国际金融双语测试题
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0.70 USD. The option premium is 0.02 USD per CHF.
(a) How many option contracts do you need to hedge this risk?
(b) Do you want a call or put option on Swiss franc?
6. Under a fixed exchange rate regime, each country can follow domestic
macroeconomic policies independent of the policies of other countries. ( )
7. There is a deficit if the value of credit entries exceeds the debit entries. ( )
total of 12 points)
1．If the Canadian dollar is selling for $ 0.6572 and Japanese yen is selling for
$ 0.0083, what is the cross rate between the Canadian dollar and the Japanese yen?
B buy USD put option
C sell USD futures contract
D take a short position in USD forward contract
4．The following items are included in the “Financial and Capital Account”
Balance of Payments disequilibrium? If we do, what do you thinks the underlying
Put “T” if you think the statement is right and “F” if it is wrong
1. The foreign exchange market is the largest financial market in the world.
( )
2. In the balance of payments accounts, debit entries reflect decreases in an
4. Arbitrage activity refers to buying in a market where the price is high and
then selling in a market with a lower price. ( )
5. The major defect of the Bretton Woods system is Triffin’s dilemma. ( )
C dollar quotation D none of the answers is right
3．If a British speculator expects that the USD would be appreciating against
GBP, he/she will ( )
A buy USD call option,
8. Systematic risk is the risk that is unique to a particular firm or industry. ( )
9. The Reserve assets will be eventually running out, if a country is
economy’s foreign assets or increases in foreign liabilities. ( )
3. An option is said to be “in the money” if the strike price is greater than
the current spot rate for a put. ( )
11. “The exchange rate is fixed against a major currency or some basket of
currencies. Active intervention may be required to maintain the target pegged rate”
15. Under the Gold standard, the market exchange rate is always equal to the
Mint Par. ( )
PART THREE: Definitions (This part has 4 questions, 3 points each. A total
13. Having a Current Account deficit indicates that the country is a net
borrower to the rest of the world. ( )
14. The first eurocurrency is eurodollar. ( )
This is a fixed-peg regime. ( )
12. The bank is quoting USD 1 = RMB 8.9808---9876, as an investor buying
1 US dollar from the bank, you will pay 8.9808 RMB. ( )
6．According to the Purchasing Power Parity, if country A‘s inflation rate is
lower than country B, currency A will be ( ) against currency B.
A appreciating
except ( )
A direct investment B reserve assets
C portfolio investment D investment income
5．A U.S. investor travels to China and spends 1000 RMB. He pays with a
1CAD = ( ) JPY
A 79.181 B 0.0055
C 0.6572 D 0.1263
2．One day, a US local bank is quoting 1USD = 0.6477 GBP. This is a ( )
A direct quotation B indirect quotation
B depreciating
C selling at a forward premium
D selling at a forward discount
PART TWO: True or False (This part has 15 questions, 1 point each. A total
of 15 points)
franc is worth at least 0.70 U.S. dollar when the francs are received. The Option
Exchange has option contract for 62,500 CHF each, at strike price of 1 CHF =
3. (9 points) Suppose you are the treasurer of a U.S. multinational firm that
will receive 1,000,000 Swiss francs in one year. You want to ensure that one Swiss
1. (6 points) Suppose 1 JPY = 0.0077 USD in London, 1 USD = 2 CHF in
New York, and 1 CHF = 65 JPY in Paris. - 4 -
(a) If you begin by holding 10,000 yen, how could you make a profit from
experiencing an Overall balance surplus for a long period of time. ( )
10. The Eurocurrency market is less regulated and has smaller interest rate
spread. ( ) - 3 -
these exchange rates?
(b) Ignore transaction cost, find the arbitrage profit per yen initially traded.
2. (6 points) The six-month interest rate in USA is 10%; in Mexico it is 12%.
system?
3. List at least three ways in which a futures contract differs from a forward
contract.
4. Explain the macroeconomic equilibrium.
PART FIVE: Calculation (This part has 3 questions, a total of 21 marks)
The current spot rate (dollars per peso) is $0.40.
(a) What do you expect the six-month forward rate to be?
(b) Is the peso selling at a premium or discount? Annual rate?
points each. A total of 24 points)
1. How can capital inflows be viewed as both beneficial and harmful?
2. What are the main aspects of Bretton Woods international monetary
(c) When will you excise the option?
(d) When will you let the option eቤተ መጻሕፍቲ ባይዱpire?
PART SIX: Essay Question (16 points)
What is the current status of China’s Balance of Payments? Are we having
check drawn on a U.S. bank. What would the credit entry be in the Chinese
Balance of Payment ( ) - 2 -
A services B other investment
C goods D reserve assets
of 12 points)
1．Economic Exposure
2．Foreign Exchange Futures
3．Cross Rates
4．J-Curve Effect
PART FOUR: Answer the following questions (This part has 4 questions, 6
- 1 -（共4页）
班
级
姓
名
学
号
国际金融学（030042
题号
）试卷(1)
一二三四五六七八九十总分
得分
签字
注意事项：所有的答案都必须写在答题纸上，答在试卷上一律无效
PART ONE: Multiple Choices (This part has 6 questions, 2 points each. A
(a) How many option contracts do you need to hedge this risk?
(b) Do you want a call or put option on Swiss franc?
6. Under a fixed exchange rate regime, each country can follow domestic
macroeconomic policies independent of the policies of other countries. ( )
7. There is a deficit if the value of credit entries exceeds the debit entries. ( )
total of 12 points)
1．If the Canadian dollar is selling for $ 0.6572 and Japanese yen is selling for
$ 0.0083, what is the cross rate between the Canadian dollar and the Japanese yen?
B buy USD put option
C sell USD futures contract
D take a short position in USD forward contract
4．The following items are included in the “Financial and Capital Account”
Balance of Payments disequilibrium? If we do, what do you thinks the underlying
Put “T” if you think the statement is right and “F” if it is wrong
1. The foreign exchange market is the largest financial market in the world.
( )
2. In the balance of payments accounts, debit entries reflect decreases in an
4. Arbitrage activity refers to buying in a market where the price is high and
then selling in a market with a lower price. ( )
5. The major defect of the Bretton Woods system is Triffin’s dilemma. ( )
C dollar quotation D none of the answers is right
3．If a British speculator expects that the USD would be appreciating against
GBP, he/she will ( )
A buy USD call option,
8. Systematic risk is the risk that is unique to a particular firm or industry. ( )
9. The Reserve assets will be eventually running out, if a country is
economy’s foreign assets or increases in foreign liabilities. ( )
3. An option is said to be “in the money” if the strike price is greater than
the current spot rate for a put. ( )
11. “The exchange rate is fixed against a major currency or some basket of
currencies. Active intervention may be required to maintain the target pegged rate”
15. Under the Gold standard, the market exchange rate is always equal to the
Mint Par. ( )
PART THREE: Definitions (This part has 4 questions, 3 points each. A total
13. Having a Current Account deficit indicates that the country is a net
borrower to the rest of the world. ( )
14. The first eurocurrency is eurodollar. ( )
This is a fixed-peg regime. ( )
12. The bank is quoting USD 1 = RMB 8.9808---9876, as an investor buying
1 US dollar from the bank, you will pay 8.9808 RMB. ( )
6．According to the Purchasing Power Parity, if country A‘s inflation rate is
lower than country B, currency A will be ( ) against currency B.
A appreciating
except ( )
A direct investment B reserve assets
C portfolio investment D investment income
5．A U.S. investor travels to China and spends 1000 RMB. He pays with a
1CAD = ( ) JPY
A 79.181 B 0.0055
C 0.6572 D 0.1263
2．One day, a US local bank is quoting 1USD = 0.6477 GBP. This is a ( )
A direct quotation B indirect quotation
B depreciating
C selling at a forward premium
D selling at a forward discount
PART TWO: True or False (This part has 15 questions, 1 point each. A total
of 15 points)
franc is worth at least 0.70 U.S. dollar when the francs are received. The Option
Exchange has option contract for 62,500 CHF each, at strike price of 1 CHF =
3. (9 points) Suppose you are the treasurer of a U.S. multinational firm that
will receive 1,000,000 Swiss francs in one year. You want to ensure that one Swiss
1. (6 points) Suppose 1 JPY = 0.0077 USD in London, 1 USD = 2 CHF in
New York, and 1 CHF = 65 JPY in Paris. - 4 -
(a) If you begin by holding 10,000 yen, how could you make a profit from
experiencing an Overall balance surplus for a long period of time. ( )
10. The Eurocurrency market is less regulated and has smaller interest rate
spread. ( ) - 3 -
these exchange rates?
(b) Ignore transaction cost, find the arbitrage profit per yen initially traded.
2. (6 points) The six-month interest rate in USA is 10%; in Mexico it is 12%.
system?
3. List at least three ways in which a futures contract differs from a forward
contract.
4. Explain the macroeconomic equilibrium.
PART FIVE: Calculation (This part has 3 questions, a total of 21 marks)
The current spot rate (dollars per peso) is $0.40.
(a) What do you expect the six-month forward rate to be?
(b) Is the peso selling at a premium or discount? Annual rate?
points each. A total of 24 points)
1. How can capital inflows be viewed as both beneficial and harmful?
2. What are the main aspects of Bretton Woods international monetary
(c) When will you excise the option?
(d) When will you let the option eቤተ መጻሕፍቲ ባይዱpire?
PART SIX: Essay Question (16 points)
What is the current status of China’s Balance of Payments? Are we having
check drawn on a U.S. bank. What would the credit entry be in the Chinese
Balance of Payment ( ) - 2 -
A services B other investment
C goods D reserve assets
of 12 points)
1．Economic Exposure
2．Foreign Exchange Futures
3．Cross Rates
4．J-Curve Effect
PART FOUR: Answer the following questions (This part has 4 questions, 6
- 1 -（共4页）
班
级
姓
名
学
号
国际金融学（030042
题号
）试卷(1)
一二三四五六七八九十总分
得分
签字
注意事项：所有的答案都必须写在答题纸上，答在试卷上一律无效
PART ONE: Multiple Choices (This part has 6 questions, 2 points each. A