国际金融托马斯A普格尔第二章.pptx

Lecture 2: The foreign exchange marketWhat is foreign exchange?Dynamic concept(trading different nations’ moneys)Static concept(foreign currencies)Demand and supply for foreign exchangeCurrent account: e.g. pay for import of goods Financial account: e.g. invest abroadThree Significances of the foreign exchange marketThe foreign-exchange market is by far the largest and most liquid market in the world.It is a twenty-four hour marketThe market’s most widely traded currency is the dollar. FX market turnover (BIS)2010年美国GDP 为146241.8 亿美元，中国GDP为403260.0亿元，$/￥=6.65 It is a twenty-four hour marketThe market’s most widely traded currency is the dollar For most pairs of currencies, the market practice is to trade each of the two currencies against a common third currency as a vehicle, rather than to trade the two currencies directly against each other. The vehicle currency used most often is the dollarCurrency Pairs in FX MarketStructure of the MarketThe foreign exchange market is a decentralized, electronically linked network of banks, foreign exchange dealers, and brokersThis network brings together buyers and sellers of foreign exchange around the globeThe foreign exchange market consists of two tiers:The Interbank or wholesale marketThe client or retail market Two clearing systems: SWIFT-Society for Worldwide Inter-bank Financial Tele-communication（环球同业银行金融电讯系统） CHIPS-Clearing House International Payment System (dollar transfers among members)（国际支付结算系统）Market ParticipantsFive broad categories of participants operate within these two tiers:Banks and nonbank foreign exchange dealersForeign exchange brokersFirms and individualsSpeculators and arbitrageursCentral banks and treasuriesForeign exchange quotationDirect quotation: the amount of DC required to purchase one unit of FC（直接标价）Indirect quotation: the amount of FC required to purchase one unit of DC（间接标价）Bid price: the exchange rate at which the dealer is willing to buy a currencyAsk (offer) price: the exchange rate a