国际金融中英文版(带解析)

国际金融中英文版

Chapter 2:

Payments among Nations

Single-Choice Questions

1. A country?s balance of payments records:一个国家的国际收支平衡记录了 B

a.The value of all exports of goods and services from that country for a period of time.

b.All flows of value between that c ountry?s residents and residents of the rest of the

world during a period of time.在一定时间段里,一个国家居民的资产和其它世

界居民资产的流动

c.All flows of financial assets that cross that country?s borders during a period of time.

d.All flows of goods into that country during a period of tim

e.

2.

3. A credit item in the balance of payments is: 在国际收支平衡里的贷项是 A

a.An item for which the country must be paid.一个国家必须收取的条款

b.An item for which the country must pay.

c.Any imported item.

d.An item that creates a monetary claim owed to a foreigner.

4.Every international exchange of value is entered into the balance-of-payments accounts

__________ time(s). 每一次国际等价交换都记进国际收支帐户２次 B

a. 1

b. 2

c. 3

d. 4

5. A debit item in the balance of payments is: 在国际收支平衡中的借项是 B

a.An item for which the country must be paid.

b.An item for which the country must pay.一个国家必须支付的条款

c.Any exported item.

d.An item that creates a monetary claim on a foreigner.

6.In a nation's balance of payments, which one of the following items is always recorded as a

positive entry? D在国际收支中,下列哪个项目总被视为有利条项

a.Changes in foreign currency reserves.

b.Imports of goods and services.

https://www.360docs.net/doc/d74565025.html,itary foreign aid supplied to allied nations.

d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买

7.The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的

总和 B

a.Equals the overall balance.

b.Equals the sum of all credit items.等于所有借项的总和

c.Equals …compensating? transactions.

d.Equals the sum of credit items minus errors and omissions.

8.Which of the following capital transactions are entered as debits in the U.S. balance of

payments? 下列哪个资本交易在美国的收支平衡中当作借项？

B

a. A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland)

to his account at a San Francisco branch of Wells Fargo Bank.

b. A French resident transfers $100 from his account at Wells Fargo Bank in San

Francisco to his Credit Suisse account in Basel.一个法国居民在旧金山的Fargo

Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口

c. A U.S. resident sells his IBM stock to a French resident.

d. A U.S. resident sells his Credit Suisse stock to a French resident.

9.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个

国家金融负债的增加是一种C

a.Reserve inflow.

b.Reserve outflow.

c.Capital inflow.资本流入

d.Capital outflow.

10.___A_______ are money-like assets that are held by governments and that are recognized by

governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.

a.Official international reserve assets 官方国际储备资产

b.Unofficial international reserve assets

c.Official domestic reserve assets

d.Unofficial domestic reserve assets

11.Which of the following is considered a capital inflow? 下列哪项被视为资本流入

A

a. A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买

家

b. A loan from a U.S. bank to a foreign borrower.

c. A purchase of foreign financial assets by a U.S. buyer.

d. A U.S. citizen?s repayment of a loan from a foreign bank.

12.In a country?s balance of payments, which of the following transactions are debits?一个国家

的收支平衡表中,哪个交易属于借项？ A

a.Domestic bank balances owned by foreigners are decreased.外国人拥有的国内银

行资产的下降

b.Foreign bank balances owned by domestic residents are decreased.

c.Assets owned by domestic residents are sold to nonresidents.

d.Securities are sold by domestic residents to nonresidents.

13.The role of ___D_______ is to direct one nation?s savings into another nation?s investments:

资金流的作用是指导一个国家的储蓄进入到另一个国家的投资

a.Merchandise trade flows

b.Services flows

c.Current account flows

d.Capital flows资金流

14.The net value of flows of goods, services, income, and unilateral transfers is called the: 商

品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）B

a.Capital account.

b.Current account.经常账目（户）

c.Trade balance.

d.Official reserve balanc

e.

15.The net value of flows of financial assets and similar claims (excluding official international

reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫 A

a.Financial account.金融帐

b.Current account.

c.Trade balance.

d.Official reserve balanc

e.

15.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金

融帐包括：B

a.Everything in the current account.

b.U.S. government payments to other countries for the use of military bases.美政府采

用其它国家军事基地所需支付款项

c.Profits that Nissan of America sends back to Japan.

d.New U.S. investments in foreign countries.

16.ＡU.S. resident increasing her holdings of a foreign financial asset causes a: 一个美国居

民增持一外国金融资产会引起D

a.Credit in the U.S. current account.

b.Debit in the U.S. current account.

c.Credit in the U.S. capital account.

d.Debit in the U.S. capital account.美国资本帐的借帐

17.A foreign resident increasing her holdings of a U.S. financial asset causes a: 一个美国

居民增持本国一金融资产会引起 C

a.Credit in the U.S. current account.

b.Debit in the U.S. current account.

c.Credit in the U.S. capital account.美国资本帐的贷帐

d.Debit in the U.S. capital account.

18.A deficit in the current account: 经常帐户中的赤字 A

a.Tends to cause a surplus in the financial account.会导致金融帐中的盈余

b.Tends to cause a deficit in the financial account.

c.Has no relationship to the financial account.

d.Is the result of increasing exports and decreasing imports.

19.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion,

and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit

in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？C

a.The balance of payments.

b.The financial account.

c.The current account.经常帐户

d.Unilateral transfers.

20.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助

于美国现金帐的盈余？ B

a.The United States makes a unilateral tariff reduction on imported goods.

b.The United States cuts back on American military personnel stationed in Japan.美国

削减在日本的军事人员

c.U.S. tourists travel in large numbers to Asia.

d.Russian vodka becomes increasingly popular in the United States.

21.Which of the following transactions is recorded in the financial account?以下哪个交易会被

当作金融帐A

a.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间

b. A Chinese businessman imports Ford automobiles from the United States.

c. A U.S. tourist spends money on a trip to China.

d.The New York Yankees are paid $10 million by the Chinese to play an exhibition

game in Beijing, China.

22.If a British business buys U.S. government securities, how will this be entered in the balance

of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ C

a.It will appear in the trade account as an import.

b.It will appear in the trade account as an export.

c.It will appear in the financial account as an increase in U.S. assets held by foreigners.

会被当作是外国人所有的美国资产增长

d.It will appear in the financial account as a decrease in U.S. assets held by foreigners.

23.In the balance of payments, the statistical discrepancy or error term is used to: 在收支平

衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 A

a.Ensure that the sum of all debits matches the sum of all credits.

b.Ensure that imports equal the value of exports.

c.Obtain an accurate account of a balance-of-payments deficit.

d.Obtain an accurate account of a balance-of-payments surplus.

24.Official reserve assets are: 官方储备资产是 B

a.The gold holdings in the nation?s central bank.

b.Money like assets that are held by governments and that are recognized by

governments as fully acceptable for payments between them. 官方国际储备资产是

一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充

分认可

https://www.360docs.net/doc/d74565025.html,ernment T-bills and T-bonds.

https://www.360docs.net/doc/d74565025.html,ernment holdings of SDR?s

25.Which of the following constitutes the largest component of the world?s international reserve

assets? 下列哪项构成了世界国际储备资产的大部份？ D

a.Gold.

b.Special Drawing Rights.

c.IMF Reserve Positions.

d.Foreign Currencies.外汇（币）

26.The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去

外债等于C

https://www.360docs.net/doc/d74565025.html, official reserves.

https://www.360docs.net/doc/d74565025.html, domestic investment.

https://www.360docs.net/doc/d74565025.html, foreign investment.国外投资净值

https://www.360docs.net/doc/d74565025.html, foreign deficit.

27.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余

B

a.Needs to borrow internationally.

b.Is able to lend internationally.就有能力向外放贷

c.Must also have had a surplus in its "overall" balance.

d.Spent more than it earned on its merchandise and service trade, international income

payments and receipts and international transfers.

28.The ___C_______ measures the sum of the current account balance plus the private capital

account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐

（B=CA+FA,FA:为非官方投资和储备）

a.Official capital balance

b.Unofficial capital balance

c.Official settlements balance官方结算差额

d.Unofficial settlements balance

29.If the overall balance is in __A________, there is an accumulation of official reserve assets

by the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）

a.Surplus盈余

b.Deficit

c.Balance

d.Foreign hands

30.Which of the following is the current account balance NOT equal to? 以下哪项不等同

于现金帐 D

a.The difference between domestic product and domestic expenditure.

b.The difference between national saving and domestic investment.

https://www.360docs.net/doc/d74565025.html, foreign investment.

d.The difference between government saving and government investment. 政府储蓄与

政府投资的差值

True/False Questions

31.Capital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流

是贷项

32.The net value of the flow of goods, services, income, and gifts is the current account balance.

(T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额

33.The net flow of financial assets and similar claims is the private current account balance. 金

融资产和类似的资产的净值叫经常帐目余额

34.The majority of countries' official reserves assets are now foreign exchange assets, financial

assets denominated in a foreign currency that is readily acceptable in international

transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.

35.A country's financial account balance equals the country's net foreign investment.一个国家

的金融帐差额相当于一个国家的净国外投资

36.A country has a current account deficit if it is saving more than it is investing domestically.

一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字

37.The official settlements balance measures the sum of the capital account balance plus the

public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额

38.A nation's international investment position shows its stock of international assets and

liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.

39.A nation is a borrower if its current account is in deficit during a time period. (T)

在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.

40.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产

净储备是正数,那么它是借方（债务方）

41.A transaction leading to a foreign resident increasing her holdings of a U.S. financial asset

will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项

42.A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项

43.Gold is a major reserve asset that is currently often used in official reserve transactions. 黄

金作为主要的储备资产,常被用在官方储备交易当中.

44.The current account balance is equal to the difference between domestic product and national

expenditure.(T)经常项目余额等于国民生产与国民支出的差额

45.In 2007 U.S. households, businesses and government were buying more goods and services

than they were producing.(T)２００７年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.

46。你是提供以下信息,一个国家的国际交易,在一个特定年份:

Service exports $346

Service imports $354

Merchandise exports $480

Merchandise imports $348

Income flows, net $153

Unilateral transfers, net $142

Increase in the country抯 holding of foreign assets, net

(excluding official reserves assets) $352

Increase in foreign holdings of the country抯 assets, net

(excluding official reserve assets) $252

Statistical discrepancy, net $154

CA 余额:

$346-354+480-348+153+142=$419；

官方结算余额: $346-354+480-348+153+142+252-352+154=$473；

Change in official reserve assets (net) =官方结算余额=$473

. increasing the holding of official reserve assets.

Chapter 3:

The Foreign Exchange Market

Single-Choice Questions

1.Foreign exchange is: D外汇交易是

a.The act of trading different nations? monies.不用国家货币的交易

b.The holdings of foreign currency.对不同货币的持有

c.The act of importing foreign goods and services.

d.Both (a) and (b) are correct.

2.If the price of British pounds in terms of U.S. dollars is $1.80 per pound, then the price of

U.S. dollars in terms of British pounds is:B如果英磅对美元的汇率是１比１.８,那么美元对英磅的汇率是１比０.５５５

a. 1.80￡ per dollar.

b.0.555￡ per dollar.

c.0.90￡ per dollar.

d. 3.60￡ per dollar.

3.Suppose the exchange rate between the Japanese yen and the U.S. dollar is 100 yen per

dollar. A Japanese stereo with a price of 60,000 yen will cost:B假设日元对美元的汇率是１００比１,那么一台日元为６００００的音响要花多少美元

a.$1,667

b.$600

c.$6,000

d.$100

4.Suppose that a Korean television set that costs 600 won in Korea costs $400 in the United

States. These prices suggest that the exchange rate between the won and the dollar is:A

a. 1.5 won per dollar呢题太简单,不屑翻译…自己睇

b.0.75 won per dollar

c.$1.50 per won

d.$3 per won

5.The ___D_______ exchange rate is the price for “immediate” currency exchange. 即时汇

率是指外汇的即时价格

a.Current

b.Forward

c.Future

d.Spot

6.The ___B_______ exchange rate is the price set now for an exchange that will take place

sometime in the future.远期汇率是指由协议双方预订的将来会发生的汇率

a.Current

b.Forward

c.Future spot

d.Spot

7.The foreign exchange market is:C外汇市场是指

a. A single gathering place where traders shout buy and sell orders at each other.

b.Located in New York.

c. A grouping, by electronic means, of banks and traders who work at banks that

conduct foreign exchange trades. 银行和交易者以电子方式集聚于一起进行外汇

的买卖

d.Located in London.

8.___D_______ foreign exchange trading involves currency exchanges done between

individuals and banks. 小额外汇交易（散户外汇交易）包含私人与银行间的外汇交易

a.Interbank

b.Consumer

c.Intra-bank

d.Retail

9.The U.S. dollar is called a ____A______ because it is often used as an intermediary to

accomplish trading between two other currencies. 美元被称为周转货币,因为经常被用来完成其它两种货币的交易

a.Vehicle currency周转货币（交易通货）

b.Main currency

https://www.360docs.net/doc/d74565025.html,mon currency

d.Primary currency

10.Suppose that the exchange value of the British pound is $2 per pound while the exchange

value of the Swiss franc is 50 cents per franc. From this we can conclude that the

exchange rate between the pound and the franc is:D计算题,到时出中文题自己计啦…

唔翻啦

a. 1 franc per pound

b. 2 francs per pound

c. 3 francs per pound

d. 4 francs per pound

11.Which of the following is NOT a function of the interbank operations of the foreign

exchange market? D下列哪一个不是外汇交易市场中银行间操作方式的一种？

a.Provides a bank with a continuous stream of information on conditions in the foreign

exchange market.

b.Provides a bank the means to readjust its own position quickly and at low cost.

c.Permits a bank to take on a position in a foreign currency quickly.

d.Provides a bank with technological resources for use in foreign exchange trading.提

供技术资源给一间银行,用来进行外汇交易

12.Under the managed float system of exchange rates, a fall in the market price of a currency

is called:B在管理浮动汇率制度下,一种货币价格的下降被称为

a.Devaluation.

b.Depreciation.贬值

c.Appreciation.

d.Both (a) and (b).

13.Interbank trading is conducted directly between ___A_______ or through the use of

__________ that provide anonymity until the trade is complete and reduce search costs.

银行间的交易是在交易者之间进行的或者通过经纪人提供操作直到交易结束.

a.Traders; brokers

b.Brokers; traders

c.Individual consumers; the government

d.Individual consumers; brokers

14.A country?s demand for foreign currency is derived from:A一个国家对外汇的需求来

自于（表示外国货币需求增加，本国货币流出）

a.International transactions entering the debit column of its balance of payments

accounts.国际交易进入到其收款帐户的借方栏里

b.International transactions entering the surplus column of its balance of payments

accounts.

c.The country?s demand for currency to finance exports and capital inflows.

d.The country?s demand for currency to finance its government?s compensating

transactions.

15.U.S. exports of goods and services will create a ___B_______ foreign currency and a

__________ U.S. dollars. 美国商品与服务的出口会创造出外汇的供给以及美元的需求

a.Demand for; supply of

b.Supply of; demand for

c.Shortage of; demand for

d.Supply of; shortage of

16.U.S. imports of goods and services will create a ___A_______ foreign currency and a

__________ U.S. dollars. 美国商品与服务的进口会创造出外汇的需求以及美元的供给

a.Demand for; supply of

b.Supply of; demand for

c.Shortage of; demand for

d.Supply of; shortage of

17.U.S. capital inflows will create a ____B______ foreign currency and a __________ U.S.

dollars.美国资本流入会创造出外汇的供给和美元的需求

a.Demand for; supply of

b.Supply of; demand for

c.Shortage of; demand for

d.Supply of; shortage of

18.In a ____C______ exchange rate system there is no intervention by the government or

central bankers. 浮动汇率制度里,政府与中央银行不得进行干涉

a.Fixed

b.Pegged

c.Floating

d.Managed float

19.As the value of the yen falls relative to the U.S. dollar:C如果日元对美元的汇率下降

了,那么对日元的需求会上升

a.Japanese goods become more expensive to U.S. consumers.

b.The supply of dollars will fall.

c.The demand for yen will rise.

d.U.S. goods become less expensive to Japanese consumers.

20.The demand curve for foreign currency slopes downward because as the exchange rate

___A_______ the quantity demanded __________.外汇的需求曲线会下降是因为随着汇率的上升,需求量就下降

a.Increases; decreases

b.Increases; increases

c.Decreases; decreases

d.Decreases; stays fixed

21.Shifts in demand away from French products and toward U.S. products (caused by forces

other than changes in the exchange rate) would result in extra attempts to ___C_______ euros and __________ dollars. 如果法国商品的需求下降并转稳到美国商品身上（由外力而是汇率引起），会引起欧元的额外卖与美元的购入

a.Buy; buy

b.Sell; sell

c.Sell; buy

d.Buy; sell

22.Other things equal, if American exports to Japan increase and American imports from

Japan decrease, then under a floating exchange rate system, we would expect the dollar to:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强。

a.Weaken against the Japanese yen.

b.Depreciate against the Japanese yen.

c.Devalue against the Japanese yen.

d.Strengthen against the Japanese yen.

23.A decrease in German residents' willingness to invest in dollar-denominated assets will

shift the demand curve for: D 德国居民投资于美元计价资产的意欲下降的话，美元的需求将会下降。

a.Euros to the right.

b.Euros to the left.

c.Dollars to the right.

d.Dollars to the left.

24.In a _____A_____ exchange rate system the government or central bankers intervene to

keep the exchange rate virtually steady. 在固定汇率制度下，政府或中央银行会尽力保持汇率的稳定。

a.Fixed

b.Market driven

c.Floating

d.Forward

Figure 17.1: The Market for British Pounds英磅市场

Exchange Rate

$/￡美元与英磅的汇率

25. Referring to Figure 17.1, a downward movement along the vertical axis would correspond

to a(n) ___C_______ of the U.S. dollar. 在17.1这图可知，纵轴线的下降会引起美元的升值

a. Arbitraging.

b. Devaluation

c. Appreciation 升值

d. Depreciation

26. Referring to Figure 17.1, at $2.50 per pound, there is a(n) __D________. Under the

system of flexible exchange rates, this would cause __________ the ________ curve(s).在图中可得知，如果2.5美元换１英磅,那么会有超过100万英磅的供应. 在弹性汇率制下,这个汇率会引起供求曲线的下降 （6-5=1，本币供过于求，应卖出外币，买进本币）

a. Excess demand of 1 million pounds, leftward shift of, demand

b. Excess supply of 1 million pounds, rightward shift of, supply

c. Excess demand of 1 million pounds, downward movement along, demand & supply

d. Excess supply of 1 million pounds, downward movement along, demand & supply

27. Referring to Figure 17.1, if the British government wants to peg the exchange rate of the pound at $2.50 per pound, what action would British monetary authorities have to

undertake?C 在图可得知，如果英政府想把英磅美元之间汇率控制在１比２.５的话,那么英国货币当局会采取什么措施？ S ￡

D ￡ 2.50

2.00

￡?s

(millions)

5 5.5 6

a.Sell 1 million pounds and buy 2.5 million dollars.

b.Buy 1 million pounds and sell 1 million dollars.

c.Buy 1 million pounds and sell 2.5 million dollars.买一百万的英磅同时卖出二百

五十万的美元

d.Buy 5.5 million pounds and sell 11 million dollars.

28.Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound the pound will

be:A在图可得知,如果把英磅美元之间汇率控制在１比２.５的话,英磅会被估仁值过高

a.Overvalued.高估（估值过高）

b.Undervalued.

c.Devalue

d.

d.In equilibrium.

29.Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound who will this

help?B从图可得知,如果如果把英磅美元之间汇率控制在１比２.５的话,谁会得益？（本币升值有利于进口，不利于出口）

https://www.360docs.net/doc/d74565025.html, importers.

b.British importers.英国进口商

c.British exporters.

d.British import-competing producers.

30.Referring to Figure 17.1, if the British pound is pegged at $2.50 per pound and the

government gives up the peg and allows the pound to float, the pound will experience a(n):D从图可知,如果把英磅美元之间汇率控制在１比２.５,随后政府放弃控制,那么英磅会出现贬值

a.Revaluation.

b.Devaluation.

c.Appreciation.

d.Depreciation.贬值

31.Referring to Figure 17.1, if the U.S. Federal Reserve was to conduct a contractionary

monetary policy, the ______ curve would shift right and the pound would __C________.

从图可知,如果美国联邦储备采取紧缩政策,那么需求曲线会上升,同时,英磅贬值（美元供给减少，必然会导致美元升值，英镑贬值）

a.Supply, appreciate

b.Demand, depreciate

c.Supply, depreciate

d.Demand, appreciate

32.Which of the following best characterizes the current U.S. exchange rate policy?C以下哪

项最好地描绘出美国当今的汇率政策？

a.An adjustable pegged rate.

b. A crawling pegged rate.

c. A freely floating.自由浮动汇率

d. A fixed exchange rat

e.

33.Other things equal, if American exports to Japan increase and American imports from Japan

decrease, then, under a floating exchange rate system, we would expect the dollar to:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强

a.Weaken against the Japanese yen.

b.Depreciate against the Japanese yen.

c.Devalue against the Japanese yen.

d.Strengthen against the Japanese yen.

34.Which of the following groups is most likely to benefit from a strengthening of the U.S.

dollar against major currencies? C如果美元对其它主要货币的汇率走强的话,以下哪一群人会得益？

a. U.S. exporters.

b. The U.S. government.

c. U.S. consumers. 美国消费者

d. Foreign consumers.

35.Under a fixed exchange rate system a fall in the market price (the exchange rate value) of

a currency is called a(n) ____B______ of that currency.在固定汇率制下,一外币的汇

率下降了,这叫作法定贬值

a.Revaluation

b.Devaluation

c.Appreciation

d.Depreciation

36.Exchange rates are equalized in different locations due to:A汇率在不同地方可以保持等

同是因为套利

a.Arbitrage.套利（套汇）

https://www.360docs.net/doc/d74565025.html,ernment intervention in foreign exchange markets.

c.Free trade in goods and services.

d.The actions of importers and exporters.

37.How could you profit if the exchange rate in London was $2/￡ while in New York the

exchange rate was $1.95 per pound?C如果在伦敦的汇率是１英磅对２美元,而在纽约的汇率是１英磅对１.９５美元.那么怎样做才能赚钱？

a.Buy dollars in New York and sell them in London.

b.Buy pounds in London and sell them in New York.

c.Buy pounds in New York and sell them in London.在纽约买英磅然后在伦敦卖

d.Buy dollars in London and sell pounds in New York.

38.The 2001-2007 rapid growth in global foreign exchange trading can be explained by:B

０１-０７年间全球外汇交易的急速增长是因为大型机构投资者对中长期外国金融投资的增长

https://www.360docs.net/doc/d74565025.html,rge increases in short-term international currency activities by hedge funds.

b.Increases in long-term foreign financial investments by large institutional investors.

c.Increases in the U.S. long term government bond yields.

d.Both (a) and (b)

True/False Questions

39.The greater part of the money assets traded in foreign exchange markets are demand

deposits in banks.(T)大部份在外汇市场交易的现金资产都是活期存款.

40.Most foreign exchange trading is done among the banks themselves in the retail part of the

foreign exchange market. 多数外汇交易都是在银行间的散户外汇市场完成交易的

41.The spot exchange rate is the price now for an exchange that will take place sometime in

the future. 即时汇率是指外币在未来一定时间内的汇价.

42.French imports of goods and services will create a demand for foreign currency and a

supply of euros.(T)法国对商品的进出口会创造出对外汇的需求和欧元的供给.

43.In the floating exchange rate system, government officials must intervene in the exchange

rate market to keep the exchange rate from fluctuating.在浮动汇率制下,政府必须对外汇市场进行干涉以保证汇率不出现浮动. （固定汇率）

44.Assuming the Japanese have a floating exchange rate, an increase in Japanese exports of

goods and services will tend to cause the value of the yen to appreciate.(T)在浮动汇率制下,日本商品出口的增长会造成日元的升值（本币贬值有利出口，不利于进口）

45.To maintain an undervalued currency, monetary authorities must intervene in the foreign

exchange market to buy its currency.如果要保持汇率偏低的货币,货币当局必须在外汇市场通过干涉,购买这种货币

46.Triangular arbitrage will not cause the exchange rate between two foreign currencies to

equalize.三角套汇不会造成两种货币间汇率的均等（均衡）

47.From 2001 to 2007, global foreign exchange trading more than doubled.(T)

会０１到０７年间,全球外汇交易增长了两倍多

48.

序.

49.Suppose $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris, and 1 yen = $0.008 in

Tokyo.

a.If you begin by holding $1, how could you profit from these exchange rates? What is your

arbitrage profit per dollar initially traded?

b.Identify the forces at work that will make the cross exchange rates consistent in currency

arbitrage. That is, what forces will lead to a situation in which no profitable arbitrage is

possible?

Essay Questions

1. A retailer in Mexico wants to buy $100,000 worth of Apple computers from the United

States. The Mexican retailer has pesos while the seller in the United States wants to be paid in U.S. dollars. Explain how this transaction is completed with particular emphasis on the foreign exchange market and banks in the United States and Mexico.

课本P33倒数第二段有具体阐述：

The Mexican buyer has to sell pesos to get dollars to pay the U.S. exporter. The Mexican firm contacts its bank and requests a quotation of the exchange rate for selling pesos and acquiring 100,000 dollars. If the rate is acceptable, the Mexican firm instructs its bank to take pesos from its checking account, convert into 100,000 dollars and transfer the dollars to the U.S. producer. The Mexican bank holds the dollar denominated deposits in the United States, at its correspondent bank in New York. The Mexican bank instructs its correspondent bank in New York to take dollars from its checking account and transfer the dollars to the U.S.

producer. This completes the international payment for computers.

2.Suppose $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris, and 1 yen = $0.008 in Tokyo.

a.If you begin by holding $1, how could you profit from these exchange rates? What is your

arbitrage profit per dollar initially traded?

Identify the forces at work that will make the cross exchange rates consistent in currency arbitrage. That is, what forces will lead to a situation in which no profitable arbitrage is possible

a:套利收益0.02

b:出现以下三种情况之一，都会导致无套利机会存在：巴黎汇率:147、纽约汇率0.83、东京汇率0.0078（各减0.02）

(以下为英文思路)：

a. Buy .85 euros, then buy 127.5 yen in Paris with .85 euros then convert 127.5 yen back to

dollars which makes 1.02 dollars yielding a profit of $.02.

b. The forces of demand and supply will ensure that there is no arbitrage opportunity. For

instance, this could happen by depreciating the euro in Paris to about 1 euro = 147 yen.

3.For each case below, state whether the euro has appreciated or depreciated and give an

example of an event that could cause the change in the exchange rate.

a.The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican peso.

b.The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.

c.The spot rate goes from 1.48 euros/British pound to 1.51 euros/British poun

d.

d.The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.

.euro：a&d升值；b&c贬值

（具体思路：The euro appreciates; there is an increased demand for euros. 欧元升值;

有需求持续增加欧元。

a. The euro depreciates; there is an increased supply of euros. 欧元贬值;有供给的增

多欧元。

b. The euro depreciates; there is an increased demand for the British pound. 欧元贬

值。英镑日益增长的需求。

c. The euro appreciates; there is a decreased supply of euros. ）欧元升值;有一种减少

供应的欧元。

Chapter 4:

Forward Exchange and International Financial Investment远期外汇和国际金融投资Single-Choice Questions

1.__A_______ a position exposed to rate risk is the act of reducing or eliminating a net asset or

net liability position in the foreign currency. 对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法

a.Hedging

b.Speculating

c.Investing in

d.Buying

2.___B______ is the act of taking a net asset position or a net liability position in some asset

class. 投机是一种在某些资产类别中取得净资产或者净负债的行为

a.Hedging

b.Speculating

c.Investing

d.Buying

3. A ____D______ exchange contract is an agreement to exchange one currency for another on

some date in the future at a price set now.

远期外汇合同是指交易双方在商议好的日期内按照交易商定的汇率进行外汇交易。

a.Spot domestic

b.Forward domestic

c.Spot foreign

d.Forward foreign

4.____C______ means committing oneself to an uncertain future value of one's net worth in

terms of home currency. 投机是指致力于投资未来不确定的本国货币净值。

a.Selling

b.Hedging

c.Speculating

d.Importing

5.Assume you are a Chinese exporter and expect to receive $250,000 at the end of 60 days.

You can remove the risk of loss due to a devaluation of the dollar by:A假设你是一个中国出口商，你期望在60天内取得$250,000，你可以通过怎样的方法使美元贬值从而排除损失风险？

a.Selling dollars in the forward market for 60-day delivery. 购买60天的远期外汇合

同通过期货市场卖出美元

b.Buying dollars now and selling it at the end of 60 days.

c.Selling the yuan equivalent in the forward market for 60-day delivery.

d.Keeping the dollars in the United States after they are delivered to you.

6.Assume you are an American importer who must pay 500,000 euros at the end of 90 days

when you receive 1,000 cases of French wine at your warehouse in New York. If you do not cover this transaction in the forward market, you face a risk of loss if the euro:B 假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天内付500,000欧元。

如果你不在期货市场对这交易买保险的话，你可以因为欧元对美元的升值而蒙受损失

a.Depreciates against the dollar.

b.Appreciates against the dollar.

c.Either appreciates or depreciates against the dollar.

d.Is fixed.

7.Assume you are an American importer who must pay 500,000 euros at the end of 90 days

when you receive 1,000 cases of French wine at your warehouse in New York. If you do not hedge this transaction, you face exchange rate risk. The best way to remove the risk of loss due to currency fluctuations is to:A假设你是一个美国进口商，当收到寄来的1000箱