国际金融英文版chapter3

INTERNATIONAL FINANCE

Assignment Problems (3) Name: Student#: I. Choose the correct answer for the following questions (only 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 quote

B. direct quote

C. American quote

D. European quote

2. The spot exchange rate published in financial newspapers is usually the __________.

A. nominal exchange rate

B. real exchange rate

C. effective exchange rate

D. equilibrium exchange rate

3. The foreign exchange refers to the __________.

A. foreign bank notes and coins

B. demand deposits in foreign banks

C. foreign securities that can be easily cashed

D. all of the above

4. The functions of the foreign exchange market come down to __________.

A. converting the currency of one country into the currency of another

B. providing some insurance against the foreign exchange risk

C. making the foreign exchange speculation easy

D. 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 Tokyo

B. London, Paris and Frankfurt

C. London, Hong Kong and Singapore

D. London, Zurich and Bahrain

7. 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 inefficient

B. 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 location

C. foreign exchange dealers have different prices such as bid and ask prices

D. None of the reasons listed are correct because the foreign exchange market is an efficient market

8. __________ 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 dealers

B. Foreign exchange dealers; foreign exchange brokers

C. arbitragers; speculators

D. commercial banks; central banks

9. 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 quote

B. indirect quote; direct quote

C. European quote; American quote

D. American quote, European quote

10. 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 exposure

B. economic exposure

C. transaction exposure

D. accounting exposure

13. Which of the following exchange rates is adjusted for price changes?

A. nominal exchange rate

B. real exchange rate

C. effective exchange rate

D. equilibrium exchange rate

14. 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. 6.1671

B. 7.5375

C. 6.9238

D. 7.6135

15. At least in a U.S. MNC’s financial accounting statem ent, 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 exposure

B. translation exposure

C. economic exposure

D. operating exposure

16. A Japanese-based firm expects to receive pound-payment in 6 months. The company has a (an) __________.

A. economic exposure

B. accounting exposure

C. long position in sterling

D. short position in sterling

17 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 rates

B. the impact of settling outstanding obligations entered into before change in exchange rates but to be settled after change in exchange rates

C. the change in expected future cash flows arising from an unexpected change in exchange rates

D. All of the above

18 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-payment from a Chinese company in the next 30 days, the U.S. firm has the possible __________.

A. economic exposure

B. transaction exposure

C. translation exposure

D. none of the above

19. 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; sell

B. long; sell

C. long; buy

D. none of the above

20. A forward contract to deliver Japanese yens for Swiss francs could be described either as __________ or __________,

A. selling yens forward; buying francs forward

B. buying francs forward; buying yens forward

C. selling yens forward; selling francs forward

D. selling francs forward; buying yens forward

21. 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, 0.0033

B. discount, 33

C. premium, 0.0033

D. premium, 33

22. 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 – 1.0345

B. 1.0280 – 1.0285

C. 0.9681 – 0.9667

D. 0.9728 – 0.9723

24. 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. 30/25

B. 25/30

C. – (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 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?

12. If the dollar appreciates 1000% against the ruble, by what percentage does the ruble 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 quotation on the Euro (EUR) is USD1.3460 –68. Compute the percentage bid-ask spreads on the CHF/EUR quote. ( 5 credits)

国际金融试题单选

1 办理结汇、售汇的外汇资金划转应符合（）外汇管理规定。答案： A ；A 国家B人民银行 C 中国银行 D 农业银行 2 对于无法解付的外汇汇入款项，应在（）做暂收处理，并按照我行外汇资金清算查询查复的有关规定进行查询，做好查询查复登记。答案： A ；A 当日B次日C二日内 D 三日内 3 个人客户的外汇汇款，款项到达后，对于提供电话和地址的汇款指示，应首先以（）通知收款人。答案： D ； A 信件B邮递C传真D电话 4 个人客户的外汇汇款，款项到达后，以邮递方式通知收款人的，应在（）个工作日内发出通知邮件。答案： B ； A 1 B 2 C 3 D 5 5 机构客户申请办理外币票据托收业务的，需核对其票据背书签章和《外币票据托收申请书》上的签章，是否与其在我行的（）相符。答案： D ；A 预留公章 B 预留财务章 C 预留法人章 D 预留印鉴 6 机构客户外汇汇款以及账号齐全的个人外汇汇款应在收到上级行下划账单的（)个工作日内到达客户账。答案： A ；A 1 B 2 C 3 D 5 7 解付外汇汇入汇款，必须区分机构客户和个人客户，严格按照（）的有关规定为客户办理相关手续。答案： D ； A 总行B分行C人民银行 D 国家外汇管理部门 8 经办行办理付汇业务，应按照（）的有关规定，办理国际收支统计申报。答案： D ；A 总行B分行C 人民银行 D 国家外汇管理部门 9 经办行要严格按照总行规定的业务办理时间进行结售汇交易，对于当日交易并起息记账的业务，截止时间为当日下午（）。答案： D ；A 15:00 B 15:30 C 16:00 D 16:30 10 经办行在办理外汇票汇业务时，可以指示账户行主动借记总行账户，但必须在签发汇票的（）以SWIFT MT299报文通知总行外汇清算中心。答案： D ；A 次日下午四点前 B 次日下午三点前 C 当天下午四点前 D 当天下午三点前 11 申请人办理外币票据托收，应填写《外币票据托收申请书》，一式（）联，并签章确认。答案： C ；A 一B 二 C 三 D 四 12 收到无法解付的外汇汇入汇款并向汇款行、账户行发出查询的（）个工作日后，无任何实质性答复，仍无法解付的，应做退汇处理。答案： B ；A 10 B 15 C 20 D 30 13 外币票据是重要（），如当日受理的外币票据不能及时寄送代收行，必须妥善保管。答案： B ；A 单据B 有价单证 C 一般凭证 D 空白凭证 14 外币票据托收业务档案应保存（）年。答案： B ；A 3 B 5 C 15 D 永久 15 外币票据托收中，（）方式适用的票据范围最广。答案： C ；A 立即贷记 B 最终贷记 C 标准托收 D 特殊托收 16 外币票据托收中，代收行应选择与我行签有（）的代理行进行办理。答案： D ；A 托收业务协议 B 票据托收业务协议 C 代理托收业务协议D 代理票据托收业务协议 17 外币票据托收中，对于凭保付款托收回来的票据款项，应要求申请人在我行至少存足（）个月方可使用. 答案： A ；A 1 B 2 C 3 D 6 18 外币票据托收中，经办行收票后，应在每张托收票据的（）加盖划线章，划线分普通划线和特别划线。答案： A ；A 正面左上角 B 正面右上角 C 反面左上角 D 反面右上角 19 外币票据托收中，经办行要严格审查票据背书的真实性和完整性，对金额较大或有疑问的票据我行可采用（）方式。答案： A ；A 标准托收 B 立即贷记 C 最终贷记 D 以上三种都可以 20 外币票据托收中，票面的收款人可能以中文、英文（按拼音核对）或中英文对照之中的一种形式进行表示，如果用中英文同时表示，应以（）为准。答案： A ；A 中文B英文C中、英文一起 D 中、英文均可 21 外币票据托收中，如果票据无特别注明，大多数票据自出票日期起（）个月内有效（如美元支票、英镑支票等），超过有效期的票据我行不予受理。答案： D ；A 1 B 2 C 3 D 6 22 外币票据托收中，无论采用何种托收方式，我行对托收票据发生的退票均保留随时向（）追索的权利。答案：C ；A 收款人 B 付款人 C 申请人 D 出票人 23 外币票据托收中，一般票据都注明了完整的货币符号，但有些票据的货币符号不完整，经办行应根据票据注明的（）来确定票据的币种。答案： A ；A 付款地 B 收款地 C 收款人 D 付款人 24 外币票据托收中，因退票发生的费用，由（）承担。答案： D ；A 收款人 B 付款人 C 出票人D 申请人 25 外汇汇出汇款和汇入汇款的查询查复业务，应执行（）外汇资金清算查询查复的有关规定答案： C ；A 外汇局 B 银监局 C 总行D分行

国际金融完整考试题库

模拟试题1 一、名词解释 1、国际收支：在一定时期内，一个经济实体的居民同非居民所进行的全部经济交易的系统记录和综合。国际收支是一个流量概念，反映的内容是以货币记录的全部交易，记录的是一国居民与非居民之间的交易。 2、最优货币区：指若干个国家或地区因生产要素自由流动而构成的一个区域，在该区域内实行固定汇率制度或单一货币制度有利于建议该区域与其他区域的调节机制。 3、特里芬两难：是指在布雷顿森林体系下，美元作为唯一的储备货币，具有不可克服的内在缺陷的问题：美国国际收支顺差，国际储备资产供应则不足；若美国国际收支逆差，则美元的信用难以维持。 4、马歇尔－勒纳条件：指贸易收支改善的必要条件，即出口商品的需求价格弹性和进口商品的需求价格弹性之和必须大于1。 5、汇率制度：是指一国货币当局对本国货币汇率水平的确定、汇率变动方式等问题所作的一系列安排或规定。包括：确定货币汇率的原则和依据；维持与调整汇率的办法；管理汇率的法令、体制和政策；确定维持和管理汇率的机构。二、判断题（每题1分，1×15＝15分）红色为错误 1、在间接标价法下，当外国货币数量减少时，称外国货币汇率下浮或贬值。（） 2、本国资产减少，负债增加的项目应记入贷方。（） 3、补贴和关税政策属于支出增减型政策，而汇率政策属于支出转换型政策。（） 4、如果一国实行固定汇率制，其拥有的国际储备量可以相对较小。（） 6、消除国际收支逆差的措施之一是降低贴现率。（） 7、货币贬值不一定能改善一国的贸易收支。（） 8、一般地说，利率较高的货币其远期汇率会呈现升水。（） 9、布雷顿森林体系的两大支柱一是固定汇率制，二是政府干预制。（） 10、如果一个投机者预测日元的汇率将上升，他通常的做法是买入远期的日元。（） 11、在纸币流通制度下，调节国际收支逆差的措施之一是削减财政开支和税收。（） 12、贬值的弊端之一就是可能引起贬值国的国内通胀加剧，从而抵消了贬值的部分作用。（） 13、国际收支平衡表中，储备资产项目为+12亿美元，则表示该国的国际储备资产增加了12亿美元。（） 14、外汇银行标示的“买入价”即银行买入本币的价格；“卖出价”即银行卖出本币的价格。（） 15、外国投资者购买我国中国银行发行的日元债券，对我国来讲属于资本流出，对外国来讲属于资本流入。（）三、单项选择题（每题2分，2×15＝30分） 1、与金币本位制度相比，金块本位和金汇兑本位对汇率的稳定程度已（）（A）升高（B）降低（C）不变 2、国际收支的长期性不平衡指：（）（A）暂时性不平衡（B）结构性不平衡（C）货币性不平衡（D）周期性不平衡 3、根据国际收入平衡表的记帐原则，属于贷方项目的是（）。 A、进口劳务 B、本国居民获得外国资产 C、官方储备增加 D、非居民偿还本国居民债务 4、外汇储备过多的负面影响可能有：（）（A）不必升值（B）通货膨胀（C）外汇闲置（D）外币升值（E）通货紧缩 5、当处于通货膨胀和国际收支逆差的经济状况时，应采用下列什么政策搭配：（）（A）紧缩国内支出，本币升值（B）扩张国内支出，本币贬值

《国际金融实务》题库含答案

第一章外汇交易的一般原理一、单项选择题： 1、目前，多数国家（包括我国人民币）采用的汇率标价法是（ A ）。 A、直接标价法 B、间接标价法C应收标价法D、美元标价法 2 、按银行汇款方式不同，作为基础的汇率是（A ）。 A、电汇汇率 B、信汇汇率C票汇汇率D、现钞汇率 3、外汇成交后，在未来约定的某一天进行交割所采用的汇率是（ B ）。 A、浮动汇率 B、远期汇率C市场汇率D、买入汇率 4、若要将出口商品的人民币报价折算为外币报价，应用（ A ）。 A、买入价 B、卖出价 C、现钞买入价 D、现钞卖出价 5、银行对于现汇的卖出价一般（A ）现钞的买入价。 A、高于 B、等于C低于D不能确定 6、我国银行公布的人民币基准汇率是前一日美元对人民币的（ B ）。 A、收盘价 B、银行买入价 C、银行卖出价D加权平均价 7、外汇规避风险的方法很多。关于选择货币法，说法错误．．的是（A ）。 A、收“软”币付“硬”币 B 、尽量选择本币计价 C、尽量选择可自由兑换货币 D、软硬币货币搭配 8、下列外汇市场的参与者不包．括．．（C ）。 A、中国银行 B、索罗斯基金C无涉外业务的国内公司D、国家外汇管理局宁波市分局 9、对于经营外汇实务的银行来说，贱买贵卖是其经营原则，买卖之间的差额一般

为1%。?5%。，是银行经营经营外汇实务的利润。那么下列哪些因素使得买卖差价的幅度越小（ A ） A、外汇市场越稳定 B、交易额越小 C、越不常用的货币D外汇市场位置相对于货币发行国越远 10、被公认为全球一天外汇交易开始的外汇市场的（ C ）。 A、纽约 B、东京 C、惠灵顿 D、伦敦 11、下列不．属．于．外汇市场的参与者有（D ）。 A、中国银行 B、索罗斯基金 C、国家外汇管理局浙江省分局 D、无涉外业务的国内公司 12、在有形市场中，规模最大外汇交易市场的是（ A ）。 A、伦敦 B、纽约 C、新加坡 D、法兰克福 13 、外汇市场上，银行的报价均以各种货币对（ D ）的汇率为基础。 A、直接标价法 B、间接标价法C应收标价法D、美元标价法 14、银行间外汇交易额通常以（A ）的整数倍。 A、100万美元 B、50万美元 C、1000万美元D 10万美元 15、以点数表示的远期汇率差价，每点所代表每个标准货币所折合货币单位的（A ） A、1/10000 B 、1/10 C 、1/100 D 、1/1000 16、商业银行经营外汇业务时，如果卖出多于买进，则称为（ B ） A、多头 B、空头 C、升水 D、贴水 1 7 、下列货币名称与英文简写对应错误．．的（B ） A、欧兀一EURO B 澳兀一CAD C、新加坡兀一SGD D 日兀一YEN 18、在伦敦外汇市场上用美元购买日元这样一笔外汇，结算国是（ A ）。 A美国和日本，交易国是英国B、美国和日本，交易国是美国 C美国和日本，交易国是日本D、美国和日本，交易国是美国和日本 19、一般来讲，一国的国际收支顺差会使其（ B ）。 A、本币升值 B、物价上升 C、通货紧缩 D、货币疲软 20、以下是两银行交易的过程，根据其交易过程，下列答案错误．．的（C ）。 A 银行：Hi! Bank of China, Shanghai Branch calling, spot CHF for 6 USD

国际金融中英文版答案)

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