Chapter1FX讲义.pptx

Advanced International Finance SDUFE Brief Contents PARTⅠ Global Financial Environment PARTⅡ Foreign Exchange Theory PART Ⅲ Multinational Exchange Rate Exposure PART Ⅳ Financing the Multinational Firm PART Ⅴ Foreign Investment Decisions PART Ⅵ Special Topics in Global Finance 成绩评定 平时考勤、作业及课堂发言：30% 期末成绩：70% （中国外汇交易中心） /（人民银行） （国家外汇管理局） （国际清算银行） http://www. （国际货币基金组织） /（美财政部） （环球外汇） /index.htm 财富中文网 / 美联储 / 美国财政部 / 美国经济统计局 / 国家统计局 参考网站： CHAPTER 1 The Foreign Exchange Market The best way to destroy the capitalist system is to debautch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. ---John Maynard Keynes 货币无疑是商品经济中的一个核心概念。现代宏观经济学的鼻祖凯恩斯曾在《和平的经济后果》一书中引述列宁的话：“摧毁资本主义体系的最佳途径就是摧毁其货币基础”（“…the best way to destroy the capitalist system is to debauch the currency”,The Economic Consequence of the Peace, 凯恩斯1919年发表的著作）。在《福布斯》杂志评选的“世界最有权势的50人”中，除了各国的政治领袖之外，往往在经济领域排名靠前的就是各主要经济体的中央银行行长们了（在2015年的排名中，美联储主席耶伦排第六位，仅次于德国总理默克尔。当然排名本身可能具有一定的媒体宣传的成分），由他（她）们所掌舵的货币政策往往能对世界经济、人民福祉甚至政治博弈的过程产生深远的影响。 CHAPTER 1 The Foreign Exchange Market Fx geographical extent Three main functions Participants Immense daily transaction volume Types of transactions Methods os stating exchange rates, quotations, and changes in exchange rates. Geographical Extent of the Foreign Exchange Market Geographical distribution of turnover Foreign exchange market activity has become ever more concentrated in a handful of global financial centres (Table 6). The vast majority of global FX trading in 2013 has occurred via the intermediation of dealers sales desks in five jurisdictions: the United Kingdom (41%), the United States (19%), Singapore (5.7%), Japan (5.6%) and Hong Kong SAR (4.1%). The share of centres in global FX trading has further risen since the last survey. While the