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1、Chapter10ExchangeRatesandInternationalTradeExchangeRatesandInternationalTradeFOREIGNEXCHANGETRANSACTIONSAnexchangerateisthenumberofunitsofagivencurrencythatcanbepurchasedforoneunitofanothercurrency.Itisacommonpracticeinworldcurrencymarketstousetheindir
2、ectquotation,thatis,quotingallexchangerates(exceptfortheBritishpound)perU.S.dollar.TheFinancialTimesforeignexchangedataforSeptember16,2006,forexample,showsthequo-tationfortheCanadiandollarasbeing1.1218peroneU.S.dollar.Directquotationistheexpressionofth
3、enumberofU.S.dollarsrequiredtobuyoneunitofforeigncurrency.ThedirectU.S.dollarquotationonSeptember16,2006,fortheCanadiandollarwasU.S.$0.89.AlthoughitiscommonforforeigncurrencymarketsaroundtheworldtoquoteratesinU.S.dollars,sometradersstatethepriceofother
4、currenciesintermsofthedealer’shomecurrency(crossrates),forexample,SwissfrancsagainstJapaneseyen,HongKongdollaragainstColombianpesos,andsoon(seeTable10.1).Strictlyspeaking,itisreasonabletostatethattherateoftheforeigncurrencyagainstthedollarisacrossratet
5、odealersinthirdcountries.Theforeignexchangemarketisaplacewhereforeigncurrencyispur-chasedandsold.Inthesamewaythattherelationshipbetweengoodsandmoneyinordinarybusinesstransactionsisexpressedbytheprice,sotherelationshipofonecurrencytoanotherisexpressedby
6、theexchangerate.Alargeproportionoftheforeignexchangetransactionsundertakeneachdayisbetweenbanksindifferentcountries.Thesetransactionsareoftenaresultofthewishesofthebanks’customerstoconsummatecommercialtransactions,thatis,paymentsforimportsorreceiptsfor
7、exports.Otherrea-sonsforindividualcompaniesorgovernmentstoenterintotheforeignExport-ImportTheory,Practices,andProcedures,SecondEdition225226EXPORT-IMPORTTHEORY,PRACTICES,ANDPROCEDURESTABLE10.1.CurrencyTrading,Monday,August21,2006IndirectQuotationCrossR
8、atesSelectedCountriesCurrencyperU.S.$(perYen/perLira)Canada1.120.00971/0.7710France0.780.00674/0.5348Germany0.780.0049/0.3636UnitedKingdom0.530.0049/0.3636Japan——————/0.125U.S.115.740.0084/0.6901Source:AdaptedfromCNNMoney,2006.exchangem
