国际金融英文版PPT CH3
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国际金融英文版PPT(共46页)
The exchange rate would fluctuate between (0.80 + 0.008) = 0.8008 and (0.80 – 0.008) = 0.792
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
0.8008 and 0.792 are called gold export and import points.
The BOP disequilibrium was corrected by “Price-specie-flow mechanism”.
Example of gold export and import
If the gold par value in New Zealand was NZ$125/ounce and A$100/ounce in Australia, so mint par of exchange: 100/125 = A$0.80/NZ$ Costs of gold transportation: A$0.008/NZ$
The Classical Gold Standard (1876 – 1914)
The gold standard was a commitment by participating nations to fix the price of their domestic currencies in terms of a specified amount of gold.
International monetary system is based on the exchange rate system adopted by individual nations. The exchange rate system is a set of rules governing the value of a currency relative to other currencies.
International finance chapter3 (国际金融英文版课件)
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
国际金融英文PPT课件 (3)
Factor income consists largely of payments and receipts of interest, dividends, and other income from foreign investment.
Unilateral transfers mean unrequited payments (无偿支 3-10 付) including foreign aid, reparation, and gifts.
How the balance of payments accounts is formed?
3-0
Chapter Outline
3.1 Balance of Payments Accounting 3.2 Balance of Payments Accounts
3.2.1 The Current Account 3.2.2 The Capital Account 3.2.3 Statistical Discrepancy 3.2.4 Official Reserves Account
3.2 Balance of Payments Accounts
The balance of payments accounts are those that record all international transactions between the residents of a country and residents of all foreign nations.
International economic transactions[1] include import and export of goods and services, and cross-border investments in businesses, bank accounts, bonds, stocks, and real estate.
Unilateral transfers mean unrequited payments (无偿支 3-10 付) including foreign aid, reparation, and gifts.
How the balance of payments accounts is formed?
3-0
Chapter Outline
3.1 Balance of Payments Accounting 3.2 Balance of Payments Accounts
3.2.1 The Current Account 3.2.2 The Capital Account 3.2.3 Statistical Discrepancy 3.2.4 Official Reserves Account
3.2 Balance of Payments Accounts
The balance of payments accounts are those that record all international transactions between the residents of a country and residents of all foreign nations.
International economic transactions[1] include import and export of goods and services, and cross-border investments in businesses, bank accounts, bonds, stocks, and real estate.
国际金融课件internationalfinance
06
中国国际金融的实践与展望
中国国际金融业在规模和业务范围上不断扩大，成为全球金融市场的重要参与者。
中国国际金融业在推动经济增长、促进国际贸易和投资等方面发挥了重要作用。
改革开放以来，中国国际金融业经历了从无到有、从小到大的发展历程，逐步建立起较为完善的金融机构体系和金融市场体系。
中国国际金融的发展历程与现状
Global financial markets facilitate the flow of capital across borders, allowing for the efficient allocation of resources and the hedging of risks.
Regional financial markets serve specific geographical regions and are often associated with trade blocs or economic unions.
01
国际金融危机的定义
由于国际金融市场上的过度投机、金融监管缺失等原因，导致国际金融市场出现大规模动荡，影响各国经济的稳定。
02
国际金融危机的传染机制
通过贸易、金融和信息等渠道，将危机从一个国家传递到另一个国家。
国际金融危机及其传染机制
1
2
3
通过监测和分析国际金融市场的相关信息，及时发现潜在的风险点，采取应对措施。
02
03
04
05
Main International Financial Centers and Their Characteristics 主要国际金融中心及其特点
ห้องสมุดไป่ตู้
ch03国际金融.ppt
• Pegging the value of each currency to gold, established an exchange rate system by indirectly establishing exchange rates.
• The mint parity rates could be used to determine the exchange rate.
18
The Bretton Woods ExchangeRate System
• The Bretton Woods system was one of pegged, but adjustable, exchange rates.
• Because the US DOLLAR was the anchor the system, it was a dollar-standard exchange-rate system, which is a system in which nations peg the value of their currencies to the dollar and freely convert their currencies for the dollar at the pegged value.
17
The Bretton Woods Exchange-Rate System
•The value of the dollar was pegged to gold and the dollar was convertible to gold at the mint parity rate. •A pegged exchange rate system in which a country pegs the value of its currency to the currency of another nation. •In practice a dollar-exchangerate system as nations pegged to the dollar and freely exchanged the domestic currency for the dollar at the paritys that seeks to encourage global growth. • The IMF attempts to promote
• The mint parity rates could be used to determine the exchange rate.
18
The Bretton Woods ExchangeRate System
• The Bretton Woods system was one of pegged, but adjustable, exchange rates.
• Because the US DOLLAR was the anchor the system, it was a dollar-standard exchange-rate system, which is a system in which nations peg the value of their currencies to the dollar and freely convert their currencies for the dollar at the pegged value.
17
The Bretton Woods Exchange-Rate System
•The value of the dollar was pegged to gold and the dollar was convertible to gold at the mint parity rate. •A pegged exchange rate system in which a country pegs the value of its currency to the currency of another nation. •In practice a dollar-exchangerate system as nations pegged to the dollar and freely exchanged the domestic currency for the dollar at the paritys that seeks to encourage global growth. • The IMF attempts to promote
国际金融课件chap03-The Foreign Exchange Market-1.
Chap 3 The Foreign Exchange Market
3.1 Basics of Currency Trading 3.2 Foreign Exchange Market Activity 3.3 Demand and Supply for Foreign
Exchange 3.4 Foreign Exchange Trading
Second, where?
The global business was distributed in 2007 :
United Kingdom
34%
United States
17
Switzerland
6
Japan
6Байду номын сангаас
Singapore
6
Hong Kong
4
Australia
4
France
3
Germany
The US dollar was used in seven of the ten most heavily traded currency pairs, partly due to its use as a vehicle currency for cross-trading between other currencies.
Case study: Brussels sprouts a new currency
P34
Knowledge about the Trading
What is being traded in the global foreign exchange market?
Where is the trading done? Who are the traders?
3.1 Basics of Currency Trading 3.2 Foreign Exchange Market Activity 3.3 Demand and Supply for Foreign
Exchange 3.4 Foreign Exchange Trading
Second, where?
The global business was distributed in 2007 :
United Kingdom
34%
United States
17
Switzerland
6
Japan
6Байду номын сангаас
Singapore
6
Hong Kong
4
Australia
4
France
3
Germany
The US dollar was used in seven of the ten most heavily traded currency pairs, partly due to its use as a vehicle currency for cross-trading between other currencies.
Case study: Brussels sprouts a new currency
P34
Knowledge about the Trading
What is being traded in the global foreign exchange market?
Where is the trading done? Who are the traders?
国际金融英文版PPT课件
3.Origin of the market A number of reasons have been given for the origin of the Eurocurrency market.Some analysts go so far as to say that the Soviets initiated the process of trading Eurocurrencies before the western Europeans used foreign deposits.
derivatives
3
Non-bank
❖ Public international financial institutions
public global financial institutions
regional public
national public
❖ Private international financial institutions
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
5
International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
derivatives
3
Non-bank
❖ Public international financial institutions
public global financial institutions
regional public
national public
❖ Private international financial institutions
International finance
Foreign direct investment
Inventory of international
Financial resources
1.non-bank financial institution financial resources
2.international financial markets
5
International derivatives exchange-traded
❖ Users of derivatives/risks of derivatives ❖ Currency futures and options ❖ Interest rate futures and options
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
国际金融英文课件3
• Example: The dollar price of a £50 sweater with a dollar exchange rate of $1.50 per pound is (1.50 $/£) x (£50) = $75.
Exchange Rates and
International Transactions
- It is able to open for business in different financial centres and banks and other institutions are able to trade various currencies 24 hours a day aside from possible minor gaps on weekends.
- 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.
-The term currency is the numerator and the base currency is the denominator. When the numerator increases, the base currency is strengthening and becoming more expensive; when the numerator decreases, the base currency is weakening and becoming cheaper.
Exchange Rates and
International Transactions
- It is able to open for business in different financial centres and banks and other institutions are able to trade various currencies 24 hours a day aside from possible minor gaps on weekends.
- 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.
-The term currency is the numerator and the base currency is the denominator. When the numerator increases, the base currency is strengthening and becoming more expensive; when the numerator decreases, the base currency is weakening and becoming cheaper.
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Spot Exchange Market and Exchange Rate Quotations
The spot exchange market is a market that deals in foreign exchange for immediate delivery. Immediate delivery in foreign currencies usually means within two business days.
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.
Small- to medium-size banks are not market makers in the interbank market. They buy from and sell to larger banks to offset retail transactions with their own customers.
American quote is the dollar per currency quote, i.e. the price of other currencies in terms of the dollar. Example: US$ 1.57 = ￡1 US$ 1.35 = €1
Hale Waihona Puke European quote is the currencies per dollar quote, i.e. the price of the dollar in terms of the other currencies. Example: A$ 1.02 = US$ 1 € 0.74 = US$ 1
Foreign exchange brokers do not put their own money at risk. They serve three purposes in the market. First, they are the sources of information. Second, they bring buyers and sellers together and contributes to market efficiency. Third, they make it possible for traders to remain anonymous. Businesses such as MNCs are the major nonbank participants in the market. Central banks buy and sell currencies in a bid to influence the exchange rate.
Bid and ask quotes are the prices at which a bank likes to buy and sell standard amounts of foreign currency. Example: $1.0206/SFr Bid $1.0217/SFr Ask When bid is lower than ask, the bank is buying or selling the currency in the denominator of the quote. When bid is higher than ask, the bank is buying or selling the currency in the numerator of the quote.
Example: SFr0.9798/$ Bid SFr0.9787/$ Ask The bank spends one dollar to buy SFr0.9798; It sells SFr0.9787 for one dollar.
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. The market never sleeps. Tokyo, London, and New York are all shut for only 3 hours out of every 24. During these three hours, trading continues in a number of minor centers, particularly San Francisco and Sydney.
Spot
Forwards
Swaps
Top 10 geographic trading center in the foreign exchange market, 1992-2007 (daily averages in April, billions of $)
Foreign exchange market structure
Global foreign exchange market turnover, 1998 2010 (daily averages in April, billions of U.S. dollar)
$2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 1998 2001 2004 2007 2010
Retail customers are made up of individuals, international investors, small businesses, speculators or the like who need foreign exchange. Commercial banks (market dealers) carry out buy/sell orders from their retail clients and buy/sell currencies on their own account.
Measuring foreign exchange market activity: Average electronic conversions per hour
As of 2009, more than $3 trillion are traded in this market on a daily basis. This was a massive increase of nearly 70% over the 2004 survey’s estimate of $1.9 trillion. The U.S. dollar was involved in more than 90% of all foreign exchange transactions, followed by the euro (38%), yen (23%), and British pound sterling (13%). London is the largest world foreign exchange market, followed by New York and Tokyo. London accounts for 34.1% of daily world exchange. New York is about 16%.
Foreign exchange rate quotations on the U.S. Dollar/British Pound in the Financial Press
An exchange of currencies involves two currencies. Either of which may be placed in the denominator. The quotation of the exchange rates follows conventions. Direct quote is the amount of domestic currency per unit of foreign currency. In Japan ￥115 = €1 In Canada C$1.50 = ₤1 Indirect quote is the amount of foreign currency per unit of domestic currency. In England $1.60 = ₤1
Foreign exchange rate is the price of one currency in terms of another. Foreign exchange market is the place where currencies are bought and sold. The foreign exchange market is by far the largest financial market in the world. Foreign exchange market has two functions: the first is to convert one currency into another (the spot exchange market); the second is to provide insurance against foreign exchange risk (the forward exchange market).