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国际货币和金融经济学课件02
INTERNATIONAL MONETARY
AND
FINANCIAL ECONOMICS
Chapter 2
Third Edition
The Market for
Foreign
Exchange
Joseph P. Daniels
David D. VanHoose
Copyright © South-Western, a division of Thomson Learning. All rights reserved.
The Foreign Exchange Market
• Exchange Rate
–The value of one currency relative to another
currency as the number of units of one currency
required to purchase one unit of the other currency.
• Foreign-Currency-Denominated Financial
Instrument
–A financial asset, such as a bond, a stock, or a bank
deposit, whose value is denominated in the
currency of another nation.
2
Spot Market Characteristics
• It is the oldest and largest financial market in the world:
– Has no central trading floor where buyers and sellers meet.
– Is open twenty-four hours a day, except for short gaps on weekends.
– The spot market is a market for immediate delivery (2 to 3 days).
• Primarily an interbank market, which is the trading of foreign-
currency-denominated deposits between large banks.
– Global banks account for about two-thirds of the market volume, while
foreign exchange brokers and dealers account for approximately 20
percent.
• Approximately $US1.4 - 1.6 trillion daily in global
transactions.
3
A Foreign Exchange Transaction
• Toshiba receives a
dollar denominated
payment from Best Buy,
which they present to
Fuji Bank.
• To exchange the dollar
payment for the yen
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