1、OverviewofExchange1.Theexchangerates(alsoknownastheforeign- exchange rate, forex rate or FX rate)Foreign Exchange OverviewofExchange1.Theexchangerates(alsoknownastheforeign- exchange rate, forex rate or FX rate)Foreign Exchange theerms of another, which istranslatecountiesocomparableion:currencyhefo

2、rexmarket,thevalueofacurrencyion:currencyheforexmarket,thevalueofacurrencyis determined by its comparison to another BaseQuoteThecurrencypairshowshowmuchofthequote currency is needed to purchase one unit of the base currency.ion（標價DirectIndirect21ion（標價DirectIndirect21Direct&Direction/giving（直接標價法，又

3、稱應(yīng)付標Direct&Direction/giving（直接標價法，又稱應(yīng)付標價法1foreigncurrencyunit=xhomecurrencyDomesticcurrencyunitsperunitofforeign Indirection/receiving（間接標價法，又稱應(yīng)收標價法1homecurrencyunit=xforeigncurrencyForeigncurrencyunitsperunitofdomestic 直接標價法下升貶值的含義如果需要比原的本國貨幣才能兌換原定數(shù)額的外幣，說明外國貨幣價值上升，本國直接標價法下升貶值的含義如果需要比原的本國貨幣才能兌換原定數(shù)額的

4、外幣，說明外國貨幣價值上升，本國貨幣幣值下降，稱為外幣升值tion），或稱本幣值tion）11如e是直接標價法下的匯率，e降低說明本幣升值而貶值。118.276.12e，說明本幣貶值，外幣升值。 e，說明本幣升值，外幣貶值。在直接標價法下，外幣幣值的上升或下跌的方向和118.276.12e，說明本幣貶值，外幣升值。 e，說明本幣升值，外幣貶值。在直接標價法下，外幣幣值的上升或下跌的方向和間接標價法Mostcountriesusedirectquotes,TheUK,EU,anda few of former British colonies use indirect quote.英鎊、都是采用

5、間接間接標價法Mostcountriesusedirectquotes,TheUK,EU,anda few of former British colonies use indirect quote.英鎊、都是采用間接標價法（它們的貨幣都曾經(jīng)是世界上最主要的貨幣之一）除對英鎊仍采用直接標價法外，對其他貨幣于1978年9月開始改用間接標價法。歐元區(qū)、新西蘭、地區(qū)也采用間接標價法。、澳大亞和愛爾蘭等國家和在外匯市場上USD1CHF1.2743，如兩者的匯率變?yōu)楸碣H值法郎升值。如果變?yōu)閁SD1CHF1.2943，表升值法郎貶值。在間接標價法下，外幣幣值的上升在外匯市場上USD1CHF1.2743，如

6、兩者的匯率變?yōu)楸碣H值法郎升值。如果變?yōu)閁SD1CHF1.2943，表升值法郎貶值。在間接標價法下，外幣幣值的上升或下跌的方向和匯率值的增加或減少的方向相反。區(qū)分幾組概念法定升值和法定貶值匯率上浮和下跌overvaluation, 高估和低估區(qū)分幾組概念法定升值和法定貶值匯率上浮和下跌overvaluation, 高估和低估RevaluationreferstoahevalueofcountryscurrencyernmentDevaluationRevaluationreferstoahevalueofcountryscurrencyernmentDevaluationreferstoahep

7、riceofcurrencyernmentRevaluation and devaluation are generally for a change asamatterofheexchangeratebroughtabout ernment policy.Ifacurrencygainsvaluerelativeanotherhemarket,thecurrencyIfacurrencygainsvaluerelativeanotherhemarket,thecurrencyifacurrencylosesvalueralativeanothercurrency,itChangeinExch

8、angeUnderafloating-ratetionisthehemarketChangeinExchangeUnderafloating-ratetionisthehemarketpricerate) ofthetionisthehemarketpricerate) of the currency Underafixed-ratesystemDevaluationistheoffi a currencylloweringoftheparvalueRevaluationistheofficalraisingoftheparvalueofa 在浮動匯率制度匯率上浮tion）是指由于外匯上供求關(guān)

9、系的變在浮動匯率制度匯率上浮tion）是指由于外匯上供求關(guān)系的變化造成的貨幣對外匯價的上升。匯率下跌tion）是指由于外匯上供求關(guān)系的變化造成的貨幣對外匯價的下降。貨幣的高每一種貨幣都有其價值貨幣的高每一種貨幣都有其價值基礎(chǔ)(均衡匯法定平價高于它的價值基礎(chǔ)叫貨幣高估，反之，低估。Usageofthesehepastfewyears,manyU.S.policymakersbusinessexecutivesUsageofthesehepastfewyears,manyU.S.policymakersbusinessexecutiveshave tthecurrency,therenminbi(

10、RMB),isundervaluedatitscurrent exchange rate(around eight yuan to the dollar).Theallegedlowvalueof the RMB hasbeen blamed thelossofmanufacturing heUnitedesandgeneral hecountries.Thus,RMBhasbeenunderincreasingpre reto revalue升貶值幅度計算2005.7.21, 2015.4.1, 升貶值幅度計算2005.7.21, 2015.4.1, 升貶值幅度計算(P68-匯率升值幅度指的

11、是標的貨幣幣值相對于基期的變化情況。比如說，兩種貨幣A和B升貶值幅度計算(P68-匯率升值幅度指的是標的貨幣幣值相對于基期的變化情況。比如說，兩種貨幣A和B，在貨幣B于A的升貶值幅度時，應(yīng)該是將貨幣B的幣值與基期相比較。某一基期A對B的匯率為2，即貨幣A可以換為的A貨幣B，反過來就是貨幣B某一基期A對B的匯率為2，即貨幣A可以換為的A貨幣B，反過來就是貨幣B的幣值為再假定現(xiàn)在A對B的匯率為1，貨幣B現(xiàn)在的幣值是1的A。顯然，與基期相比，貨幣B的度為（1-1/2）/（1/2），即100同時，貨幣A相對于B的貶值幅度為（12）/2絕對值，即50升貶值幅度計算價格（幣原來現(xiàn)在價原來價格）/人民200

12、5年匯改時對的中間價為的幣值，2014.3.26中間價為的幣值為。那么從匯改到對的升貶值幅度計算價格（幣原來現(xiàn)在價原來價格）/人民2005年匯改時對的中間價為的幣值，2014.3.26中間價為的幣值為。那么從匯改到對的升值幅度應(yīng)該（1/6.144-相對的貶值幅度則為的絕對值，即24。Percentagechangesincurrencyvalues are asymmetric.Percentagechangesincurrencyvalues are asymmetric.Different（1）從外匯交易的交割期（Delivery)Spotrate（即期匯率）ThentwoDifferen

13、t（1）從外匯交易的交割期（Delivery)Spotrate（即期匯率）Thentwocurrencieswoworkingday)Forwardrate（遠期匯率）:istherateagreed on today but settlement occurs sometimentwohe OrForwardrate（遠期匯率）:istherateagreed on today but settlement occurs sometimentwohe Oristhetappearsinacontractexchangeahefuture.(such30，60，90,or180daysfrom

14、nowForwardtran ionwillprotectyouagainstunfavorable he exchange rate.Aforwardexchange contractsmaturitydate Forwardtran ionwillprotectyouagainstunfavorable he exchange rate.Aforwardexchange contractsmaturitydate canbe fewmonths orevenhefuture.therate is fixed when thecontractismade.Thebuyerssellerare

15、oafixedtbe affectedbyany arketexchangeCaseAUSimporterhedgesagainstaAmeUScompanyimportCaseAUSimporterhedgesagainstaAmeUScompanyimportfromaSwissmanufacturer,owing1millionfrancstohreemonthstime.USimportertheriskifthedollarte,ifso1millionfrancswouldrequireanextra(from$0.6to$0.7perfranc,extra$100,000Toco

16、verthisrisk,USimportercouldcontractbuy1millionTocoverthisrisk,USimportercouldcontractbuy1millionheforwardtodaysforwardrate,fordelivery hehreemonths, hewouldbuyfrancwithdollars at the contracted price and use the franc to pay the Swiss exporter.Hehasthus hedgedagainstthe franc will be more expensive

17、three months.tnipatedForwarddiscount:whenthevaluetheforwardmarketisnheForwarddiscount:whenthevaluetheforwardmarketisnhespotForwardpremium:whenthevaluetheforwardmarketisnhespot從外的角度劃分buyingrateBidratesellingrate(offerrate,ask從外的角度劃分buyingrateBidratesellingrate(offerrate,ask賣出middle中間BidPriceatwhichth

18、edealerwillingtobuyforeigncurrencyBidPriceatwhichthedealerwillingtobuyforeigncurrencyfromAskPriceatwhichthedealerwillingtosellforeigncurrencytoItisalwaysthettheAskPricePrice.ThedifferenceistheBid-AskBidAskasmarketmakersandrealizeprofitsBidAskasmarketmakersandrealizeprofitsfromtheBid-AskSpread:thedif

19、ferencebet bid price and the ask price.nBid-AskMarginmargin,expressesthebid-askspreadasa 是向同業(yè)或客戶買入外匯時使用的是向同業(yè)或客戶買入外匯時使用的匯率。在直接標價法下，外幣折合本幣數(shù)額較少的那個匯率（亦即外匯行市前一個數(shù)字）是買入?yún)R率，在間接標價法下則相反。是向同業(yè)或客戶賣出外匯時使用的匯率。是向同業(yè)或客戶賣出外匯時使用的匯率。在直接標價法下，外幣折合本幣數(shù)額較多的那個匯率（亦即外匯行市后一個數(shù)字）是賣出匯率，在間接標價法下則相反。由于國際間牌價數(shù)字的標價排列總是前一數(shù)字小，后一數(shù)大，因而在不同的標價法

20、下價的排列順序也由于國際間牌價數(shù)字的標價排列總是前一數(shù)字小，后一數(shù)大，因而在不同的標價法下價的排列順序也就不同在直接標價法下，匯價的前一數(shù)字為買入價，后一數(shù)字為賣出價。如東京外匯市場，USD1=JPY108.05-108.15USD1=JPY108.05買的價格，USD1=JPY108.15賣的價格。對于直接標價法，以本幣表示一定外幣的數(shù)值越小，反映外匯越便宜；數(shù)值越大，則外匯越貴1USD6The 1USD8buyinglowand selling high!在間接標價法下，匯價的前一數(shù)字為賣出價，后一數(shù)字為買入價。如紐約外在間接標價法下，匯價的前一數(shù)字為賣出價，后一數(shù)字為買入價。如紐約外匯市

21、場，USD1=HKD7.7330-7.7335，則銀行買入7.7335港元需付出。，而賣出7.7330港元收入在間接標價法下，一的本國貨幣折算的外國貨幣量增多，稱為外幣貶值，或本幣升值。如果折算的外國貨幣數(shù)量減少，則外幣升值，或本幣貶值。對于間接標價法，數(shù)值越小，表明外匯越貴；數(shù)值越大，則外匯越便宜。中間匯率=（買入?yún)R率+賣出匯率主要作用：說明中間匯率=（買入?yún)R率+賣出匯率主要作用：說明、分析匯率走勢；企業(yè)核算時的折算標此匯率不適用于一般顧客，金融類報行情信息時常用中間匯率。外現(xiàn)匯也稱以外匯，是指在上，在國際結(jié)算中廣為使用，現(xiàn)匯也稱以外匯，是指在上，在國際結(jié)算中廣為使用，在國際能得到償付并可。

22、日常生兌換其他國家貨幣的外比較常見的現(xiàn)匯包括：海外匯款、旅行支票、匯票等。現(xiàn)鈔就是幣通常所說的鈔票，包和現(xiàn)鈔即外幣鈔票的價格買入現(xiàn)鈔價比現(xiàn)鈔即外幣鈔票的價格買入現(xiàn)鈔價比買入現(xiàn)匯價要低些出外幣現(xiàn)鈔時一般同賣出現(xiàn)匯的價錢相同。賣外匯現(xiàn)鈔的買入價比外匯匯票等支付憑證的價格低。現(xiàn)匯外外匯現(xiàn)鈔的買入價比外匯匯票等支付憑證的價格低。現(xiàn)匯外在買進外匯后，通過劃賬很快就可以存入，開始生息或調(diào)撥使用。買入現(xiàn)鈔后，要經(jīng)過一段時間，積累到一定數(shù)額后，才能將其運送到外國，在此期間，買進現(xiàn)鈔的要承受一定的利息損失；而且現(xiàn)鈔運送到國外過程中，還要支付運費、保險費等我國外匯交易行情間外匯市等幣匯率我國外匯交易行情間外匯市等

23、幣匯率收盤價，交易的中間價。即下一個工作日該外匯指掛牌以基準匯率為基礎(chǔ)據(jù)外匯市場行情自行套算外匯指掛牌以基準匯率為基礎(chǔ)據(jù)外匯市場行情自行套算對、元、英鎊、日元等兌換貨幣的中間價。人規(guī)定的匯定外匯買入價、賣出價。由于央行交易價仍間外匯對的的交易中間價上由于央行交易價仍間外匯對的的交易中間價上下分之三的幅度內(nèi)浮動，所以目的對。交易價格都是在正常的范圍內(nèi)浮動的（3）基礎(chǔ)匯率套算匯率,（cross-（3）基礎(chǔ)匯率套算匯率,（cross-Most foreign exchange trading involves the exchangeofU.S.Dollarsforanothercurrency.T

24、radesaremadenMost foreign exchange trading involves the exchangeofU.S.Dollarsforanothercurrency.TradesaremadencurrenciesntheU.S.manysuchtradesarewosteps:oneforeigncurrencyexchangedfordollars,andthesedollarsarethen exchanged for the other foreign currency.Thedollarisoftenused plish trading bethis way

25、 to ntwoothercurrenciestheThedollarisoftenused plish trading bethis way to ntwoothercurrenciesthedollariscalledavehicle ReserveCrossTheexchangeratentwotarenotthelcurrenciesofttheexchangeCrossTheexchangeratentwotarenotthelcurrenciesofttheexchangewasquotedCrossratesusuallydonotinvolvetheMany currencie

26、s pairs are inactively traded, so theirexchangerateis determinedthroughtheir relationship to a widely traded third currencyCross rates c opportunitiesforsoMany currencies pairs are inactively traded, so theirexchangerateis determinedthroughtheir relationship to a widely traded third currencyCross ra

27、tes c opportunitiesforsobeusedtocheckfor ermarket arbitrage。le:AMexicanimporterneedsyenpayforpurchases (MXP) and JapaBoththeMexicanle:AMexicanimporterneedsyenpayforpurchases (MXP) and JapaBoththeMexicanyen()are quotedinUSAmethefollowingyen MexicanpesoMXPCrossTheMexicanimportercanbuyoneUSfor11.4456Me

28、xicanpesosandCrossTheMexicanimportercanbuyoneUSfor11.4456Mexicanpesosandtdollarbuy110.73;thecrossratewouldMexican 按匯率與貨幣實際關(guān)系的不同Thenominalexchangerate(名義匯率按匯率與貨幣實際關(guān)系的不同Thenominalexchangerate(名義匯率theexchangetprevailsatadate.Itismerelythepriceofonecurrency erms of another with no referencemadetowhatthi

29、sermserof。ItismainlydeterminedbythedemandsupplyoftheItismainlydeterminedbythedemandsupplyoftherelativecurrencies exchange market.heThenominalexchangeratejust many units of another currencylsyouhow t onecurrencyuallyabletoexchangeforIfthedollartedagainstthepeso5Ifthedollartedagainstthepeso5percent,we

30、wouldt,otherconstant, US goods would be 5 percent less competitiveagainstMexicangoodsinworldmarketsnwaspreviouslythedollar appreet,atthesametimeted,USgoodsmorendollar appreet,atthesametimeted,USgoodsmorenMexicangoods.his situation ,the decrease in US competitivenessagainstMexicangoodswouldben5percen

31、t,thenominalfiveexchange-ratechangewouldbeRealexchangerates(實際匯率indicatetheerofaresidentsforforeignRealexchangerates(實際匯率indicatetheerofaresidentsforforeigngoodsandrelativetotheirerforgoodsand.Itisnominalexchangerateadjustedfor(inflationdifferential)ncountriesunderRealexchangerateRER（實際匯率名義匯率用兩國價格水平

32、調(diào)整后的匯率，即外國商品與本國商品的相對價格，反映了本國商品的國RealexchangerateRER（實際匯率名義匯率用兩國價格水平調(diào)整后的匯率，即外國商品與本國商品的相對價格，反映了本國商品的國際競爭力。名義匯率與實際匯率之間的關(guān)系是：whereP*istheforeignpricelevelandPthe domestic price level.e是直接標價法下的匯RrovideabettergaugeernationalnRates有效匯On any given day, a currency may appre invaluerelativetosomecurrencieswhil

33、etingRates有效匯On any given day, a currency may appre invaluerelativetosomecurrencieswhiletinginvalueagainstBilateralexchangerateinvolvesacurrency 如2009.7月，相是升值，相對歐元、日元、英鎊等是貶值。如2009.7月，相是升值，相對歐元、日元、英鎊等是貶值。Aneffectiveexchangerateismultilateral Exchange Rate,its a measure of the weighted-average value o

34、f a currency relative to a select group of currencies.ItcanAneffectiveexchangerateismultilateral Exchange Rate,its a measure of the weighted-average value of a currency relative to a select group of currencies.Itcanbeviewedasanoverallmeasureofthe countrys external competitiveness.Thus,itisaguidetot

35、eralvalueofToconstructeffecitveexchange,chooseabasketofSecond,Toconstructeffecitveexchange,chooseabasketofSecond,selectabaseperiodwhichservesasreferenceThird,assignweightforeachbasket,accordingtothecountrysimportance as a trading partner.A幣的有效匯率=A國貨幣對i國貨幣的匯率A幣的有效匯率=A國貨幣對i國貨幣的匯率（以基期為100）A國同i國的貿(mào)易值/A國的

36、全部對外貿(mào)易值niSS iiNominalexchangeratesandtradevolumtothe(millionsofUSExportstoImportsfromThe dollar ted against the Canadian dollar te against the Nominalexchangeratesandtradevolumtothe(millionsofUSExportstoImportsfromThe dollar ted against the Canadian dollar te against the Is the dollar “stronger” or

37、“weaker” in general Nominalexchangeratesandtradevolumtothe(millionsofUSExportstoImportsfromTheCanadiantradeaccountfor（275+150）/835oftheUStotalforeignThetradeaccountforNominalexchangeratesandtradevolumtothe(millionsofUSExportstoImportsfromTheCanadiantradeaccountfor（275+150）/835oftheUStotalforeignThet

38、radeaccountfor49.1%of the US total foreign trade. thebaseyearis2008withthevalueofTherefore,thedollarwasstronger（Thismeansthevalueofthedollarin2009was 96.12%(0.99/1.03) of the 2008 value.有效匯率又可細分為名義有效匯率(NEER)和實際有有效匯率又可細分為名義有效匯率(NEER)和實際有效匯率(REER)名義有效匯率的計算不考慮本國相對于貿(mào)易伙伴國的價格變化，衡量的是一段時期內(nèi)本國相對于貿(mào)易伙伴國貨幣匯率的總體變

39、化情況。實際有效匯率是在名義有效匯率基礎(chǔ)上，剔除價格變動而得到的，能夠客觀地反映實體經(jīng)濟和匯率變化的真實情況4.ForeignexchangeBecausethemarketissolargeand4.ForeignexchangeBecausethemarketissolargeandthe discrepancies bet cross-ratesmayarise.nexchangeratesExchangearbitrageinvolvestakingadvantagesimultaneousexchangeratedifferen markets to make a profit.in

40、Takeadvantageofinconsistenttomakerisk-freeprofits.Theseprofits are unlikely to last long.BuyTakeadvantageofinconsistenttomakerisk-freeprofits.Theseprofits are unlikely to last long.Buycheapinonemarket,sell at a highrice in another.SpatialArbitragereferstobuyingacurrency in one market and selling it

41、in another.SpatialArbitragereferstobuyingacurrency in one market and selling it in another.Pricearisefrom(spatial)dispersed(1)TwoArbitrageionconductedtwodifferentgeographical(1)TwoArbitrageionconductedtwodifferentgeographical(2)Three Arbitrageactivitiesinwhichtheexchange tran twocurrencies.ioninvolv

42、enNewForeignexchangetraderwouldfinditprofitable to buy pounds in New York and sell inLondon.ANewForeignexchangetraderwouldfinditprofitable to buy pounds in New York and sell inLondon.Aprofitof1centwouldbemadeoneachsold,lessthecostofthetransferanderestchargeonthemoneytiedupduringAsthedemandforpoundsi

43、ncreasesinNewdollarpriceoundAsthedemandforpoundsincreasesinNewdollarpriceoundwillriseaboveAsthesupplyofpoundsincreasesindollarpriceoundwillfallbelowArbitragenthetwocurrenciesthusunifiesforeignexchange4.Typesoreignexchange4.TypesoreignexchangeThettherevenuesortedionexpressedtermsThettherevenuesortedi

44、onexpressedtermsoftheforeigncurrencychangesdueto exchange rate variations.WhoevermakesacontractdenominatedinforeigncurrencybearsionTransationurearisesfrompurchaseorsaleofgoodsandTransationurearisesfrompurchaseorsaleofgoodsandwhenareedincurrenciesandtheborrowingorlendingof funds in foreign currencies

45、.tionofRMB,receiptofexportbebadlyein2011anAmericanimportingagreedtopurchaseein2011anAmericanimportingagreedtopurchase1,000Haierrefrigeratorfor$500 each for a total price of $500,000, with delivery sheduled for 2012 and payment due then .When the contract was signed in 2011 the RMB/dollarexchangerate

46、is1USD=6.55RMB,theipatedreceiving3.275million However,tthevalueofthetedagainsttheRMBoverHowever,tthevalueofthetedagainsttheRMBoverthistonedollaronlybuys 6.4RMB in2012when payment is due.Thetotalreceiptwillbe3.2millionRMB Theionurehere案例分案例分(2)TranslationureForeignexchangeriskresultingfromof(2)Transl

47、ationureForeignexchangeriskresultingfromofafirmsforeign-denominatedassetsandliabilities domestic currency value.oGainsorlossesfromexchangeratetoccurasaresultGainsorlossesfromexchangeratetoccurasaresultofconvertinglsementsfromonecurrencytoanotherordertoconsolidateEverycompanyeastoneusingadifferentfunctionalcurrencybears translation risk.AEuropeanfirmsubsidiaryinUS.thevaleofAEuropeanfirmsubsidiaryinUS.thevaleofthedollartedagainsttheeu