《国际货币与金融经济学》ppt02.pptVIP

Chapter 2The Market for Foreign Exchange The Foreign Exchange Market Exchange Rate The value of one currency relative to another currency as the number of units of one currency required to purchase one unit of the other currency. Foreign-Currency-Denominated Financial Instrument A financial asset, such as a bond, a stock, or a bank deposit, whose value is denominated in the currency of another nation. Spot Market Characteristics It is the oldest and largest financial market in the world: Has no central trading floor where buyers and sellers meet. Is open twenty-four hours a day, except for