外汇市场(英文版)ppt课件.ppt

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1、Chapter3ForeignExchangeMarkets1武汉理工大学internationalfinance沈蕾ChaptercontentsForeignexchangeandexchangerateForeignExchangeMarketThekindoftheforeignexchange2武汉理工大学internationalfinance沈蕾§3.1Foreignexchangeandexchangerate3.1aForeignexchange1.Themeaningoftheforeignexchange(1)D

2、ynamicmeaning:theactoftradingdifferentnationals’moneys.(2)Staticmeaning:toholdingtheforeigncurrencies.2．Characteristics(1)mustbeaforeigncurrency(2)mustbeafreelyconvertiblecurrency(3)Abroadsenseoftheforeignexchangemustbeincludingtheforeigndraft,check,foreignportfolio,SDR

3、s,andsoon.3武汉理工大学internationalfinance沈蕾3.1bForeignexchangerate1.MeaningThepriceofonenation’smoneyinunitsofanothernation’smoney.2.Quotation（1）Directquotation（直接标价法）Thenumberofdomesticmoneyneededtobuyaunitofaforeignmoney.e.g.:$100=RMB795.95A——domesticmoneyB——foreignmoneyF

4、ormula:R=A/B4武汉理工大学internationalfinance沈蕾2.Quotation（2）IndirectQuotation（间接标价法）Thenumberofforeignmoneyneededtobuyaunitofadomesticmoney.R=B/A（3）UnderdirectquotationIftheR↗ForeigncurrencyappreciationDomesticcurrencydepreciationUnderindirectquotationIftheR↗Foreigncurrencyd

5、epreciationDomesticcurrencyappreciation5武汉理工大学internationalfinance沈蕾3.SpotexchangerateandtheforwardexchangerateSpotexchangerate:Thepricefor“immediate”exchangeForwardexchangerate:Thepricenowforanexchangethatwilltakeplacesometimeinthefuture.6武汉理工大学internationalfinance沈蕾4.

6、Somespecialforeignexchangerate(1)BasicrateandCrossratee.g.EUR100=RMB800$100=RMB700?TheUSdollarpriceofaunitofEUR：EUR100=$800/700=$1.1429(2)Buyingrateandsellingrate①Buyingrate(Bidprice)②Sellingrate(Offerprice)③Middlerate7武汉理工大学internationalfinance沈蕾4.Somespecialforeignexc

7、hangerate(3)ThebuyingrateoftheforeigncurrencyThesellingrateoftheforeigncurrencyThebuyingrateoftheforeignexchangeThesellingrateoftheforeignexchange8武汉理工大学internationalfinance沈蕾3.1cDemandandSupplyforForeignExchange1.Anation’sexportsofgoodsandserviceswillcreateasupplyoffor

8、eigncurrency.2.Anation’simportsofgoodsandserviceswillcreateademandofforeigncurrency.3.Anation’scapitaloutflows