Chapter 1 Foreign Exchange & Exchange Rate(国际金融国家级课程上海金融学院)
金融专业英语-Foreign Exchange-外汇
account size.
8.2.3 Determinants of exchange rates
➢ Economic factors include: ①economic policy, disseminated by government agencies and central banks, ②economic conditions, generally revealed through economic reports, and other economic indicators.
8.1.1 Quotations
➢ A foreign-exchange rate (also known as an exchange rate, Forex rate, FX rate or Agio*) between two currencies is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in terms of another currency.
8.1.4 Fluctauations in exchange rates
➢ A market-based exchange rate will change whenever the values of either of the two component currencies change. A currency will tend to become more valuable whenever demand for it is greater than the available supply. It will become less valuable whenever demand is less than available supply.
银行英语会话(MP3+中英字幕) 第3课：兑换外币 Foreign Exchange
银行英语会话(MP3+中英字幕) 第3课：兑换外币Foreign ExchangeLesson 3 Foreign Exchange兑换外币Key Sentences重点句型Today's exchange rate of RMB to USD is 812 RMB yuan equal to 100 US dollars.今天的汇率是812元人民币兑100美元.What kind of foreign currency have you got?What's the exchange rate today?您持有什么外币?今天的汇率是多少?What kind of currency do you want to change?您想换哪一种外币?Please keep check the money and keep the exchange memo.Sorry you've filled a wrong account number Please refill it.请点清钞票,保存好水单.抱歉，您的账户不对，请重新填写.What is the equivalent of five dollars in RMB yuan?五美元相当于人民币多少元?We list the exchange rate issued by the People's Bank of China every morning.我们是根据每天早上中国银行发布的汇率挂牌的.What are you going to convert,bank notes or traveller's checks?你要兑换什么,是现钞还是旅行支票?Dialogue 1 A：Excuse me.B：Can I help you?对话1 劳驾.您要什么服务?A：I want to change some US dollars into RMB.我想把美元换成人民币.B：Of course.当然行.We are an authorized foreign exchange bank and can change them for you.我们是指定经营外汇业务的银行.能够为您兑换.How much do you want to change?您要换多少?A：Let me see.Fifty US dollars.B：Very well,sir.让我想想,五十美金.好的,先生.Notes I want to change some US dollars into RMB.我想把美元换成人民币.动词change译为兑换或换成零钱，例如 Where can I change my dollars for pounds?请问我可在哪儿将美元兑换成英镑。
Foreign Exchange
第六节
一、外汇管制概述
外汇管制
1、外汇管制的基本概念 亦称外汇管理，指一国政府授权货币金融当局或其他 政府机构，通过法令对外汇的收支、买卖、借贷、转移及 国际间结算外汇汇率和外汇市场等实行控制。 2、外汇管制的目的
（1）协调本国对外贸易，促进本国经济发展； （2）限制资本外逃，改善国际收支； （3）稳定外汇汇率，保持国内物价稳定； （4）促进本国某些工业的发展。
2、人民币汇率制度的主要内容
（1）人民币对外币的汇率，是由国家外汇管理总局统一制定和调整的； （2 每日早晨通过新华社用中文、英文和法文发布人民 币汇率消息；
（3）现行人民币汇率共有25种； （4）人民币汇率用直接标价法； （5）外汇牌价和现钞价； （6）远期费。
二、人民币汇率制度的改革
1、人民币汇率的改进方向
3、浮动汇率制的特点
（1）在浮动汇率制下，世界所有货币的汇率都处于浮 动状态，即使复合货币如“特别特款权”、“欧 元”也不例外。 （2）浮动汇率升降波动自由浮动的汇率是不存在的。
4、浮动汇率制的利弊
（1）有利之处
■政府可以免除为维持固定汇率而承担的干预外汇市场的义务， 从而防止外汇储备货币的流失。 ■堵住国际通货膨胀，通过固定汇率制进行传播 的渠道，防止 国际游资对强势货币进行抢购的冲击。 ■增强各国对货币政策和外汇政策的管理权。 ■借助于汇率的调整，改善本国进出口贸易和商品的价格条件， 有助于国际收支的调节和平衡。 ■当一国干预力量不足或需要协调其他国家的政策或利益时，有 利于促进“联合干预”的实施。
二、外汇的种类
1、自由外汇 指不需要国家外汇管理局批准，在国际金融市场 上可以自由兑换成其他国家货币,或可以向第三国办理 支付的，以外币表示的不同形式的支付手段。 2、记账外汇 又称协定外汇或双边外汇。是指根据两国政府有 关贸易清算(支付)协定所开立的清算账户，为贸易贷 款、经济援助等协定项下使用的外汇，未经货币发行 国批准，不能自由兑换为其他国货币或对第三者支付， 只能按照“支付协定”中规定计价结算的货币进行结 算。
国际经济与贸易专业主干课程 英文版
Syllabus of International Economics and Trade Names of Main Courses:1.International Clearance2.International Finance3.A Brief Introduction of International Trade4.International Trade Practice5.Customs Clearance Practices6.Management and Practice of Multinational Company7.Business Correspondence8.Trade negotiations9.Western EconomicsSyllabus of International FinanceFor: International Economics and TradeTotal Class Hours: 54Aims:This course introduces students to International Finance and equips them with basic concepts, and methods to study and analyze international economic issues and problems. It will lay a hard foundation for on Finance study and work in the future.Prerequisites:1.To understand properties, tasks and its researching targets; its system,structure overall2.To grasp basic concepts and theories, basic principles and methods,and development of international finance3.To learn to apply theories and principles to practice and analyzefinancial problems and specific cases with relevant theories.Teaching Mode:Lectures and case studyCourse Contents:Chapter one Foreign Currency and Exchange Rate1.1Definition and categories of currency1.2Definition, exchange quotation and categories of currency Rate1.3Currency basis and main factors affecting it1.4Function of currency changes to economyKey points and Difficulties:Exchange Quotation; main factors and functions of currency and currency changeChapter Two Currency System and Exchange Control2.1 Categories of currency system2.2 Fixed exchange rate and floating exchange rate2.3 History and purpose of exchange control2.4 Measures of exchange control2.5 Functions of exchange control2.6 Evolution and contents of foreign currency management in China2.7 RMB exchange rate system and its theoretical parityKey points and difficulties:Fixed exchange rate system and floating exchange rate system; pegging exchange rate, exchange control, complex exchange rate system, evasion, and arbitrage and Currency convertibilityChapter Three Foreign Exchange Market and Foreign Exchange Transactions3.1W hat is foreign exchange market3.2M ajor international markets and their transaction systems3.3T ransaction means3.3.1Spot transactions and forward transactions3.3.2Arbitrage trading and arbitrage trading3.3.3Swap3.3.4Foreign exchange futures and optionsKey points and difficulties:Foreign exchange market, foreign transaction, spot transaction and forward transaction; arbitrage trading and arbitrage trading, swap, foreign exchange futures and optionsChapter Four Foreign Exchange Risk Management4.1 What is exchange risk4.2 Causes and measures of exchange risk4.3 Enterprise Foreign exchange risk management approaches4.4 Bank Foreign exchange risk management approachKey points and difficulties:Recognize and measure all kinds of risks of foreign exchange and management approachesChapter Five International balance of payments5.1 What is international balance of payments5.2 Economic functions fo balance of payments5.3 Imbalance of international payments and its function5.4 Adjustment methods of imbalance of international paymentsKey points and difficulties:International balance of payments and its preparing methods; causes of imbalance and its functions to economy and adjustment methodsChapter Six International Reserves6.1 What are international reserves6.2 Management principles and policy options of international reserves 6.3 international reserves management in ChinaKey points and difficulties:International reserves, international liquidity, foreign exchange reserves, SDR; management principles and its functions,management principles in ChinaChapter Seven International Financial Markets7.1 What are international financial markets7.2 Classifications of international financial markets7.2.1 Foreign exchange market7.2.2 Money market7.2.3 Capital markets7.3 What are money markets in Europe7.4 Financial derivatives market7.4.1 Financial futures markets and futures trading rules7.4.2 Financial options market and options trading rulesKey points and difficulties:International financial markets, foreign exchange market, money markets, capital markets, money markets in Europe, offshore financial markets, financial derivatives; differences between offshore financial markets and traditional financial markets; financial derivatives trading rules and its supervision.Chapter Eight International Capital Flows8.1 What is international capital flows8.2 Benefits and risks of international capital flows8.3 International debt and its measurement index8.4 Causes and solutions of international debt crisis8.5 International capital flows and financial crisis in developing countries Key points and difficulties:Categories, contents and features of international capital flows; benefits and risks of international capital flowsChapter Nine International Settlement9.1N otes and documents in international settlement9.2M eans of international settlementKey points and difficulties:Categories and definitions of notes and documents in international settlement; different settlement means and usage; general business credit, standby letters of credit and bank guaranteeChapter Ten International Monetary Systems10.1 What are international monetary systems10.2 International monetary system10.2.1 International gold standard10.2.2 Bretton Woods system10.2.3 Jamaica monetary system10.3 Regional monetary system10.3.1 Effect of European Monetary System and European Monetary Union on economy10.4 Functions of European financial institutions in international monetary systemKey points and difficulties:International gold standard, Bretton Woods system, Jamaica monetary system, European Monetary Union, Euro; requirements of developing countries to international monetary system; History of Euro and its functions to world economyChapter Eleven International Finance Theory11.1 International balance of payments theory11.2 Exchange Rate Theory11.3 Theory of international capital flowsKey points and difficulties:Typical views on international balance of payments theory, such as Mercantilism’ theory of the balance of trade, Hume’s Price-cash flow mechanism; Purchasing power parity, psychological exchange, Export of capital, Capital input, Theory of capital controlsClass hour allocation:5 hours per chapter(4 hours for Chapter 11 only), totally 54 hours.Main references:Biaoru, C. (1990). Introduction of International Finance. Shanghai: Huadong Normal University Press.Obstfeld, P. R. K. M. (1998). International Economics. Beijing: Renmin University of China Press.Salvatore, D. (1998). International Economics. Beijing: Qinghua University Press.Shunian, L. (1995). International Finance. Beijing: International Business and Economics University Press.Xiang, T., & Yulu, C. (1996). International Finance and Management.Beijing: Renmin University of China Press.Syllabus of Introduction of International TradeFor: International Economics and TradeTotal Class Hours: 72Aims:This course introduces students to International trade and its theories and policies, and equips them with basic theories, viewpoints and methods to analyze international economic issues and trade problems. It will lay a hard foundation for on Finance study and work in the future.Courses contents:Part One Basis of International TradeChapter One Summary of international tradeAims and requirements:This chapter focuses on the researching objects, means and contents of international trade; students are required to master the basic concepts and the whole frame of international trade system.Key points and difficulties: researching objects, contents and basic conceptsChapter Two International Division of Labor and International Trade Aims and requirements:This chapter mainly touches on the relation between internationaldivision of labor and international trade; students are required to know factors causing labor division and different features of it at different stages; interactive relation between labor division and international trade. Key points and difficulties: main factors affecting international labor division.Chapter Three International Labor Division and World MarketAims and requirements:Students are required to know production and development of world market, systems and main features of world market and makeup and manifestations of price of world market.Key points and difficulties:Current world market systemChapter Four International Trade and Economic GrowthAims and requirements:Students are required to know the growing role of international trade in economy and the interactive relation between international trade and economic growth.Key points and difficulties:Economic growth’s effect to balance of international tradeChapter Five International Trade and Economic StructureAims and requirements:Studens are required to know the interactive relation between international trade and economic structure.Key points and difficulties:Infant industries and their protectionChapter Six Strategic Model of International TradeAims and requirements:Students are required to know the definition of Export and import substitution strategy and the main factors and selection principles affecting Export and import substitution strategyKey points and difficulties:Import substitution strategy and its theoretical basis, Export-oriented strategyPart Two International Trade TheoriesChapter Seven Classical International Trade ModelAims and requirements:Students are required to grasp the main theories of Mercantilism, absolute cost theory, comparative cost theory and Dornbush Fisher Samuelson Model.Key points and difficulties:Ricardo - Krugman modelChapter Eight Neoclassical International Trade ModelAims and requirements:Students are required to know Equilibrium open economy, mutual needs theory, factor endowment theory and Leontief MysteryKey points and difficulties:Mutual needs theory and factor endowment theoryChapter Nine Imperfect Competition Model of International TradeAims and requirements:Students are required to master scale economy and international trade, intraindustrial international trade, imperfect competitive market and International Competitive AdvantageKey points and difficulties:Intraindustrial international tradeChapter Ten Dynamic International Trade ModelAims and requirements:Students are required to master product life cycle theory, technological gap theory, technology spillover and “scientific” model and neoclassicaltheory.Key points and difficulties:Product life cycle theory and technological gap theoryChapter Eleven New Elements Model of International TradeAims and requirements:Students are required to know human capital and international trade; R&D and international trade, information and international trade, systems and international trade.Key points and requirements:Human capital and international tradeChapter Twelve Model of International Factor MobilityAims and requirements:Students are required to master international capital flow model, international factor and goods mobility and international technology mobility model.Key points and difficulties:International capital flow modelPart Three International Trade PolicyChapter Thirteen Introduction of International Trade PolicyAims and requirements:Students are required to know the evolution of international trade, options of international trade policy and its features, to lay a basis for future study.Chapter Fourteen Tariff MeasuresAims and requirements:Students are required to grasp rate of tariff protection and tariff effects models and know of tariff, tariff system and types of tariffKey points and difficulties:Tariff effects modelChapter Fifteen Non-tariff MeasuresAims and requirements:Students are required to grasp analysis of non-tariff effects and know types of non-tariff measures and its basic featuresKey points and difficulties:Analysis of non-tariff measure effectsChapter Sixteen Export Promotion and Export ControlAims and requirements:Students are required to grasp measures of export promotion and knowhow to analyze the economic effects export promotion and export control. Key points and difficulties:Measures of export promotionChapter Seventeen Strategic Trade PolicyAims and requirements:Students are required to know the theoretical basis of strategic trade policy, basic model and its applicationKey points and difficulties:Theoretical basis of strategic trade policyChapter Eighteen Political Economy of Trade PolicyAims and requirements:Students are required to know trade policy and political factors, rent-seeking and trade policy; game and coordination in international trade policy.Key points and difficulties:Trade policy and political factorPart Four International Trade TopicsChapter Nineteen World Trade Organization and International Trade Aims and requirements:Students are required to grasp the principles and main functions of WTO; know features of GATT related with WTO, analyze the relation among WTO, world trade and China.Key points and difficulties:Principles and functions of WTOChapter Twenty Regional Economic Integration and International Trade Aims and requirements:Students are required to know main content and forms, interactive relation and models of regional economic integrationKey points and difficulties:Models of regional economic integrationChapter Twenty One International Investment and TradeAims and requirements:Students are required to learn the main content and forms, interactive relation and theories of international investmentKey points and difficulties:International investment theoryChapter Twenty Two Transnational Corporation and International Trade Aims and requirements:Students are required to know general features of transnational corporation, major features of management and its effect on macro economyKey points and difficulties:Management of transnational corporationChapter Twenty Three International Trade in ServiceAims and requirements:Students are required to general features of transnational corporation, major features of management and its effect on macro economyKey points and difficulties:Models of international trade in serviceChapter Twenty Four International Trade PatternsAims and requirements:Students are required to know trade features of developed countries and developing countries; to know international economic order and trade patterns and their adjustments.Key points and difficulties:International economic order and trade patterns, and their adjustments.\Main referenceSalvatore, D. (1998). International Economics. Beijing: QingHua University Press.Xian, C. (1998). International Trade Shanghai Lixin Accounting Publishing HouseXinlei, S. (2001). Theories and Policies of International Economics.Chengdu: Southwestern University of Finance and Economics Press.Syllabus of International Trade PracticeFor: International economics and tradeTotal class hours: 36International Trade Practice is a backbone course of specialty of Trade Economics，and it is a course of studying the procedure of international exchange of commodities, and it also have characteristics of foreign activities. The task of this course is: In terms of practice and law, analyzing and studying various kinds of methods of international exchange of commodities, summarizing foreign practical experiences in order to carry out the principles and policies of foreign trade of our country, not only can guarantee the best economic benefits, but also can handle affairs according to the international practice, and make our basic methods can be generally accepted for the international community. Through this course students are required to master basic theories, knowledge and basic skill of the foreign trade business, understand the trade procedure of imports and exports and grasp the method and skill of drafting sales contract clauses.Part One International Trade TermsChapter One International Trade TermsAims:Trade term is the key content of this course. It requires students tograsp the explanations for 13 trade terms of INCO terms 2000 through studying, especially the definitions, characteristic and applications of some important trade term.Key points:The coverage of INCO terms 2000; the meaning of FOB, CFR, CIF, FCA ,CPT, CIP, shipment contract, Symbol Delivery, the varieties of trade term.Teaching difficulties:The same points and different points of FOB, CFR, CIF and the difference among FCA, CPT, CIP, summary of trade terms, choosing of trade terms.Teaching contentLaws and practices for sales of international cargo, the main content of sales contracts, general procedure of sale-goods and main content of this course.Part Two International Sale of GoodsChapter Two Name, Quality and PackingAims:This chapter requires students to study and grasp the importance concluding the quality clause and basic method in the sales contract through this Section, and grasp how to stipulate quantity clauses, andstudy the basic content of the packaging clause, and grasp the general description about the goods on the whole.Key points:Choosing the methods of descript quality correctly, using chipping mark, more and short clause and neutral packing.Teaching Difficulties:Related stipulations about quantity clause of ConversionChapter Three Transport of International GoodsAims:This Section is emphasis the modes of transport，how to stipulate the shipment clause in the contract，how to deal with the shipment document, especially the ocean transportation.Key points:Mode of ocean transport, related documents, clause, accounting the freight of line transportTeaching difficulties:Nature of B/L, kinds of B/L, stipulations about partial shipment and transshipment in UCP500Chapter Four Insurance of International GoodsAims:This Section tells mainly that transports the range that the cargo insurance gives cover for by sea, our country transports cargo insurance risk and such contents as the clause and transportation insurance practice of cargoes imported and exported, etc. by sea.Key points:Related knowledge about insurance of ocean transportTeaching difficulties:Decision of insurance amount, Choice of insurance averageChapter Five Price of International GoodsAims:Through the studying of this chapter, student can grasp the price of the imported and exported goods correctly, adopting various kinds of and fix a price for the method rationally, selecting the favorable pricing currency for use, using relevant commission and discount properly, and ordering the price clause in the contract.Key points:Accounting the commission and discount, exchange the price. Teaching difficulties:Choice to the method of accounting the priceChapter Six Collection and PaymentAims:This chapter mainly introduces the process of international settlement, such as means of payment, payment time, payment place, etc. Among them the L/C and its related issues are discussed in great details. This Section is a key Section of this book.Key points:Draft, L/C, International Factor and Choice of payment instruments. Teaching difficulties:Transferable L/C, relationship of 3 periods of L/C, Usance L/ C payable at sight.Chapter Seven Inspection, Claim, Arbitration and Force Majeure Aims:This chapter mainly introduces inspection, claim, arbitration, Force Majeure and related knowledge in international merchandise trade.Key points:Choosing the time and the place of inspection, deciding the claim party, stipulating the claim clause, judgment of Force Majeure matter, forms and functions of arbitration, results of arbitrationTeaching difficulties:Commencement and termination of Force MajeurePart Three Trade Negotiation and Contract PreparationChapter Eight Export Business Negotiation and Conclusion of ContractAims:This Section tells the general procedures of business negotiation, the basically contents and establishment of contract, etc.Key points:This Section is key on offer and accept, effective time, whether to revocable or withdraw.Teaching difficulties:Stipulations about offer and accept in ConventionChapter Nine Performance of Import and Export ContrastAims:This chapter mainly talks about the main steps in the general process in performance of the contract and its related issues that should be pay close attention to.Key points:The key points of Urging establishment of L/C, notices of verify the L/C Teaching difficulties:Auditing of credit amount and Export bill purchasePart Four International Trade FormsChapter Ten International Trade FormsAims:This chapter mainly tells about the concept and characteristic of various trade forms; main contents of various trade agreement; and issues of using various trade forms.Key points:Distribution, Sole Distribution, Solo Agent or Exclusive Agent, Consignment, Fairs and Sales, Invitation to Tender and Submission, Auction, Processing tradeTeaching difficulties:The Comparison of Sole Distribution and Solo Agent, differences of processing with imported material and supplied material.Main reference:Baifu, W. (1996). Textbook of Import and Export Trade Practice.Shanghai: Shanghai People's Press.Xiaoxian, L. (1994). International Trade Practice. Beijing University Press of International Business and Economics.Yongyou, Y. (1999). International Trade Practice. Wuhan: Hubei People's Press.。
Foreign exchange and foreign trade
Foreign exchange and foreign trade Foreign exchange:Foreign exchange is the abbreviation of “international remittance and exchange”. Nowadays, it becomes necessary in international economy.The necessary conditions of foreign exchange:Firstly, it should be the instrument expressed in foreign currency. Secondly, it must be authorized and free to make payments and exchange into other methods of paying(paper currency, notes, checks)The functions of foreign exchange:It is the way to make international payments.It can promote the international contract and enlarge international economic cooperation.It can balance the international fund’s supplying and demanding.It can measure the economic position of the countries.Foreign exchange rateDefinition: the residents will exchange currency of his own country into it of the country where he travels or buys things. The proportion of the exchanging is the foreign exchange rate.Foreign exchange rate is also the fund which can be used to do business. And it also has its own price, that means we can use some currency to express the price of the other currency.Buying rate (buying price) is the rate used in the occasion when banks buy the exchange from the other banks or clients. While on the contrast, it is called selling rate (selling price)Direct quotation(giving quotation) means we use amounts of foreign currency to be the standard to calculate how much domestic currency we should pay. When we use this method, the buying rate will be the lower rate of the exchanging while the selling rate will be higher rate.Indirect quotation (receiving quotation) means in the contract of direct quotation, it uses amounts of domestic currency to be the standard to calculate how much foreign currency we will receive. When we use it, the buying rate will be the higher rate of exchanging while the selling rate will be the lower one.Floating exchange rateThere are many factors which influence the exchange rate. Generallyspeaking, the changing of economic strength and the economy policies of the countries are the primary cause of the development tendency of exchange rate.英本五班曹彦君1170210058。
大学核心商务英语读写教程UnitForeignCurrenciesandExchangeRates
Rates
第1页/共79页
ObjectivesFra bibliotekTo know something about foreign exchange
To get familiar with business writing
To learn new words and expressions
第3页/共79页
1. Background Information
¡The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. Financial centers around the world function as anchors of trading between a wide range of different types of buyers and sellers around the clock, with the exception of weekends.
To master how to analyze
difficult and long sentences
第2页/共79页
Text A Foreign Exchange Market
1. Background Information 2. Introduction to the Text 3. Business Terms 4. Words and Expressions 5. Notes to the Text
Chapter 1 International Trade-文档资料
A
B
0
2
8
0
Comparative-cost example (4)
Quantity owned after trading Exchange rates used
Country A
B
Rice (4)
1
Copper 4
(2)
1R:1C
1R:2C or ½ R:1C
Comparative-cost example (3)
Total output after specialization
Economic reasons
Absolute advantage
By Adam Smith
Comparative advantage
By David Ricardo
Adam Smith (1723-1790)
British philosopher and economist, An Inquiry into the Nature and Causes of the Wealth of Nations was the first serious attempt to study the nature of capital and the historical development of industry and commerce among European nations. private competition free from regulation Smith believed that private businesses seeking their own interests organize the economy most efficiently, “as if by an invisible hand.” Specialization on the basis of absolute advantage
chapter01-1
13
汇率种类
按照外汇交易中支付的不同 电汇汇率
用电汇方式支付外汇时使用的汇率
信汇汇率 银行通知用信函方式给予的外汇汇率 票汇汇率 银行买卖汇票的汇率
14
汇率种类
按照外汇管制程度的不同
官方汇率 市场汇率
按照同时使用的汇率种数
单一汇率 复汇率、多重汇率
按照国际汇率制度的不同
固定汇率 浮动汇率
纸币制度下汇率是否经过通货膨胀调整
名义汇率 实际汇率
15
学习外汇行情表
DOLLAR SPOT FORWARD AGAINST THE DOLLAR
Jan 25, 2005 Closing Mid-Point Bid/Offer Spread One Month Rate Three Month Rate One Year Rate
28.0637 1.1954 1.8646 1.2956 1.2394 －
597－677 951－958 644－649 955－958 392－397 －
28.0737 1.1935 1.861 1.2961 1.2395 －
28.1287 1.1897 1.855 1.2974 1.2391 －
10
汇率种类
按汇率制定的方法划分
基础汇率：本国货币与基础货币之间的汇率 套算汇率：在基础汇率的基础上，套算出本币 与非基础货币之间的汇率 例如：某年、某时USD100=CHY6.8165 USD1=CHF1.5265 请计算出瑞士法郎和人民币的比价
11
汇率种类
从银行外汇买卖的角度划分
第1章 外汇与外汇汇率
Foreign Exchange & Exchange Rate
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三 购买力平价说 卡塞尔(G. Cassel) 1916年 PPP states that exchange rate between two countries’ currencies equal the ratio of countries’ price levels. It highlights important factors behind exchange rate movement. 两种货币购买力之比决定两国货币的汇 率。
Review of Marxist’
• 货币是充当一般等价物的一种特
殊商品。
• 货币的职能：(1)价值尺度；(2)流通 手段；(3)贮藏手段；(4)支付手段； (5)世界货币。
Variety of FE
• 三 外汇的种类： • （一）来源和用途：贸易/非贸易 • （二）自由兑换性：自由/记帐 （三）买卖交割期：即期/远期 • 四 外汇的作用：
Impact on the Economy
三 汇率变动的经济影响 （贬值，逆差国） 1. 对经常项目：出口量，出口值，进口量， 进口值；需求弹性，供给弹性；J曲线 效应；生产要素的进口替代性。对贸易 条件：出口商品单位价格变动率/进口 商品单位价格变动率 比率；需求弹性， 供给弹性。对无形贸易收支：旅游和侨 汇收入
Chapter 2. Foreign Exchange & Exchange Rate
第二章 外汇与汇率
一 外汇(Foreign Exchange)
Dynamic: 国际汇兑行为。
Static: 以外币表示的支付手段。 形态：1. 钞票；2.有价证券；3.支付凭证；
4.其他（可以转换成外汇的对外要求权）。
US ,t G ,t
•Inflation rate πt denotes price changes between t and t-1.
The hamburger standard, Big Mac Prices
Prices in Implied Actual % over (+) local PPP of the exchange of under(-) currency dollar rate valuation 10/4/92 of dollar China Yuan 6.30 2.88 6.32 +89 Hong Kong HS$ 8.90 4.06 7.73 +91 Italy Lire 4100 1872 1233 -34 Japan Yen 380 174 133 The U.S. price -24 Countries and regions Singapore U.S.A. S$ 4.75 $ 2.19 2.17 1.65
Characteristics of FE
• 1. 2. 3. 二 外汇的特征： 以外币表示，可用于对外支付的金融资产。 物资偿付保证，各国普遍接受。 充分的可兑换性(Convertibility)。 (1) Convertible;经常项目没有任何限制； 资本项目也比较宽松。 (2) Restricted Convertible;在经常项目 上对居民有限制，对非居民无限制。资本 项目原则上管制。 (3) Non-convertible; 对经常项目和资本项目 都管制。
Defray and Speed
1. 电汇Telegraphic Transfer Rate//常 用；又称基础汇率；贵。 2. 信汇Mail Transfer Rate；港澳用 3. 票汇Demand Draft Rate /Sight Bill； (1)即期外汇汇票；(2)长期汇票汇 率。便宜。 根据银行占用客户资金长短来定价格。
仅仅取决于Байду номын сангаас品生产本身的成本。至于 汇率如何决定，就不在本文中讨论了。
Direct Quotation
• • • • • • 直接标价法： 一单位外国货币=若干本国货币。 US$ 100 = RMB 827.70 JP¥100000 = RMB 7820.10 HK$ 100 = RMB 106.12 世界上绝大多数国家，中国使用。
P* e = E ── P
其中， e：实际汇率；E：名义汇率；
P*：外国的价格指数；P：本国的价格指数。
PT e E PN
Er En
PT为贸易商品的价格；PN为非贸易商品的价格。 主要目的是测量竞争地位的变化。
Determinant of Exchange Rate
• 汇率的决定基础及影响汇率变动的 主要因素 一 汇率的决定基础 （一）国际金本位制度下 各国规定了每一金铸币单位包含的黄 金重量与成色，即含金量Gold Content, 两国货币间的比价以含金 量来折算。
Other Terms
• • • • • • 开盘价 Opening Rate 收盘价 Closing Rate 商业汇率 Commercial Rate 金融汇率 Financial Rate 单一汇率 Uniform Rate 双重汇率 Dual Rate／复汇率 Multiple Rate/
Adverse cycle of devaluation 本币贬值
出口减少
进口增加
出口增加，
进口减少
价格上升
Exchange Theories
西方汇率理论 一 国际借贷说(Theory of International Indebtedness) 葛逊(Goschen) Points: 国际借贷（流动债权债务） →外汇的供求→外汇汇率。 For detail, please click
科书上对汇率的解说是含混不清的，一般都 说汇率是两种货币购买力的比。然而，以人民
币和美元购买力来讲，二者的比取决于买什么东西。 如果买旅游鞋，大概是四元人民币合一美元，但是 如果买汽车，大概是十五元人民币合一美元，这不 叫人糊涂吗？其实，正因为两种货币购买力之比是 变化的，它取决于买什么商品，这才有外贸。
•8.27 + 0.25 = 8.52
•干预
•8.27 •8.27 - 0.25 = 8.02
•基本汇率 vs 套算汇率
•Basic rate vs Cross rate •Based on the key currency and calculate other rates. It is a triangle relationship. •香港把美元作为关键货币计算出基本汇率为1 美元=7.86港元，如果纽约市场上1英镑=1.63美 元，那么，港币对英镑的汇率就可以套算出来 •1英镑=7.86×1.63=12.81港元
E$ DM
PUS The same commodity PG It costs $200 in U.S;
It costs DM600 in Germany
PUS 200 E$ DM E$0.33 DM 1 PG 600 •The Law of One Price:Identical goods sold
Official vs Market
• 官方汇率Official Rate:规定法定价值： 贬值Devaluation;升值Revaluation; • 市场汇率Market Rate:由市场供求关 系决定波动： 下浮Depreciation;上浮Appreciation 场内（交易所）和场外（黑市）
•外汇兑换牌价
币别 Currency 美元 说明： 中间价 Middle A 827.70 买入价 Buying B 826.46 卖出价 Selling C 828.94 现钞买入 价Bank Notes 807.84
A=(B+C)/2 银行买入 银行卖出 运费+保
公布汇率 客户卖出 客户买入 险费2-3%
Real Exchange Rate
•双边汇率
•名义汇率 •有效汇率 •Nominal Rate: Bilateral Rate & Effective Rate •至于所兑换到的另一种货币实际上能购 买多少商品和劳务则未能表示出来。
•实际汇率 (RER)= 名义汇率 - 通货膨胀率
•扣除通货膨胀因素的实际汇率可以下式表示:
Indirect Quotation
• 间接标价法： • 一单位本国货币=若干外国货币。 • 英国伦敦外汇市场使用。美国对 英镑的标价使用。 • 直接和间接的倒数换算关系：
Other Classifications
• 按汇率制度，政策分： • 固定汇率 Fix Rate • 浮动汇率 Floating Rate
Mint Par 铸币平价
• 两种货币的含金量对比叫铸币平价。 • 但外汇市场买卖时的价格在黄金输送点内波 动。黄金输送点=铸币平价±运费
$4.8965
$4.8665
美国购买黄金运往英国 +0.03 -0.03
$4.8365 用英镑购买黄金运回美国
Bank Note; Paper Money
（二）纸币流通制度下 纸币所代表的价值量（纸币的购买力） 是决定汇率的基础。 发行纸币的物质准备；可以是黄金或 其他。
Foreign Exchange Rate
• 外汇汇率 • Krugman: The Price of one currency in terms of another. • 一国货币折算成另一国货币的比 率。
The Adapted Speech from VIP-1
• 谈到价格比较就离不开汇率，因为中国货是用人民 币标价的，而美国货是用美元标价的，没有汇率的 话，二者无法进行比较，这里就产生汇率如何规定 的问题。很遗憾地，现在中国绝大多数的外贸教