外汇市场.ppt
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1、Chapter 6,The foreign exchange market,Most international financial transactions sooner or later involve an exchange of one currency for another the exchange rate and exchange rate determination play an important role in international financial theory.,绝大多数的国际金融交易活动都或多或少地涉及到外汇交易。因此说汇率及其决定因素分析在国际金融理论中
2、占有重要的地位。,The efficiency of the international financial system and its degree of integration with the individual national financial systems depends to a large extent on how cheaply and quickly foreign exchange transactions can be effected.,国际金融系统的效率,及其同各国金融系统的联系程度在很大程度上取决于外汇交易的成本和效率,The foreign excha
3、nge market is where currencies are bought and sold.In this chapter we look at the foreign exchange market from a technical point of view,examining how the market is organized,how exchange rates are quoted and how trades are actually made.,外汇市场是进行外汇交易的场所。本章将从技术的角度来分析外汇市场、研究市场是如何构成、汇率是如何标价,以及实际的外汇交易是如
4、何操作的。,We will also see how delivery and settlement is achieved between agents in different countries.An important element in the discussion is the link between the foreign exchange market and the Eurocurrency market.,还将涉及到不同国家的银行之间是如何进行移交和结算的等问题。其中我们将重点讨论外汇市场和欧洲货币市场间的联系。,Organization of the foreign
5、exchange spot market(即期外汇市场的组织结构),1.1The interbank market,Foreign exchange transactions,Foreign exchange transactions involve buying and selling one currency for another.,外汇交易是指用一种货币兑换另外一种货币的交易活动。实际的外汇交易一般都不是双方直接进行货币交易的,而是以一种货币的活期存款兑换另一种货币的活期存款。,The transaction can be made for immediate delivery on
6、the spot market Future delivery on the future delivery,即期市场中的外汇交易是立即进行交割的外汇交易,而远期外汇交易是指按照约定的时间在未来进行交割的交易。,The core of the foreign exchange market is the interbank market.,It is an informal,over-the-counter,arounnd-the-clock market that includes the major commercial banks and some specialized brokers
7、 located in the principal financial special satellite communications network called SWIFT.,银行同业市场是外汇市场的重要组成部分,银行同业市场是一种非正式的、场外的、全天候外汇交易市场,其业务范围涉及到世界各主要金融中心的大型商业银行和专业经纪公司。他们之间通过电话、电报,而现在更多的是通过称为 SWIFT的专用通讯卫星网络来传输交易。,1.2 Spot quotations,Direct dollar quotes(European terms),Exchange rates can be quoted
8、 in two ways:The number of units of domestic currency for one unit of foreign currency(incertain,direct quotations);The number of units of foreign currency for one unit of domestic currency().,汇率的表示方法有两种:()以本国货币表示的一单位外国货币的数量;()以外国货币表示的一单位本国货币的数量。,目前世界绝大多数国家都采用直接标价法,而英国和美国则采用间接标价法。,The difference is
9、the spread(gain)The spread at less than 0.04%,bid/ask spread=ask rate bid rateask rateExampleSuppose bid price for=$1.52,ask price=$1.60.Spread=(1.60 1.52)=.05 or 5%1.60,Remember that foreign exchange quotes are symmetrical.Buying one is the same as selling the other.,切记汇率的标价是完全对称的。即买入一种货币就相当于卖出另外一种
10、货币。,Indirect quotation=1 Direct quotation,1.3 Cross rates,A cross exchange rate reflects the amount of one foreign currency per unit of another foreign currency.,以非美元标价的、不同外币间的汇率就叫做套算汇率。,ExampleDirect quote:$1.50/,$.009/Indirect quote:.67/$,111.11/$Value of in=value of in$value of in$=$1.50/$.009/,T
11、riangular arbitrage-三角套汇,2.The forward foreign exchange market(远期外汇市场),2.1 Forward quotes,Spot exchange rates are quoted for delivery two business days after the transaction is concluded Forward contracts are foreign exchange traders quote exchange rates for delivery further than two days in the fut
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