中文Week_3ForeignExchangeMarket(new).pptxVIP

Foreign Exchange MarketsWeek 3Chapter 3 6外汇市场Week 3Chapter 3 6/p/business/sunday/long_overdue_correction_of_the_aussie_5jqizq1ljBzhJHfSXnGUFLhttp:///p/business/sunday/long_overdue_correction_of_the_aussie_5jqizq1ljBzhJHfSXnGUFL/p/business/sunday/long_overdue_correction_of_the_aussie_5jqizq1ljBzhJHfSXnGUFL /p/markets/aussie_dollar_tipped_to_force_rba_iXXYiGe4b8ya8xOBRdi4gMContentsThe foreign exchange (FX) marketOperation of FX marketFX market segments and participantsForeign exchange rates and quotationsExposure to currency riskMeasuring FX rate changeValue at riskForward MarketCross Exchange rateExchange Rate System内容外汇市场，外汇市场的运作外汇汇率和报价外汇风险风险价值远期市场交叉汇率汇率系统ImportantPlease read Chapter 4 Exchange Rate Determination in your text book 重要请阅读教材的第四章，汇率的决定。Foreign Exchange (FX) Market The FX market is the market where national currencies are bought and sold against one another.The FX market encompassesConversion of purchasing power from one currency to another; bank deposits of foreign currency; credit denominated in foreign currency; foreign trade financing; trading in foreign currency options futures, and currency swapsNo central market placeWorld-wide linkage of bank currency traders, non-bank dealers (Banks, insurance companies, etc.), and FX brokers—like an international OTC marketWeek3-外汇市场外汇市场是各国货币相互买卖的市场.外汇市场包含货币之间购买力的转换，外币银行存款外币银行贷款对外贸易融资，外币期权和期货交易，外币互换没有集中的市场场所银行货币交易员，非银行交易商和外汇经纪商的世界性联接，像是一个国际场外市场。Week3-FX-market Characteristics The largest and most perfect market.Needed because every international transaction requires a foreign exchange transaction.An over-the-counter (OTC) market.外汇市场的特点最大最完善的市场因为每一国际交易都涉及到外汇交易，所以是必须的市场，场外市场FOREIGN EXCHANGE MARKET-Foreign Exchange RateForeign exchange rate in a market is determined by the demand and supply of foreign/local currencies in the market.Local demand for foreign goods and services create the demand for foreign currencies, andForeign demand for local goods and services create the supply of foreign currenciesThe equil