国际金融复习版要点.doc

单选6*1=6 对错15*1=15 概念4*4=16 简答4*6=24计算3*7=21 论述3选2= 18 Chapter 1 foreign exchange and market 1.foreign exchange definition外汇定义 narrow : foreign exchange(外汇) refers to the way of payment（支付手段）and assets used to the international settlement(国际结算), which is denominated（计价）in foreign currency(外币). 2.Foreign exchange market refers to large commercial banks（商行） in financial centers（金融中心）that trade foreign-currency-denominated（计价）deposits（存款）with each other. Classification:（外汇市场的分类） （1）Retail market(零售市场) interbank market(批发市场) --retail market (small amounts): trade in individuals, nonfinancial companies, financial institution（机构）and other organizations --interbank market (wholesale market): trade between banks,60% of the total。 （2）The timing of the actual exchange of money： --spot market(即期市场): is the market where trading of foreign exchange is delivered on the spot. --forward market(远期市场): where trading of foreign exchange will be delivered in the future. 3.Exchange rate Definition: exchange rate is the price of one kind of money in terms of another. 4.Quotation(标价法) Direct quotation（直接标价）: domestic（国内）currency is expressed by unit foreign currency. Indirect quotation（间接标价）: foreign currency is expressed by unit domestic currency. (e.g. USA, U.K.) 本币为标价货币，外币伟标准货币。 5.bid rate (buying rate): the rate at which a bank will purchase the foreign exchange. Ask (offer) rate (selling rate): the rate at which the bank will sell the foreign exchange. （Ask rate is more expensive than bid rate） 6.Spread(差价): the difference between the bid rate and the ask rate 7.mid-range rate(中间价): the average price of bid and ask price. 8.cross rate（交叉汇率）: By knowing any two exchange rates, we will be able to infer a third exchange rate.（Note: Since transaction costs are higher for lightly traded currencies, the depth of foreign exchange trading that involves dollars often makes it cheaper to go through dollars to get from some currency X to another currency Y when X and Y are not widely traded