS: ASOLUTION: $1,000,000/$.566 = SF1,766,784 ⨯ $.57 = $1,007,067. Thus, the profit is$7,067.PTS: 132. Assume the following information:You have $1,000,000 to invest:Current spot rate of pound = $1.6090-day forward rate of pound = $1.573-month deposit rate in U.S. = 3%3-month deposit rate in U.K. = 4%If you use covered interest arbitrage for a 90-day investment, what will be the amount of U.S. dollars you will have after 90 days?a. $1,020,500.b. $1,045,600.c. $1,073,330.d. $1,094,230.e. $1,116,250.ANS: ASOLUTION: $1,000,000/$1.60 = 625,000 pounds ⨯ (1.04) = 650,000 pounds ⨯ 1.57 =$1,020,500PTS: 133. Assume the following information:U.S. investors have $1,000,000 to invest:1-year deposit rate offered by U.S. banks = 12%1-year deposit rate offered on Swiss francs = 10%1-year forward rate of Swiss francs = $.62Spot rate of Swiss franc = $.60Given this information:a. interest rate parity exists and covered interest arbitrage by U.S. investors results in thesame yield as investing domestically.b. interest rate parity doesn't exist and covered interest arbitrage by U.S. investors results in ayield above what is possible domestically.c. interest rate parity exists and covered interest arbitrage by U.S. investors results in a yieldabove what is possible domestically.d. interest rate parity doesn't exist and covered interest arbitrage by U.S. investors results in ayield below what is possible domestically.ANS: BSOLUTION: $1,000,000/$.60 = SF1,666,667 ⨯ (1.1) = SF1,833,333 ⨯ $.62 = $1,136,667Yield = ($1,136,667 - $1,000,000)/$1,000,000 = 13.7%This yield exceeds what is possible domestically.PTS: 134. Assume the following information:Current spot rate of Australian dollar = $.64Forecasted spot rate of Australian dollar 1 year from now = $.591-year forward rate of Australian dollar = $.62Annual interest rate for Australian dollar deposit = 9%Annual interest rate in the U.S. = 6%Given the information in this question, the return from covered interest arbitrage by U.S. investors with $500,000 to invest is ____%.a. about 6.00b. about 9.00c. about 7.33d. about 8.14e. about 5.59ANS: ESOLUTION: $500,000/$.64 = A$781,250 ⨯ (1.09)= A$851,563 ⨯ $.62 = $527,969Yield = ($527,969 - $500,000)/$500,000 = 5.59%PTS: 135. Assume the following bid and ask rates of the pound for two banks as shown below:Bid AskBank C $1.61 $1.63Bank D $1.58 $1.60As locational arbitrage occurs:a. the bid rate for pounds at Bank C will increase; the ask rate for pounds at Bank D willincrease.b. the bid rate for pounds at Bank C will increase; the ask rate for pounds at Bank D willdecrease.c. the bid rate for pounds at Bank C will decrease; the ask rate for pounds at Bank D willdecrease.d. the bid rate for pounds at Bank C will decrease; the ask rate for pounds at Bank D willincrease.ANS: D PTS: 136. Assume the bid rate of an Australian dollar is $.60 while the ask rate is $.61 at Bank Q. Assume thebid rate of an Australian dollar is $.62 while the ask rate is $.625 at Bank V. Given this information, what would be your gain if you use $1,000,000 and execute locational arbitrage? That is, how much will you end up with over and above the $1,000,000 you started with?a. $10,003.b. $12,063.c. $14,441.d. $16,393.e. $18,219.ANS: DSOLUTION: $1,000,000/$.61 = A$1,639,344 ⨯ $.62 = $1,016,393. Thus, the profit is$16,393.PTS: 137. Assume the following information for a bank quoting on spot exchange rates:Exchange rate of Singapore dollar in U.S. $ = $.60Exchange rate of pound in U.S. $ = $1.50Exchange rate of pound in Singapore dollars = S$2.6Based on the information given, as you and others perform triangular arbitrage, what should logically happen to the spot exchange rates?a. The Singapore dollar value in U.S. dollars should appreciate, the pound value in U.S.dollars should appreciate, and the pound value in Singapore dollars should depreciate.b. The Singapore dollar value in U.S. dollars should depreciate, the pound value in U.S.dollars should appreciate, and the pound value in Singapore dollars should depreciate.c. The Singapore dollar value in U.S. dollars should depreciate, the pound value in U.S.dollars should appreciate, and the pound value in Singapore dollars should appreciate.d. The Singapore dollar value in U.S. dollars should appreciate, the pound value in U.S.dollars should depreciate, and the pound value in Singapore dollars should appreciate.ANS: B PTS: 138. Bank A quotes a bid rate of $.300 and an ask rate of $.305 for the Malaysian ringgit (MYR). Bank Bquotes a bid rate of $.306 and an ask rate of $.310 for the ringgit. What will be the profit for aninvestor who has $500,000 available to conduct locational arbitrage?a. $2,041,667.b. $9,804.c. $500.d. $1,639.ANS: DSOLUTION: $500,000/$.305 = MYR1,639,344 ⨯ $.306 = $501,639. Thus, the profit is$1,639.PTS: 139. Which of the following is an example of triangular arbitrage initiation?a. buying a currency at one bank's ask and selling at another bank's bid, which is higher thanthe former bank's ask.b. buying Singapore dollars from a bank (quoted at $.55) that has quoted the South Africanrand (SAR)/Singapore dollar (S$) exchange rate at SAR2.50 when the spot rate for therand is $.20.c. buying Singapore dollars from a bank (quoted at $.55) that has quoted the South Africanrand/Singapore dollar exchange rate at SAR3.00 when the spot rate for the rand is $.20.d. converting funds to a foreign currency and investing the funds overseas.ANS: C PTS: 140. You just received a gift from a friend consisting of 1,000 Thai baht, which you would like to exchangefor Australian dollars (A$). You observe that exchange rate quotes for the baht are currently $.023, while quotes for the Australian dollar are $.576. How many Australian dollars should you expect to receive for your baht?a. A$39.93.b. A$25,043.48.c. A$553.00.d. none of the aboveANS: ASOLUTION: $.023/$.576 ⨯ THB1,000 = A$39.93.PTS: 141. National Bank quotes the following for the British pound and the New Zealand dollar:Quoted Bid Price Quoted Ask Price Value of a British pound (£) in $ $1.61 $1.62Value of a New Zealand dollar (NZ$) in $ $.55 $.56Value of a British pound inNew Zealand dollars NZ$2.95 NZ$2.96 Assume you have $10,000 to conduct triangular arbitrage. What is your profit from implementing this strategy?a. $77.64.b. $197.53.c. $15.43.d. $111.80.ANS: CSOLUTION: $10,000/$1.62 = £6,172.84 ⨯ 2.95= NZ$18,209.88 ⨯ $.55= $10,015.43.Thus, the profit is $15.43.PTS: 142. Assume the following information:You have $900,000 to invest:Current spot rate of Australian dollar (A$) = $.62180-day forward rate of the Australian dollar = $.64180-day interest rate in the U.S. = 3.5%180-day interest rate in Australia = 3.0%If you conduct covered interest arbitrage, what is the dollar profit you will have realized after 180 days?a. $56,903.b. $61,548.c. $27,000.d. $31,500.ANS: ASOLUTION: $900,000/$.62 = A$1,451,612 ⨯ (1.03) = A$1,495,161 ⨯ $.64 = $956,903.Thus, the profit is $56,903.PTS: 143. Assume the following information:You have $400,000 to invest:Current spot rate of Sudanese dinar (SDD) = $.0057090-day forward rate of the dinar = $.0056990-day interest rate in the U.S. = 4.0%90-day interest rate in Sudan = 4.2%If you conduct covered interest arbitrage, what amount will you have after 90 days?a. $416,000.00.b. $416,800.00.c. $424,242.86.d. $416,068.77.e. none of the aboveANS: DSOLUTION: $400,000/$.0057 = SDD70,175,438.60 ⨯ (1.042)= SDD73,122,807.02 ⨯ $.00569= $416,068.77PTS: 1Exhibit 7-1Assume the following information:You have $300,000 to invest:The spot bid rate for the euro (€) is $1.08The spot ask quote for the euro is $1.10The 180-day forward rate (bid) of the euro is $1.08The 180-day forward rate (ask) of the euro is $1.10The 180-day interest rate in the U.S. is 6%The 180-day interest rate in Europe is 8%44. Refer to Exhibit 7-1. If you conduct covered interest arbitrage, what amount will you have after 180days?a. $318,109.10.b. $330,000.00.c. $312,218.20.d. $323,888.90.e. none of the aboveANS: ASOLUTION: $300,000/$1.10 = €277,777.80 ⨯ (1.08)= €294,444.40 ⨯ $1.08= $318,109.10PTS: 145. Refer to Exhibit 7-1. If you conduct covered interest arbitrage, what is your percentage return after 180days? Is covered interest arbitrage feasible in this situation?a. 7.96%; feasibleb. 6.04%; feasiblec. 6.04%; not feasibled. 4.07%; not feasiblee. 10.00%; feasibleANS: BSOLUTION: $318,109.10/$300,000 1 = 6.04%. Since this rate is slightly higher than theU.S. interest rate of 6%, covered interest arbitrage is feasible.PTS: 146. According to interest rate parity (IRP):a. the forward rate differs from the spot rate by a sufficient amount to offset the inflationdifferential between two currencies.b. the future spot rate differs from the current spot rate by a sufficient amount to offset theinterest rate differential between two currencies.c. the future spot rate differs from the current spot rate by a sufficient amount to offset theinflation differential between two currencies.d. the forward rate differs from the spot rate by a sufficient amount to offset the interest ratedifferential between two currencies.ANS: D PTS: 147. Assume that interest rate parity holds. The Mexican interest rate is 50%, and the U.S. interest rate is8%. Subsequently, the U.S. interest rate decreases to 7%. According to interest rate parity, the peso's forward ____ will ____.a. premium; increaseb. discount; decreasec. discount; increased. premium; decreaseANS: C PTS: 148. If the cross exchange rate of two nondollar currencies implied by their individual spot rates withrespect to the dollar is less than the cross exchange rate quoted by a bank, locational arbitrage ispossible.a. Trueb. FalseANS: F PTS: 149. For locational arbitrage to be possible, one bank's ask rate must be higher than another bank's bid ratefor a currency.a. Trueb. FalseANS: F PTS: 150. Assume locational arbitrage is possible and involves two different banks. The realignment that wouldoccur due to market forces would increase one bank's ask rate and would decrease the other bank's bid rate.a. Trueb. FalseANS: T PTS: 151. Triangular arbitrage tends to force a relationship between the interest rates of two countries and theirforward exchange rate premium or discount.a. Trueb. FalseANS: F PTS: 152. The interest rate on euros is 8%. The interest rate in the U.S. is 5%. The euro's forward rate shouldexhibit a premium of about 3%.a. Trueb. FalseANS: F PTS: 153. Capitalizing on discrepancies in quoted prices involving no risk and no investment of funds is referredto as interest rate parity.a. Trueb. FalseANS: F PTS: 154. Realignment in the exchange rates of banks will eliminate locational arbitrage. More specifically,market forces will increase the ask rate of the bank from which the currency was bought to conduct locational arbitrage and will decrease the bid rate of the bank to which the currency was sold toconduct locational arbitrage.a. Trueb. FalseANS: T PTS: 155. Locational arbitrage involves investing in a foreign country and covering against exchange rate risk byengaging in forward contracts.a. Trueb. FalseANS: F PTS: 156. To capitalize on high foreign interest rates using covered interest arbitrage, a U.S. investor wouldconvert dollars to the foreign currency, invest in the foreign country, and simultaneously sell theforeign currency forward.a. Trueb. FalseANS: T PTS: 157. If interest rate parity (IRP) exists, then the rate of return achieved from covered interest arbitrageshould be equal to the rate available in the foreign country.a. Trueb. FalseANS: F PTS: 158. If interest rate parity (IRP) exists, then triangular arbitrage will not be possible.a. Trueb. FalseANS: F PTS: 159. Forward rates are driven by the government rather than market forces.a. Trueb. FalseANS: F PTS: 160. The foreign exchange market is an over-the-counter market.a. Trueb. FalseANS: F PTS: 161. The yield curve of every country has its own unique shape.a. Trueb. FalseANS: T PTS: 162. Assume the following information:U.S. investors have $1,000,000 to invest:1-year deposit rate offered by U.S. banks = 10%1-year deposit rate offered on British pounds = 13.5%1-year forward rate of Swiss francs = $1.26Spot rate of Swiss franc = $1.30Given this information:a. interest rate parity exists and covered interest arbitrage by U.S. investors results in thesame yield as investing domestically.b. interest rate parity doesn't exist and covered interest arbitrage by U.S. investors results in ayield above what is possible domestically.c. interest rate parity exists and covered interest arbitrage by U.S. investors results in a yieldabove what is possible domestically.d. interest rate parity doesn't exist and covered interest arbitrage by U.S. investors results in ayield below what is possible domestically.ANS: ASOLUTION: $1,000,000/$1.30 = 793,651 pounds ⨯ (1.135) = 900,794 ⨯ $1.26 =$1,100,076.Yield: ($1,100,076 - $1,000,000)/($1,000,000) = 10%.PTS: 163. If quoted exchange rates are the same across different locations, then ____ is not feasible.a. triangular arbitrageb. covered interest arbitrage。
国际金融(第七版)课程教学设计
结合典型案例，组织学生进行 分析和讨论，培养学生运用理 论知识解决实际问题的能力。
互动教学法
通过提问、讨论、小组合作等 方式，鼓励学生积极参与课堂 活动，激发学生的学习兴趣和 主动性。
多媒体教学法
利用多媒体课件、网络教学资 源等现代化教学手段，提高教
学效果和学生的学习效率。
教学重点与难点
第一周至第四周介绍国际金融市场；第五周至第八周探讨国际货币体系；第九周至第十二周研究跨境资本流动； 第十三周至第十六周聚焦国际金融机构。
02
教学内容与方法
主要教学内容
国际金融基础知识
外汇与汇率
包括国际货币体系、国际金融市场定理论、汇率 制度与政策等内容，帮助学生掌握外汇交 易和风险管理的基本技能。
国际金融(第七版)课程教学 设计
目录
• 课程介绍与教学目标 • 教学内容与方法 • 学生学习与考核方式 • 教学资源建设与利用 • 教师团队建设与培训 • 课程评估与持续改进
01
课程介绍与教学目标
国际金融(第七版)概述
01
国际金融市场 的构成与功能
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国际货币体系 的历史与现状
跨境资本流动 与风险管理
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教师团队建设与培训
教师团队组成及分工
学科专家
负责提供学科前沿知识和理论指导，协助制 定教学大纲和教学内容。
教学经验丰富的教师
负责主导课堂教学，引导学生学习，组织课 堂讨论和案例分析。
教育技术专家
负责提供教育技术支持，包括在线教学平台 、多媒体教学资源等。
新进教师或助教
负责协助主导教师进行教学准备、课堂管理 和学生辅导等工作。
考核方式
本课程采用闭卷考试的方式进行期末 考核，考试内容涵盖课程主要知识点 和应用能力。
国际金融 第七版 第4章 离岸金融市场
2. 欧洲货币市场的资金运用
(1)跨国公司。 (2)非产油国家。 (3)苏联、东欧集团。20世纪70年代以来,它们采取从西方引进技术设备的政策, 造成国际收支巨额贸易逆差。其巨额负债绝大部分是欧洲货币贷款。 (4)外汇投机者。自1973年浮动利率制度实施以来,利用利率变动而进行外汇投 机买卖的交易增多了,从而扩大了对欧洲货币贷款的需求。 总之,这个市场的参与者非常广泛,它是银行间的市场,而政府筹措资金及大公 司进行借贷活动也纷纷进入这个市场。商业银行则是这个市场的核心。
内在原因
欧洲货币市场的迅 速发展
外在原因
第二次世界大战后,资本主义国家经济加快复苏, 各国间经济联系越来越密切,西方国家的生产、 市场日趋国际化,促进了货币市场和资本市场的 国际化。这是因为,在资本循环的过程中,总有一 些公司拥有暂时闲置的货币资本,这些资本需要 生息、获利。而另外一些公司需要筹资,在生产 和市场国际化条件下,相当一部分营业额是在国 外实现的,从而要求有适合存放外币资金的货币 市场。
2. 欧洲中长期借贷市场
这是欧洲货币市场放款的重要形式,用于政府或企业进口成套设备或大 型工程项目的投资。期限一般在1年以上,大部分为5~7年。中长期借贷需签 合同,有时还需经借款国的官方机构或政府担保。
银行发放中长期贷款的方式有独家银行贷款和银团贷款两种。 独家银行贷款亦称双边中期贷款，每笔贷款金额为几千万美元，最多 达到1亿美元，贷款期限为3-5年。
(1)美国国际收支逆差。 (2)美国政府金融政策的影响。 (3)其他国家的政策影响。 (4)美元币值降低。
Hale Waihona Puke 4.1.2 欧洲货币市场结构
1. 欧洲资金市场
欧洲资金市场是办理短期信贷业务的市场,主要进行1年以内的短期资金 存放。
国际金融第七章课件
例子
美国花旗：AAA
英国公司：B
发行浮动利率债券
Libor＋0.25%
Libor＋0.5%
发行固定利率债券
12%
14%
比较优势
固定利率
浮动利率
净差
0.25%
2%
1.75%
实际需求
固定利率
浮动利率
实际借贷
浮动利率
固定利率
利率互换
互换后节约
利率互换的作用
◆ 互换双方可以进入对方优惠市场，从而降低筹资成本 ◆ 改变债务的利率结构，降低利率风险 ◆ 类型：固定利率与浮动利率互换 一种浮动利率与另一种浮动利率的互换 一种货币的固定利率与另一种货币的浮动利率互换
（1）货币互换
货币互换的含义：(Currency Swap)是指两笔本金数额和期限相同、计算利率方法相同但货币不同的债务资金之间的交换，同时也进行不同利息额的货币调换。
货币互换的作用◆ 间接地进入对方优惠市场，降低筹资成本 ◆ 改变债务的货币种类，降低汇率风险例子（p155）
从美国方面看：◆ 20世纪60年代美国实行的一系列金融政策（Q条例，存款准备金，利息平衡税）促进了欧洲货币市场的形成。◆ 美国长期的国际收支逆差，扩大了欧洲货币市场的资金来源。◆ 美国政府的放纵态度促进了欧洲货币市场的发展。◆ 美元地位的下降使欧洲货币多样化。
2. 欧洲货币市场形成原因
从欧洲国家方面看：◆20世纪50年代末开始，欧洲国家逐步放松甚至取消了外汇管制。◆欧洲银行经营的自由化，促进了其快速发展。◆东欧和前苏联国家出于政治因素考虑的资金转移。 石油美元的出现 石油提价后的石油美元回流。1973～1976期间OPEC在欧洲货币市场上的存款猛增540亿美元。主要贷给石油进口国。
国际金融新编 第七章PPT教学课件
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（一）国际金融市场资金流动的特点
➢ 国际金融市场交易量巨大，不再依赖于实体经 济而独立增长
➢ 国际金融市场很大程度上呈现批发市场的特征， 机构投资者是国际资金流动的主要载体
➢ 衍生品交易比重不断上升，交易虚拟化程度提 高
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（二）国际资金流动的原因
✓ 国际金融市场资金的供给充足 ✓ 金融市场一体化促进了资金在全球的配置和
国际金融学
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第七章 金融全球化对内外均衡的冲击
◆ 国际金融市场的构成和特点 ◆ 国际资金流动的原因和影响 ◆ 金融全球化对内外均衡的冲击
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一、 国际金融市场的构成和特点
国际金融市场
国际金融市场是指资金在国际间流动或金融产品 在国际间买卖的场所。 国际金融市场主要包括国际 货币市场、国际资本市场、欧洲货币市场、外汇市 场等等
欧洲货币交易的两种方式： 第一，左岸交易。指交易双方有一方为居民另 一方为非居民 第二，离岸交易。指交易双方都是非居民
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2、欧洲货币市场的分类
一体型，指本国居民参加交易的在岸业务与非 居民间进行离岸交易之间没有严格的分离
分离型，指在岸业务与离岸业务分别申请注册、 分别接受申请注册、分别接受监管
外部均衡
三元结构告诉我们：
国际资金流动一旦不 稳定，将使一国内外 均衡的同时达成变得 更加困难
资金的国际 自由流动
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（三）金融全球化对内外均衡的冲击
一、发展中国家的债务危机
债务危机指一系列非产油发展中国家无力偿还 到期的外债，由此不仅导致发展中国家的债信严 重下降，而且使国际银行业陷入了资金危机，严 重影响了国际金融业乃至整个国际货币体系的稳 定
2007十大国际金融新闻
2007十大国际金融新闻1 次贷危机席卷全球,多国央行联手救市美国次贷危机对世界金融格局的影响再次展示了经济全球化的整体性和脆弱性达到何种惊人程度。
金融工具将不仅仅是“器”，任何与流动性这一阿克琉斯脚踵沾边的细小杠杆都隐藏着巨大的杀伤力。
特里谢在欧洲银行大会上的严肃发言言犹在耳：先生们，对金融工具的监管刻不容缓。
各国央行在略为矜持的犹疑后马上被市场拖入拯救流动性的奋战中。
尽管数以千亿计的美金暂时阻止了形势的恶化，但是面对由成千上万的金融工具格致隔离开的金融市场二元结构的根深蒂固的对立矛盾，2008年无疑还是艰难多舛的一年。
2 美元持续走低，各国喜忧参半从短期来看，次级信贷危机自然是促使美元下行的直接因素之一。
但是从历史上看，巨额财政赤字和贸易逆差的双赤字严峻状况是美元走低的更大驱动力。
美元贬值对于美国本身似乎利大于弊，而作为国际金融系统最重要的存储货币，美元疲软令其他国家亦喜亦忧。
欧元作为国际货币的重要性日益凸现，但是强势欧元使本来发展就日渐趋缓的欧洲在国际贸易方面的竞争力被削弱。
亚洲各国央行纷纷抛本币买入美元防止本国货币对美元升值过快。
外汇储备已日渐烫手的中国显然不会在汇率问题上掉以轻心，连普通股民现在也可以看出国家在抑制通膨加息和稳定人民币升值步伐之间的左右为难。
3 石油价格突破百元，能源话题再度升温在金融市场如此动荡的2007下半年，石油与黄金大幅飙升，大宗商品成为资金的避风港显然都是顺理成章的事情。
加之委内瑞拉、伊朗搞事不断，尼日利亚天灾人祸，多年忽悠的百元线终于在08年赢得开门红。
4 欧洲遭遇非洲说“不”，再次凸显世界变局尽管近年来中非、印非合作炒得很热闹，不过非洲在欧洲人眼中的自留地身份并未发生明显改变，但是07年里斯本欧非峰会上的多处摩擦却让欧洲不得不开始正视一个羽翼正逐渐丰满（别人塞来很多鸡毛掸子）的非洲大陆。
为了维护本国脆弱的民族工业，很多非洲国家对欧洲为自己畅通无阻大开绿灯的贸易合作协议提出质疑。
07《国际经济法》重点知识、司考真题与案例(国际投资法、国际金融法)
第八章国际投资法一．国际投资的法律形式国际直接投资：合资经营、外资企业、外商独资企业等国际间接投资：输出借贷资本，不直接参与经营，如债券或股票投资等二. 国际投资的渊源国内立法、国际惯例、国际条约——双边投资保护协定、多边公约三．★★海外投资保证制度：资本输出国对本国的私人海外投资依据国内法所实施的一种对政治风险进行保险的制度，旨在鼓励本国投资者向境外投资。
主要承保险别：外汇禁兑险、财产征用险、战争内乱险、政府违约险等四．★★★★《多边投资担保机构公约》——MIGA（主体）多边投资担保机构：依国际条约建立的一个国际保险机构（具有国际组织的性质），承保向发展中会员国投资的政治风险。
【真题】（2008年卷一第45题－单选）【真题】（2007年卷一第47题－单选）单选----（2011）44.根据《多边投资担保机构公约》，关于多边投资担保机构（MIGA）的下列哪一说法是正确的？（）A.MIGA承保的险别包括征收和类似措施险、战争和内乱险、货币汇兑险和投资方违约险B.作为MIGA合格投资者（投保人）的法人，只能是具有东道国以外任何一个缔约国国籍的法人C.不管是发展中国家的投资者，还是发达国家的投资者，都可向MIGA申请投保D.MIGA承保的前提条件是投资者母国和东道国之间有双边投资保护协定【答案】C【考点】多边投资担保机构【解析】多边投资担保机构（MIGA）作为世界银行集团的一员，成立于1988年，该机构直接承保成员国私人投资者在向发展中国家成员投资时可能遭遇的政治风险。
其目的是通过自身业务活动来推动成员国之间的投资，特别是向发展中国家会员国投资，以补充国际复兴开发银行、国际金融公司和其他国际性开发机构的活动，并对投资的非商业性风险予以担保，以促进向发展中成员国的投资流动。
选项A错误。
MIGA主要承保四项非商业风险：征收和类似措施险、战争内乱险、货币汇兑险和政府违约险。
不包括投资方违约险。
选项B错误。
如投资者与东道国联合申请，且用于投资的资本来自东道国境外，经机构董事会特别多数票通过，可将合格投资者扩大到东道国的自然人、在东道国注册的法人以及其多数资本为东道国国民所有的法人，即具有东道国国籍的自然人和法人，在特定情形下也可以作为投保人。
国际金融07 共88页PPT资料
利率平价说
• 利率平价说：一是相对于抛补利率平价 说；二是在非抛补利率平价说中引入关 于预期形成机制的各种假说；三是抛补 利率平价与非抛补利率平价的相互关系。
• 70年代后新发展的汇率决定理论主要包 括国际收支说和资产市场说。国际收支 说 （ Balance of Payment Theory of Exchange Rate）。
生的制约。 在计算购买力平价时，编制各国物价指数在方法、
范围、基期选择等方面存在着诸多技术性困难。
购买力平价的局限
物价除了受：投资需求旺盛 储蓄：消费不足 资本流动：国际资本流入与流出
相对购买力平价的验证
2
1.5
CAD
USD1 = JPY105
那么就会有人在日本买入商品再到美国卖出（套 购），以获取收益，直至使市场汇率恢复到买力平价水 平，套购无利可图，套购就会停止，购买力平价成立。
绝对购买力平价不成立的原因
一、不同国家居民在商品消费偏好上的差 异导致了产品的巨大差异性。
二、不同的国家在设立物价指数时，各种 商品的权重不可能是绝对的，甚至一国在 不同时期权重也是不同的；
一价定律（One Price Rule）
如果不考虑交易成本等因素，同种可贸易商 品在各地的价格都是一致的。
两个前提： 商品是同质的 商品价格可以灵活调整，不存在价格粘性
购买力平价的绝对形式
前提： 对于任何一种可贸易商品，一价定律成立 物价指数编制中，可贸易商品所占比重相同
购买力平价的绝对形式 ： e=Pa/Pb
利率平价说
• 凯恩斯于1923年在《货币改革论》一书中首次 系统提出远期差价决定的利率平价说（Theory of Interest Parity）
00076 国际金融 第7节 外汇概述
外汇的概念
（二）静态外汇 静态外汇是指以外国货币表示的资产。 1.狭义的静态外汇:指以外国货币表示的，可以直接用于国际 上债权债务清偿的各种支付手段和工具，其强调外汇作为金融 资产的属性. 主要包括：国外银行外币存款；外币面值的银行汇票、本票、 支票；电汇凭证等。 2.广义的静态外汇:指一切以外国货币表示的资产，其强调对 外债权，适用于国家的外汇管理. 包括外币现钞、外币支付手段和外币有价证券。
本节小结
本节主要掌握外汇的概念、外汇的特征、外汇的 种类；汇率；直接标价法、间接标价法。
以上考点多在选择题和简答、论述题中出现。
间接标价法
1.间接标价法又称应收标价法，是指以一定单位的本国货 币为标准，折算成若干数量的外国货币的汇率标价方法。 在间接标价法下，本国货币的数额固定不变，外国货币的 数额随着本国货币或外国货币币值的变化而改变。如外汇 汇率上升表示本币数额不变，外币数额减少。 2.目前，采用间接标价法的主要是英国和美国。 3.采用间接易外汇。 （二）即期外汇和远期外汇。 （三）自由外汇和记账外汇:自由外汇是指不需要经过货币 发行国批准，在国际金融市场上可以自由兑换成其他国家 货币，并可随时向第三国办理支付的外国货币及支付手段。 一国货币要成为自由外汇，必须符合以下三个条件： （1）对本国国际收支中的经常往来项目（贸易和非贸易的 付款）和资金转移不加限制； （2）不采取歧视性的货币措施或多种货币汇率； （3）在另一个会员国要求下，随时有义务购回对方经常项 目往来中所结存的本国货币。
汇率
1.汇率又称汇价，是外汇市场上一国货币与他国货币相互交 换的比率，也可以理解为以一种货币表示的另一种货币的价 格。 2.汇率的标价方法 常用的标价方法包括直接标价法、间接标价法、美元标价法。 直接标价法、间接标价法主要用于客户市场，美元标价法主 要用于同业市场。
浙大宁波理工学院国际金融第七章
只要信用证上无REVOCABLE字样，即Biblioteka 不可撤销 信用证案例分析4
• 有一张可撤销信用证，金额为100 000美元， 允许分批装船分批付款，受益人已装出50 000 美元的货物，议付银行在议付50 000美元货物 后的第二天才收到开证行撤销该信用证的电 报通知．
行 10、交单期：如果信用证未注明最迟交单期，有效
期即是最迟交单期 11、汇票出票人（Drawer）：受益人 12、汇票付款人（Drawee）：一般是开证行 13、汇票出票条款（Drawn Clause） 14、关于货物描述部分：
货名、数量、单价以及包装、唛头、价格条件等最主 要的内容和合同号码。
15、关于货物装运部分 装运期限；运输方式；装运地、转运地、目
独立和分离的原则
关于相符交单（complying presentation)
• UCP600关于单据相符的标准： 1、是否与信用证条款相符； 2、是否与UCP600有关条款相符； 3、是否与《审核跟单信用证项下单据的国际标准银
行实务》即ISBP 相符。
• 相符的程度：不需要一定完全等同，但不得矛盾 （no conflict），反对“镜像原则”（mirror image），倾向执行“严格相符原则”（strict compliance）。
受开证行委托将信用证通知给受益人的银行 ♪ 决定是否接受开证行指定。 ♪ 鉴别来证真伪。 ♪ 及时通知信用证及修改书。 ♪ 对翻译免责。
注意：信用证修改须经原通知行通知受益人。
（2）议付行(Negotiating Bank)
议付信用证下购进汇票及所附单据并支付对价 的银行
♪ 审核单据的责任 ♪ 单证相符时议付的责任 ♪ 议付时背批信用证 ♪ 有权不议付 ♪ 可以要求受益人将货权作抵押 ♪ 有权向受益人追索
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国际储备的需求
⑴持有国际储备的机会成本； 持有国际储备的机会成本； 对外贸易状况，尤其是进口规模； ⑵对外贸易状况，尤其是进口规模； 筹措应急资金的能力； ⑶筹措应急资金的能力； 应付各种因素对国际收支冲击的能力； ⑷应付各种因素对国际收支冲击的能力； 国内经济调整的强度与速度； ⑸国内经济调整的强度与速度； 外汇、外贸管制情况； ⑹外汇、外贸管制情况； 汇率制度及外汇政策； ⑺汇率制度及外汇政策； 本国货币的国际地位； ⑻本国货币的国际地位； 外债的规模尤其是还本付息额； ⑼外债的规模尤其是还本付息额； 国际货币合作状况或各国政策的国际协调性。 ⑽国际货币合作状况或各国政策的国际协调性。
教学目标
1、了解国际储备及其构成与作用； 2、 熟悉国际储备的总量管理与结构管理 的基本方法； 3、了解我国国际储备的构成、发展情况, 掌握我国外汇储备管理的原则与方法。
教学内容
§7.1 国际储备概述
1、国际储备及其构成 、国际储备及其 及其构成 2、国际储备的作用 、国际储备的作用 3、国际储备多元化及其影响 P142、
145……
§7.2 国际储备的管理
1、国际储备的总量管理 、国际储备的总量管理 2、国际储备的结构管理 、国际储备的结构管理
§7.3 我国的国际储备
1、我国国际储备的构成与特点 、我国国际储备的构成与特点 2、我国国际储备的管理 、我国国际储备的管理
1.1 国际储备的概念
国际储备(Int. Reserves)：一国政府(通过货币当局)所持 一国政府( 国际储备 一国政府 通过货币当局) 有的，用于国际支付、 有的，用于国际支付、平衡国际收支和维持其货币汇率的国 际间可以接受的一切资产。 际间可以接受的一切资产。 这种资产(储备)应具有三个特性： 这种资产(储备)应具有三个特性： ⑴可得性(Availability) →能随时地、方便地被政府得到，应 可得性 是无偿地为官方政府所占有，也称"无偿占有性 无偿占有性"； 无偿占有性 ⑵流动性(Liquidity) →即变为现金的能力，随时用于国际支 流动性 付等活动； ⑶普遍接受性(Acceptability) →即在外汇市场上或在政府间 普遍接受性 清算国际收支差额时被普遍接受。 国际储备与国际清偿力是两个既有联系又有区别的概念。 国际清偿力是两个既有联系又有区别的概念 国际储备与国际清偿力是两个既有联系又有区别的概念。
适度国际储备量的测定方法
之比(R/GNP)；储备与外债总额 ⑴比例分析法：如储备与GNP之比 比例分析法：如储备与 之比 ； 之比(R/FDs)；储备与月平均进口额之比 之比 ；储备与月平均进口额之比(R/M)等。尤其是IR/M， 等 根据经验，当该比率在40%以上时，一国政府就能维持其货币 的可兑换性；当低于30%时，一国政府就很可能采取管制措施。 后又有学者将国际储备的最优水平引申为能否满足3~4个月的 进口支付，即以25~30%的储备与进口比率为标准，若过度偏 离这一标准，就可认为国际储备短缺或过剩。 成本—收益分析法 收益分析法： ⑵成本 收益分析法：适度的储备规模应该是持有储备的边际 成本和边际收益达到均衡时的数量。 成本和边际收益达到均衡时的数量。 数量方法：对影响国际储备需求的各因素加以综合考虑， ⑶数量方法：对影响国际储备需求的各因素加以综合考虑，以 持有储备成本最低化为目标，通过建立一定的数学模型， 持有储备成本最低化为目标，通过建立一定的数学模型，借助 计算机数据处理技术以寻求最优解。 计算机数据处理技术以寻求最优解。
SDRs的主要特征 的
SDRs的主要特征 的主要特征
①它不具有内在价值→是IMF人为创造的、纯帐面上的资产； 它不具有内在价值 取得途径特殊→它不像黄金和外汇那样通过贸易或非贸易交 ②取得途径特殊 往取得，也不像储备头寸那样以所缴纳的份额作为基础，而是 由IMF按份额比例无偿分配给各会员国的； 具有严格限定用途→只能在IMF及各国政府间发挥作用，任 ③具有严格限定用途 何私企不得持有和运用，不能直接用于贸易或非贸易支付。 SDRs最初与美元等值，后改为 种货币定值，20世纪 年代 最初与美元等值， 种货币定值， 世纪 世纪80年代 最初与美元等值 后改为16种货币定值 后改用美、 日五国货币定值。 后改用美、德、英、法、日五国货币定值。1996.1.1. SDRs价 价 值的计算权数为： 值的计算权数为：USD39%、DEM21%、JPY18%、GBP11%、 FFR11%。 目前SDRs中各货币的数量分别是：EUR0.4260、JPY21.0000、 目前 中各货币的数量分别是： 、 、 中各货币的数量分别是 GBP0.0984、USD0.5770 附：SDRs定值 、 定值
国际储备的结构管理
国际储备的结构管理：一国或地区如何最佳地 国际储备的结构管理 一国或地区如何最佳地 分布国际储备资产， 分布国际储备资产，而使各种形式的国际储备资产 的持有量之间保持适当的比例关系。 的持有量之间保持适当的比例关系。
2.1 储备货币的币种管理 P149～150
2.1.1 应遵循的主要原则有：⑴安全性 应遵循的主要原则 主要原则有 安全性(币值的稳定性) ；⑵盈 安全性 盈 利性(收益性) ； ⑶流动性 流动性(方便国际经贸往来)。 利性 流动性 2.1.2 储备货币的选择标准 储备货币的选择标准 2.1.3 全球国际储备构成情况 全球国际储备构成情况
货币名称 USD GBP DEM FFR JPY CHF/SFR ECU EUR 1987 56% 2.2% 13.4% 0.8% 7% 1.8% 14.2% 0 3.7% / 1990 50.3% 17.4% 3% 8.5% 1998 2001 68.3% 4.0% 0 0 4.9% 0.7% 0 13.1% 9% 85.25%
我国国际储备的构成与特点
我国国际储备的构成，也与IMF的统计口径相 黄金、外汇 的储备头寸和 一致，包括黄金 外汇 在IMF的储备头寸 黄金 外汇、在 的储备头寸 特别提款权，其中绝大部分也是外汇储备，储 特别提款权 备资产的变动主要取决于外汇储备的增减。 改革开放以来，我国国际储备的主要特征有： 黄金储备相对稳定； ⑴黄金储备相对稳定； 年以来， 增长迅猛； ⑵1994年以来，外汇储备总量增长迅猛； 年以来 外汇储备总量增长迅猛 年以来， ⑶1993年以来，外汇储备的内涵发生了变化； 年以来 外汇储备的内涵发生了变化； 的储备头寸和特别提款权占比较低， ⑷在IMF的储备头寸和特别提款权占比较低， 的储备头寸和特别提款权占比较低 外汇储备中债务性储备(借入储备 较高。 借入储备)较高 外汇储备中债务性储备 借入储备 较高。
国际储备与国际清偿力的关系
国际清偿力（ 国际清偿力 International Liquidity ）反映了一国货币 反映了一国货币 当局干预外汇市场、弥补国际收支赤字的总体融资能力。 当局干预外汇市场、弥补国际收支赤字的总体融资能力 黄金储备 外汇储备 在IMF中的储备头寸 中的储备头寸 特别提款权(SDRs) 特别提款权 国际金融市场融资 备用信贷 借款总安排 互换货币安排
12.2% 1.4% 0.7% 0.8%
其他 外汇储备占比
66.57%
储备资产流动性结构的确定
根据流动性和盈利性，储备资产可以分成三部分： 根据流动性和盈利性，储备资产可以分成三部分： 流动性
①"一线(级)储备"(流动储备资产)。即现金或准现金，如活 一线( 储备 一线 期存款、短期国库券或商业票据等，这部分储备资产的流动 性最高，但同时收益率也最低。 ②"二线(级)储备 二线( 储备"。通常指投资收益率高于一线储备，但流 二线 动性仍十分高的资产，如中期国债等。 ③“三线(级)储备 三线( 储备”。指流动性低但收益率高的长期投资工 三线 具，如长期公债和其它信誉良好的债券等。 广义而言，储备资产的流动性结构，还应将黄金 黄金(视同三级储 广义而言，储备资产的流动性结构，还应将黄金 视同三级储 视同二级储备) 中的储备头寸(视同一 备)、SDRs (视同二级储备 、和在IMF中的储备头寸 视同一 、 视同二级储备 中的储备头寸 级储备)考虑进去 以保持整个国际储备较优的流动性结构。 考虑进去， 级储备 考虑进去，以保持整个国际储备较优的流动性结构。
2.2 储备资产流动性结构的确定 储备资产流动性结构的确定
储备货币的选择标准
⑴ 应尽可能地选择和增加有升值趋势 的“硬”货币； ⑵ 应尽可能地选择和增加汇率波动幅 度较小的储备货币； ⑶ 储备货币的结构应与对外经贸结构 和国际债务结构相匹配； ⑷ 储备货币要与干预外汇市场所需要 的货币保持一致。
全球国际储备构成情况
1.2 国际储备的需求 国际储备的需求 1.3 国际储备的总量管理 国际储备的总量管理
1.3.1 保持适度国际储备量的必要性 保持适度国际储备量的必要性 1.3.2 适度国际储备量的测定方法 适度国际储备量的测定方法
一国国际储备的来源
⑴国际收支顺差； ⑵外汇市场的干预活动； ⑶IMF分配的SDRs； ⑷货币金融当局收购的充作金融资产的黄金； ⑸货币金融当局的国外借款。
国际储备的作用
⑴从世界的范围来考察 从世界的范围来考察：媒介国际商品流动和稳定与 从世界的范围来考察 促进世界经济发展的作用。 ⑵具体到每一个国家来考察 具体到每一个国家来考察。各国持有国际储备的主 具体到每一个国家来考察 要目的如下：
①融通国际收支赤字 融通国际收支赤字(清算国际收支差额)，维持对外支付能力； 融通国际收支赤字 ②干预外汇市场 干预外汇市场，维持本国货币汇率稳定； 干预外汇市场 ③信用保证 信用保证→主要有两层含义： 信用保证 一是可以作为充当对外借债的保证； 二是支持本国货币价值稳定性的信心。
国际储备的总量管理
1.1 国际储备的来源(供应) 国际储备的来源 供应) 来源(
从一国来讲，主要来源 从世界角度讲，国际储备主要来源于： ⑴黄金的产量减去非货币用金量 黄金的产量减去非货币用金量； 黄金的产量减去非货币用金量 ⑵IMF创设的 创设的SDRs； 创设的 ； ⑶储备货币发行国的货币输出 储备货币发行国的货币输出。 储备货币发行国的货币输出