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1、CHAPTER4ForwardExchangeandInternationalFinancialInvestmentManyinternationalactivitiesleadtomoneyexchangesinthefuture,sowhentheratechanged,maybeonegettheprofit,anothercommitloss.Thischapterexaminesfutureexchangesofmoneysandtheexposuretotherisksofuncertainfutureexchangerat
2、es.Itdiscusseshowforwardforeignexchangecontractscanbeusedtoreducetheriskexposureortospeculateonfutureexchangerates.2Unit1:ExchangerateriskInthisunit,weshouldlearnwhatishedgingandwhatisspeculation.3HedgingandSpeculationYouareexposedtoexchangerateriskifthevalueofyourincome
3、orwealthornetworthwillchangeifexchangeratesinthefuturechangeinwaysthatarenotexpected.Hedgingistakinganactiontoreduceyourexposuretoexchangeraterisk.(donotwanttogamble，套期保值)Speculationistakinganactionthatincreasesyourexposuretoexchangeraterisk,usuallytotrytoprofitfromyourb
4、eliefaboutwhatfutureexchangerateswillbe.(willingtogamble，投机)4Unit2:ThemarketbasicsofforwardforeignexchangeForlargertransactionsinvolvinginternationaltradeingoodsandservices,internationalfinancialinvestment,orpurespeculationonfutureexchangeratemovements,forwardforeignexch
5、angeandforwardexchangeratesareoftenuseful.Aswementionedinthepreviouschapter,aforwardforeignexchangecontractisanagreementtoexchangeonecurrencyforanotheronsomedateinthefutureatapricesetnow(theforwardexchangerate).5Banksactingasforeignexchangedealersgenerallyarewillingtomee
6、ttheneedsoftheircustomersforthespecificsizeoftheforwardexchangecontract(theamountofforeignexchange)andthespecificdateinthefuturefortheexchange.Commondatesforfutureexchangeare30,90,and180daysforward(one,three,andsixmonths).Forinstance,tobuy￡100,000of90-dayforwardsterlinga
7、t＄1.4407/￡,yousignanagreementtodaywithyourbankthat90daysfromnowyouwilldeliver＄144,070indollarbankdepositsandreceive￡100,000inpoundbankdeposits.Theexchangeoftheseamountswilltakeplacetocarryouttheforwardcontract,regardlessofwhattheactualspotexchangerateturnsouttobein90days
8、.Intheoppositetrade,somebodyagreeingnowtosell90-dayforwardsterlingmustdeliverpoundsattheagreedpriceof＄1
