国际金融英文版CH3.ppt

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1、Chapter3ForeignExchangeMarketandForeignExchangeRateForeignExchangeMarketForeignexchangeisanothercountry’smoney.Thedynamicmeaningoftheforeignexchangereferstotheactoftradingdifferentcountry’scurrencies.Convertibilitymeansacurrencycanbefreelyexchangedforanothercurrency.Thisisthemostimportantch

2、aracteristicoftheforeignexchange.Foreignexchangerateisthepriceofonecurrencyintermsofanother.Foreignexchangemarketistheplacewherecurrenciesareboughtandsold.Theforeignexchangemarketisbyfarthelargestfinancialmarketintheworld.Foreignexchangemarkethastwofunctions:thefirstistoconvertonecurrencyin

3、toanother(thespotexchangemarket);thesecondistoprovideinsuranceagainstforeignexchangerisk(theforwardexchangemarket).Theforeignexchangemarketisaninformal,over-the-counterandaround-the-clockmarket.Ithasnocentralizedmeeting-placeandnoformalrequirementsforparticipation.Themarketneversleeps.Tokyo

4、,London,andNewYorkareallshutforonly3hoursoutofevery24.Duringthesethreehours,tradingcontinuesinanumberofminorcenters,particularlySanFranciscoandSydney.Measuringforeignexchangemarketactivity:AverageelectronicconversionsperhourAsof2009,morethan$3trillionaretradedinthismarketonadailybasis.Thisw

5、asamassiveincreaseofnearly70%overthe2004survey’sestimateof$1.9trillion.TheU.S.dollarwasinvolvedinmorethan90%ofallforeignexchangetransactions,followedbytheeuro(38%),yen(23%),andBritishpoundsterling(13%).Londonisthelargestworldforeignexchangemarket,followedbyNewYorkandTokyo.Londonaccountsfor3

6、4.1%ofdailyworldexchange.NewYorkisabout16%.Globalforeignexchangemarketturnover,1998-2010(dailyaveragesinApril,billionsofU.S.dollar)Top10geographictradingcenterintheforeignexchangemarket,1992-2007(dailyaveragesinApril,billionsof$)ForeignexchangemarketstructureCustomersbuy$with￥Customersbuy￥w

7、ith$LocalbanksLocalbanksMajorbanksInterbankmarketsForeignexchangebrokersMNCs&OthersParticipantsintheforeignexchangemarketRetailcustomersaremadeupofindividuals,internationalinvestors,smallbusinesses,speculatorsorthelikewhoneedforeignexchange.Commercialban