chap03--TheForeignExchangeMarket讲义.ppt

CHAPTER 3 The Foreign Exchange Market 第一节 基本概念 一、外汇(Foreign Exchange) 动态概念：Foreign exchange is the act of trading different countries moneys. 静态概念：Foreign exchange also refers to holdings of foreign currencies. 根据《中华人民共和国外汇管理条例》的规定，在我国外汇主要包括以下内容： （1）外国货币，包括纸币、铸币； （2）外币支付凭证，包括票据、银行存款凭证、邮政储蓄凭证等； （3）外币有价证券，包括政府债券、公司债券、股票等； （4）特别提款权； （5）其他外汇资产。 国际外汇市场主要交易货币名称表 二、外汇汇率及汇率的表示方法 1、汇率(Foreign Exchange Rate)的定义 An exchange rate is the price of one money in terms of another. 2、汇率的表示方法 — Direct Quotation is the home currency price of a foreign currency. —Indirect Quotation is the foreign currency price of the home currency Example： 中国：1美元=6.3808元人民币 英国：1英磅=1.5535美元 在直接标价法下，汇率数值越大，表示外币 ，本币 。 Zurich 1US＄＝0.9195 SFr 一个月后： 1US＄＝0.9112 SFr 在间接标价法下，汇率数值越大，表示外币 ，本币 。 London 1￡＝1.5528US＄ 一个月后： 1￡＝1.5598US＄ Hard Currency Soft Currency 当某货币的汇价持续上升时，我们习惯称之为“趋于坚挺”（hardening），称该货币为“硬通货”（Hard Currency）。 反之则习惯称之为“趋于疲软”（weakening）和“软通货”（Soft Currency）。 美元标价法（U.S. Dollar Quotation System） 是指以美元和其他国家的货币来表示各国货币汇率的方法。目的是为了简化报价并广泛比较各种货币的汇价。 例如瑞士苏黎士某银行面对其他银行的询价，报出的各种货币汇价为： USD1=CHF 0.9195 USD1=CAD 1.0240 GBP1=USD 1.5535 Most foreign exchange trading involves the exchange of U.S. dollars for another currency. Indeed, although some trades are made directly between currencies other than the U.S. dollar, many such trades are actually done in two steps. (P33) The dollar is called vehicle currency. (P30, footnote 3) Traders in the market also have conventions for stating exchange rates. In the market, most rates referring to the U.S. dollar are quoted as units of other currency per U.S. dollar, but some (including the euro, British pound, and Australian dollar) are quoted as U.S. dollars per unit of this currency. Note: An exchange rate is confusing because there is no natural way to quote the price. The item/currency that is being priced or valued by the rate is in the denominator. For