CHAPTER3課件.pptVIP

CHAPTER 3 THE FOREIGN EXCHANGE MARKET [teaching targets and demands] To make students master the concepts such as exchange rate , arbitrage, etc, and the structure and function of the foreign exchange market, and the demand and supply for foreign exchange, and the methods to arbitrage within the spot exchange market. [Teaching key and difficult points] The demand and supply for foreign exchange, and the methods to arbitrage within the spot exchange market. [Content of courses ] The basics of currency trading: using the foreign exchange market, Inter-bank foreign exchange trading; Demand and supply for foreign exchange: Floating exchange rates, Fixed exchange rates, Current arrangements; Arbitrage within the spot exchange market Foreign Exchange and Exchange Rates Gnomes of Zurich: 苏黎世地精，对瑞士大银行家的贬义称呼，地精是住在地下守卫财富的精灵 ，瑞士大银行家以其秘密的银行政策和操作手段闻名于世。 Snake in the Tunnel：洞中蛇，也称蛇形浮动，1971年布雷顿森林体系崩溃，欧共体成员国约定各国之间的汇率变动必须维持在正负2.25%以内。 Crowing peg: 爬行盯住，也称浮动盯住，在固定汇率制下，货币当局每隔一定时间对本国汇率实行一次较小幅度的升值或贬值。 Dirty float: 又称管理浮动，在浮动汇率制下，央行公开放弃对外汇市场的直接干预，但仍暗暗地维持干预。 2.1 The basics of currency treading 2.1.1 Exchange Rate exchange rate is the price of one currency in terms of another currency. ·??? Two currencies involved ·??? Timing of delivery 1.????????????????????? Spot 2.????????????????????? Forward Conceptions 1 foreign exchange: the trade of one national currency for another. 2. exchange rate :the price at which two national currencies are traded 3. spot exchange rate: the price for immediate exchange. 4. forward exchange rate: the price for an exchange that will take place sometime in the future. 即期外汇交易 Spot Exchange Transaction:又称现汇交易，是指外汇银行与其客户或与其他银行之间的外汇买卖成交后，原则上于当日或在两个营业日内办理交割的外汇业务。 居民、旅客的零星交易，在当日成交和交割； 银行同业间的在两个营业日内交割。 远期外汇交易 Forward Exchange Transaction，也称期汇交易，指外汇买卖双方先签订远期外汇买卖合同，规定买卖外汇的币种，金额，汇率和将来交割日期，再按合同规定的币种，金额，汇率，由卖方交汇买方付款的一种预约性外汇交易。 2.1.2 The foreign exchange market The market in which national moneys are traded for other national moneys. 1. Retai