InternationalMonetarySystem讲解.ppt

 Foreign Exchange----A process of the currency of one country is converted into that of another country. Foreign Exchange Market----A market in which the currency of one country is converted into that of another country. (the market for the trading of currencies) Foreign Exchange Rate is a price----the number of units of one nations currency that must be surrendered in order to acquire one unit of another nations currency 报价即为汇率，通常用两种货币之间的兑换比例来表示，例如：USD/JPY、GBP/JPY。 汇率是第一种货币以第二种货币来表示价格。 例如：USD/JPY的汇率为120.10即表示1美元兑换120.10日元。一种货币不能单独成为汇价。 国际收支状况影响外汇市场供求，影响汇率变动（指一国对外经济活动中所发生的收入与支出） 收入支出→国际收支顺差→外汇供大于求 外汇汇率下跌 收入支出→国际收支逆差→外汇供不应求 外汇汇率上升 宏观经济状况（经济增长、财政收支、国民收入、投资环境、经济开放程度等） 宏观经济状况良好→经济稳定→货币汇率稳定 相对的通货膨胀率（一国货币对内价值变化用通货膨胀率来度量） 通货膨胀→物价上涨→对内价值降低、实际购买力下降→本币汇率下跌，外汇汇率上升 Trades Investments between countries 进口商品支付一种货币，出口商品收取另一种货币，在结清账目时要收付不同的货币进行贸易 Speculation(投机)----两种货币间汇率会随供需而变化 Hedging(保值)----执行一项外汇交易，抵消由汇率变动而产生的外币资产的损益 the largest financial market a 24-hour market an over-the-counter market(OTC) 场外交易市场柜台交易市场直接交易市场 分散不集中； 议价方式一对一直接交易； 机构众多，以未能在证券交易所批准上市的股票和债券为主； 管理宽松，依靠电话电报传真计算机网络联系 金融业（银行等金融机构发达的国家） Society for Worldwide Interbank Financial Telecommunication 环球同业银行金融电讯协会 It operates the primary clearing system for international transactions. Headquarter:Brussels, Belgium(比利时) It has global routing computers located in Brussels, Amsterdam and Culpeper, Virginia, the US To achieve the international transfer of purchasing power. 实现购买力的国际转移(货币兑换 资金汇付) To provide financing. 提供资金融通(存贷款 加快资本周转) To provide foreign exchange hedging and speculative market mechanism. 提供外汇保值和投机机制(汇率变动下，套期保值者可规避风险，投机者可获利) International Banks----play a major role, banks globally trade as much as 94%-95% of all FX, and it developed into an interbank market. Financial and Non-financial Customers----smaller commercial banks and investment banks, firms and corporations that are buying and selling foreign exchange, individuals. Central Banks----control the?money supply,?inf