国际金融第四章节课件chap04ForwardExchangeandInternationalFinancialInvestment.ppt

（二）远期外汇交易（Forward Transaction) 定义： 又称期汇交易。是指买卖双方成交后，并不立即办理交割，而是按所签定的远期合同规定，在未来的约定日期办理交割的外汇交易。 期汇交易与现汇交易的主要区别在于起息日的不同。凡起息日在两个营业日以后的外汇交易均属期汇交易。 （三）掉期交易（Foreign Exchange Swap) Definition:（P34） A foreign exchange swap is a package trade that includes both a spot exchange of two currencies and an agreement to the reverse forward exchange of the two currencies (the future exchange back again). 两笔交易同时进行： 买卖方向相反 币种相同 期限不同 买入即期英镑 卖出远期英镑 四、套汇（Arbitrage） 定义:套汇交易是指在不同的外汇市场上，利用某两种货币或多种货币的汇率差异，采用贱买贵卖的原则，套取利润的外汇交易。 1）直接套汇(Direct Arbitrage)又称两角套汇（Two Point Arbitrage) 利用两个外汇市场两种货币之间的汇率差异，赚取外汇间差价的外汇交易。 例如：某日某交易商利用以下行情套汇： 纽约外汇市场上的汇率为： 1US$ = SFr 1.1055 / 1.1065 苏黎世外汇市场上的汇率为：1US$ = SFr 1.1080 / 1.1090 则：则1美元获利 。 2）间接套汇又称三角套汇（Triangular Arbitrage) 是利用三个或三个以上外汇市场上的三种或三种以上货币间汇率的差异，赚取利润的外汇交易。 例如：某日出现如下情况： 纽约外汇市场： US$1 = SFr 1.3125 苏黎世外汇市场： ￡1 = SFr 2.6250 伦敦外汇市场： ￡1 =US$ 2.2020 步骤：变三地套汇为两地套汇 P41 Just the threat of arbitrage of these types usually keeps the exchange rate between two currencies essentially the same in different locations, and keeps cross-rates in correct alignment with other exchange rates. Opportunities for actual arbitrage of these types are rare. 五、外汇的需求与供给（Demand and Supply For Foreign Exchange） We can picture the foreign exchange market by using demand and supply curves. Imports of goods and services and capital outflows (as well as income payments to foreigners) create a demand for foreign currency. Exports of goods and services and capital inflows (as well as income received from foreign sources) create a supply of foreign currency. (P36) All of these transactions create supply and demand for foreign exchange. The supply and demand determine the exchange rate, within certain constraints imposed by the nature of the foreign exchange system or regime under which the country operates. CHAPTER 4 Forward Exchange and International Financial Investment 第一节 汇率风险（Exc