外汇市场主要有两个作用一是将一个国家的货币转换成另

International Business

Chapter One: The Foreign Exchange Market

Outline of Chapter One

I. Introduction of the foreign exchange market p.338

II. The Functions of the Foreign Exchange Market p.338

III. The nature of the foreign exchange market p.343

IV. Currency Convertibility p.356

Key definition No. 1 p.338

外汇市场主要有两个作用：一是将一个国家的货币转换成另一个国家的货币；二是针对外汇风险提供一定的保障，这主要是指汇率不可预见变化的反面结果。

The foreign exchange market serves two main functions. The first is to convert the currency of one country into the currency of another. The second is to provide some insurance against foreign exchange risk, by which we mean the adverse consequences of unpredictable changes in exchange rates.

Key definition No.2 p.340

货币投机基本上涉及货币的短期运做,期望从一种货币转换到另一种货币时通过汇率浮动获利.

Currency speculation typically involves the short-term movement of funds from one currency to another in the hopes of profiting from shifts in exchange rates.

Key definition No.3 p.340

当双方同意交换货币并立即交易时,该交易就称即期交易,控制这样“就地”交易的汇率就是即期汇率。即期汇率是外汇交易商在某一指定日期将一种货币转换成另一种货币时所使用的汇率。

When two parties agree to exchange currency and execute the deal immediately, the transaction is referred to as a spot exchange. Exchange rates governing such “on the spot” trades are referred to as spot exchange rates. The spot exchange rate is the rate at which a foreign exchange dealer converts on currency into another currency on a particular day.

Key definition No. 4 p.342

当双方同意在将来某个特定日期换汇及交易时，就产生了远期外汇。控制这种未来交易的汇率就称为远期汇率。

A forward exchange occurs when two parties agree to exchange currency and execute the deal at some specific date in the future. Exchange rates governing such future transactions are referred to as forward exchange rates.

Key definition No. 5 p.342

（1）货币币种交换（掉期）是按两个不同的起息日对一定数量的外汇同时进行买卖。

A currency swap is the simultaneous purchase and sale of a given amount of foreign exchange for two different value dates.

（2）货币币种交换在国际企业同它们的银行之间，不同银行之间，以及政府之间进行，为了在一个限定的阶段不蒙受外汇风险将一种货币兑换成另一种货币，。

Swaps are transacted between international businesses and their banks, between banks, and between governments when it is desirable to move out of one currency into another for a limited period without incurring foreign exchange risk.

Chapter Two: The International Monetary System

Outline of Chapter T wo

I. Introduction p.368

II. The Bretton Woods System p.371

III. The Role of the IMF p.371

IV. The Role of the World Bank p.372

V. The collapse of the fixed exchange rate system p.373

Key definition No. 6 p.371

在布雷顿森林协议中，所有的国家必须确定它们本国货币的黄金价格，但并不要求将该国货币兑换成黄金。只有美元保持对黄金的可兑换性---价格是每盎司35美元。

Under the Bretton Woods agreement, all countries were to fix the value of their currency in terms of gold but were not required to exchange their currencies for gold. Only the dollar remained convertible into gold --- at a price of $35 per ounce.

Key definition No. 7 p.371

•固定汇率制度从两个方面形成了纪律约束。其一，维持固定汇率制度的要求为竟相贬值装配了一个刹车装置，为世界贸易环境带来了稳定。其二，一种固定汇率制度向各个国家施加了货币约束，从而抑制了通货膨胀。

A fixed exchange rate regime imposes discipline in two ways. First, the need to maintain a fixed exchange rate puts a brake on competitive devaluations and brings stability to the world trade environment. Second, a fixed exchange rate regime imposes monetary discipline on countries, thereby curtailing price inflation.

Key definition No. 8 p.372

持续的国际收支逆差会耗尽一国的外汇储备，迫使其货币贬值。基金组织通过向这些面临巨额逆差的国家提供短期外币贷款，为这些国家降低通货膨胀率和减少国际收支逆差赢得时间。

A persistent balance-of-payments deficit can lead to a depletion of a country’s reserves of foreign currency, forcing it to devalue its currency. By providing deficit-laden countries with short-term foreign currency loans, IMF funds would buy time for countries to bring down their inflation rates and reduce their balance-of-payments deficits.

Chapter Three: The Strategy of International Business

Outline of Chapter Three:

I. Opening Case: Wal-Mart’s Global Expansion p.407

II. Introduction p.408

III. Global Expansion, Profitability, and Profit Growth p.414

IV. Cost Pressures and Pressures for Local Responsiveness p.421

V. Choosing a Strategy p.426

key definition No.9 p.416

区位经济是在最适合某项活动的区位从事其创造价值活动所导致的经济，无论该区位位于世界何处。