汇率和的外汇市场.pptVIP

Ch 4 Foreign Exchange Foreign Exchange Market 外汇市场  Introduction 外汇与汇率 Foreign Exchange FX Rate 外汇市场 Foreign Exchange Market  Currencies and Exchange Rates Each country has a currency in which the prices of goods and services are quoted An exchange rate is the price of one currency in terms of another this is sometimes called the nominal exchange rate(名义汇率  Bid-Ask Spread买卖价差(p124) 外汇市场上银行间报价都采取双向报价方式,同 时报出买入价和卖出价。 买入价Bd= the price at which the bank is willing to buy 卖出价 Ask/Offer= the price it will sell the currency Bid-Ask Spread is used to calculate the fee charged by the bank.  汇率的表示方式(p124-125) 用文字表示:美元兑人民币汇率68103 用货币符号表示:68103￥/$ 用货币代码符号表示: USD/CNY68103 关于货币代码,请参考SO4217 Type Currency Code list  点数/基点(p125) 点数的含义:一般情况下一个基点=0.01%=0.0001 用于表示利率: For example, f the Federal reserve Board raises interest rates by 25 basis points, it means hat rates have risen by o.25% percentage points 用于证券: It may be heard that a stock index moved up 134 basis points in the days trading This represents a 1.34% increase in the value of the index 用于外汇:( A point is the last digit of a quotation)A foreign exchange rate is generally expressed by way of a whole number integer followed by 4 decimal points like 0.0001. Each of the numbers is called a basis point. So, if an exchange rate goes from 1. 4510 to 1. 4560, the currency is said to have changed by 50 basis points  exercise ·某日,苏黎士外汇市场即期汇率USD/CHF 1.9755/85,某美国公司从瑞士购买机械零 件,每个零件瑞士供应商报价100瑞士法郎。 如美国公司要求该供应商以美元报价,应 报多少美元?  汇率的标价法 (p83) An exchange rate can be quoted in two ways direct terms and indirect terms In this course we will always(unless otherwise stated)quote the exchange rate in direct terms 今后凡未特别说明,汇率均以直接标价法 标价。  Direct Terms直接标价法 Price of foreign currency in terms of home currency一单位外币的本币价格。 How many units of home currency do we need to exchange for a unit of foreign currency Example: S/, $/, where S is the home currency. dollar-euro exchange rate: $1. 3957 per