国际金融第三章课件

Par value（平价） Case 1 • In Figure 3.2 A, if par value of pounds is $2.00 and the rate is allowed to vary 1% around par value. Case 2 • In Figure 3.2 B, if par value of Swiss franc is 50 cents, and the band is from 49.5 to 50.5 cents.
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The Basics of Currency Trading
Foreign exchange is the act of trading different nations’ moneys. An exchange rate is the price of one nation’s money in terms of another nation’s money.
人、公司等一般客户之间的外汇交易市场。
• Interbank part of the market 外汇批发市场 --the trading done between the banks.银行同
业之间的外汇买卖及其场所。
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foreign exchange markets
---24-hour market ---half of foreign exchange trading involves banks in two locations: London and New York. ---most trading involves exchange of U.S. dollars. ---the dollar is called a vehicle currency(媒介货币) ---Most foreign exchange trades are conducted by exchanging ownership of demand deposits（活期存 款） denominated in different currencies.
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Quotations 报价
1. As a U.S. dollar price of the other currency e.g. 0.5048 British pounds per dollar 2. As the price of the U.S. dollar in units of the other currency e.g. 1.9809 U.S. dollars per pound See figure 3.1 p31
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Demand and supply for foreign exchange 一国商品和劳务的出口形成了外币的 供给，进口形成对外币的需求。 对国外金融资产的购买形成外币的需 求，外国对本国金融资产的购买形成了外 币的供给。
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Floating exchange rates
Floating exchange rates system
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1.98 1.Biblioteka 0D₤270 300 320 billions
Figure 3.3 A shift in demand for pounds in the spot exchange market What makes the floating exchange rate rise of fall over time?
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Using the Foreign Exchange Market
I. For Retail Part Payments in retail part of the spot foreign exchange market. p33 1. Exports and imports of goods and services. 2. Purchases or sales of foreign financial assets.
外汇指定银行在办理结售汇业务的过程中，会出现买超或卖 超的现象，这时，外汇指定银行就可以通过银行间外汇市场13 进行外汇交易，平衡其外汇头寸。
Demand and supply for foreign exchange
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• U.S exports of goods and services will create a supply of foreign currency and a demand for U.S. dollars. • U.S imports of goods and services will create a demand for foreign currency and a supply of U.S. dollars. • U.S capital outflows will create a demand for foreign currency. • U.S capital inflows will create a supply of foreign currency.
Forces other than changes in the exchange rate would result in extra demand to sell dollars and buy pounds.
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Fixed exchange rates
Fixed exchange rates system: monetary officials buy and sell a currency so as to keep its exchange rate within an officially stipulated band. P38 固定汇率制：两国货币比价基本固定，其 波动的界限规定在一定幅度内。 Officials declare a narrow “band” of exchange rates within which the rate is allowed to vary. If the exchange rate hits the top or bottom of 19 the band, the officials must intervene.
depreciation（贬值）: A fall in the market price of a currency under the floating-rate system; a rise is an appreciation （升值）. devaluation（法定贬值）：a official reduction in the otherwise fixed par value of a currency; a raising of the official par is revaluation （法定升值）
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24-hour market
Business time of main markets（Beijing time） • Sydney：06：00---15：00 • Tokyo：08：00---15：30 • Hongkong：09：00---16：00 • Frankfurt：15：00---23：00 • London：15：30---23：30 • New York：20：20---03：00
--the spot price of foreign currency is determined by the interaction of private demand and supply for that currency. 浮动汇率制：一国货币对外国货币汇率 随外汇市场的供求变化而自由波动。
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Figure 3.2 Fixed exchange rates
band:$1.98-$2.02. Government buys 50 billion pounds to keep the exchange rate at $1.98/ ₤
band: $ 0.495-$ 0.505 Government sells 100 billion 21 Swiss Francs to keep the exchange rate at $0.505/SF.
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Floating exchange rates
Figure 3.2 A The market for pounds Exchange rates
($ per ₤)
S₤ A E B
What makes the demand curve slope downward?
Ex. R=$1.98/ ₤, a British sweater(₤50) is $99. (50x1.98) Ex. R=$1.60/ ₤, a British sweater(₤50) is $80. (50x1.60) ₤
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• The foreign exchange market is the market in which national moneys are traded for other national moneys.
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Types of foreign exchange markets
• Retail part of the market 外汇零售市场 --the trading done with customers.银行与个
CHAPTER 3
The Foreign Exchange Market
Framework of chapter 3
• Exchange rate 汇率 • Floating exchange rate and fixed exchange rate 浮动汇率和固定汇率 • Arbitrage within the spot exchange market 现汇市场的套汇
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Types of exchange rate