InternationalMonetarySystem试卷.pptVIP

;;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??（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,?inflation a