普格尔_国际经济学课件chapter17the-foreign-exchange-market.pptVIP

Exercise 4 The U.S. firm obtains a quotation from its bank on the spot exchange rate for buying yen with dollars. If the rate is acceptable, the firm instructs its bank that it wants to use dollars from its dollar checking account to buy 1 million yen at this spot exchange rate. It also instructs its bank to send the yen to the bank account of the Japanese firm. To carry out this instruction, the U.S. bank instructs its correspondent bank in Japan to take 1 million yen from its account at the correspondent bank and transfer the yen to the bank account of the Japanese firm. (The U.S. bank could also use yen at its own branch if it has a branch in Japan.) 1.THE BASICS OF CURRENCY TRADING Exercise 6 The trader would seek out the best quoted spot rate for buying euros with dollars, either through direct contact with traders at other banks or by using the services of a foreign exchange broker. The trader would use the best rate to buy euro spot. Sometime in the next hour or so (or, typically at least by the end of the day), the trader will enter the interbank market again, to obtain the best quoted spot rate for selling euros for dollars. The trader will use the best spot rate to sell her previously acquired euros. If the spot value of the euro has risen during this short time, the trader makes a profit. 1.THE BASICS OF CURRENCY TRADING 2.Demand and supply for foreign exchange (from the point of view of the U.S. ) (1)U.S exports of goods and services will create a supply of foreign currency and a demand for U.S. dollars. 美国的商品和服务的出口将造成大量的外国货币供应量和对美元的需求。 (2)U.S imports of goods and services will create a demand for foreign currency and a supply of U.S. dollars. 美国的商品和服务进口将创建一个为外国货币需求和美元的供给 2.Demand and supply for foreign exchange (from the point of view of the U.S. ) (3)U.S capital outflows will create a demand for foreign currency. 美国资本外流将创建一个为外国货币的需求。 (4)U.S capital inflows will create a supply of foreign currency. 美国资本流入将创造大量的外国货币供应量。 一国商品和劳务的出口形成了外币的供给，进口形成