国际金融 托马斯.a.普格尔 第二章ppt

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1、Lecture2:TheforeignexchangemarketWhatisforeignexchange?Dynamicconcept(tradingdifferentnations’moneys)Staticconcept(foreigncurrencies)DemandandsupplyforforeignexchangeCurrentaccount:e.g.payforimportofgoodsFinancialaccount:e.g.investabroad1ThreeSignificance

2、softheforeignexchangemarketTheforeign-exchangemarketisbyfarthelargestandmostliquidmarketintheworld.Itisatwenty-fourhourmarketThemarket’smostwidelytradedcurrencyisthedollar.FXmarketturnover(BIS)2010年美国GDP为146241.8亿美元，中国GDP为403260.0亿元，$/￥=6.65Itisatwenty-fo

3、urhourmarketThemarket’smostwidelytradedcurrencyisthedollarFormostpairsofcurrencies,themarketpracticeistotradeeachofthetwocurrenciesagainstacommonthirdcurrencyasavehicle,ratherthantotradethetwocurrenciesdirectlyagainsteachother.Thevehiclecurrencyusedmostof

4、tenisthedollarCurrencyPairsinFXMarket10StructureoftheMarketTheforeignexchangemarketisadecentralized,electronicallylinkednetworkofbanks,foreignexchangedealers,andbrokersThisnetworkbringstogetherbuyersandsellersofforeignexchangearoundtheglobeTheforeignexcha

5、ngemarketconsistsoftwotiers:TheInterbankorwholesalemarketTheclientorretailmarketTwoclearingsystems:SWIFT-SocietyforWorldwideInter-bankFinancialTele-communication（环球同业银行金融电讯系统）CHIPS-ClearingHouseInternationalPaymentSystem(dollartransfersamongmembers)（国际支付结

6、算系统）11MarketParticipantsFivebroadcategoriesofparticipantsoperatewithinthesetwotiers:BanksandnonbankforeignexchangedealersForeignexchangebrokersFirmsandindividualsSpeculatorsandarbitrageursCentralbanksandtreasuriesForeignexchangequotationDirectquotation:th

7、eamountofDCrequiredtopurchaseoneunitofFC（直接标价）Indirectquotation:theamountofFCrequiredtopurchaseoneunitofDC（间接标价）Bidprice:theexchangerateatwhichthedealeriswillingtobuyacurrencyAsk(offer)price:theexchangerateatwhichthedealeriswillingtosellacurrency13Thedeal

8、erneedtoearnaprofit,soshealways“buylowandsellhigh”!Bid-askspread:thedifferencebetweenthebidpriceandtheaskprice(canbeinpercentage)Factorsaffectingthebid-askspreadsMarketconditionDealerpositionLiquiditymidpointprice:t