外汇考试重点,必看.doc

What is foreign exchange? Foreign currencies the instruments of payments denominated in foreign currencies ?What is exchange rate? The price ratio between two currencies ?What is foreign exchange rate? The price of foreign currency in terms of home currency ($) Example: Jan. 1, 1991 Ex. Rate: 130 ￥/$ Dec. 31, 1991 Ex. Rate: 160 ￥/$ Answer： [(1/160) – (1/130)] / (1/130) = - 18.75% So, Yen depreciated 18.75% during 1991. Example: A Mexican importer needs Japanese yen to pay for purchases in Tokyo. Both the Mexican peso (MXP) and Japanese yen (￥) are quoted in US dollars Assume the following quotes: Japanese yen ￥110.73/$ Mexican peso MXP 11.4456/$ The Mexican importer can buy one US dollar for 11.4456 Mexican pesos and with that dollar buy ￥110.73; the cross rate would be 假定某日： 东京市场上 1USD＝120.10－120.20JPY 纽约市场上 1USD＝122.20－122.30JPY Or 东京市场USD/JPY 120.10/20 纽约市场USD/JPY 122.20/30 求套汇者每做1 USD的买卖可以挣得多少差价收入？ Answer:套汇者可以在东京市场用120.20 JPY购得1USD，然后将这1 USD在纽约市场抛出，可得122.20 JPY，可以套取差价2 JPY。 方法： 标价方法相同时，交叉相除 标价方法不同时，同向相乘 例一：USD1＝CNY8.2700－10 USD1＝HKD7.8000－10 HKD1＝CNY？ （8.2700/7.8010－8.2710/7.8000） 例二：USD1＝CNY8.2700-10 GBP1＝USD1.7800-10 GBP1＝CNY？ （8.2700×1.7800-8.2710×1.7810） A foreign exchange transaction is an agreement between a buyer and a seller that a fixed amount of one currency will be delivered for some other currency at a specified rate Example 1： The following exchange rates are available to you(you can buy or sell at the stated rates.) Mt. Fuji Bank ??????????? ￥ 120.00/ $ Mt. Rushmore Bank SF1.6000/ $ Mt. Blanc Bank ￥ 80.00?/SF Assume you have an initial SF10,000,000. Can you make a profit via triangular arbitrage? If so, show steps and calculate the amount of profit in Swiss francs. Try Number 1: Start with SF to $ 　 　 Step 1: SF to $ 　 6,250,000.00 Step 2: $ to yen 　 750,000,000.00 Step 3: yen to SF 　 9,375,000.00 Profit?