香港大学：国际金融教学课件.pptx

An Introduction to  Exchange Rate DeterminationWONG Ka Fu10th January ****And Arbitrage How would you explain the movement of Japanese Yen? (source: pacificmerce.ubc.ca/xr/plot.html) How would you explain the movement of Japanese Yen? (source: pacificmerce.ubc.ca/xr/plot.html) How would you explain the movement of European Euros? (source: pacificmerce.ubc.ca/xr/plot.html) How would you explain the movement of European Euros? (source: pacificmerce.ubc.ca/xr/plot.html) How do we explain the movement of foreign exchange?ArbitragePurchasing Power ParityHong Kong’s Currency Board mechanism UC MacD