第5章.the_foreign_exchange_market课件.pptVIP

CH 6;Key terms;Key terms;§1 The Foreign Exchange Market;;;1.3 Characteristics of the Market The worldwide volume of foreign exchange trading is enormous, and it has ballooned in recent years. New technologies, such as Internet links, are used among the major foreign exchange trading centers (London, New York, Tokyo, Frankfurt, and Singapore). The integration of financial centers implies that there can be no significant arbitrage. The process of buying a currency cheap and selling it dear. ;1.4 Vehicle currency A currency that is widely used to denominate international contracts made by partie