第六讲 外汇市场ppt课件.ppt

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1、Chapter6TheforeignexchangemarketDec.13,2005Ipromisetopay______________________________________________________________________________ataninterestrateof_____%within______days.________________________DouglasCloudOneThousandDollarsandno/100690T.WoodMostinternationalfinancialtransactions

2、soonerorlaterinvolveanexchangeofonecurrencyforanothertheexchangerateandexchangeratedeterminationplayanimportantroleininternationalfinancialtheory.绝大多数的国际金融交易活动都或多或少地涉及到外汇交易。因此说汇率及其决定因素分析在国际金融理论中占有重要的地位。Theefficiencyoftheinternationalfinancialsystemanditsdegreeofintegrationwiththeindiv

3、idualnationalfinancialsystemsdependstoalargeextentonhowcheaplyandquicklyforeignexchangetransactionscanbeeffected.Dec.13,2005Ipromisetopay______________________________________________________________________________ataninterestrateof_____%within______days.________________________Dougl

4、asCloudOneThousandDollarsandno/100690T.Wood国际金融系统的效率，及其同各国金融系统的联系程度在很大程度上取决于外汇交易的成本和效率Theforeignexchangemarketiswherecurrenciesareboughtandsold.Inthischapterwelookattheforeignexchangemarketfromatechnicalpointofview,examininghowthemarketisorganized,howexchangeratesarequotedandhowtrades

5、areactuallymade.外汇市场是进行外汇交易的场所。本章将从技术的角度来分析外汇市场、研究市场是如何构成、汇率是如何标价，以及实际的外汇交易是如何操作的。Wewillalsoseehowdeliveryandsettlementisachievedbetweenagentsindifferentcountries.AnimportantelementinthediscussionisthelinkbetweentheforeignexchangemarketandtheEurocurrencymarket.还将涉及到不同国家的银行之间是如何进行移交和结算

6、的等问题。其中我们将重点讨论外汇市场和欧洲货币市场间的联系。Organizationoftheforeignexchangespotmarket(即期外汇市场的组织结构）1.1TheinterbankmarketForeignexchangetransactionsForeignexchangetransactionsinvolvebuyingandsellingonecurrencyforanother.外汇交易是指用一种货币兑换另外一种货币的交易活动。实际的外汇交易一般都不是双方直接进行货币交易的，而是以一种货币的活期存款兑换另一种货币的活期存款。Dec.1

7、3,2005Ipromisetopay______________________________________________________________________________ataninterestrateof_____%within______days.________________________DouglasCloudOneThousandDollarsandno/100690T.WoodThetransactioncanbemadeforimmediatedeliveryonthespotmarketFuturedeliveryont

8、hefut