金融英语-4-International Finance.ppt

Part 4 International Finance Chapter Outline： 4.1 International Balance Sheet 4.2 Foreign Exchange Rate 4.3 International Monetary System 4.4 Foreign Exchange Exposure 4.5 Foreign Exchange Market 4.6 International Banking Services 4.7 Foreign Direct Invest 4.1 International Balance Sheet The balance of payments accounts(国际收支平衡表) are those that record all transactions between the residents（居民） of a country and residents of all foreign nations. They are composed of the following: The Current Account 经常账户 The Capital Account 资本账户 The Official Reserves Account 储备帐户 Statistical Discrepancy 统计误差 4.1.1 The Current Account Includes all imports and exports of goods and services, unilateral transfers（经常转移） of foreign aid. The net balance on the merchandise transactions is called the trade balance. Goods 货物贸易 Exports are entered into the credit side, while imports the debit side. If the debits exceed the credits, then a country is running a trade deficit（贸易逆差）. If the credits exceed the debits, then a country is running a trade surplus（贸易顺差）. Services 服务贸易 Services include all receipts and payments between the residents and foreigners on transportation, insurance, travel, communication, investment returns such as interest, dividends, and profits generated from loans and investments, technology. Receipts of services are entered into the credit side while payments the debit side. Unilateral transfers 经常转移 Unilateral transfers are transactions that only one-sided since there is no offsetting payment(补偿性支付 ). It includes private transfers and government transfers. 4.1.2 The Capital Account The capital account measures the difference between a country’ s sales of assets to foreigners and purchases of foreign assets. The capital account is composed of Foreign Direct Investment (FDI，外商直接投资), portfolio investments（间接投资） and other investments. Capital account usually consists of three sub-accounts: Direct investment(直接投资): it is usually defined as investment in enterprises locat