Part Tree现代金融业务.ppt

Part Three. The Foreign Exchange System of China; ;The Main Contents;phrases;I. Foreign Exchange ;---The State Administration of Foreign Exchange (SAFE) ;; 4.Historical Development of Foreign Exchange Control for Capital Account Transactions The controls over capital account transactions have also been gradually liberalized. e.g. , Foreign exchange administration of overseas investment was reformed to encourage domestic enterprises to go abroad. QFII were permitted to invest in domestic capital market .;Capital Account Transactions---cross-border capital movements 1. Investments 2. Borrowings ; 5. The state implements a reporting system for balance of payments statistics. 6. The Bank of China is the principal foreign exchange bank.;special drawing rights: reserve assets in the International Monetary Fund; designed to supplement reserves of gold and convertible currencies used to maintain stability in the foreign exchange market. 特别提款权（special drawing right,SDR)是国际货币基金组织创设的一种储备资产和记账单位，亦称“纸黄金(Paper Gold)”。它是基金组织分配给会员国的一种使用资金的权利。会员国在发生国际收支逆差时，可用它向基金组织指定的其他会员国换取外汇，以偿付国际收支逆差或偿还基金组织的贷款，还可与黄金、自由兑换货币一样充当国际储备。但由于其只是一种记帐单位，不是真正货币，使用时必须先换成其他货币，不能直接用于贸易或非贸易的支付。因为它是国际货币基金组织原有的普通提款权以外的一种补充，所以称为特别提款权（SDR）。 ;Current Account : ---trade ---service ---unrequited transfer 经常项目是指货物、服务、收入和经常转移，是国际收支平衡表中最基本的、最重要的项目，反映的是最主要和最经常发生的交易。;无偿移转(Unrequited Transfer):又称片面移转( unilateral transfer )或移转支付(transfer payments).指一国民间及政府提供他国物品,劳务或金融资产时,他国未以相等项目补偿时即属无偿移转.例如侨民汇款,政府对外援助,捐款,赠与等，反之亦然。;Knowledge points;True or False;Discussion;II. Foreign Exchange Quotations –P77-79 Direct quotation Indirect quotation USD quotation Arbitrage Cross rate Middle rate Buying rate Selling rate ;Foreign Exchange Quotations (1). Direct quotation, also called giving quotation. Under direct quotation, the exchange rates are quoted in terms of a variable number of home currency against a fixed unit of foreign currency. e.g. in China 100JPY= 7.26 CNY (17March, 2008) 100JPY= 7.66 C