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1、Chapter51.MultipleChoiceQuiz(1)Supposeyouobservethefollowingexchangerates:€1=$1.25;£1=$2.00.Whatmusttheeuro-poundexchangeratebe?AA€1=£1.60B€1=£0.625C€2.50=£1D€1=£2.50€1S2.00€1.60x=Feedback:$125£1.00£100(2)Intheforwardmarket,AA)Marketparticipantsagreetobuyorsellforeigncurrencyinthefutureatpricesagre
2、ed-upontoday.B)Marketparticipantsagreetobuy(notsell)foreigncurrenciesinthefutureatpricesagreed-upontoday・C)Marketparticipantspaytodayforaspecificamountofforeigncurrencytobereceivedinthefuture・D)Marketparticipantsagreetobuyandsellfixedamountsofforeigncurrencyatspotpricesthatwillprevailinthefuture・(3
3、)AnexchangeratequotedinAmericantermsBA)SayshowmanyunitsofforeigncurrencyyougetforoneU.S.dollar.B)SayshowmanyU.S.dollarsoneunitofforeigncurrencyisworth.C)Isthesameastheindirectquotation.D)Istheinverseofthedirectquotation.(4)Supposeyouobservethefollowingexchangerates:€1=$.85;£1=$1.60;and€2.00=£1.00.S
4、tartingwith$1,000,000,howcanyoumakemoney?AA)Exchange$lmfor£625,000at£1=$1.60.Buy€1,250,000at€2=£1.00;tradefor$1,062,500at€1=$.85.B)Startwithdollars,exchangeforeurosat€1=$.85;exchangeforpoundsat€2.00=£1.00;exchangefordollarsat£1=$1.60.C)Startwitheuros;exchangeforpounds;exchangefordollars;exchangefor
5、euros.Feedback:Exchange$1mfor£625,000at£1=$1.60.Buy€1,250,000at€2=£1.00;tradefor$1,062,500at€1=$.85.(5)Consideratraderwhotakesalongpositioninasix-monthforwardcontractonBritishpounds.Theforwardrateis$1.75=£1.00;thecontractsizeis£62,500.Atthematurityofthecontractthespotexchangerateis$1.65=£1.00BA)The
6、traderhaslost$625.B)Thetraderhaslost$6,250.C)Thetraderhasmade$6,250.D)Thetraderhaslost$66,287.88Feedback:Thetraderagreedtobuysomethingworth$1.65for$1.75.Helostadime・Lostthatdime62,500times・Thatmanydimesisworth$6,2502.Translation(1)远期升水/贴水forwardpremium/discount；买卖差价thebid-askspread；银行同业往来correspond
7、entbankingrelationships(1)Thespotmarketinvolvesalmosttheimmediatepurchaseorsaleofforeignexchange.Theforwardmarketinvolvescontractingtodayforthefuturepurchaseorsaleofforeignexchange・即期外汇市场所涉及的几乎就是外汇的现货交易。远期外
