第六讲文档新 外汇市场.pptVIP

1.2 Conventions in forward quotations Quote the rate “outright” Swap rate It involves giving the number of units of one currency that it takes to buy one unit of another currency for delivery in the future. It presents the forward rate as a discount or premium on the spot rate. 一种是直接标出汇率，类似于即期汇率标价法。即标出未来购买一单位外国货币所需的某种货币的数量。另一种方法是通过升水或贴水的方法来表示远期汇率，或者称为互换汇率 Dec. 13, 2005 I promise to pay__________________________________ ____________________________________________ at an interest rate of _____% within ______ days. ________________________ Douglas Cloud One Thousand Dollars and no/100 6 90 T. Wood When forward rate are quoted as a swap instead of outright ,the spot rate is given and then the forward rate is given as a number of points that must be added or subtracted from the spot rate. 如果是采用互换式远期汇率标注法，要先给定即期汇率，再在此基础上加减一定的数额得出远期汇率。 8078 and 213210 , this tells us that the pound is selling at a discount and that to obtain the outright forward rate we must subtract the bid-ask points from the spot rate. 如美元对英镑的汇率，买入汇率高于卖出汇率（８０＞７８，２１３＞２１０）。这意味着英镑正在贬值出售，应该从即期汇率中减去买入／卖出汇率的差价以获得相应的远期汇率。 2731and 8388 , this tells us that the US dollar is at a forward premium and that the points should be added to the spot rate to obtain the outright forward quote. 同理可得加拿大元／美元的汇率，差别只在于汇率的买入价低于卖出价（２７＜３１，８３＜８８）。这说明了美元是远期升值的，所以增加的差价应该被加到相应的即期汇率上，以得出远期汇率。 1. In Belgium, the certain is: The number of units of foreign currency for one Belgian franc The number of Belgian francs for one unit of foreign currency The number of dollars for one French franc The number of Belgian francs for one French franc Key: A 2. CHAPS is an international clearing system for which of the following types of funds: Dollar funds Italian lira funds Sterling funds Yen funds Key: C 3.The cross rate is: A.The exchange rate between the dollar and a non-Europea