国际财务管理第六版中文版第五章方案.ppt

远期多头与空头 比如F3（$/SF）=0.8686 若3个月后的即期汇率为0.8716或者为0.8616. 黑板上画图 例5-4，预期瑞士法郎会贬值，持有空头，卖出远期外汇合约。 远期多头与空头 If you have agreed to sell anything (spot or forward), you are “short”. If you have agreed to buy anything (forward or spot), you are “long”. If you have agreed to sell FX forward, you are short. If you have agreed to buy FX forward, you are long. 远期套算汇率 FN(j/k)=FN(j/$)* FN($/k) 采用美式标价套算 采用欧式标价套算 Forward Cross Exchange Rates In generic terms Notice that the “$”s cancel. Country USD equiv Friday USD equiv Thursday Currency per USD Friday Argentina (Peso) 0.3309 0.3292 3.0221 Australia (Dollar) 0.7