第5章.the_foreign_exc罕hange_market.pptVIP

CH 6 FOREIGN EXCHANGE MARKET Key terms Foreign exchange market 外汇市场 Arbitrage 套汇 Retail rate 零售汇率 Wholesale interbank rates 银行间批发汇率 Interbank trading 银行间交易 Appreciation 增值 Depreciation 贬值 Hedging 套期保值 Key terms Speculation 投机 Space arbitrage 地点套汇 Time arbitrage 时间套汇 Interest arbitrage 利息套汇 Spot against forward 即期对远期 Covered interest arbitrage 抵补套利 §1 The Foreign Exchange Market 1.1 The market in which international currency trades take place 1.1.1 Interbank trading 狭义的外汇市场 Foreign currency trading among banks It accounts for most of the activity in the foreig