[计算机硬件及网络]International Finance-2011summer-Lec 1-Foreign Exchange Market Overview and Exchange Rate-S.ppt

* * * * * * * * * * * 财政金融学院　杨柳　制作 * Different Exchange Rates Cross Rate/套算汇率、交叉汇率： The implied third exchange rate, given two exchange rates involving three currencies 包含三种货币的两个汇率中所隐含的第三个汇率 A/B = X ; C/B = Y A/C = ? * 财政金融学院　杨柳　制作 * Question If RMB/USD = 6.8300 and CHF/USD = 1.0604 what is the cross rate between the CHF and RMB? 1 CHF = 6.4410 RMB * 财政金融学院　杨柳　制作 * Buying Rate and Selling Rate/银行外汇买入价和卖出价： Also known as the ‘Bid Rate’ and the ‘Ask Rate’ Bid Rate: the price at which the bank buys foreign currency Ask Rate: the price at which the bank sells foreign currency Note: banks always buy foreign exchange at lower rates than they sell, the difference is called the spread, and that is how banks make profit. * 财政金融学院　杨柳　制作 * Foreign Exchange Spread/外汇买卖差价率: The difference between the buying and selling price Usually expressed in percentage terms * 财政金融学院　杨柳　制作 * Question: find the bid rate and ask rate A Japanese bank is quoting If the same quotes was given by a U.S. bank USD 1 = JPY 132.77 – 132.81 Bid Ask Direct Quotation USD 1 = JPY 132.77 – 132.81 Ask Bid Indirect Quotation 1 USD = 132.77 JPY 1 JPY = 0USD 1 USD = 132.81 JPY 1 JPY = 0USD * 财政金融学院　杨柳　制作 * Ask Rate Bid Rate Bid: 1 USD = 132.81 JPY 表示银行买入132.81 日元时支付1 美元 即买入1日元支付0美元 Ask: 1 USD = 132.77 JPY 表示银行卖出132.77日元时收入1美元 即卖出1日元收入0美元 * 财政金融学院　杨柳　制作 * * 财政金融学院　杨柳　制作 * 中国工商银行人民币即期外汇牌价 日期： 2011年8月31日 星期三 　 单位：人民币/100外币 币种 汇买、汇卖 现汇买入价 现钞买入价 卖出价 中间价 ? 美元?(USD) 637.79 636.39 631.28 638.94 ? 港币?(HKD) 81.82 81.64 80.99 81.97 ? 日元?(JPY) 8.3262 8.2912 8.0248 8.3578 ? 欧元?(EUR) 920.84 916.97 887.51 924.34 * 财政金融学院　杨柳　制作 * Floating Exchange Rate and Fixed Exchange Rate/浮动汇率和固定汇率 Floating Rate the exchange rate is determined solely by market forces (i.e. demand and supply). Fixed Rate The exchange rate is either held constant or allowed to fluctuate only within very narrow band. The government buys and sells foreign currencies