商务英语第10章教案分析.ppt

套期保值案例： 某年5月份电子交易市场10月份合约花生价格为960元/百 公斤，某农户感觉此价格比较合理，而新花生要到10月 份才能收获，并且预计产量为500公斤左右。按照每年的 经验10月份时花生的价格可能会下降。 于是该农户为了保住当前的利润而在花生电子交易市场 （期货市场）进行套期保值，5月份在花生电子交易市 场（/期货市场）卖出10月份标准合约5批（即500公斤），合约总价值4800元人民币，该农户只需缴纳20%的保 证金，4800 x 20% = 960元就可以完成预定合约。 10月份的市场情况有两种： 如果市场行情发展与农户的预期相反，价格上涨。假定电子交易市场（/期货市场）10月份标准合约价格为1000元/百公斤, 则电子合约价值为5000元人民币，该农户通过买入平仓损失共200元。同时，现货市场上花生价格涨为1000元/百公斤，于是该农户比5月份卖出多盈利200元人民币，两者相抵，利润得到保全。 如果市场行情发展与农户的预期相符，价格下跌。10月份的电子交易市场的标准合约价格为900元/百公斤, 则该农户在电子市场（/期货市场）通过买入平仓可盈利300元人民币，而在现货市场损失300元人民币，两者相抵，利润保全。 16. Pressure from industrialists and governments led to the introduction of the euro. Twelve countries fixed their exchange rates against the new currency, and beginning in 1999 the new currency was used as a means of payment between companies and in foreign trade, and bonds were denominated in it. 企业家和政府的压力导致了欧元的诞生。12个欧洲国家固定了本国货币与新货币的汇率；从1999年开始，新货币被用作公司之间在贸易中的付款方式，各种债券均以新货币标价。 1998年5月1日，欧盟布鲁塞尔首脑特别会议确认比利时、法国、德国、意大利、西班牙、荷兰、卢森堡、葡萄牙、奥地利、芬兰和爱尔兰共11国为欧元创始国。2000年6月，希腊成为第十二个欧元区国家。 17. A floating exchange rate (浮动汇率) or a flexible exchange rate is a type of exchange rate regime wherein a currency‘s value is allowed to fluctuate according to the foreign exchange market . A currency that uses a floating exchange rate is known as a floating currency. The opposite of a floating exchange rate is a fixed exchange rate. Types of controls that governments put in place to ban or restrict the amount of foreign currency or local currency that is allowed to be traded or purchased. Common exchange controls include banning the use of foreign currency and restricting the amount of domestic currency that can be exchanged within the country. What are Tobin Taxes (托宾税)?Tobin Taxes are excise taxes on cross-border currency transactions. They can be enacted domestically by national legislatures, followed by multilateral cooperation for effective enforcement. The revenue should go to global priorities: basic environmental and human needs. Such taxes will help tame c