国际投资期末复习精选.docxVIP

Chapter 1汇率标价1、Direct Exchange Quotations 直接标价法F:DA direct exchange rate is the domestic price of foreign currency.For example, an American investor seeing a direct quote €:$ = 1.34 knows she/he will pay $1.34 for one euro. To a European investor, the direct quote is $:€= 0.75 which says that 1 dollar (foreign currency) is worth 0.75 euro.Indirect Exchange Quotations 间接标价法D:FAn indirect exchange rate is the amount of foreign currency that one unit of domestic currency will purchase.For an American investor, the indirect quote $:€ = 0.75says that 1 dollar will purchase 0.75euro.To a European investor, the indirect quote is €:$ = 1.34 which says that 1 euro is worth 1.34 dollar.Cross Rate Calculations 套算汇率3、A cross rate is the exchange rate between two countries inferred from each country’s exchange rate with a third country.For example, bank A gives the following quotations:€:$ = 1.3364$:￥ = 123.52 。Calculate the euro in yen (€:￥) rate:(€:$) * ($:￥) = 1.3364 *123.52 = 165.07The resulting quotation is: €:￥ = 165.07. One euro is worth 165.07 yen外汇市场标价惯例4、The international currency market has two main components:A worldwide Forex market between major banks and specialized currency dealers. This is a wholesale interbank market for large transactions. It is an OTC market, by telephone and electronic trading platforms, where trading takes place 24 hours a day, 5 days a week. It is the largest and most liquid financial market in the world. 银行间大宗交易的“批发”市场A retail market where investors and corporations deal with local banks. “零售”市场No need to quote both a direct and indirect rate, e.g. both $:€ and €:$. 没有必要在市场中同时维持欧元兑美元和美元兑欧元的标价History mostly dictates the exchange rate direction that is selectedNot all exchange rates are traded. 并不是所有的货币都有汇率交易Forex quotes always include a bid price and an ask price (or offer price), and there is no commission or fee added on a trade.外汇标价通常包括一个买入价和一个卖出价，一笔交易中不