国际金融托马斯a普格尔第二章.pptVIP

国际金融托马斯A普格尔第二章 国际金融托马斯A普格尔第二章 Lecture 2: The foreign exchange market What is foreign exchange? Dynamic concept(trading different nations’ moneys) Static concept(foreign currencies) Demand and supply for foreign exchange Current account: e.g. pay for import of goods Financial account: e.g. invest abroad Three Significances of the foreign exchange market The foreign-exchange market is by far the largest and most liquid market in the world. It is a twenty-four hour market The 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为亿元，$/￥ It is a twenty-four hour market The 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 dollar Currency Pairs in FX Market 国际金融托马斯A普格尔第二章 Structure of the Market The foreign exchange market is a decentralized, electronically linked network of banks, foreign exchange dealers, and brokers This network brings together buyers and sellers of foreign exchange around the globe The foreign exchange market consists of two tiers: The Interbank or wholesale market The 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） 国际金融托马斯A普格尔第二章 Market Participants Five broad categories of participants operate within these two tiers: Banks and nonbank foreign exchange dealers Foreign exchange brokers Firms and individuals Speculators and arbitrageurs Central banks and treasuries 国际金融托马斯A普格尔第二章 Foreign exchange quotation Direct 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