7 foreign exchange
外贸英语函电作业及答案
外贸英语函电I.write the full form for the short form.：10%1.CFS2.CY/CY：IB：PIT：5.C/O6.PICC：7.ICC：8.D/A9.D/D10.LCL参考答案：1.container freight station2.container yard to container yard3.China Commodity Inspection Bureau4.China Commodity Promotion of International Trade5.Certificate of orign6.People’s Insurance company of China7.Institute Cargo Clauses8.documents against acceptance9.demand draft10.less than container loadⅡ.Translate the following terms：10%A.From English to Chinese：1.The Chambers of Commercemission3.Trial Order4.Validity5.Non-firm Offer6.In Triplicate7.Terms of payment8.Irrevocable L/C9.Uniform Customs and Practice for Documentary Credit10.Partial ShipmentB.From Chinese to English;1.装箱单2.即期装运3.保险金额4.催证5.汇票6.销售合同7.还盘8.现行价9.订单10.商务参赞处参考答案：A.From English to Chinese：1.商会2.佣金3.试定单4.虚盘5.有效期6.一式三份7.支付方式8.不可撤消信用证9.跟单信用证统一惯例10.分批装运B.From Chinese to English;1.packing list2.prompt shipment3.premium4.urge the L/C5.draft6.sales contract7.counter offer8.prevailing price9.order10.the commercial counsel’s officeⅢ.Choose the correct answer from Column B to well explain the meaning of the phrases in Column A：10%A B1.on the usual terms a.结果使人满意2.for reference only b.提请某人注意3.close business c.推销4.offer without engagement d.外汇5.on the high side e.投保6.direct one’s attention to f.进出口7.foreign exchange g.不可撤消信用证8.unit price h.以供某人存档9.effect insurance i.竞争性价格10.make delivery j.通知某人某事11.business relations k.业务关系12.import and export l.成交petitive price m.按惯例14.irrevocable L/C n.交货15.fill the price gap o.仅供参考rm sb.of sth.P.设法17.turn out to one’s satisfaction q.无约束力报盘18.push the sale r.价格偏高19.for one’s file s.单价20.see one’s way to t.弥补差价答：1.j2.o3.l4.r5.i6.a7.q8.k9.h 10.f11.g 12.c 13.e 14.s 15.b 16.m 17.e 18.n 19.t.20.pⅣ.Choose the best answer：20%1.Your woolen goods are _______ interest to us.A.inB.ofC.atD.for【答案】B2.Should your products prove _________ in quality and reasonable in price.，I trust substantial order will follow.A.satisfyB.satisfactoryC.satisfiedD.satisfaction【答案】B3.The goods you offered are __________ line with the business scope of our clients.A.out ofB.withoutC.outsideD.not【答案】A4.We are making you our best offer for Leather Shoes _________.A.as followB.as followingC.as followsD.follow【答案】C5.We shall be pleased to receive from you all necessary information ________ these goods.A.regardingB.in regardC.as regardD.with regard【答案】A6.As we are one of the leading importers in this line，we are _________ to handle large quantities.A.at a positionB.in a positionC.on a positionD.of a position【答案】B7.In CIF，the ________ has to procure insurance against the buyer’s risk of loss of or damage to the goods during the carriage.A.sellerB.buyerC.freight forwarderD.receiver【答案】A8.As ________ in your letter of May 2，we are sending you a catalogue and our latest price list.A.requiredB.requireC.requestedD.request【答案】D9.Some customers requested us to __________ our price because they considered it too high.A.put downB.get downC.take downD.bring down【答案】D10.If the amount _________ that figure，an L/C is required.A.exceededB.increasedC.exceedsD.increases【答案】C11.For future deal D/P will be acceptable if the amount ______ is not up to GBP 1，000.A.involvedB.involveC.involvingD.involves【答案】A12.We thank you very much for your L/C and shipping instructions ________ your trial order.A.being coveredB.to be coveredC.coveringD.covers【答案】C13.Please make serious efforts to get the goods __________ immediately.A.dispatchB.dispatchedC.dispatchingD.to dispatch【答案】B14.Regarding insurance，the ________ is for 110% of the invoice value.A.premiumB.coverageC.insuranceD.amount【答案】B15.You may ________ assured that your wishes will be carried out.A.restingB.be restC.beD.rested【答案】C16.Please ________ of the name of the carrying vessel and the date of its departure.A.advisermC.advise usD.be advised【答案】C17.The goods are to be insured ____________.A.against WPAB.for WPAC.with WPAD.WPA【答案】A18.No discount will be allowed _________ you could place an order for more than 5，000 pcs.A.untilB.unlessC.besidesD.except【答案】B19.A 5% discount will be granted only ________ your order exceeds US$15，000.A.depends onB.for condition thatC.on condition thatD.subject to【答案】C20.The draft is usually drawn by ___________.A.sellerB .agentC.buyerD.bank【答案】AⅤ.Fill in blanks with proper prepositions.10%Re：Table-clothsWe have received your letter ___1___ February 7 and are pleased to note your desire to enter into business relations ___2___ us.____3___ compliance ___4____ your request，we now offer you 1，000 dozen Table-cloths，Art.No.141 __5____ prompt shipment ___6_____ at RMB¥25.00 per dozen CIF Port Sudan.This offer is subject ___7__ reply reaching us ___8___ March 15，19…The price offered __9____ is reasonable.As the selling season is approaching，we have received many enquiries ___10____ clients __11_____ other districts.__12___ acquaint you __13___ some ___14____ the commodities we handle，we are sending you ___15___ airmail ___16____ separate cover a commodity list and several pamphlets __17____ your reference.Should you find any other items listed __18___ interest，please let us know and we will make your offers __19___ receipt __20___ your specific enquiries.答：1.leading2.specializing3.interested4.line5.forward6.detailed7.request8.of9.from10.respectⅦ.Translate the following sentences： 20%A.From Chinese to English;1.请把信用蒸修改为允许转运。
外销员名词解释
52、国际市场价格
指商品国际集散中心的市场价格和输出入国家或地区当地市场的国际贸易价格。
53、Foreign Exchange
外汇或国际汇兑，指以外国货币表示的用于国际间结算的支付凭证和信用凭证。
54、Factoring
中文含义为保理（保付代理、应收帐款收买业务，承购应收款业务。出口销售保管、应收帐款管理服务）。是指出口商以商业信用形式出售商品，在货物装船后立即将发票、汇票、提单等有关单据卖断给经营保理业务的财务公司或专门组织，收进全部或一部分货款，从而取得资金融通的业务。
31、Shipping Mark
中文含义运输标志，习称“唛头”或“唛”。其作用是便于在装卸、运输、存储过程中识别、点数，防止错发错运。运输标志通常与收、发货人代号（有的伴有几何图形）、目的港（或目的地）和批件号等组成。
32、知识产权
是工业产权（专利、商标）、著作权（版权）的总称，是一种受专门法律保护的重要的无形财产。
21、F.I.o.S.T
中文含义为船方不负责装卸和理仓、平仓费，指在程租船运输合同中，租船双方约定，船方不负责装卸和理舱、平舱费。
22、协调编码制（HS）
它是由海关合作理事会主持制定的一部系统的具有多功能的商品分类目录。
23、EDI
中文含义为“电子数据交换”或“电子资料交换”。指按协议，对具有一定结构的标准信息，经过电子数据通讯网络，在商业伙伴的电子计算机系统之间进行交换和自动处理。又称无纸贸易。
57、关税同盟：
是指两个或两个以上的国家完全取消关税或其他壁垒，并对非同盟国家实行统一的关税税率而缔结的同盟。
58、国民待遇原则
是指一个国家对外国国民（自然人、法人或物）所给予的经济待遇不低于对本国国民的经济待遇。
外汇与外汇汇率
1.2.1汇率的决定
1.金本位制下汇率的决定
在金本位制下各国都规定了本国金币的重量 和成色，即含金量。
• ① 由铸币平价决定
– 铸币平价(mint par)：指两国货币含金量之比。
– 如果每一英镑含纯金7.3224克，每一美元含纯金 1.504656克，那么英镑对美元的铸币平价为
7.3224/1.504656=4.8665。意思为1英镑的含金量是 一美元含金量的4.8665倍。
的外国货币为基准，折成若干单位的本国货币来表示汇 率的方法。 在直接标价法下，以外币为基准货币，本币为报价货币。
在中国汇市 在东京某银行报 USD100=CNY669.8 USD1=JPY109.10
目前我国和世界上绝大多数国家都采用直接标价法来表示 汇率。
2）间接标价法(Indirect Quotation)(数量标价法)
2、浮动汇率制度 1）浮动汇率制度是指本国货币与外国货 币的比价不加以固定，也不规定汇率波动 的界限，而听任外汇市场根据供求关系状 况的变化自发决定本币对外币的汇率。
2）浮动汇率的类型 从政府是否对市场汇率进行干预的角度来 分：自由浮动和管理浮动 从浮动汇率的浮动形式来分：单独浮动和 联合浮动
影响汇率波动的因素
注意：直接标价法、间接标价法都只是针 对“本币”与“外币”之间的关系而言的。 如在日本汇市: USD1=EUR0.707， 问：是直接标价法还是间接标价法？ 这样的问题是无意义的。
3）美元标价法(US Dollar Quotation)
(1)
产生原因：直接标价法、间接标价法用于 客户市场，本币与外币之间的兑换(国内市 场)；美元标价法用于同业市场，美元与其 他货币之间的兑换(国际市场)。
GBP 1 = USD 1.6560/1.6530
外汇业务
目日结单借贷方发生额填列，人民币的外汇买卖科目
总帐则根据人民币的外汇买卖科目日结单借贷方发生 额填列，并求出本日外币和人民币的余额，记入余额 栏。
第二节
一、外汇存款的种类
外汇存贷款业务的核算
1、企事业单位、外事机构的外汇存款为甲种外汇存款； 2、境外个人的外汇存款为乙种外汇存款； 3、境内个人的外汇存款为丙种外汇存款；
贷：手续费收入
人民币
（2）、支取外汇存款兑换人民币时的会计分录：
借：活期外汇存款
或，借：定期外汇存款 贷：外汇买卖 借：外汇买卖 贷：现金
外币
外币 外币 人民币 人民币
例题：某进出口企业由于业务需要，需将活期外汇存
款1000美元兑换成人民币支取，当日汇买价为820％。
其会计分录为： 借：活期外汇存款 贷：外汇买卖 借：外汇买卖 贷：现金 USD1000 USD1000 ￥8200 ￥8200
远期信用证(Usance L/C) 远期信用证是指开证行或付款行在信用证中保证.在收 到符合信用证的单据时,在规定的期限内付款的信用证.
贷：外汇买卖(汇卖价）¥ 8080
借：外汇买卖（汇卖价）USD 973.5 贷：活期外汇存款 USD 973.5
2、支取的核算。
（1）、以原币汇往国外或国内异地时：
借：活期外汇存款
或，借：定期外汇存款
外币
外币
贷：汇出汇款
或，贷：全国联行外汇往来
外币
外币
同时，收取手续费：
借：现金（或其他科目） 人民币
与外汇分账制相对应的另一种记帐方法叫外汇统 账制，又称本币记帐法。根据比价折合的标准不同， 可分以下两种方法： 1、时价法。又称市价法或浮动汇率法。
这种记帐方法适合业务量少、外币业务简单、外 币种类少的企业。 2、定价法。又称固定汇率法。
外汇用英语怎么说
外汇用英语怎么说外汇是货币行政当局以银行存款、财政部库券、长短期政府证券等形式保有的在国际收支逆差时可以使用的债权。
那么你知道外汇用英语怎么说吗?下面欢迎大家跟着店铺一起来学习。
外汇的英语说法1：foreign exchange外汇的英语说法2：foreign currency外汇相关英语表达：外汇保留条款 exchange proviso clause;外汇保值协定 Agreement on Exchange Guarantees;外汇变动 exchange fluctuations;外汇变动保险 foreign exchange fluctuation insurance;外汇波动 foreign exchange fluctuation;外汇偿付能力 ability to repay in foreign exchange;外汇储备 foreign exchange reserve外汇的英语例句：1. During the turmoil in the foreign-exchange markets the guilder remained strong.荷兰盾在外汇交易市场的动荡中保持坚挺。
2. The US dollar is down against most foreign currencies today.今天美元对大多数外汇的比价都有所下降。
3. On the foreign exchanges, the US dollar is up point forty-five.在外汇交易中，美元上涨了0.45个百分点。
4. Tourism is the country's top earner of foreign currency.旅游业是该国外汇创收最多的行业。
5. Investors and currency dealers were caught completelyunawares by the Bundesbank's action.投资者和外汇交易商被德意志联邦银行的这一举措打了个措手不及。
什么是外汇？外汇种类有哪些？
什么是外汇？外汇种类有哪些？外汇（Foreign Exchange，或Forex）是货币行政当局以银行存款、财政部证券、长短期政府证券等形式所持有的国际收支逆差时可以使用的债权。
它是国际贸易的产物，是国际贸易清偿的支付手段。
外汇具有静态和动态两层含义。
外汇的动态含义是指将一国的货币兑换成另一国的货币。
借以清偿国际间债务债权关系的专门性货币经营活动，它是国际间汇兑（Foreign Exchange）的简称。
外汇的静态含义则是指以外国货币表示的，用于国际间结算的支付手段和信用工具。
这种支付手段包括以外币表示的信用工具和有价证券，如：银行存款、商业汇票、银行汇票、银行支票、外国政府库券及其长短期证券等。
人们通常所说的外汇，一般都是就其静态意义而言。
外汇的特性因为在国际汇兑中一国的货市并非可以兑换任何他国的货币，而只能兑换成各国都能接受的某种支付手段和信用工具，如外国货币、外币有价证券、外币支付凭证等。
因此，国际货币基金组织（IMF）规定：外汇是货币行政当局以银行存款、财政部证券、长短期政府证券等形式所持有的国际收支逆差时可以使用的债权。
所以，外汇具有以下三个特性：第一，可支付性，必须以外币表示的资产；第二，可兑换性，第三，可获得性，必须是在国外能够得到偿付的货币债权。
外汇分类(一)自由外汇和记账外汇根据外汇是否可自由兑换，可分为自由外汇与记账外汇。
自由外汇指不需外汇管理当局批准，可以自由兑换成其他货币，或者可以向第三者办理支付的外国货币及其支付手段，如美元、英镑、瑞士法郎等。
其中有些国家基本上取消了外汇管制，或者外汇管制较松，持有这些外汇，可以自由兑换成其他国家的货币，或者对第三者进行支付。
记账外汇亦称协定外汇或双边外汇，它是指两国政府签订支付协定项下收付的外汇，签约双方相互间的贸易或非贸易收支，用约定的货币，通过相互开立的专门账户进行，到一定时期(一般为一个年度)，根据账面收付差额进行清算，这种记账外汇只能作为双边转账之用，不经对方国家批准，不能自由兑换成其他货币，或对第三者进行支付。
第七章 国际金融
人民币升值利好证券市场
人民币升值并不直接影响证券市场，而是通过中间变量的传导作用实现。中间变量主要包括经济基本面和资金面等。 升值预期的存在 ，会导致热钱涌入和外汇占款增加，对央行的货币政策形成冲击，进而引发本币市场资金面波动。简单来看，如排除其他因素，人民币升值 对债市的影响偏正面。
多动能。一是从实体领域来看，人民币升值预期将意味着热钱对拥有人民币资产属性的房地产予以追捧，从而推动房地产价格的上涨。二是 金融股票的投资领域来看，人民币升值预期将意味着热钱也涌入到证券市场，使得地产股迎来旺盛的买盘支撑。
人民币升值利好造纸股 一是原材料进口实际价格下降。相关统计显示，目前造纸行业原
预测。外汇市场的参加者对未来市场状况进行预测和估计，从而作出在外汇市场买进或卖出某种货币的决策。
上述因素对汇率的作用错综复杂：分析影响汇率 变动的因素时要进行综合分析。
三、汇率变动对经济的影响
——汇率变动对一国国际收支的影响
首先，对贸易收支的影响： 一国货币汇率与其贸易收入负相关，与其贸易支出 正相关 其次，对非贸易收支的影响：
思考题
1、试述汇率的决定及主要影响因素。 2、试述汇率变动对经济的影响。
祝大家考试顺利！
它影响货币汇率是由于：①通货膨胀有利于进口，而不利于出口，因而它会形成贸易收支逆差和国际收 支逆差。②通货膨胀会促使本币资金的持有者进行货币替换，以求货币保值。这会增大外汇的需求。所 以，通货膨胀较严重的国家的货币汇率会下跌，而通货膨胀较缓和的国家的货币汇率会上升。但这个机 制发生作用是个长期的过程，因而货币汇率相对于通货膨胀存在着滞后性。
财政与金融
第七章 外汇市场
一、外汇与汇率
英语经济术语
inflation 通货膨胀deflation 通货紧缩tighter credit 紧缩信贷monetary policy 货币政策foreign exchange 外汇spot transaction 即期交易forward transaction 远期交易option forward transaction 择期交易swap transaction 调期交易quote 报价settlment and delivery 交割Treasury bond 财政部公债current-account 经常项目pickup in rice 物价上涨Federal Reserve 美联储buying rate 买入价selling rate 卖出价spread 差幅contract 合同at par 平价premium 升水discount 贴水direct quoation method 直接报价法indirect quoation method 间接报价法dividend 股息domestic currency 本币floating rate 浮动利率parent company 母公司credit swap 互惠贷款venture capital 风险资本book value 帐面价值physical capital 实际资本IPO(initial public offering) 新股首发；首次公开发行job machine 就业市场welfare capitalism 福利资本主义collective market cap 市场资本总值glolbal corporation 跨国公司transnational status 跨国优势transfer price 转让价格consolidation 兼并leverage 杠杆financial turmoil/meltdown 金融危机file for bankruptcy 申请破产bailout 救助take over 收购buy out 购买(某人的)产权或全部货物go under 破产take a nosedive （股市）大跌tumble 下跌falter 摇摇欲坠on the hook 被套住shore up confidence 提振市场信心stave off 挡开, 避开,liquidate assets 资产清算at fire sale prices 超低价sell-off 证券的跌价reserve 储备note 票据discount贴现circulate流通central bank 中央银行the Federal Reserve System联邦储备系统credit union 信用合作社paper currency 纸币credit creation 信用创造branch banking 银行分行制unit banking 单一银行制out of circulation 退出流通capital stock股本at par以票面价值计electronic banking电子银行banking holding company 公司银行the gold standard金本位the Federal Reserve Board 联邦储备委员会the stock market crash 股市风暴reserve ratio 准备金比率division of labor 劳动分工commodity money 商品货币legal tender 法定货币fiat money 法定通货a medium of exchange交换媒介legal sanction法律制裁face value面值liquid assets流动资产illiquidl assets非流动资产the liquidity scale 流动性指标real estate 不动产checking accounts,demand deposit,checkable deposit 活期存款time deposit 定期存款negotiable order of withdrawal accounts 大额可转让提款单money market mutual funds 货币市场互助基金repurchase agreements 回购协议certificate of deposits存单bond 债券stock股票travelers'checks 旅行支票small-denomination time deposits小额定期存款large-denomination time deposits大额定期存款bank overnight repurchase agreements 银行隔夜回购协议bank long-term repurchase agreements 银行长期回购协议thrift institutions 存款机构financial institution 金融机构commercial banks商业银行a means of payment 支付手段a store of value储藏手段a standard of value价值标准deficit 亏损roll展期wholesale批发default不履约auction拍卖collateralize担保markup价格的涨幅dealer交易员broker经纪人pension funds 养老基金face amount面值commerical paper商业票据banker's acceptance银行承兑汇票Fed fund 联邦基金eurodollar欧洲美元treasury bills 国库券floating-rate 浮动比率fixed-rate 固定比率default risk 拖欠风险credit rating信誉级别tax collection税收money market货币市场capital market资本市场original maturity 原始到期期限surplus funds过剩基金syndication辛迪加underwrite包销，认购hedge对冲买卖、套期保值innovation到期交易spread利差principal本金swap掉期交易eurobond market 欧洲债券市场euronote欧洲票据Federal Reserve Bank (FRB)联邦储备银行unsecured credit无担保贷款fixed term time deposit定期支付存款lead bank牵头银行neogotiable time deposit议付定期存款inter-bank money market银行同业货币市场medium term loan 中期贷款syndicated credit银团贷款merchant bank商业银行portfolio management 有价债券管理lease financing租赁融资note issurance facility票据发行安排bearer note不记名票价underwriting facility包销安排floating-rate note 浮动利率票据bond holder债券持持有者London Interbank Offered Rate(LIBOR)伦敦同业优惠利率back-up credit line备用信贷额promissory note(P.N..p/n)本票revolving cerdit 循环信用证，即revolving letter of credit non interest-bearing reserves无息储备金interest rate controls 利率管制interest rate ceiling 利率上限interest rate floor 利率下限破产insolvency有偿还债务能力的solvent合同contract汇率exchange rate私营部门private sector财政管理机构fiscal authorities宽松的财政政策slack fiscal policy税法tax bill财政public finance财政部the Ministry of Finance平衡预算balanced budget继承税inheritance tax货币主义者monetariest增值税VAT (value added tax)收入revenue总需求aggregate demand货币化monetization赤字deficit经济不景气recessiona period when the economy of a country is not successful, business conditions are bad, industrial production and trade are at a low level and there is a lot of unemployment经济好转turnabout复苏recovery成本推进型cost push货币供应money supply生产率productivity劳动力labor force实际工资real wages成本推进式通货膨胀cost-push inflation需求拉动式通货膨胀demand-pull inflation双位数通货膨胀double- digit inflation极度通货膨胀hyperinflation长期通货膨胀chronic inflation治理通货膨胀to fight inflation最终目标ultimate goal坏的影响adverse effect担保ensure贴现discount萧条的sluggish认购subscribe to支票帐户checking account货币控制工具instruments of monetry control 借据IOUs(I owe you)本票promissory notes货币总监controller of the currency拖收系统collection system支票清算或结算check clearing资金划拨transfer of funds可以相信的证明credentials改革fashion被缠住entangled货币联盟Monetary Union再购协议repo精明的讨价还价交易horse-trading欧元euro公共债务membership criteria汇率机制REM储备货币reserve currency劳动密集型labor-intensive股票交易所bourse竞争领先frontrun牛市bull market非凡的牛市a raging bull规模经济scale economcies买方出价与卖方要价之间的差价bid-ask spreads 期货（股票）futures经济商行brokerage firm回报率rate of return股票equities违约default现金外流cash drains经济人佣金brokerage fee存款单CD(certificate of deposit)营业额turnover资本市场capital market布雷顿森林体系The Bretton Woods System经常帐户current account套利者arbitrager远期汇率forward exchange rate即期汇率spot rate实际利率real interest rates货币政策工具tools of monetary policy银行倒闭bank failures跨国公司MNC ( Multi-National Corporation)商业银行commercial bank商业票据comercial paper利润profit本票，期票promissory notes监督to monitor佣金（经济人）commission brokers套期保值hedge有价证券平衡理论portfolio balance theory外汇储备foreign exchange reserves固定汇率fixed exchange rate浮动汇率floating/flexible exchange rate 货币选择权（期货）currency option 套利arbitrage合约价exercise price远期升水forward premium多头买升buying long空头卖跌selling short按市价订购股票market order股票经纪人stockbroker国际货币基金the IMF七国集团the G-7监督surveillance同业拆借市场interbank market可兑换性convertibility软通货soft currency限制restriction交易transaction充分需求adequate demand短期外债short term external debt汇率机制exchange rate regime直接标价direct quotes资本流动性mobility of capital赤字deficit本国货币domestic currency外汇交易市场foreign exchange market 国际储备international reserve利率interest rate资产assets国际收支balance of payments贸易差额balance of trade繁荣boom债券bond资本captial资本支出captial expenditures商品commodities商品交易所commodity exchange期货合同commodity futures contract普通股票common stock联合大企业conglomerate货币贬值currency devaluation通货紧缩deflation折旧depreciation贴现率discount rate归个人支配的收入disposable personal income 从业人员employed person汇率exchange rate财政年度fiscal year自由企业free enterprise国民生产总值gross antional product库存inventory劳动力人数labor force债务liabilities市场经济market economy合并merger货币收入money income跨国公司Multinational Corproation个人收入personal income优先股票preferred stock价格收益比率price-earning ratio优惠贷款利率prime rate利润profit回报return on investment使货币升值revaluation薪水salary季节性调整seasonal adjustment关税tariff失业人员unemployed person效用utility价值value工资wages工资价格螺旋上升wage-price spiral收益yield补偿贸易compensatory trade, compensated deal 储蓄银行saving banks欧洲联盟the European Union单一的实体a single entity抵押贷款mortgage lending业主产权owner's equity普通股common stock无形资产intangible assets收益表income statement营业开支operating expenses行政开支administrative expenses现金收支一览表statement of cash flow贸易中的存货inventory收益proceeds投资银行investment bank机构投资者institutional investor垄断兼并委员会MMC招标发行issue by tender定向发行introduction代销offer for sale直销placing公开发行public issue信贷额度credit line国际债券international bonds欧洲货币Eurocurrency利差interest margin以所借的钱作抵押所获之贷款leveraged loan权利股发行rights issues净收入比例结合net income gearing证券行业词汇share, equity, stock股票、股权;bond, debenture, debts债券;negotiable share可流通股份;convertible bond可转换债券;treasury/government bond国库券/政府债券;corporate bond企业债券;closed-end securities investment fund 封闭式证券投资基金; open-end securities investment fund 开放式证券投资基金; fund manager基金经理/管理公司;fund custodian bank基金托管银行;market capitalization市值;p/e ratio市盈率;(price/earning)mark-to-market逐日盯市;payment versus delivery银券交付;clearing and settlement清算/结算;commodity/financial derivatives 商品/金融衍生产品;put / call option看跌/看涨期权;margins, collateral保证金;rights issue/offering配股;bonus share红股;dividend红利/股息;ADR美国存托凭证/存股证;(American Depository Receipt) GDR全球存托凭证/存股证;(Global Depository Receipt) retail/private investor个人投资者/散户;institutional investor机构投资者;broker/dealer券商;proprietary trading自营;insider trading/dealing内幕交易;market manipulation市场操纵;prospectus招股说明书;IPO新股/初始公开发行;(Initial Public Offering) merger and acquisition收购兼并。
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Spot transaction
Supply of FX
Domestic firms exporting to other nations Foreign tourists visiting domestic country Receiving foreign investments
3. Participants of FX Market
Immediate users and suppliers of FX (such as importers, exporters, tourists, investors, and so on)
Commercial banks FX brokers Central bank
4. Main Types of FX Transaction
在买进或卖出即期外汇同时，卖出或买进远期外 汇，在一项合约中达成两种交易。
Foreign exchange futures
It is a forward contract for standardized currency amounts and selected calendar dates traded on an organized market.
Speculation
Speculation differs from hedging, in that it involves the purchase or sale of a currency in the expectation that its value will change in the future.
Hedging
Hedging involves making use of foreign exchange market to avoid exchange rate risk or cover an open position in international transactions.
An foreign exchange rate risk can be hedged in spot market, forward market, futures market or options market.
Chapter Structure
1. Concept of Foreign Exchange Market 2. Demand and Supply of FX 3. Participants of FX Market 4. Main Types of FX Transaction 5. Purposes of FX Transaction
Forward discount（FD,远期贴水）and forward premium （FP,远期升水）.(take three months as an example)
FDorFP FR SR 360 100 SR 90
Currency Swap
It refers to a spot sale of a currency combined with a forward repurchase of the same currency, as part of a single transaction.
当前签订的一份合约，它规定在未来的某一天以今天商定 的汇价买或卖某种数量的某种外汇。
The typical forward contract is for one month, three months, or six months, with three months the most common.
1. Concept of FX Market
What is Foreign Exchange Market? It is the market in which individuals, firms,
and banks buy and sell foreign currencies or foreign exchange.
Interest arbitrage It involves taking advantage of differences in
international interest rates to get a higher return
Chapter Structure
1. Concept of Foreign Exchange Market 2. Demand and Supply of FX 3. Participants of FX Market 4. Main Types of FX Transaction 5. Purposes of FX Transaction
This is the end of Chapter 7
在一个有组织的市Байду номын сангаас（交易所）中交易的，金额 与到期日都标准化的外汇远期合约。
Foreign exchange options
It is a contract giving the purchaser the right, but not the obligation, to buy (a call option) or to sell (a put option) or at any time before a stated date and at a stated price.
Forward transaction
A forward transaction involves an agreement today to buy or sell a specified amount of a foreign currency at a specified future date at a rate agreed upon today. The agreed future rate is called forward rate (FR).
是一个合约，它给购买者一个在事先约定的日期， 或在此之前，按规定的价格，买或卖一定标准化 金额的外汇的权利，但这不是合约购买者的义务， 购买者可以放弃这一权利.
5. Purposes of FX Transaction
Hedging（套期保值） Speculation（投机） Arbitrage（套利）
Characteristics Largest market in the world Continuous
2. Demand and Supply of FX
Demand of FX
Domestic firms importing from other nations Domestic tourists visiting another country Domestic individuals investing abroad
The payment and receipt of the foreign exchange are within two business days after the day the transaction is agreed upon.
在成交后的两个交易日内完成外汇的收付。
The exchange rate at which the transaction takes place is called the spot rate (SR).
George Soros Stabilizing speculation and destabilizing
speculation
George Soros
Arbitrage
Exchange arbitrage √It involves taking advantage of exchange rate differences in different markets to make a profit. √Two-point arbitrage three-point arbitrage (triangular arbitrage)
Part Three
Foreign Exchange Markets & Exchange Rates
Contents of Part Three
Foreign Exchange Markets Exchange Rate Determination
Chapter 7
Foreign Exchange Markets (FX Markets)