chapter 13-simplified

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1、Chapter13ExchangeRatesDetermination:AnAssetApproachIntroductionExchangeRatesandInternationalTransactionsTheDemandforForeignCurrencyAssetsEquilibriumintheForeignExchangeMarketInterestRates,Expectations,andEquilibriumSummaryChapterOrganizationIntroductionExchangeratesarei

2、mportantbecausetheyenableustotranslatedifferentcounties’pricesintocomparableterms.Exchangeratesaredeterminedinthesamewayasotherassetprices.Thegeneralgoalofthischapteristoshow:HowexchangeratesaredeterminedTheroleofexchangeratesininternationaltradeⅠ.Exchangeratesandintern

3、ationaltransitionⅰ.ExchangeRatea.ConceptionThepriceofonecurrencyintermsofanother.b.TwokindsofquotationsDirectquotation--Thepriceoftheforeigncurrencyintermsofhomecurrency.CNY6.5815perU.S.dollarIndirectquotation--Thepriceofhomecurrencyintermsoftheforeigncurrency.JPY172.48

4、23perCNY币种汇买、汇卖中间价现汇买入价现钞买入价卖出价发布时间美元(USD)664.80663.47658.15666.1310:49:14港币(HKD)85.7285.5584.8685.8910:49:14日元(JPY)7.97607.94417.68898.007910:49:14欧元(EUR)897.55893.96865.24901.1410:49:14英镑(GBP)1055.501051.281017.501059.7210:49:14瑞士法郎(CHF)667.34664.67643.32670.0110:49:

5、14加拿大元(CAD)650.68648.08627.26653.2810:49:14澳大利亚元(AUD)649.71647.11626.32652.3110:49:14新加坡元(SGD)510.05508.01491.69512.0910:49:14丹麦克朗(DKK)120.38119.90116.05120.8610:49:14挪威克朗(NOK)109.59109.15105.64110.0310:49:14瑞典克朗(SEK)95.6595.2792.2196.0310:49:14澳门元(MOP)83.5683.3982.7283

6、.7310:49:14新西兰元(NZD)510.90508.86492.51512.9410:49:14韩元(KRW)0.5856--0.55510.616110:49:14中国工商银行人民币即期外汇牌价2010年11月17日单位：人民币/100外币2004/12/12010/11/17USD美元32.18630.3410RMB人民幣3.8894.5711MOP澳幣25.02829.6212CAD加幣27.11529.7111GBP英鎊61.65948.2139HKD港幣4.1403.9125JPY日圓0.3130.3643EUR歐元

7、42.85840.9460台幣汇率c.TwochangesinexchangerateAppreciation:Ariseinthepoundsintermsofdollarsisanappreciationofthepoundagainstthedollar.Depreciation:Afallinthedollarpriceofpoundsisadepreciationofthepoundagainstthedollar.＄1.50perpound＄1.25perpoundpound:depreciationdollar:appr

8、eciation＄1.50perpound＄1.75perpoundpound:appreciationdollar:depreciationⅱ.Exchangerateandinternationaltransacti