国际金融(双语)Chap 3
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国际金融英文版CH3
Chapter 3
Foreign Exchange Market and Foreign Exchange Rate
Foreign Exchange Market
Foreign exchange is another country’s money. The dynamic meaning of the foreign exchange refers to the act of trading different country’s currencies.
Foreign exchange market structure
Customers buy $ with ￥
Local banks
Foreign exchange brokers
Major banks Interbank markets
Local banks
Customers buy ￥ with $
The foreign exchange market is an informal, over-the-counter and around-the-clock market.
It has no centralized meeting-place and no formal requirements for participation.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
Convertibility means a currency can be freely exchanged for another currency. This is the most important characteristic of the foreign exchange.
Foreign Exchange Market and Foreign Exchange Rate
Foreign Exchange Market
Foreign exchange is another country’s money. The dynamic meaning of the foreign exchange refers to the act of trading different country’s currencies.
Foreign exchange market structure
Customers buy $ with ￥
Local banks
Foreign exchange brokers
Major banks Interbank markets
Local banks
Customers buy ￥ with $
The foreign exchange market is an informal, over-the-counter and around-the-clock market.
It has no centralized meeting-place and no formal requirements for participation.
A spot exchange rate is the current market price, the rate at which a foreign exchange dealer converts one currency into another currency on a particular day.
Convertibility means a currency can be freely exchanged for another currency. This is the most important characteristic of the foreign exchange.
国际金融学第三讲课件
国际金融学第三讲
• 例：某日纽约银行报出英镑与美元、美元与德国马克的汇率，套 算英镑与德国马克的汇率： GBP1=USD1.6808/1.6816 USD1=DM1.6917/1.6922 可得：GBP1=DM2.8434/2.8456
国际金融学第三讲
（3）从汇率是否适用于不同用途的角度分： • 单一汇率：是指在一个国家内，在所有的国际经 济活动之中两种货币之间只有一个比价，即汇率。 • 复汇率：是外汇管制的产物，曾被很多国家采用 过。我国在1981年－1993年实行的外汇双轨制就 是复汇率的一种主要形式。
USD1＝JPY110.43 • 则GBP1＝JPY1.4×110.43＝JPY154.60。
国际金融学第三讲
• 某日纽约银行报出美元与瑞士法郎、美元与德国马克的汇率，套 算德国马克和瑞士法郎之间的汇率： USD1=CHF1.3894/1.3904 USD1=DM1.6917/1.6922 可得：DM1=CHF0.8211/0.8219
国际金融学第三讲
（4）从外汇买卖的交割期限分：
• 即期汇率：又称现汇汇率，是买卖双方成交后，在两个营业日之 内办理外汇交割时所使用的汇率。
• 远期汇率：又称期汇汇率，是买卖双方成交后，在约定的未来某 个日期按成交时商定的汇率办理交割。
• 一般地，当远期汇率高于即期汇率时，称之为远期汇率升水，反 之称为贴水。
遍接受性除了与各国的外汇管理制度有关外，还与一国货币价格 的稳定
• 货币名称 • 人民币 • 美元 USD • 日元 JPY • 欧元 EUR • 英镑 GBP
• 德国马克
• 瑞士法郎
英文简写 货币名称 英文简写
RMB
爱尔兰镑
IEP
意大利里拉 ITL
• 例：某日纽约银行报出英镑与美元、美元与德国马克的汇率，套 算英镑与德国马克的汇率： GBP1=USD1.6808/1.6816 USD1=DM1.6917/1.6922 可得：GBP1=DM2.8434/2.8456
国际金融学第三讲
（3）从汇率是否适用于不同用途的角度分： • 单一汇率：是指在一个国家内，在所有的国际经 济活动之中两种货币之间只有一个比价，即汇率。 • 复汇率：是外汇管制的产物，曾被很多国家采用 过。我国在1981年－1993年实行的外汇双轨制就 是复汇率的一种主要形式。
USD1＝JPY110.43 • 则GBP1＝JPY1.4×110.43＝JPY154.60。
国际金融学第三讲
• 某日纽约银行报出美元与瑞士法郎、美元与德国马克的汇率，套 算德国马克和瑞士法郎之间的汇率： USD1=CHF1.3894/1.3904 USD1=DM1.6917/1.6922 可得：DM1=CHF0.8211/0.8219
国际金融学第三讲
（4）从外汇买卖的交割期限分：
• 即期汇率：又称现汇汇率，是买卖双方成交后，在两个营业日之 内办理外汇交割时所使用的汇率。
• 远期汇率：又称期汇汇率，是买卖双方成交后，在约定的未来某 个日期按成交时商定的汇率办理交割。
• 一般地，当远期汇率高于即期汇率时，称之为远期汇率升水，反 之称为贴水。
遍接受性除了与各国的外汇管理制度有关外，还与一国货币价格 的稳定
• 货币名称 • 人民币 • 美元 USD • 日元 JPY • 欧元 EUR • 英镑 GBP
• 德国马克
• 瑞士法郎
英文简写 货币名称 英文简写
RMB
爱尔兰镑
IEP
意大利里拉 ITL
《国际金融》3
investment banker
firm
Indirect Transfer using Investment Banker funds
investment banker securities
firm
Indirect Transfer using Investment Banker funds saver
Financial Markets
Financial Market: a market in which financial assets (securities) such as stocks and bonds can be purchased or sold Provide for financial intermediation--financial savings (Surplus Units) to investment (Deficit Units) Provide payments system Provide means to manage risk
Money (Financial) Market Government
Government issues government bonds, notes and treasury bills to finance government activities.
These are promissory notes issued by the government when it borrows money.
Securities in the Financial Market
Highly liquid, low risk Treasury Bills (T-Bills) Certificates are short-term securities •T-Bills of Deposit (CDs) issued by the Commercial Paper Federal government. •After initial sale, they have an active Eurodollars secondary market. Banker抯 Acceptances •They are bought at a discount and at maturity the investor receives the full face value.
国际金融英语Part Three Foreign Exchange and Foreign Exchange Market
E.g. To a Japanese, u.s. dollar is foreign exchange, and to an American, Japanese Yen is foreign exchange.
B. The foreign exchange market is a market for converting the currency of one country into that of another country. The major participants in the foreign exchange market are large commercial banks that operate at two levels-retail and interbank:
II. Quotation Methods of Exchange Rates
A. Direct Quotation Method
It reflects the amount of home currency that is required to buy the foreign currency. And China uses Direct quotation.
Unit 6. Foreign Exchange Market
I. Definitions of Foreign Exchange & Foreign Exchange Market
A. Foreign exchange is defined as the currency of another country.
A. Currency Conversion
• Currency speculation (short-term movements of funds from one currency to another one in the hopes of profiting from the fluctuations in exchange rates) is another use of foreign exchange markets. E.g. A US company has $ 10 m to invest for 3 months. Suppose the company suspects that US dollar is overvalued against franc. That is the company expects the value of the dollar to depreciate against franc. The current dollar/franc exchange rate is $1=FFr 6, the company exchange its $ 10 m into francs and receive FFr 6o m. In 3 months, $1=FFr 5 (dollar depreciate against franc), then the company exchange its FFr 60 m into $ 12 m. Thus, the company gets profits = $12 m-$10 m = $ 2 m.
B. The foreign exchange market is a market for converting the currency of one country into that of another country. The major participants in the foreign exchange market are large commercial banks that operate at two levels-retail and interbank:
II. Quotation Methods of Exchange Rates
A. Direct Quotation Method
It reflects the amount of home currency that is required to buy the foreign currency. And China uses Direct quotation.
Unit 6. Foreign Exchange Market
I. Definitions of Foreign Exchange & Foreign Exchange Market
A. Foreign exchange is defined as the currency of another country.
A. Currency Conversion
• Currency speculation (short-term movements of funds from one currency to another one in the hopes of profiting from the fluctuations in exchange rates) is another use of foreign exchange markets. E.g. A US company has $ 10 m to invest for 3 months. Suppose the company suspects that US dollar is overvalued against franc. That is the company expects the value of the dollar to depreciate against franc. The current dollar/franc exchange rate is $1=FFr 6, the company exchange its $ 10 m into francs and receive FFr 6o m. In 3 months, $1=FFr 5 (dollar depreciate against franc), then the company exchange its FFr 60 m into $ 12 m. Thus, the company gets profits = $12 m-$10 m = $ 2 m.
国际金融课件第3章4课时
2008 All copy rights reserved.
5
Market Size
Main FX market average daily turnover, 1988 - 2007, in billions of USD
Source: Bank for International Settlements (December 2007)
Buying53
USD
682.69
CHF
603.48
JPY
6.3568
CAD
638
AUD
549.56
EUR
962.95
Cash Buying Rate
1175.15 86.83 677.22 590.75 6.2228 624.55 537.97 942.65
Suppose that bank in London may be unwilling to continue holding the pounds… • The top-tier inter-bank market accounts for 53% of all
transactions. • Participants in inter-bank market: commercial banks
CHAPTER 3
THE FOREIGN EXCHANGE MARKET
2008 All copy rights reserved.
2
Foreign Exchange
• Foreign exchange is the act of trading different nations’ moneys.
1 U.K. Pound = 1.762 188.9974 1.2463 1.8816
5
Market Size
Main FX market average daily turnover, 1988 - 2007, in billions of USD
Source: Bank for International Settlements (December 2007)
Buying53
USD
682.69
CHF
603.48
JPY
6.3568
CAD
638
AUD
549.56
EUR
962.95
Cash Buying Rate
1175.15 86.83 677.22 590.75 6.2228 624.55 537.97 942.65
Suppose that bank in London may be unwilling to continue holding the pounds… • The top-tier inter-bank market accounts for 53% of all
transactions. • Participants in inter-bank market: commercial banks
CHAPTER 3
THE FOREIGN EXCHANGE MARKET
2008 All copy rights reserved.
2
Foreign Exchange
• Foreign exchange is the act of trading different nations’ moneys.
1 U.K. Pound = 1.762 188.9974 1.2463 1.8816
国际金融英文课件3
Introduction to Foreign Exchange Market
An international network of dealers - It consists of a limited number of major dealer institutions that are particularly active in foreign exchange, trading with customers and (more often ) with each other. Most are commercial banks and investment banks - Although geographically dispersed in numerous financial centres around the world, these dealer institutions are linked to each other through telephones, computers, and other electronic means.
Introduction to Foreign Exchange Market
The World's Largest Market It is by far the largest and most liquid market in the world. The estimated worldwide turnover of reporting dealers, at around $2 trillion a day (in 2004). – 7 times the level of turnover in the US Government securities market. The breadth, depth, and liquidity of the market are truly impressive. ($200 ~ $500 million per individual trade; 20 times a minute, 18,000 changes per day) The five major centers of Forex trading, are based in London, New York, Zurich, Frankfurt and Tokyo.
国际金融英文版(全)
2.研究对象
（1）国际货币及借贷资本运动 规律 （2）国际货币经营和管理的各 种业务及组织机构 （3）国际货币信用制度及政策 措施
一 国际金融的概念﹑重要性及特点
4.国际金融的特点
（1）是一种全球性的货币信用活动 （2）不仅是货币信用空间的相对简单的扩大，其所涉及的范围更广，影响因素 更为复杂。 （3）必须借助于国际支付手段 （4）国际货币信用活动要涉及不同的语言文字和风俗习惯 （5）不仅受各国法律约束，而且受各种国际协议，国际准则及惯例的l Equities
Currency futures and options
Interest rate futures and options
一 国际金融的概念﹑重要性及特点
1.概念
国际金融一般是指与国际间的货 币流通和银行信用有关的一切业 务活动
3.重要性
Non-bank
Public international financial institutions public global financial institutions regional public national public Private international financial institutions global private regional private national private
Eurocurrency markets
International Debt Markets-long-term
Short-and Medium-term Debt Markets International Equities
国际金融课件chap03-The Foreign Exchange Market-1.
Chap 3 The Foreign Exchange Market
3.1 Basics of Currency Trading 3.2 Foreign Exchange Market Activity 3.3 Demand and Supply for Foreign
Exchange 3.4 Foreign Exchange Trading
Second, where?
The global business was distributed in 2007 :
United Kingdom
34%
United States
17
Switzerland
6
Japan
6Байду номын сангаас
Singapore
6
Hong Kong
4
Australia
4
France
3
Germany
The US dollar was used in seven of the ten most heavily traded currency pairs, partly due to its use as a vehicle currency for cross-trading between other currencies.
Case study: Brussels sprouts a new currency
P34
Knowledge about the Trading
What is being traded in the global foreign exchange market?
Where is the trading done? Who are the traders?
3.1 Basics of Currency Trading 3.2 Foreign Exchange Market Activity 3.3 Demand and Supply for Foreign
Exchange 3.4 Foreign Exchange Trading
Second, where?
The global business was distributed in 2007 :
United Kingdom
34%
United States
17
Switzerland
6
Japan
6Байду номын сангаас
Singapore
6
Hong Kong
4
Australia
4
France
3
Germany
The US dollar was used in seven of the ten most heavily traded currency pairs, partly due to its use as a vehicle currency for cross-trading between other currencies.
Case study: Brussels sprouts a new currency
P34
Knowledge about the Trading
What is being traded in the global foreign exchange market?
Where is the trading done? Who are the traders?
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retirement pensions. • A current account deficit implies that a country is
running a net surplus in capital account and that the country is a net borrower from the rest of the world
– A debit（借方）entry represents a loss of foreign exchange. (outflow)
Surplus - The value of the credits exceed the debits
Deficit - The value of the debits exceed the credits
Only apply to particular area of the balance of payments.
宁波工程学院国商教研室蒋力编
2-3
BPM6 BY IMF
宁波工程学院国商教研室蒋力编
2-4
Components of the BOP
• Current Account • Capital Account • Statistical Discrepancy
宁波工程学院国商教研室蒋力编
2-10
Additional BOP Summary Measures
• Balance of Trade—the value of merchandise exports minus imports. Page68 "Domestic bussiness firm and labor union...., it is popularly cited measures."
宁波工程学院国商教研室蒋力编
2-9
Statistical Discrepancy
• Statistical Discrepancy refers to the measurement errors and omissions resulting from problems of incomplete or inaccurate data.
宁波工程学院国商教研室蒋力编
2-6
• How big is the U.S.current account deficit compare to other countries? P64
• How big is the China current account surplus compared to other countries?
宁波工程学院国商教研室蒋力编
2-2
Features of the BOP
• BOP follows the accounting procedure of doubleentry bookkeeping (debits and credits). P59（复式记 账法）
– A credit（贷方）entry records an item or transaction that brings foreign exchange into the country. (inflow)
宁波工程学院国商教研室蒋力编
宁波工程学院国商教研室蒋力编
2-5
Current Account
• The current account includes the value of trade in merchandise, services, income from investments, and unilateral transfers.
• /china/cur rent-account-to-gdp
宁波工程学院国商教研室蒋力编
2-7
$133billion (highest )
宁波工程学院国商教研室蒋力编
$67billion
2-8
Capital Account
• The capital account include: – Direct Investment – Purchases of Equity and Debt Securities – Bank Claims and Liabilities – U.S. Government Assets Abroad – Foreign Official Assets in the U.S.
Chapter 3 The Balance of Payments
宁波工程学院国商教研室蒋力编
Balance of Paymens• Balance of Payments (BOP) - an accounting record of a country’s trade in goods, services, and financial assets with the rest of the world during a particular time period (year or quarter).
• Merchandise—tangible goods. • Services—include travel and tourism, royalties(版权),
transport costs, and insurance. • Income from investments—interest and dividends. • Unilateral transfers—include foreign aid, gifts, and
• Official Settlements Balance—essentially measures the international reserve change, furthermore, it measures the potential pressure on the value of domestic currency relative to foreign exchange
running a net surplus in capital account and that the country is a net borrower from the rest of the world
– A debit（借方）entry represents a loss of foreign exchange. (outflow)
Surplus - The value of the credits exceed the debits
Deficit - The value of the debits exceed the credits
Only apply to particular area of the balance of payments.
宁波工程学院国商教研室蒋力编
2-3
BPM6 BY IMF
宁波工程学院国商教研室蒋力编
2-4
Components of the BOP
• Current Account • Capital Account • Statistical Discrepancy
宁波工程学院国商教研室蒋力编
2-10
Additional BOP Summary Measures
• Balance of Trade—the value of merchandise exports minus imports. Page68 "Domestic bussiness firm and labor union...., it is popularly cited measures."
宁波工程学院国商教研室蒋力编
2-9
Statistical Discrepancy
• Statistical Discrepancy refers to the measurement errors and omissions resulting from problems of incomplete or inaccurate data.
宁波工程学院国商教研室蒋力编
2-6
• How big is the U.S.current account deficit compare to other countries? P64
• How big is the China current account surplus compared to other countries?
宁波工程学院国商教研室蒋力编
2-2
Features of the BOP
• BOP follows the accounting procedure of doubleentry bookkeeping (debits and credits). P59（复式记 账法）
– A credit（贷方）entry records an item or transaction that brings foreign exchange into the country. (inflow)
宁波工程学院国商教研室蒋力编
宁波工程学院国商教研室蒋力编
2-5
Current Account
• The current account includes the value of trade in merchandise, services, income from investments, and unilateral transfers.
• /china/cur rent-account-to-gdp
宁波工程学院国商教研室蒋力编
2-7
$133billion (highest )
宁波工程学院国商教研室蒋力编
$67billion
2-8
Capital Account
• The capital account include: – Direct Investment – Purchases of Equity and Debt Securities – Bank Claims and Liabilities – U.S. Government Assets Abroad – Foreign Official Assets in the U.S.
Chapter 3 The Balance of Payments
宁波工程学院国商教研室蒋力编
Balance of Paymens• Balance of Payments (BOP) - an accounting record of a country’s trade in goods, services, and financial assets with the rest of the world during a particular time period (year or quarter).
• Merchandise—tangible goods. • Services—include travel and tourism, royalties(版权),
transport costs, and insurance. • Income from investments—interest and dividends. • Unilateral transfers—include foreign aid, gifts, and
• Official Settlements Balance—essentially measures the international reserve change, furthermore, it measures the potential pressure on the value of domestic currency relative to foreign exchange