港大英文课件fxmarket.pptVIP

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2018-04-16 发布于广东
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港大英文课件fxmarket.ppt

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Foreign Exchange Market Activity WONG Ka Fu 23rd February 2000 Based onCentral Bank Survey of Foreign Exchange and Derivatives Market Activity (1998) Bank for International Settlements (BIS) Monetary and Economic Department Basle, May 1999 (Full report available in pdf format at the BIS web site ) Background about the BIS survey BIS started to conduct the triennial survey of foreign exchange market activity since 1986. In April 1998, 43 central banks and monetary authorities participated in the survey. The coverage was estimated to have reached 90% or more of turnover. Table A1: Foreign exchange market turnover (Adjusted for local and cross-border double-counting)Daily averages in billions of US dollars Category Spot transactions* Outright forwards and forex swaps* Turnover at April 1998 exchange rates * Including estimates for gaps in reporting Total “traditional” turnover Memorandum item: April 1989 April 1992 April 1995 April 1998 350 240 590 600 400 420 820 800 520 670 1190 1030 600 900 1500 1500 Currency composition In 1998, the US dollar was once again by far the most actively traded currency, being involved in 87% of all transactions worldwide, compared with 83% in 1995. The US currency continued to benefit from its predominance in commercial relations and market liquidity. The US dollar was used in seven of the ten most heavily traded currency pairs, partly due to its use as a vehicle currency for cross-trading between other currencies. In many currency pairs involving the US dollar, foreign swaps account for two-thirds or more of turnover, reflecting the standard practice of using the US dollar as a conduit when swapping into or out of third currencies. US dollar Deutsche mark Other currencies April 1989 April 1992 April 1995 April 1998 83 37 8 7 3 24 10 87 30 5 7 4 21 11 17 15 3 200 3 15 10 200 82 40 4 9 3 23 14 12 11 2 200 90 27 2 10 1 27 15 2 4 22 200 French franc Japanese yen Pound sterling Canadian dollar Australian dollar ECU and other EMS