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1、InternationalEconomicsByRobertJ.Carbaugh9thEditionChapter12:ForeignExchangeForeignexchangeForeignexchangemarketLargestandmostliquidmarketintheworldNocentralmarket-keymarketsinseveralcitiesaroundtheworldParticipatingbanksandbrokersareinconstantcontactviaphoneandcomputerThreegene
2、raltypesoftransactionBetweenbanksandtheircustomersDomesticinterbankmarketconductedthroughbrokersTradingwithoverseasbanks2Carbaugh,Chap.12ForeignexchangeTypesofFXtransactionsSpottransactions-executednearlyimmediatelyForwardtransactions-agreementtobuyorsellacurrencyatadateinthefu
3、ture,atarateagreedinadvanceCurrencyswaps-agreementtotradeonecurrencyforanothernow,andtotradecurrenciesbackagainlater,bothatpricesagreedatthebeginning3Carbaugh,Chap.12ForeignexchangeForeignexchangequotationsExchangerateisthepriceofonecurrencyintermsofanotherOnecountry’scurrencyh
4、asdepreciatedwhenmoreofitisneededtobuyaunitofaforeigncurrency(isworthlessrelativetotheothercurrency)Acurrencyhasappreciatedwhenlessofitisneededtobuyaforeigncurrency(isworthmorerelativetotheothercurrency)4Carbaugh,Chap.12ForeignexchangeForeignexchangequotationsCrossexchangerateb
5、etweentwocurrenciesiscalculatedfromtheirexchangerateswithathird,benchmarkcurrency-frequentlytheUSdollar5Carbaugh,Chap.12ForeignexchangemarketsForwardmarkets,futures&optionsForwardcontractsobligatebuyertobuyorsellacertainamountofforeigncurrencyatafuturedateUsuallymadebetweenbank
6、sandfirmswhoexpecttoreceiveormakepaymentsinforeigncurrency;theamountofcurrencyandthedatearesetbytheagreement6Carbaugh,Chap.12ForeignexchangemarketsForwardmarkets,futures&optionsFutures,tradedonspecialexchanges,arecontractstotradegivenamountsofcurrenciesataspecifieddateOnlyasmal
7、lnumberofmajorcurrenciescanbesotraded,andonlyinfixedlotswithfixedtradedates7Carbaugh,Chap.12ForeignexchangemarketsForwardmarkets,futures&optionsOptionsprovidetheholderwiththeright(butnottheobligation)tobuyorsellforeigncurrenciesatanagreedratewithinaperiodoftime,inreturnforafeep
8、aidtotheselleroftheoptionOptionstobuyarecalledcallopti
