国际财务管理第六版中文版第五章

Spot Rate Quotations
Country Argentina (Peso) Australia (Dollar) Brazil (Real) Britain (Pound) 1 Month Forward 3 Months Forward USD equiv Friday 0.3309 0.7830 0.3735 1.9077 1.9044 1.8983 USD equiv Thursday 0.3292 0.7836 0.3791 1.9135 1.9101 1.9038 Currency per USD Friday 3.0221 1.2771 2.6774 0.5242 0.5251 0.5268 Currency per USD Thursday 3.0377 1.2762 2.6378 0.5226 0.5235 0.5253
Country Argentina (Peso) Australia (Dollar) Brazil (Real) Britain (Pound) 1 Month Forward 3 Months Forward USD equiv Friday 0.3309 0.7830 0.3735 1.9077 1.9044 1.8983 USD equiv Thursday 0.3292 0.7836 0.3791 1.9135 1.9101 1.9038 Currency per USD Friday 3.0221 1.2771 2.6774 0.5242 0.5251 0.5268 Currency per USD Thursday 3.0377 1.2762 2.6378 0.5226 0.5235 0.5253
即期外汇市场 The Spot Market


即期汇率标价 套算汇率标价 汇率买卖价差 即期外汇交易 三角套利
5-7
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
即期外汇标价

直接标价Direct quotation

间接标价Indirect Quotation



见表5-3
5-8
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
Spot Rate Quotations
Country Argentina (Peso) Australia (Dollar) Brazil (Real) Britain (Pound) 1 Month Forward 3 Months Forward USD equiv Friday 0.3309 0.7830 0.3735 1.9077 1.9044 1.8983 USD equiv Thursday 0.3292 0.7836 0.3791 1.9135 1.9101 1.9038 Currency per USD Friday 3.0221 1.2771 2.6774 0.5242 0.5251 0.5268 Currency per USD Thursday 3.0377 1.2762 2.6378 0.5226 0.5235 0.5253
北美洲
5-2
纽约 洛杉矶
20:00
4:00
Copyright © 2007 by The McGraw-Hill Companies, 21:00 5:00 Inc. All rights reserved.
Chapter Outline



Function and Structure of the FX Market 外汇市场的功能和结构 FX Market Participants The Spot Market 外汇即期市场 Banking Relationships Correspondent Spot Rate Quotations The Forward Market 外汇远期市场 The Spot Market Bid-Ask The Forward RateSpread Quotations FX Trading The Forward Market Spot Long and Short Forward Positions
INTERNATIONAL FINANCIAL MANAGEMENT
Fourth Edition EUN / RESNICK
Chapter Five
5
5-1
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.

the U.S. dollar equivalent e.g. ―a Japanese Yen is worth about a penny‖ the price of a U.S. dollar in the foreign currency e.g. ―you get 100 yen to the dollar‖
Spot Rate Quotations
Country Argentina (Peso) Australia (Dollar) Brazil (Real) Britain (Pound) 1 Month Forward 3 Months Forward USD equiv Friday 0.3309 0.7830 0.3735 1.9077 1.9044 1.8983 USD equiv Thursday 0.3292 0.7836 0.3791 1.9135 1.9101 1.9038 Currency per USD Friday 3.0221 1.2771 2.6774 0.5242 0.5251 0.5268 Currency per USD Thursday 3.0377 1.2762 2.6378 0.5226 0.5235 0.5253
6 Months Forward
Canada (Dollar) 1 Month Forward 3 Months Forward 6 Months Forward
1.8904
0.8037 0.8037 0.8043 0.8057
1.8959
0.8068 0.8069 0.8074 0.8088
0.5290
1.8959
0.8068 0.8069 0.8074 0.8088
0.5290
1.2442 1.2442 1.2433 1.2412
0.5275
1.2395 1.2393 1.2385 1.2364
5-11
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
国际财务管理
Sixth Edition
EUN / RESNICK
5-0
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
外汇市场
引言： 目标： 这一章向学生介绍汇率决定的制度框架。 本章是本书后续各章的基础。

Cross Exchange Rate Quotations Forward Cross-Exchange Rates Triangular Arbitrage Swap Transactions Spot Foreign Exchange Market Microstructure Forward Premium
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The Forward Market
5-3
外汇市场的功能和结构


将全球范围的协助交易的货币交易银行、非银 行交易商和外汇经纪人联系在一起。 外汇市场的参与者
The indirect quote for British pound is: £ .5242 = $1
6 Months Forward
Canada (Dollar) 1 Month Forward 3 Months Forward 6 Months Forward
1.8904
0.8037 0.8037 0.8043 0.8057
外汇市场交易时间（北京时间）
地区 大洋洲 亚洲 城市 悉尼 东京 香港 新加坡 巴林 欧洲 法兰克福 苏黎世 巴黎 伦敦 开市时间 7:00 8:00 9:00 9:00 14:00 16:00 16:00 17:00 18:00 收市时间 15:00 16:00 17:00 17:00 22:00 0:00 0:00 1:00 2:00
Note that the direct quote is the reciprocal of the indirect quote:
1.9077 =
1 .5242
6 Months Forward
Canada (Dollar) 1 Month Forward 3 Months Forward 6 Months Forward
6 Months Forward
Canada (Dollar) 1 Month Forward 3 Months Forward 6 Months Forward
1Байду номын сангаас8904
0.8037 0.8037 0.8043 0.8057
1.8959
0.8068 0.8069 0.8074 0.8088
0.5290
通汇关系

国际银行间的外汇交易如何结算的？
The interbank market is a network of correspondent banking relationships
画图中国进口商从荷兰进口一批商品，采用欧元结算 。
进口商 出口商
通汇账户
国际银行
5-6
国际银行
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
5-4
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FX Market Participants

外汇市场可分为两个层级:

银行同业市场(Wholesale) 客户市场(Retail)
据2010年国际清算银行统计，14%为零售交易量，86%为
1.2442 1.2442 1.2433 1.2412
0.5275
1.2395 1.2393 1.2385 1.2364
The direct quote for British pound is: £ 1 = $1.9077
5-10
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
银行同业交易。

市场参与者包括：
国际银行
5-5
international banks 银行客户 bank’s customers 非银行交易商 nobank dealers 外汇经纪人FX brokers 俗称中介 中央银行 central banks Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
1.8904
0.8037 0.8037 0.8043 0.8057
1.8959
0.8068 0.8069 0.8074 0.8088
1.2442 1.2442 1.2433 1.2412
0.5275
1.2395 1.2393 1.2385 1.2364
5-9
Copyright © 2007 by The McGraw-Hill Companies, Inc. All rights reserved.
Spot Rate Quotations