国际经济学II课件2-03.ppt

2.2.1 What is the foreign exchange market? The foreign-exchange market refers to the organizational setting within which individuals, businesses, governments, and banks buy and sell foreign currencies and other debt instruments (Sam Cross, the Foreign Exchange Market in the United States, Federal Reserve Bank of New York, 1998) 外汇市场是个人，企业，政府和银行买卖外汇和其他债务工具的组织形式 (外汇市场是指由银行等金融机构、自营交易商、大型跨国企业参与的，通过中介机构或电讯系统联结的，以各种货币为买卖对象的交易市场 ) 2.2 Foreign Exchange Market 2.2.1 What is the foreign exchange market 2.2.2 Three Significances of the foreign exchange market 2.2.3 Payment and Settlement Systems 2.2.4 The Main Participants in the market i. The foreign-exchange market is by far the largest and most liquid market in the world. ii. It is a twenty-four hour market iii. The market’s most widely traded currency is the dollar. i. The foreign-exchange market is by far the largest and most liquid market in the world The three largest markets—one each in the European, Western Hemisphere, and Asian time zones—account for about 58 percent of global trading. After these three leaders comes Singapore with 7 percent. FX market turnover (BIS) FX market turnover (BIS) ii. It is a twenty-four hour market iii. The market’s most widely traded currency is the dollar For most pairs of currencies, the market practice is to trade each of the two currencies against a common third currency as a vehicle, rather than to trade the two currencies directly against each other. The vehicle currency used most often is the dollar Currency Pairs in FX Market 2.2 Foreign Exchange Market 2.2.1 What is the foreign exchange market 2.2.2 Three Significances of the foreign exchange market 2.2.3 Payment and Settlement Systems 2.2.4 The Main Participants in the market 2.2.3Payment and Settlement Systems The spot foreign exchange market must provide clearing services that permit payments to flow between individuals, businesses, and other organization