International finance chapter3 (国际金融英文版课件)
国际金融英文版CH3
Foreign Exchange Market and Foreign Exchange Rate
Foreign Exchange Market
Foreign exchange is another country’s money. The dynamic meaning of the foreign exchange refers to the act of trading different country’s currencies.
Foreign exchange market structure
Customers buy $ with ￥
Local banks
Foreign exchange brokers
Major banks Interbank markets
Local banks
Customers buy ￥ with $
The foreign exchange market is an informal, over-the-counter and around-the-clock market.
It has no centralized meeting-place and no formal requirements for participation.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
Convertibility means a currency can be freely exchanged for another currency. This is the most important characteristic of the foreign exchange.
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investment banker
firm
Indirect Transfer using Investment Banker funds
investment banker securities
firm
Indirect Transfer using Investment Banker funds saver
Financial Markets
Financial Market: a market in which financial assets (securities) such as stocks and bonds can be purchased or sold Provide for financial intermediation--financial savings (Surplus Units) to investment (Deficit Units) Provide payments system Provide means to manage risk
Money (Financial) Market Government
Government issues government bonds, notes and treasury bills to finance government activities.
These are promissory notes issued by the government when it borrows money.
Securities in the Financial Market
Highly liquid, low risk Treasury Bills (T-Bills) Certificates are short-term securities •T-Bills of Deposit (CDs) issued by the Commercial Paper Federal government. •After initial sale, they have an active Eurodollars secondary market. Banker抯 Acceptances •They are bought at a discount and at maturity the investor receives the full face value.
国际金融中英文版答案)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice QuestionsA country’s balance of payments records: 一个国家的国际收支平衡记录了 BThe value of all exports of goods and services from that country for a period of time.All flows of value between that country’s residents and residents of the rest of the world during a period of time.在一定时间段里,一个国家居民的资产和其它世界居民资产的流动All flows of financial assets that cross that country’s borders during a p eriod of time.All flows of goods into that country during a period of time.A credit item in the balance of payments is: 在国际收支平衡里的贷项是AAn item for which the country must be paid.一个国家必须收取的条款An item for which the country must pay.Any imported item.An item that creates a monetary claim owed to a foreigner.Every international exchange of value is entered into the balance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次B1234A debit item in the balance of payments is: 在国际收支平衡中的借项是BAn item for which the country must be paid.An item for which the country must pay.一个国家必须支付的条款Any exported item.An item that creates a monetary claim on a foreigner.In a nation's balance of payments, which one of the following items is always recorded as a positive entry? D在国际收支中,下列哪个项目总被视为有利条项Changes in foreign currency reserves.Imports of goods and services.Military foreign aid supplied to allied nations.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 BEquals the overall balance.Equals the sum of all credit items.等于所有借项的总和Equals the sum of credit items minus errors and omissions.Which of the following capital transactions are entered as debits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？ BA U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.A French resident transfers $100 from his account at Wells Fargo Bank in San Francisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口A U.S. resident sells his IBM stock to a French resident.A U.S. resident sells his Credit Suisse stock to a French resident.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种CReserve inflow.Reserve outflow.Capital inflow.资本流入Capital outflow.___A_______ are money-like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.Official international reserve assets 官方国际储备资产Unofficial international reserve assetsOfficial domestic reserve assetsUnofficial domestic reserve assetsWhich of the following is considered a capital inflow? 下列哪项被视为资本流入 AA sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家A loan from a U.S. bank to a foreign borrower.A purchase of foreign financial assets by a U.S. buyer.A U.S. citizen’s repayment of a loan from a foreign bank.In a country’s balance of payments, which of the following transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ ADomestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降Foreign bank balances owned by domestic residents are decreased.Assets owned by domestic residents are sold to nonresidents.Securities are sold by domestic residents to nonresidents.The role of ___D_______ is to d irect one nation’s savings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资Merchandise trade flowsServices flowsCurrent account flowsCapital flows资金流Capital account.Current account.经常账目（户）Trade balance.Official reserve balance.The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫AFinancial account.金融帐Current account.Trade balance.Official reserve balance.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括： BEverything in the current account.U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项Profits that Nissan of America sends back to Japan.New U.S. investments in foreign countries.ＡU.S. resident increasing her holdings of a foreign financial asset causes a:一个美国居民增持一外国金融资产会引起DCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.Debit in the U.S. capital account.美国资本帐的借帐A foreign resident increasing her holdings of a U.S. financial asset causes a:一个美国居民增持本国一金融资产会引起 CCredit in the U.S. current account.Debit in the U.S. current account.Credit in the U.S. capital account.美国资本帐的贷帐Debit in the U.S. capital account.A deficit in the current account: 经常帐户中的赤字 ATends to cause a surplus in the financial account.会导致金融帐中的盈余Tends to cause a deficit in the financial account.Has no relationship to the financial account.Is the result of increasing exports and decreasing imports.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:20xx年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？CThe balance of payments.The financial account.The current account.经常帐户Unilateral transfers.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？ BThe United States makes a unilateral tariff reduction on imported goods.The United States cuts back on American military personnel stationed in Japan.美国削减在日本的军事人员U.S. tourists travel in large numbers to Asia.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐AA Chinese businessman imports Ford automobiles from the United States.A U.S. tourist spends money on a trip to China.The New York Yankees are paid $10 million by the Chinese to play an exhibition game in Beijing, China.If a British business buys U.S. government securities, how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ CIt will appear in the trade account as an import.It will appear in the trade account as an export.It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长It will appear in the financial account as a decrease in U.S. assets held by foreigners.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 AEnsure that the sum of all debits matches the sum of all credits.Ensure that imports equal the value of exports.Obtain an accurate account of a balance-of-payments deficit.Obtain an accurate account of a balance-of-payments surplus.Official reserve assets are: 官方储备资产是 BThe gold holdings in the nation’s central bank.Money like assets that are held by governments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可Government T-bills and T-bonds.Government holdings of SDR’sGold.Special Drawing Rights.IMF Reserve Positions.Foreign Currencies.外汇（币）The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于CNet official reserves.Net domestic investment.Net foreign investment.国外投资净值Net foreign deficit.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 BNeeds to borrow internationally.Is able to lend internationally.就有能力向外放贷Must also have had a surplus in its "overall" balance.The ___C_______ measures the sum of the current account balance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）Official capital balanceUnofficial capital balanceOfficial settlements balance官方结算差额Unofficial settlements balanceIf the overall balance is in __A________, there is an accumulation of official reserve assets by the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）Surplus盈余DeficitBalanceForeign handsWhich of the following is the current account balance NOT equal to? 以下哪项不等同于现金帐 DThe difference between domestic product and domestic expenditure.The difference between national saving and domestic investment.Net foreign investment.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False QuestionsCapital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项The net flow of financial assets and similar claims is the private current account balance. 金融资产和类似的资产的净值叫经常帐目余额The majority of countries' official reserves assets are now foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.A country's financial account balance equals the country's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资A country has a current account deficit if it is saving more than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字The official settlements balance measures the sum of the capital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额A nation's international investment position shows its stock of international assets and liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.A nation is a borrower if its current account is in deficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项Gold is a major reserve asset that is currently often used in official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.The current account balance is equal to the difference between domestic product and national expenditure.(T)经常项目余额等于国民生产与国民支出的差额In 2007 U.S. households, businesses and government were buying more goods and services than they were producing.(T)____年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.6。
《国际金融课件》unit 3 balance of payment
Unrequited Transfers
❖It comprises private unrequited transfers and official unrequited transfers.
❖Merchandise refer to all movable goods such as cars, textiles and appliances.
YOUR COMPANY NAME or YOUR SITE ADDRESS LOGO
Other Capital
❖A residual category that groups all the capital transactions that have not been included Nionn-ndegoitriaeblce itnstirnumvenetssoftamyeaer onr t, portfolio invesmtomre leikenbtankalonands anrdemsoretgragvese. s. It is divided into long-term and shortterm capital and, because of its residual status, can differ from
❖Reserves include: monetary gold 货币性黄金 special drawing rights特别提款权 reserve position in the Fund 储备头寸 foreign exchange外汇
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国际金融英语Part Three Foreign Exchange and Foreign Exchange Market
B. The foreign exchange market is a market for converting the currency of one country into that of another country. The major participants in the foreign exchange market are large commercial banks that operate at two levels-retail and interbank:
II. Quotation Methods of Exchange Rates
A. Direct Quotation Method
It reflects the amount of home currency that is required to buy the foreign currency. And China uses Direct quotation.
Unit 6. Foreign Exchange Market
I. Definitions of Foreign Exchange & Foreign Exchange Market
A. Foreign exchange is defined as the currency of another country.
A. Currency Conversion
• Currency speculation (short-term movements of funds from one currency to another one in the hopes of profiting from the fluctuations in exchange rates) is another use of foreign exchange markets. E.g. A US company has $ 10 m to invest for 3 months. Suppose the company suspects that US dollar is overvalued against franc. That is the company expects the value of the dollar to depreciate against franc. The current dollar/franc exchange rate is $1=FFr 6, the company exchange its $ 10 m into francs and receive FFr 6o m. In 3 months, $1=FFr 5 (dollar depreciate against franc), then the company exchange its FFr 60 m into $ 12 m. Thus, the company gets profits = $12 m-$10 m = $ 2 m.
《国际金融》第3章-外汇与汇率(超星版20160704)
国际金融 international finance
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【外汇头寸】
又称外汇持有额，是经济主体（政府、银行、企业或个人）在某一时点
持有的外币余额。
多头（Long Position）即经济主体（政府、银行、企业和个人）在某一时点持有的
外币余额为正；
空头（Short Position）即经济主体（政府、银行、企业和个人）在某一时点持有的
数值固定不变的货币
➢ 标价货币（quotating currency）：数量不断变化的货币
国际金融 international finance
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美元标价法（US Dollar quotation）
➢ 美元为基准货币表示各国价格，非美元之间的货币通过各自对 美元的汇率套算得出。
➢ 欧元、英镑、爱尔兰磅、澳元、新西兰元、特别提款权采用单 位磅标价法，即每1英镑等于多少单位外币的标价方法。
货币的自由兑换
现了自由兑换
国际金融 international finance
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国际货币（International Currency）
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3.2 汇率
国际金融 international finance
【双边汇率】
一种货币表示另一种货币的价格，即两种货币的兑换比率。 差异在于何种货币作为计价的标准
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【问题1】
如果Q=1，意味着什么？
【问题2】 如果采用间接标价法，实际汇率的公式该如何变
化？
国际金融 international finance
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国际金融 international finance
国际金融英文课件3
Introduction to Foreign Exchange Market
An international network of dealers - It consists of a limited number of major dealer institutions that are particularly active in foreign exchange, trading with customers and (more often ) with each other. Most are commercial banks and investment banks - Although geographically dispersed in numerous financial centres around the world, these dealer institutions are linked to each other through telephones, computers, and other electronic means.
Introduction to Foreign Exchange Market
The World's Largest Market It is by far the largest and most liquid market in the world. The estimated worldwide turnover of reporting dealers, at around $2 trillion a day (in 2004). – 7 times the level of turnover in the US Government securities market. The breadth, depth, and liquidity of the market are truly impressive. ($200 ~ $500 million per individual trade; 20 times a minute, 18,000 changes per day) The five major centers of Forex trading, are based in London, New York, Zurich, Frankfurt and Tokyo.
国际金融第3章(大卫艾特曼)
Chapter 3The International Monetary SystemQuestions3-1. The Gold Standard and the Money Supply. Under the gold standard all national governments promised to follow the “rules of the game.” This meant defending a fixed exchange rate. What did this promise imply about a country’s money supply?A country’s money supply was limited to the amount of gold held by its central bank or treasury.For example, if a country had 1,000,000 ounces of gold and its fixed rate of exchange was100 local currency units per ounce of gold, that country could have 100,000,000 local currencyunits outstanding. Any change in its holdings of gold needed to be matched by a change in thenumber of local currency units outstanding.3-2. Causes of Devaluation. If a country follows a fixed exchange rate regime, what macroeconomic variables could cause the fixed exchange rate to be devalued?The following macroeconomic variables could cause the fixed exchange rate to be devalued:•An interest rate that is too low compared to other competing currencies• A continuing balance of payments deficit•An inflation rate consistently higher than in other countries.3-3. Fixed versus Flexible Exchange Rates. What are the advantages and disadvantages of fixed exchange rates?•Fixed rates provide stability in international prices for the conduct of trade. Stable prices aid in the growth of international trade and lessen risks for all businesses.•Fixed exchange rates are inherently anti-inflationary, requiring the country to follow restrictive monetary and fiscal policies. This restrictiveness, however, can often be a burden to a countrywishing to pursue policies that alleviate continuing internal economic problems, such as highunemployment or slow economic growth.•Fixed exchange rate regimes necessitate that central banks maintain large quantities of international reserves (hard currencies and gold) for use in the occasional defense of the fixedrate. As international currency markets have grown rapidly in size and volume, increasingreserve holdings has become a significant burden to many nations.•Fixed rates, once in place, may be maintained at rates that are inconsistent with economic fundamentals. As the structure of a nation’s economy changes, and as its trade relationshipsand balances evolve, the exchange rate itself should change. Flexible exchange rates allow thisto happen gradually and efficiently, but fixed rates must be changed administratively—usuallytoo late, too highly publicized, and at too large a one-time cost to the nation’s economic health.Chapter 3 The International Monetary System 13 3-4. The Impossible Trinity. Explain what is meant by the term impossible trinity and why it is true.•Countries with floating rate regimes can maintain monetary independence and financial integration but must sacrifice exchange rate stability.•Countries with tight control over capital inflows and outflows can retain their monetary independence and stable exchange rate, but surrender being integrated with the world’scapital markets.•Countries that maintain exchange rate stability by having fixed rates give up the ability to have an independent monetary policy.3-5. Currency Board or Dollarization. Fixed exchange rate regimes are sometimes implemented through a currency board (Hong Kong) or dollarization (Ecuador). What is the difference between the two approaches?In a currency board arrangement, the country issues its own currency but that currency is backed 100% by foreign exchange holdings of a hard foreign currency—usually the U.S. dollar.In dollarization, the country abolishes its own currency and uses a foreign currency, such asthe U.S. dollar, for all domestic transactions.3-6. Emerging Market Exchange Rate Regimes. High capital mobility is forcing emerging market nations to choose between free-floating regimes and currency board or dollarization regimes. What are the main outcomes of each of these regimes from the perspective of emerging market nations?There is no doubt that for many emerging markets a currency board, dollarization, and freely-floating exchange rate regimes are all extremes. In fact, many experts feel that the global financial marketplace will drive more and more emerging market nations towards one of these extremes. As illustrated by Exhibit 3.6 (in the chapter and reproduced here), there is a distinct lack of “middle ground” left between rigidly fixed and freely floating. In anecdotal support of this argument,a poll of the general population in Mexico in 1999 indicated that 9 out of 10 people would preferdollarization over a floating-rate peso. Clearly, there are many in the emerging markets of theworld who have little faith in their leadership and institutions to implement an effective exchange rate policy.14 Eiteman/Stonehill/Moffett •Multinational Business Finance, Twelfth Edition3-7. Argentine Currency Board. How did the Argentine currency board function from 1991 to January 2002 and why did it collapse?Argentina’s currency board exchange regime of fixing the value of its peso on a one-to-one basis with the U.S. dollar ended for several reasons.•As the U.S. dollar strengthened against other major world currencies, including the euro, during the 1990s, Argentine export prices rose vis-à-vis the currencies of its major trading partners.•This problem was aggravated by the devaluation of the Brazilian real in the late 1990s.•These two problems, in turn, led to continued trade deficits and a loss of foreign exchange reserves by the Argentine central bank. (4) This problem, in turn, led Argentine residents toflee from the peso and into the dollar, further worsening Argentina’s ability to maintain itsone-to-one peg.Euro.On January 4, 1999, eleven member states of the European Union initiated the3-8. TheEuropean Monetary Union (EMU) and established a single currency, the euro, which replacedthe individual currencies of participating member states. Describe three of the main ways thatthe euro affects the members of the EMU.The euro affects markets in three ways: (1) countries within the euro zone enjoy cheaper transaction costs; (2) currency risks and costs related to exchange rate uncertainty are reduced; and (3) allconsumers and businesses both inside and outside the euro zone enjoy price transparency andincreased price-based competition.The United Kingdom, Denmark, and Sweden have chosen not to adopt the euro but 3-9. Maveri c ks.rather maintain their individual currencies. What are the motivations of each of these three countries that are also members of the European Union?The United Kingdom chose not to adopt the euro because of the extensive use of the U.K. pound in international trade and financial transactions. London is still the world’s most importantfinancial center. The British are also very proud of their long tradition in financial matters when “Britannia ruled the waves.” They are afraid that monetary and financial matters may eventually migrate to Frankfurt where the European Central Bank is located. The British are also worriedabout continued concentration of decision making in Brussels where the main European Unioninstitutions are located.Denmark is also worried about losing its economic independence as a small country surrounded by big neighbors. Denmark’s currency, the krone, is mostly tied to the euro anyway, so it does not suffer a misalignment with the primary currency unit of the surrounding economies. Sweden has strong economic ties to Denmark, Norway, and the United Kingdom, none of which adopted the euro so far. Sweden, like the others, is afraid of over-concentration of power within EuropeanUnion institutions.Despite popular fears and a certain amount of nationalism, all three countries have strong forces within that would like these countries to adopt the euro. This would usually require popularreferendums, so you may see them adopt the euro in the future.Chapter 3 The International Monetary System 15 3-10. International Monetary Fund (IMF). The IMF was established by the Bretton Woods Agreement (1944). What were its original objectives?The IMF was established to render temporary assistance to member countries trying to defend the value of their currencies against cyclical, seasonal, or random occurrences. Additionally it was to assist countries having structural trade problems. More recently it has attempted to help countries, such as Russia, Brazil, Argentina, and Indonesia, to resolve financial crises.3-11. Special Drawing Rights. What are Special Drawing Rights?The Special Drawing Right (SDR) is an international reserve asset created by the IMF to supplement existing foreign exchange reserves. It serves as a unit of account for the IMF and other international and regional organizations and is also the base against which some countries peg the exchangerate for their currencies.Defined initially in terms of a fixed quantity of gold, the SDR has been redefined several times.It is currently the weighted value of currencies of the five IMF members having the largest exports of goods and services. Individual countries hold SDRs in the form of deposits in the IMF. These holdings are part of each country’s international monetary reserves, along with official holdings of gold, foreign exchange, and its reserve position at the IMF. Members may settle transactionsamong themselves by transferring SDRs.3-12. Exchange Rate Regime Classifications. The IMF classifies all exchange rate regimes into eight specific categories that are summarized in this chapter. Under which exchange rate regime would you classify each of the following countries?a. France: Exchange arrangements with no separate legal tender.b. The United States: independent floating.c. Japan: independent floating.d. Thailand: managed floating with no pre-announced path for the exchange rate. Prior to theAsian Crisis of 1997 it was tied to the U.S. dollar.3-13. The Ideal Currency. What are the attributes of the ideal currency?If the ideal currency existed in today’s world, it would possess three attributes (illustrated inExhibit 3.4), often referred to as The Impossible Trinity.a.Exchange rate stability. The value of the currency would be fixed in relationship to othermajor currencies so traders and investors could be relatively certain of the foreign exchangevalue of each currency in the present and into the near future.b. Full financial integration. Complete freedom of monetary flows would be allowed, so tradersand investors could willingly and easily move funds from one country and currency to anotherin response to perceived economic opportunities or risks.c. Monetary independen c e. Domestic monetary and interest rate policies would be set by eachindividual country to pursue desired national economic policies, especially as they mightrelate to limiting inflation, combating recessions, and fostering prosperity and full employment.The reason that it is termed The Impossible Trinity is that a country must give up one of the three goals described by the sides of the triangle, monetary independence, exchange rate stability, orfull financial integration. The forces of economics do not allow the simultaneous achievement of all three.16 Eiteman/Stonehill/Moffett •Multinational Business Finance, Twelfth Edition3-14. Bretton Woods Failure. Why did the fixed exchange rate regime of 1945–1973 eventually fail?The fixed exchange rate regime of 1945–1973 failed because of widely diverging nationalmonetary and fiscal policies, differential rates of inflation, and various unexpected externalshocks. The U.S. dollar was the main reserve currency held by central banks and was the key to the web of exchange rate values. The United States ran persistent and growing deficits in itsbalance of payments, which required a heavy outflow of dollars to finance the deficits. Eventually the heavy overhang of dollars held by foreigners forced the United States to devalue the dollarbecause the United States was no longer able to guarantee conversion of dollars into its diminishing store of gold.3-15. EU and Euro Expansion. With so many new countries joining the European Union in 2004, when will they officially move to the euro—if ever?In January 2007 two more countries were added to the EU’s growing membership—Bulgaria and Romania. Their entry was little more than two years after the EU had added 10 more countriesto its ranks. As illustrated by Global Finance in Practice 3.2, to date only one of these new12 members has actually adopted the euro. Although all members are expected to eventuallyreplace their currencies with the euro, recent years have seen growing debates and continualpostponements by the new members in moving toward full euro adoption.。
金融英语-4-International Finance资料文档
payments
($64.39)
($444.69) identity hold:
($152.44) ($124.94) ($303.27)
BCA + BKA = – BRA
($444.69) + $444.26 + $0.73 = $0.30= –($0.30)
($0.30)
Balance of Payments Trends
4.1.1 The Current Account
Includes all imports and exports of goods and services, unilateral transfers（经常转移） of foreign aid.
The net balance on the merchandise transactions is called the trade balance.
other investments mainly refers to the
short-term capital records the net changes in international assets and liabilities with an original maturity of one year or less in which domestic residents (excluding official monetary institutions) are creditors and debtors.
They are composed of the following:
The Current Account 经常账户 The Capital Account 资本账户 The Official Reserves Account 储备帐户 Statistical Discrepancy 统计误差
国际金融英文版习题Chapter-3(1)
INTERNATIONAL FINANCEAssignment Problems (3) Name: Student#: I. Choose the correct answer for the following questions (only ONE correct answer) (2 credits for each question, total credits 2 x 25 = 50)1. Interbank quotations that include the United States dollars are conventionally given in __________, which state the foreign currency price of one U.S. dollar, such as a bid price of SFr 0.85/$.A. indirect quoteB. direct quoteC. American quoteD. European quote2. The spot exchange rate published in financial newspapers is usually the __________.A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate3. The foreign exchange refers to the __________.A. foreign bank notes and coinsB. demand deposits in foreign banksC. foreign securities that can be easily cashedD. all of the above4. The functions of the foreign exchange market come down to __________.A. converting the currency of one country into the currency of anotherB. providing some insurance against the foreign exchange riskC. making the foreign exchange speculation easyD. Only A and B are true.5. Which of the following is NOT true regarding the foreign exchange market?A. It is the place through which people exchange one currency for another.B. The exchange rate nowadays is mainly determined by the market forces.C. Most foreign exchange transactions are physically completed in this market.D. All of the above are true.6. The world largest foreign exchange markets are __________ respectively.A. London, New York and TokyoB. London, Paris and FrankfurtC. London, Hong Kong and SingaporeD. London, Zurich and Bahrain7. The foreign exchange market is NOT efficient because __________.A. monetary authorities dominate the foreign exchange market and everybody knows that by definition, central banks are inefficientB. commercial banks and other participants of the market do not compete with one another due to the fact that transaction takes place around the world and not in a single centralized locationC. foreign exchange dealers have different prices such as bid and ask pricesD. None of the reasons listed are correct because the foreign exchange market is an efficient market8. __________ earn a profit by a bid-ask spread on currencies they buy and sell. __________ on the other hand, earn a profit by bringing together buyers and sellers of foreign exchanges and earning a commission on each sale and purchase.A. Foreign exchange brokers; foreign exchange dealersB. Foreign exchange dealers; foreign exchange brokersC. arbitragers; speculatorsD. commercial banks; central banks9. Most foreign exchange transactions are through the U.S. dollars. If the transaction is expressed as the currencies per dollar, this is known as __________ whereas __________ are expressed as dollars per currency.A. direct quote; indirect quoteB. indirect quote; direct quoteC. European quote; American quoteD. American quote, European quote10. From the viewpoint of a Japanese investor, which of the following would be a direct quote?A. SFr 1.25/€B. $1.55/₤C. ¥ 110/€D. €0.0091/ ¥11. Which of the following is true about the foreign exchange market?A. It is a global network of banks, brokers, and foreign exchange dealers connected by electronic communications system.B. The foreign exchange market is usually located in a particular place.C. The foreign exchange rates are usually determined by the related monetary authorities.D. The main participants in this market are currency speculators from different countries.12. The extent to which the income from individual transactions is affected by fluctuations in foreign exchange values is considered to be _________.A. Translation exposureB. economic exposureC. transaction exposureD. accounting exposure13. Which of the following exchange rates is adjusted for price changes?A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate14. Suppose the exchange rate of the RMB versus U.S. dollar is ¥6.8523/$ now. If the RMB were to undergo a 10% depreciation, the new exchange rate in terms of ¥/$ would be:A. 6.1671B. 7.5375C. 6.9238D. 7.613515. At least in a U.S. MNC’s financial accounting statement, if the value of the euro depreciates rapidly against that of the dollar over a year, this would reduce the dollar value of the euro profit made by the European subsidiary. This is a typical __________.A. transaction exposureB. translation exposureC. economic exposureD. operating exposure16. A Japanese-based firm expects to receive pound-payment in 6 months. The company has a (an) __________.A. economic exposureB. accounting exposureC. long position in sterlingD. short position in sterling17 The exposure to foreign exchange risk known as Translation Exposure may be defined as __________.A. change in reported owner’s equity in consolidated financial statements caused by a change in exchange ratesB. the impact of settling outstanding obligations entered into before change in exchange rates but to be settled after change in exchange ratesC. the change in expected future cash flows arising from an unexpected change in exchange ratesD. All of the above18 When a firm deals with foreign trade or investment, it usually has foreign exchange risk exposure. So if an American firm expects to receive a dollar-paymentfrom a Chinese company in the next 30 days, the U.S. firm has the possible __________.A. economic exposureB. transaction exposureC. translation exposureD. none of the above19. In order to avoid the possible loss because of the exchange rate fluctuations, a firm that has a __________ position in foreign exchanges can __________ that position in the forward market.A. short; sellB. long; sellC. long; buyD. none of the above20. A forward contract to deliver Japanese yens for Swiss francs could be described either as __________ or __________,A. selling yens forward; buying francs forwardB. buying francs forward; buying yens forwardC. selling yens forward; selling francs forwardD. selling francs forward; buying yens forward21. Dollars are trading at S0SFr/$=SFr0.7465/$ in the spot market. The 90-day forward rate is F1SFr/$=SFr0.7432/$. So the forward __________ on the dollar in basis points is __________:A. discount, 0.0033B. discount, 33C. premium, 0.0033D. premium, 3322. If the spot rate is $1.35/€, 3-month forward rate is $1.36/€, which of the following is NOT true?A. euro is at forward premium by 100 points.B. dollar is at forward discount by 100 points.C. dollar is at forward discount by 55 points.D. euro is at forward premium by 2.96% p.a.23. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the outright forward quote in American term should be __________.A. 1.0330 – 1.0345B. 1.0280 – 1.0285C. 0.9681 – 0.9667D. 0.9728 – 0.972324. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the $/C$ forward quote in terms of points should be __________.A. 30/25B. 25/30C. – (23/28)D. – (28/23)25. The current U.S. dollar exchange rate is ¥85/$. If the 90-day forward dollar rate is ¥90/$, then the yen is selling at a per annum __________ of __________.A. premium; 5.88%B. discount; 5.56%C. premium; 23.52%D. discount; 22.23%II. ProblemsQuestions 1 through 10 are based on the information presented in Table 3.1. (2 credits for each question, total credits 2 x 10 = 20)Table 3.1Country Exchange rate Exchange rate CPI V olume of Volume of (2008) (2009) (2008) exports to U.S imports from U.S. Germany €0.75/$ €0.70/$ 102.5 $200m $350m Mexico Mex$11.8/$ Mex$12.20/$ 110.5 $120m $240mU.S. 105.31. The real exchange rate of the dollar against the euro in 2009 was __________.2. The real exchange rate of the dollar against the peso in 2009 was __________.3. The dollar was __________ against the euro in nominal term by __________.A. appreciated; 6.67%B. depreciated; 6.67%C. appreciated; 7.14%D depreciated; 7.14%4. The Mexican peso was __________ against the dollar in nominal term by __________.A. appreciated; 3.39%B. depreciated; 3.39%C. appreciated; 3.28%D. depreciated; 3.28%5. The volume of the German foreign trade with the U.S. was __________.6. The volume of the Mexican foreign trade with the U.S. was __________.7. Assume the U.S. trades only with the Germany and Mexico. Now if we want to calculate the dollar effective exchange rate in 2009 against a basket of currencies of euro and Mexican peso, the weight assigned to the euro should be __________.8. The weight assigned to the peso should be __________.9. Assume the 2008 is the base year. The dollar effective exchange rate in 2009 was __________.10. Was the dollar generally stronger or weaker in 2009 according to your calculation?11. The following exchange rates are available to you.Fuji Bank ¥80.00/$United Bank of Switzerland SFr0.8900/$Deutsche Bank ¥95.00/SFrAssume you have an initial SFr10 million. Can you make a profit via triangular arbitrage? If so, show steps and calculate the amount of profit in Swiss francs. (8 credits)12. If the dollar appreciates 1000% against the ruble, by what percentage does the ruble depreciate against the dollar? (5 credits)13. As a percentage of an arbitrary starting amount, about how large would transactions costs have to be to make arbitrage between the exchange rates S SFr/$= SFr1.7223/$, S$/￥= $0.009711/¥, and S￥/SFr = ¥61.740/SFr unprofitable? Explain. (7 credits14. You are given the following exchange rates:S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670Calculate the bid and ask rate of S￥/￡: (5 credits)15. Suppose the spot quotation on the Swiss franc (CHF) in New York is USD0.9442 –52 and the spot quotation on the Euro (EUR) is USD1.3460 –68. Compute the percentage bid-ask spreads on the CHF/EUR quote. ( 5 credits)Answers to Assignment Problems (3)Part II1. 0.70 x (105.3/102.5) = 0.7 x 1.0273 = 0.71912. 12.2 x (105.3/110.5) = 12.2 x .9529 = 11.62593. B (0.7 /.75) – 1 = -6.67%4. D (1/12.2)/(1/11.8) – 1 = -3.28%5. 5506. 3607. 550/910 = 60.44%8. 360/910 = 39.569. (0.70/0.75)(60.44%) + (12.2/11.8)(39.56%) = .5641 + 0.4090 = .9731 = 97.31%10. weaker, because dollar depreciated by 2.69%.11. Since S￥/$S$/SFr S SFr/￥= 80 x 1/0.8900 x 1/95.00 = 0.946186 < 1, there is an arbitrage opportunity.Steps:①Buy ¥ from Deutsche Bank, SFr10 million x 95.00 = ¥950 million②Buy $from Fuji Bank, $950 m / 80.00 = $11.875 m③Buy SFr from UBS, $11.875 x 0.8900 = SFr10.56875 mProfit (ignoring transaction fees):SFr10.56875 – SFr10 = 0.56875 million = 568,75012. (x – 1) = 1000%; 1/11 – 1 = 90.9%13. S SFr/$ S$/￥S￥/SFr = SFr1.7223/$ x $0.009711/¥ x ¥61.740/SFr = 1.0326If transaction costs exceed $0.0326 (3.26%), the arbitrage is unprofitable.14. Given: S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670So, S￥/₤ = 67.05/0.3670 = 182.70 (bid)S￡/₤ = 68.75/0.3590 = 191.50 (ask)15. Given: USD0.9442 – 52/SFrUSD1.3460 – 68/SFrSo, S SRr/€ = 1.3460/0.9452 =1.424 (bid)S SFr/€ = 1.3468/0.9442 = 1.4264 (ask)。
国际金融英文版(全)
International financial markets
Eurocurrency markets International debts markets-long-term global bonds/foreign bonds/eurobonds/special types of bonds Short-and medium-term debt markets Euro-commercial paper and euro-medium-term notes/floating rate euro-notes International equities
Non-bank financial institutions in global finance International financial markets International derivatives exchange-traded International non-exchange traded derivatives
the balance of payment
3.the theories of foreign exchange rate determination 4.foreign exchange exposure
4.nonexchange traded derivatives
Inventory of international financial resources Yu feng yao
Foreign bonds-foreign bonds are issued in local market by a foreign borrower,with the assistance of a large investment bankers,and are denominated in a local currency. Eurobonds-eurobonds are financed by long-term funds in the Eurocurrency markets.They are underwritten by a multinational syndicate of banks and placed in countries other than the one in whose currency they are denominated.
International Financial Markets——CHaper 3(课件发送2)最新
CHAPTER 3 INTERNATIONAL MONEY MARKETS
⑤ Inter-bank Offered Credit ⅰDefinition To maintain a minimum balance in a reserve account with the central bank or to clear financial transactions, banks borrow and lend funds each other. （federal funds
CHAPTER 3 INTERNATIONAL MONEY MARKETS
ⅲ Denomination value（ $100,000/ $1,000,000） （ ） Ⅳ The primary market wholesale and retail main participants issuers（big banks/90％） （ ％） investors
CHAPTER 3 INTERNATIONAL MONEY MARKETS
3.1.3 Elements
（1）Subjects ） main participants （2）Objects ） ① Treasury Bills （T-bills） ） ⅰDefinition short-term securities that mature in one year or less from their issue date. They are a way for the（ U.S. ） （ governments to raise money from the public.
Ⅵ Risk and Return For the most part, commercial paper is a very safe investment because the financial situation of a company can easily be predicted over a few months. Furthermore, typically only companies with high credit ratings and credit worthiness issue commercial paper. Over the past 40 years, there have only been a handful of cases where corporations have defaulted on their commercial paper repayment. the Penn Central episode Largely because of the Penn Central default, almost all commercial paper today is rated for credit quality by one or more of the following rating agencies: Moddy’s Investor Services, Standard&Poor’s Corporation, Fitch Investor Service, and /or Duff and Phelps.
国际金融英语International Finance 课件
Bank (lender) Public investors
capital
a company (borrower)
principal with interests
A company may borrow long-term funds by issuing long-term corporate bonds to the public. It is a temporary transfer of ownership of funds from the bond buyers (investors) to the company. And the company promises to pay back the principal with interests to the bond buyers in the future. Here, commercial or investment banks play the role of financial intermediation and collect fees for this services, instead of interests.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
II. Functions of Money
A. Medium of Exchange (流通手段）— basic function B. Standard of Value (价值尺度）— basic function C. Store of Value (价值储藏） D. Standard of Deferred Payment (延期支付标准） F. World Currency (世界货币）
国际金融知识点总结 英文
国际金融知识点总结英文International finance is a branch of economics that deals with the management of an individual's or a company's assets in an international financial setting. It involves the study of how various international entities, such as governments, corporations, and individuals, interact and conduct business in the world of finance. Understanding the key concepts and knowledge points of international finance is crucial for making sound financial decisions in the global economy. In this article, we will discuss some of the essential knowledge points in international finance.Foreign Exchange MarketThe foreign exchange market, also known as the forex market, is the global marketplace for trading currencies. It is the largest and most liquid financial market in the world, with an average daily trading volume of over $6 trillion. The forex market facilitates the exchange of one currency for another and plays a vital role in the international trade and investment. Understanding the foreign exchange market is essential for businesses and investors to manage currency risk and make informed decisions on foreign exchange transactions.Exchange RatesExchange rates are the prices at which one currency can be exchanged for another. They are determined by the forces of supply and demand in the foreign exchange market and are influenced by various factors, such as interest rates, inflation, and geopolitical events. Exchange rates can have a significant impact on international trade, investment, and economic growth. It is crucial for businesses and investors to monitor and analyze exchange rate movements to mitigate currency risk and maximize their profits in the global marketplace.Foreign Direct Investment (FDI)Foreign direct investment is a form of cross-border investment in which a company invests in a foreign country by establishing a subsidiary, acquiring a stake in a foreign company, or starting a joint venture with a local partner. FDI plays a vital role in the global economy by promoting economic growth, creating jobs, and transferring technology and know-how. Understanding the benefits and risks of FDI is crucial for both multinational corporations and host countries to make informed investment decisions and maximize the mutual benefits of foreign investment.International Trade FinanceInternational trade finance refers to the financial instruments and services that facilitate international trade, such as letters of credit, trade finance loans, and export credit insurance. It plays a crucial role in supporting cross-border trade by providing the necessary financing and risk mitigation tools for exporters and importers. Understanding the various trade finance instruments and services is essential for businesses to manage the financial aspectsof their international trade transactions and mitigate the risks associated with cross-border trade.International Monetary SystemThe international monetary system is the framework of rules, institutions, and agreements that govern the exchange rate regimes, currency convertibility, and international monetary transactions. It has evolved over time from the gold standard to the Bretton Woods system and the current floating exchange rate system. Understanding the international monetary system is essential for policymakers, central banks, and businesses to navigate the complexities of the global financial system and manage the implications of international monetary developments on their operations and investments.Global Capital MarketsGlobal capital markets are the financial markets in which long-term debt and equity securities are issued and traded by companies, governments, and other financial institutions. They provide a crucial source of financing for businesses and governments, allowing them to raise capital for investment and growth. Understanding the global capital markets is essential for companies and investors to access the necessary funding, manage their investment portfolios, and make informed decisions on capital raising and investment opportunities in the global financial markets.International Financial InstitutionsInternational financial institutions, such as the International Monetary Fund (IMF), the World Bank, and regional development banks, play a vital role in promoting global financial stability, economic development, and poverty reduction. They provide financial assistance, policy advice, and technical assistance to their member countries to address balance of payments problems, support infrastructure development, and promote sustainable economic growth. Understanding the functions and activities of international financial institutions is crucial for governments, businesses, and civil society organizations to engage with them effectively and leverage their resources for development projects and initiatives. International Financial RegulationInternational financial regulation refers to the rules, standards, and guidelines that govern the activities of financial institutions and markets in the global economy. It aims to promote financial stability, protect investors, and prevent financial crises by setting prudential standards, conducting supervision and monitoring, and coordinating cross-border regulatory cooperation. Understanding international financial regulation is essential for policymakers, financial institutions, and investors to comply with the regulatory requirements, manage regulatory risks, and contribute to the stability and integrity of the global financial system.ConclusionIn conclusion, international finance encompasses a wide range of knowledge points that are essential for understanding the complexities of the global financial system and making informed financial decisions in the international marketplace. Foreign exchange market, exchange rates, foreign direct investment, international trade finance, international monetary system, global capital markets, international financial institutions, and international financial regulation are some of the key concepts and knowledge points in international finance. By understanding these concepts and knowledge points, businesses, investors, and policymakers can navigate the challenges and opportunities of the global economy and contribute to the growth and development of the international financial system.。
英语国际金融
英语国际金融Introduction:International finance plays a crucial role in today's globalized world. With the increasing interdependence of economies, it has become essential for countries and businesses to understand and navigate the complexities of the international financial system. In this article, we will explore the key concepts and importance of English in the field of international finance.1. The Global Language of Business:English has emerged as the lingua franca of international business, including finance. It serves as a common language for communication and transactions in the global financial market. Whether it's conducting international trade, dealing with cross-border investments, or negotiating multinational mergers and acquisitions, proficiency in English is a prerequisite for success.2. English in Financial Institutions:English is widely used in financial institutions around the world. International banks, investment firms, and insurance companies rely on English to communicate with clients and colleagues from diverse backgrounds. Fluency in English enables professionals to collaborate effectively, access global financial information, and participate in international conferences and seminars.3. English for Financial Innovation:The field of international finance is constantly evolving and introducing new financial instruments and practices. English plays a vital role in disseminating these innovations to a global audience. From complex derivatives to modern portfolio theories, English is the language through which these financial concepts and strategies are shared, discussed, and implemented across borders.4. English for Financial Reporting:Financial reporting standards, such as International Financial Reporting Standards (IFRS), require companies to prepare their financial statements in English. This uniform adoption of the English language allows for greater comparability and transparency in financial reporting. It enables investors and stakeholders from different countries to analyze and evaluate financial information accurately.5. English for International Financial Regulations:International financial regulations, such as those formulated by the International Monetary Fund (IMF) and the Basel Committee on Banking Supervision, are often published and disseminated in English. Understanding these regulations is vital for financial institutions and professionals to comply with international standards and ensure stability in the global financial system.6. English for Career Advancement:Proficiency in English offers numerous career opportunities in the field of international finance. It opens doors to working in multinational corporations, global banks, and international investment firms. Moreover,international certifications, such as the Chartered Financial Analyst (CFA) designation, require candidates to demonstrate English proficiency.Conclusion:In conclusion, English holds immense significance in the realm of international finance. Its role as the language of business, financial institutions, innovation, reporting, regulations, and career advancement cannot be understated. As the global financial landscape continues to evolve, a strong command of English becomes increasingly valuable for individuals and organizations seeking success in international finance.。
国际金融英语PPT
grammar
• Para3.p13 nothing more than 只不过 ，仅 仅是
• With collective action doing nothing more than devaluing money by causing inflation.
Sentence.p13
• It was this realization that inspired the blueprint for the post war international monetary system, the_____________.
• 1.What did the UK face in the 1920s?
• 2. What is the gold exchange standard and when did it come to an end?
The End of the Gold Standard Era and its Return
The Causes of the Collapse
Lack of an adequate adjustment mechanism
The huge destabilizing capital flows The outbreak of the Great Depression
This also was a period when nations imposed very high tariffs and other serious import restrictions.
The Automatic Adjustment Mechanism
Chapter 2
• para.1-4 the background • para.5-6 goals and structure of the IMF • para.7-18 the Bretton Woods System
International Finance 国际金融术语
国际金融术语AAffiliated company 关联公司；联营公司After market 后市Allotment 配股Alternative investment 另类投资American Stock Exchange 美国证券交易所American Commodities Exchange 美国商品交易所American style option 美式期权Amex 美国证券交易所Annual General Meeting 周年大会APEC 亚太区经济合作组织(亚太经合组织) ASEAN 东南亚国家联盟(东盟)Asian bank syndication market 亚洲银团市场Asian dollar bonds 亚洲美元债券Asset Allocation 资产配置Asset Management 资产管理Asset swap 资产掉期BBank, Banker, Banking 银行，银行家，银行业Bank for International Settlements 国际结算银行Basis swap 基准掉期Benchmark 比较基准BIS 国际结算银行Bona fide buyer 真诚买家Bond market 债券市场，债市Bonds 债券，债票Bonus issue 派送红股Bonus share 红股Book runner 投资意愿建档人; 帐簿管理人Bounced cheque 空头支票BP (Basis Point) 基点Break-up valuation 破产清理价值评估Breakeven point 收支平衡点Broker, Broking, Brokerage House 经纪，证券买卖，证券交易，证券行，经纪行Build, Operate and Transfer 建造、经营、转让Build, Own, Operate and Transfer 建造、拥有、经营、转让Build/Supply-Service/Maintain 建造/设备供应-服务/维修Bullish 看涨; 看好行情Buyer's credit 买方信贷（进口）CCall option 认购期权/看涨期权Call protection/provision 赎回保障/条款Call warrant 认购认股权证Callable bond 可赎回债券Cap 上限CAPEX 资本支出Capital base 资本金Capital expenditure 资本支出Capitalization 资本值Capital markets 资本市场，资金市场Capital raising 融资，筹集资金Cash-settled warrant 现金认股权证Cash earnings per share 每股现金盈利Cash flow 现金流量CD 存款证Central Clearing & Settlement System 中央结算及交收系统Certificate of deposit 存款证CFO 财务总监；首席财务官Chicago Board of Trade 芝加哥交易所Chicago Board Options Exchange 芝加哥期权交易所Chicago Mercantile Exchange 芝加哥商品交易所China banking 中国银行业China Capital Markets 中国资本市场，中国资金市场China International Capital Corporation, CICC 中国国际金融有限公司，中金公司China privatization 中国民营化，中国私有化，中国私营化China restructuring 中国重组，中国改组China Securities Regulatory Commission 中国证监会China Stock Markets 中国股票市场，中国股市Claim 索偿Closed-end fund 封闭式基金Co-lead manager 副主承销; 联席主承销Co-manager 副承销商Collar 上下限Commercial loan 商业贷款Commercial paper 商业票据Commodity Exchange, Inc. 商品交易所有限公司(纽约) Company finance 公司融资/公司财务Complex cash flow 复合现金流Compound annual growth rate 复合年增长率Conglomerate 集团/联合大企业/多业公司Construction in progress 在建工程Consumer Price Index 消费物价指数Contingent liability 或有负债Contractual joint venture 合约性合作/合资经营Controlling stake/interest 控股权/权益Conversion of state assets into state shares 国家资产作价入股Conversion premium 转换溢价Conversion price 转换价Converted net collections 转换后净收入Convertible bonds 可转换债券，可换股债券COO 营运总监；首席营运官Corporate finance 企业融资Corporate governance 企业管治，公司治理Coupon rate 孳息率; 票息CPI 消费物价指数Credit facilities 信贷措施Credit line 备用信贷Credit spread 债券息差Cross currency interest rate swap 交叉货币利率掉期CSRC 中国证券监督管理委员会Currency option 货币期权Currency swap 货币掉期Current account deficit 经常帐户赤字Current/liquid ratio 流动比率DDebt issuing vehicles 债务发行工具Debt service coverage ratio 债务偿还比率Default fine 违约罚金Defaulting 违约; 不履行义务Deferred asset 递延资产Deferred charges 递延费用; 待摊费用Deferred tax 递延税项Derivatives 派生产品，衍生产品，衍生金融投资工具Disclosure 信息披露Discount rate 折扣率; 贴现率Dishonoured cheque 空头支票DJIA 道琼斯工业平均指数Dow Jones Industries Average Index 道琼斯工业平均指数DQII 国内合资格机构投资者Dragon bonds 小龙债券Drawing expense in advance 预提费用Dual currency bonds 双货币债券EE-commerce 电子商务E-tailers 网上零售商Earning per share 每股盈利EEC 欧洲经济共同体(欧共体)Emerging market 新兴市场EMU 欧洲货币联盟Engagement letter 委托书EPS 每股盈利Equity, Equities 股本，股权，股票Equity cushion 股本作垫EU 欧洲联盟(欧盟)Eurodollar bonds 欧洲美元债券European Economic Community 欧洲经济共同体（欧共体）European Monetary Union 欧洲货币联盟European Options Exchange 欧洲期权交易所(阿姆斯特丹)European style option 欧式期权European Union 欧洲联盟（欧盟）Ex-coupon 不附息票Exotic option 第二代期权组合（设回报上或下限）Extendible bonds 可延期债券FFederal Open Market Committee 美国联邦公开市场委员会Financial Advisor 财务顾问，融资顾问Financial Management 财务管理Financial Markets, Financial Products 金融市场，金融产品Financial Services 金融服务Floor broker 出市经纪FOMC 联邦公开市场委员会Foreign-funded enterprise 外商投资企业Foreign Exchange 外汇Foreign Exchange Business Operation Permit 经营外汇业务许可证Foreign Exchange Certificate(FEC) 外汇券Foreign exchange mortgage loan 外汇抵押贷款Foreign exchange swap center 外汇调剂中心Forward Rate Agreement 远期利率协议FRA 远期利率协议Franchiser 项目招商人Franchisor 特许专营受权公司FTSE Index 伦敦金融时报指数(又称富时指数) Fund Management 基金管理Futures 期货FX 外汇GG7 七大工业国GAAP 一般公认会计原则Gateway 网关/国际关口局GATT 关税及贸易从协定GDP 国内生产总值GDR 全球预托证券；全球存股证Gearing ratio 运用倍数General Acceptable Accounting Principle 一般公认会计原则General Agreement on Tariffs & Trade 关税及贸易总协定Global bearer warrant 全球不记名认股权证Global Depository Receipt 全球预托证券；全球存股证GNP 国民生产总值Going public 上市，公开上市Greenshoe 绿鞋; 超额发行（选择）权Gross domestic product 国内生产总值Gross national product 国民生产总值Group of Seven 七大工业国HHang Seng China Enterprise Index 恒生中国企业指数(香港)Hang Seng Index 恒生指数(香港)Hedge Fund 对冲基金，套保基金Hedging 对冲; 套保HIBOR 香港银行同业拆借利率HKFE 香港期货交易所有限公司HKMA 香港金融管理局(金管局)HKSAR 香港特别行政区HKSCC 香港中央结算有限公司HKSE 香港证券交易所Holding Company 控股公司Homepage 首页（互联网）Hong Kong Futures Exchange Ltd. 香港期货交易所有限公司Hong Kong Interbank Offer Rate 香港银行同业拆放利率Hong Kong Monetary Authority 香港金融管理局(金管局)Hong Kong Securities Clearing Co. Ltd. 香港中央结算有限公司Hong Kong Special Administrative Region 香港特别行政区Hong Kong Stock Exchange 香港证券交易所HSCEI 恒生中国企业指数(香港)HSI 恒生指数(恒指) (香港)Hybrid cap 混合上限IIAS 国际会计准则Idle funds 闲置资金IMF 国际货币基金IMM 国际货币市场Implicit deflator 隐性通货紧缩指数In-the-money 价内（期权）Income tax 所得税; 入息税; 俸税Indicative price 指示性价格Industrail and Commercial Consolidated Tax 工商统一税Initial Conversion Premium 初次转换溢价Initial Public Offering 首次公开招股发行Institutional investor 机构投资者Intangible asset 无形资产Interest Rate Swap 利率掉期Intergovernmental loan 政府间贷款Intermediary 中介机构; 中介人International Accounting Standards 国际会计准则International Finance 国际融资International Monetary Fund 国际货币基金International Monetary Market 国际货币市场International Organization for Standardization 国际标准化组织International Trust & Investment Corp. 国际信托投资公司(国投公司)Intrinsic value 内在价值Investment, Investing 投资Investment advice, Investment advisor 投资咨询，投资顾问Investment bank, Investment banking 投资银行，投资银行服务IPO 初次公开发行，首次公开招股IRS 利率掉期ISO 国际标准化组织Issuer 发行人ITIC 国际信托投资公司(国投公司)JJoint global coordinator 联席全球协调人Junior mortgage 次级按揭KKorea Composite Index 韩国综合指数LL/C 信用状Lead manager 主承销; 牵头经办人Legal persons shares 法人股Lender 贷款人Letter of credit 信用状Leverage = level of debt/equity 债务水平/比重Leveraged Buy Out 杠杆买断交易，借贷融资收购LIBOR 伦敦银行同业拆借利率Lien 扣押; 扣押权; 留置权LIFFE 伦敦国际金融期货及期权交易所Limited recourse 有限追索权Liquidity ratio 速动比率Lock-Up Agreement 锁定协议London Commodity Exchange 伦敦商品交易所London Interbank Offer Rate 伦敦银行同业拆放利率London International Financial Futures and Options Exchange 伦敦国际金融期货及期权交易所London Metal Exchange 伦敦金属交易所London Stock Exchange 伦敦证券交易所London Traded Options Market 伦敦期权市场Long (position) 长仓Long call 认购长仓Long forward 买远期Long put 认购短仓Loose bond 短期买卖债券Low-Budget Operation 小本经营LSE 伦敦证券交易所LTOM 伦敦期权市场MM&A 合并与收购Management Buy-Out, MBO 管理层买断交易，管理层收购Marche a Terme International de France 法国国际期货及期权市场Marche des Options Negociables de la Bourse de Paris 巴黎证券交易所期货市场Mark-to-market 按市值计价Market Capitalization 市场资本值; 市值Market maker 报价商; 市场庄家Marketable securities 有价证券MA TIF 法国国际期货及期权市场Mature market 成熟市场Medium and long term loans 中长期贷款Medium Term Note 中期票据Memorandum Of Understanding 谅解备忘录Mergers & Acquisitions, M&A 合并和收购，并购MFN 最惠国待遇Monetize 货币化Monopoly Enterprise 垄断/独占企业Moratorium 冻结; 宣布停止还款; 延期付款命令Most Favored Nation 最惠国待遇MOU 谅解备忘录MSCI (Morgan Stanley Capital International) 摩根士丹利资本国际MTN 中期票据Mutual Funds 共同基金，互惠基金NNagoya Stock Exchange 名古屋证券交易所NAPS 国家自动支付系统(中国)NASDAQ 纳斯达克(全国证券交易商自动传报协会)National Association of Securities Dealers Automated Quotations 全国证券交易商自动报价协会(美国) National Automated Payment System 国家自动支付系统(中国)NA V 资产净值Net Asset Value 资产净值Net book value 帐面净值New York Cotton Exchange, Inc. 纽约棉花交易所有限公司New York Futures Exchange 纽约期货交易所New York Mercantile Exchange 纽约商品交易所New York Produce Exchange 纽约农产品交易所New York Stock Exchange 纽约证券交易所Non-callable 不可赎回Non-operating income 非经营收入Non-Performing Loans 不良贷款，逾放款，到期未能偿还贷款Notes receivable 应收票据NPLs 不良贷款，逾放款，到期未能偿还贷款OObligatory right 强制性权利; 债权OD 帐户透支OECD 经济合作及发展组织(经合组织) Off-balance sheet 资产负债表外Off-budgetary 财务预算外Open-end funds 无限额基金Operating concessions 特许经营权Option 期权; 选择权Organization for Economic Co-operation and Development 经济合作及发展组织(经合组织) Osaka Securities Exchange 大板证券交易所OTC 场外交易Out-of-the-money 价外; 失值（期权）Over-The-Counter 场外交易Over Draft 帐户透支PP/E multiple 市盈倍数P/E ratio 市盈率Paid-up capital 实收资本; 已缴足资本Par 票面值Par bonds 有面值债券Paris Bourse 巴黎证券交易所Payoff profile 盈利分析Penalty provision 惩罚/罚金条款Per capita income 人均收入Performance bond 履约保证Physical warrant 实股认股权证Portfolio Management 资产组合管理Post-dated cheque 期票Potential obligation 潜在义务/负债Preference shares 优先股Premium 期权金; 溢价Premium put 溢价赎回Present value 现值Price range 定价区间（发行）Primary debt 一级发行债券Prime rate 最优惠利率Private Banking 私人银行，个人银行Private Equity 私募股本，非上市股本，非上市股票，直接投资Privatization 民营化，私有化，私营化Project approval 立项Project finance 项目融资Promissory note 本票PSE 太平洋证券交易所Public Listing 公开上市，挂牌上市Public welfare fund 福利基金; 公益金Pure play 单一业务公司Put option 看跌期权Putable bond 可退回债券QQIB 合格机构买家Qualified Institutional Buyer 合资格机构买家/投资者Quoted company (= listed company) 上市公司RReal Estate Investment Trusts 不动产投资信托公司Recapitalization 资本重组；再资本化Recourse 追索权Redeem/redemption 赎回REITS 不动产投资信托公司Residual asset 剩余资产Residual value 残值; 剩余价值Restructuring 改组，重组Retail players (= retail investors) 散户/个人投资者Return on asset 资产回报（率）Return on capital employed 已投资资本回报（率）Return on equity 股本回报（率）Revenue-sharing 收入分成Revolving credit 循还贷款Right issue 供股（集资）Rights to the priority distributions 优先分派权Risk rated ratio 风险权重ROA 资产回报（率）Roadshow 路演; 巡回推介说明会ROCE 已投资资本回报（率）ROE 股本回报（率）SS&P 标准普尔S&P 500 Index 标准普尔500种股份指数Samurai bonds 武士债券SEAQ 证券交易所自动报价系统(英国)SEC 证券交易委员会( 美国)Secondary offering 二级发行Securities 证券Shanghai Stock Exchange 上海证券交易所Shareholder value 股东价值Shares 股票，股份Shell company 空壳公司Shenzhen Foreign Exchange Trading Centre 深圳外汇交易中心Shenzhen Stock Exchange 深圳证券交易所Short-term revolving letter 短期循环信用状Short (position) 沽空; 短仓Short and medium term loans 中短期贷款Short forward 卖远期Sidelined investors 抱观望态度投资者Sight draft 即期汇票Sinking fund 偿债基金SOEs 国有企业Sovereign rate 国家信用评级Special stock 特种股票Spread 差额; 差价Standard & Poor 标准普尔State-owned enterprise 国有企业State shares 国家股Stock Broker 股票经纪Stock Exchange Automated Quotations System 证券交易所自动报价系统(英国)Stock Trader, Stock Trading 股票交易商，股票买卖Stocks 股票，股份Strategic Investment, Strategic Investor 策略投资，战略投资，策略投资者，战略投资者Strategic sale 战略出售Strike price 执行价; 行使价Structured financing 结构融资Subordinated debt 次级债务Supply and marketing cooperatives 供销合作社Swap 掉期Syndicated loan 银团贷款TT/T 电汇Take position 坐盘Taxable munis 课税的州政府债券Telegraphic Transfer 电汇Tender bond 投标担保/保证金Tokyo International Financial Futures Exchange 东京国际金融期货交易所Tokyo Stock Exchange 东京证券交易所Toll revenue bond 通行税收入债券Tranche 发行份额/部分Treasury 国库债券，国库券Treasury strips 国库债券条子UUnconditional and irrevocable letter of credit 无条件及不可撤销信用状Undistributed profit 未分配利润Unilateral/bilateral agreement 单方面/双边协议US Treasury 美国国库债券VValue added tax 增值税Vanilla bonds ???Variable equity return 浮动股本回报(率)W Withholding tax 预扣税Working capital 周转资金; 营运资金World Trade Organization 世界贸易组织XX/B (Ex-bonus) 无红利X/D (Ex-dividend) 除息、无股利X/R (Ex-rights) 除权;不带新股认股权X/W (Ex-warrants) 除证;不附认股权YYankee bonds 扬基债券(美国)Yield 收益(率)Yield curve 收益曲线Yield To Maturity 到期收益(率)YTM 到期收益(率)ZZero-sum game 零和游戏Zero coupon bonds 零券息债券国际金融市场常用术语一、金融市场术语1、floor 场内交易2、after house trading 场外交易：场内交易结束后，通过电子终端系统进行的交易3、kerb 场外交易：在交易所交易时间外的交易4、bear market 熊市5、bull market 牛市6、congested market 横向市场盘整7、liquid market 买卖易于成交的市场8、forward marke 远期市场t9、spot market 现货市场10、seller’market 卖方市场：卖方处主动地位11、bid market 卖方市场：买盘多于卖盘的市场12、buyer’s market 买方市场13、strong market 坚挺市场14、thin market 成交清淡的市场15、volatile market 多变市场16、tight market 成交活跃的市场17、weak market 疲软的市场18、two way market 双向市场二、金融市场交易术语1、quotation 报价2、asked(offer) price 卖方报价3、bid 买方叫价4、at the-money 平价5、at par 证券的面值6、closing price 收盘价7、floor price 最低价8、basis point 基点：表示利率、汇率或债券收益率变化的最小单位，通常0。
国际经济学英文版(internationaleconomics)PPT课件
▪ Growth of emerging markets ▪ international capital movements regain importance
6
Economic interdependence
Exports of goods and services as percent of Gross Domestic Product, 2001
Ch 16 Exchange-Rate Systems
Ch 17 Macroeconomic Policy in an Open Economy
Ch18 International Banking: Reserves, Debt and Risk
International Economics
By Robert J. Carbaugh 9th Edition
8
Economic interdependence
Interdependence: Impact
Overall standard of living is higher
▪ Access to raw materials & energy not availo goods & components made less expensively elsewhere
International Economics
By Robert J. Carbaugh 9th Edition
Ch 1 The International Economy Ch 2 Foundations of Modern
Trade Theory
Ch 3 International Equilibrium
国际金融英语International Finance 课件
C. Finance (from corporate perspective), in Chinese means “公司财务”.
For a company, its assets are composed of equity (所 有者权益/自有资金）and liabilities (负债）.
Assets = Equity + Liabilities
b) In the past, many things have served their turn as money, such as decorative shells, beads, stone axes, bronze, gold and silver.
c) Nowadays, for our daily point of view, money refers to notes, coins, checks, traveling checks and deposits.
机械工业出版社。 6、《经济学原理》，Gregory Mankiw, 机械工业出版社。 7、《中央银行英语教程》、《商业银行英语教程》、
《证券市场与投资银行英语教程》，李若谷、张燕铃、 和广北等，新华出版社。 8、《金融市场与机构》，Jeff Madura, 北京大学出版社。
Recommended Media for Learning
Unit 1. Money
I. Money
A. Definition of money and review of money’s history.
a) Money is defined as anything that is generally acceptable in payment for goods and services, or in discharge of debts.
国际金融英文版chapter3
INTERNATIONAL FINANCEAssignment Problems (3) Name: Student#: I. Choose the correct answer for thefollowing questions (only correct answer) (2 credits for each question, total credit 25 = 50)1. Interbank quotations that include the United States dollars are conventionally gi in __________, which state the foreign currency price of one U.S. dollar, such as bid price of SFr 0.85/$.A. indirect quoteB. direct quoteC. American quoteD. European quote2. The spot exchange rate published in financial newspapers is usually t he__________.A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate3. The foreign exchange refers to the __________.A. foreign bank notes and coinsB. demand deposits in foreign banksC. foreign securities that can be easily cashedD. all of the above4. The functions of the foreign exchange market come down to __________.A. converting the currency of one country into the currency of anotherB. providing some insurance against the foreign exchange riskC. making the foreign exchange speculation easyD. Only A and B are true.5. Which of the following is NOT true regarding the foreign exchange market?A. It is the place through which people exchange one currency for another.B. The exchange rate nowadays is mainly determined by the market forces.C. Most foreign exchange transactions are physically completed in this market.D. All of the above are true.6. The world largest foreign exchange markets are __________ respectively.A. London, New York and TokyoB. London, Paris and FrankfurtC. London, Hong Kong and SingaporeD. London, Zurich and Bahrain7. The foreign exchange market is NOT efficient because __________.dominate the foreign exchange market and everybodyA. monetary authoritiesknows that by definition, central banks are inefficientB. commercial banks and other participants of the market do not compete with one another due to the fact that transaction takes place around the world and not i single centralized locationC. foreign exchange dealers have different prices such as bid and ask pricesD. None of the reasons listed are correct because the foreign exchange market is an efficient market8. __________ earn a profit by a bid-ask spread o n currencies they buy and sell.__________ on the other hand, earn a profit by bringing together buyers and sellers o foreign exchanges and earning a commission on each sale and purchase.A. Foreign exchange brokers; foreign exchange dealersB. Foreign exchange dealers; foreign exchange brokersC. arbitragers; speculatorsD. commercial banks; central banks9. Most foreign exchange transactions are through the U.S. dollars. If the transact is expressed as the currencies per dollar, this i s known as __________ whereas__________ are expressed as dollars per currency.A. direct quote; indirect quoteB. indirect quote; direct quoteC. European quote; American quoteD. American quote, European quotewhich of the following would be a10. From the viewpoint o f a Japanese i nvestor,direct quote?A. SFr 1.25/€B. $1.55/₤C. ¥ 110/€D. €0.0091/ ¥11. Which of the following is true about the foreign exchange market?A. It is a global n etwork of banks, brokers, and foreign e xchange dealersconnected by electronic communications system.B. The foreign exchange market is usually located in a particular place.C. The foreign exchange rates are usually determined by the related monetaryauthorities.D. The main participants in this market are currency speculators from different countries.is affected by12. The extent t o which the income from individual transactionsfluctuations in foreign exchange values is considered to be _________.A. Translation exposureB. economic exposureC. transaction exposureD. accounting exposure13. Which of the following exchange rates is adjusted for price changes?A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate6.8523/$ now. If the14. Suppose the exchange rate of the RMB versus U.S. dollar is ¥the new exchange rate i n terms ofRMB were to undergo a 10% depreciation,¥/$ would be:A. 6.1671B. 7.5375C. 6.9238D. 7.6135ent, if the value of the euro15. At least in a U.S. MNC’s financial accounting statemdepreciates rapidly against that of the dollar over a year, this would reduce the dThis is a typicalvalue of the euro profit made by the European subsidiary.__________.A. transaction exposureB. translation exposureC. economic exposureD. operating exposure16. A Japanese-based firm expects t o receive p ound-payment in 6 months. Thecompany has a (an) __________.A. economic exposureB. accounting exposureC. long position in sterlingD. short position in sterlingExposure may be17 The exposure t o foreign exchange risk k nown as Translationdefined as __________.A. change in reported owner’s equity in consolidated financial statements cause by a change in exchange ratesentered into b efore c hange inB. the impact of settlingoutstanding obligationsexchange rates but to be settled after change in exchange ratesC. the change in expected future cash flows arising from an unexpected change in exchange ratesD. All of the above18 When a firm deals with foreign t rade o r investment, it usually h as foreignexchange risk exposure. So if an American firm expects to receive a dollar-payment from a Chinese company in the next 30 days, the U.S. firm has the possible__________.A. economic exposureB. transaction exposureC. translation exposureD. none of the abovea19. In order t o avoid the possible loss b ecause o f the exchange rate fluctuations,firm that h as a __________ position in foreign e xchanges can __________ thatposition in the forward market.A. short; sellB. long; sellC. long; buyD. none of the above20. A forward contract to deliver Japanese yens for Swiss francs could be described either as __________ or __________,A. selling yens forward; buying francs forwardB. buying francs forward; buying yens forwardC. selling yens forward; selling francs forwardD. selling francs forward; buying yens forward21. Dollars a re trading at S0SFr/$=SFr0.7465/$ in the spot market. T he 90-daySo the forward __________ on the dollar inforward r ate is F1SFr/$=SFr0.7432/$.basis points is __________:A. discount, 0.0033B. discount, 33C. premium, 0.0033D. premium, 33-month forward rate is $1.36/€, which of the following22. If the spot rate is $1.35/€, 3is NOT true?A. euro is at forward premium by 100 points.B. dollar is at forward discount by 100 points.C. dollar is at forward discount by 55 points.D. euro is at forward premium by 2.96% p.a.23. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the outri forward quote in American term should be __________.A. 1.0330 – 1.0345B. 1.0280 – 1.0285C. 0.9681 – 0.9667D. 0.9728 – 0.972324. If the spot C$/$ rate is 1.0305/15, f orward dollar i s 25/30 premium, the$/C$ forward quote in terms of points should be __________.A. 30/25B. 25/30C. – (23/28)D. – (28/23)25. The current U.S. dollar exchange rate is ¥85/$. If the 90-day forward dollar rate is ¥90/$, then the yen is selling at a per annum __________ of __________.A. premium; 5.88%B. discount; 5.56%C. premium; 23.52%D. discount; 22.23%1. The real exchange rate of the dollar against the euro in 2009 was __________.2. The real exchange rate of the dollar against the peso in 2009 was __________.3. The dollar was __________ against the euro in nominal term by __________.A. appreciated; 6.67%B. depreciated; 6.67%C. appreciated; 7.14%D depreciated; 7.14%4. The Mexican peso was __________ against t he dollar i n nominal term by__________.A. appreciated; 3.39%B. depreciated; 3.39%C. appreciated; 3.28%D. depreciated; 3.28%5. The volume of the German foreign trade with the U.S. was __________.6. The volume of the Mexican foreign trade with the U.S. was __________.only with the G ermany and Mexico. Now ifwe want to7. Assume the U.S. tradescalculate the dollar effective exchange rate in 2009 against a basket of currencies euro and Mexican peso, the weight assigned to the euro should be __________.8. The weight assigned to the peso should be __________.9. Assume the 2008 is the base year. The dollar effective exchange rate in 2009 was __________.10. Was the dollar generally stronger or weaker in 2009 according to your calculatio1000% against the ruble, by what percentage does the12. If t he dollar appreciatesruble depreciate against the dollar? (5 credits)15. Suppose the spot quotation on the Swiss franc (CHF) in New York is USD0.9442 – 52 and the spot q uotation on the Euro (EUR) is U SD1.3460 – 68. Compute the percentage bid-ask spreads on the CHF/EUR quote. ( 5 credits)。
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A forward rate is a rate applicable to a financial transaction that will take place in the future.
The Bid rate is the rate at which you can sell. The Ask (or offer) rate is the rate at which you can buy. Bid/Ask Spread The difference between the bid and ask prices. In thinly traded markets, this spread may be wide. The mean is the average of bid and ask rate. The cash rate is the exchange rate used in cash transaction.
THE BASICS OF CURRENCY TRADING
Multiple exchange rates The system by which a country's currency has more than one exchange rate with any foreign currency. The rate which applies to any transaction may depend on the holder of the currency, or on the purpose for which it is being used.
THE BASICS OF CURRENCY TRADING
THE BASICS OF CURRENCY TRADING If a currency is free-floating, its exchange rate is allowed to vary
against that of other currencies and is determined by the market forces of supply and demand. A movable or adjustable peg system is a system of fixed exchange rates, but with a provision for the devaluation of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi(RMB) was pegged to the United States dollar at RMB 8.2768 to $1. China was not the only country to do this; from the end of World War II until 1966, Western European countries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system.
Chapter 3 The Foreign Exchange Market
The Foreign Exchange Market
The
basics of currency trading
and supply for foreign exchange rate system
Demand
Exchange Arbitrage
A medium of exchange are usually needed for
payments across national borders.
Exchange rates are important because they enable us
to translate different countries’ prices into comparable terms.
THE BASICS OF CURRENCY TRADING
Foreign Exchange - It refers to assets denominated in the currency of another nation or group of nations. - It can be cash, funds available on credit cards and debit cards, traveller’s checks, bank deposits etc.
The euro, pound, the Australian dollar are the indirect quotation method
THE BASICS OF CURRENCY TRADING
Direct Quote = 1/ Indirect Quote =1/ 9.5586 = 0.1046
THE BASICS OF CURRENCY TRADING
THE BASICS OF CURRENCY TRADING Appreciation and Depreciation of a Currency(RMB versus
RUB）
A depreciation of the RMB against the RUB means
Indirect Quote =1/Direct Quote =1/ 0.1046 = 9.5586
THE BASICS OF CURRENCY TRADING
From China’s point view Quotes using a country's home currency as the price currency (e.g. RUB 1.00 = RMB 0.1) are known as direct quotation or price quotation and are used by most countries. Quotes using a country's home currency as the unit currency (e.g. RUB 9.5 = RMB 1.00) are known as indirect quotation or quantity quotation and are used in British newspapers and are also common in Australia, New Zealand and the eurozone.
How many units of national currency do we need to buy a unit
of foreign currency RMB VS RUB From China’s point view, 0.1046 RMB=1 RUB The yen, Swiss franc, Canadian dollar, RMB etc are all direct price method
THE BASICS OF CURRENCY TRADING
Indirect quote is the reporting of foreign exchange rate in terms of units of foreign currency per unit of domestic currency. How many units of foreign currency do we need to buy a unit of national currency RMB VS RUB From China’s point view, 1 RMB=9.5586RUB
trading different nations’ moneys.
holding of foreign currencies. assets that denominated in foreign currencies and can be used
to pay off foreign debts.
THE BASICS OF CURRENCY TRADING How many kinds of exchange rate are there?
Spot exchange rate and forward exchange rate Bid rate , ask rate , mean rate and cash rate Fixed rate and floating rate Single rate and multiple rates Nominal rate and real rate
that the price of a RUB in terms of RMB has gone up.
An appreciation of the RMB against the RUB means
that the price of a RUB in terms of RMB has gone down.
direct quotation: 1 foreign currency unit = x home currency
units indirect quotation: 1 home currency unit = x foreign currency units
THE BASICS OF CURRENCY TRADING
THE BASICS OF CURRENCY TRADING
A direct quote is a foreign exchange rate quoted as the