国际商务定义英文版精选.doc

●The foreign exchange market is a market for converting the currency of one country into that of another country. ●The exchange rate is the rate at which one currency is converted into another. ●Two main functions of the foreign exchange market: 1、is used to convert the currency of one country into the currency of another 2、provide some insurance against foreign exchange risk (the adverse consequences of unpredictable changes in exchange rates) ●Spot Exchange Rate 即期汇率:The rate at which a foreign exchange dealer converts one currency into another currency on a particular day. ●Forward Exchange Rate 远期汇率:Two parties agree to exchange currency and execute the deal at some specific date in the future. ●Currency Swap 掉期（货币互换）:The simultaneous purchase and sale of a given amount of foreign exchange for two different value dates. ●international monetary system: Refers to the institutional arrangements that govern exchange rates. ● currency speculation：the short-term movement of funds from one currency to another in the hopes of profiting from shifts in exchange rates ●A floating exchange rate system 浮动汇率 exists when a country allows the foreign exchange market to determine the relative value of a currency. ●A pegged exchange rate system 钉住汇率 exists when a country fixes the value of its currency relative to a reference currency. ●A dirty float 管理浮动 exists when a country tries to hold the value of its currency within some range of a reference currency such as the U.S. dollar. ●A fixed exchange rate system 固定汇率 exists when countries fix their currencies against each other at some mutually agreed on exchange rate. ●Investors include corporations with surplus cash, individuals, and non-bank financial institutions. ●Borrowers include individuals, companies, and governments. ●Markets makers are the financial service companies that connect investors and borrowers, either directly or indirectly. ●Capital market loans can be equity (stock) or debt ( cash loans or bonds). Equity (