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1、ContentsForeignExchangeMarketTheExchangeRateForeignExchangeTransactionsExchangeRateRegimesAssignments1I.ForeignExchangeI.1ADynamicDefinitionForeignExchange,alsolabeledasinternationalexchange,ameansforthesettlementsofinternationalindebtednesses,creditsandinternationalflowsofmoney.Inthissense,fo
2、reignexchangeistheequivalenttointernationalsettlement.I.2ANarrowDefinitionForeignExchangeistheassetsdenominatedinforeigncurrencythatcanbeusedtosettleacountry’simbalancesofbalanceofpayments.ForeignExchangeMarket2FreeconvertibilityGeneralacceptabilityPayableI.3FunctionsValuemeasurementAmeansfori
3、nternationalsettlementStoreofvalueAmeansforinterventionForeignExchangeMarket3II.ForeignExchangeMarketForeignExchangeMarketreferstothemarket(s)inwhichinternationalcurrenciestradestakeplace(Table2-1-1,Table2-1-2andTable2-1-3forasurveyofglobalforeignexchangemarket).II.1ActorsCommercialbanks(CBs)C
4、orporationsNon-bankfinancialinstitutions,andCentralbanksForeignExchangeMarket4Table2-1-1GlobalForeignExchangeMarketTurnoverSource:BIS.InbillionsofUSdollars.Note:DailyaveragesinApril.Adjustedforlocalandcross-borderdouble-counting.*Datafor2004havebeenrevised.5Table2-1-2GeographicalDistributionof
5、ExchangeMarketTurnoverSource:BIS.InbillionsofUSdollarsandpercent.Note:DailyaveragesinApril.Adjustedforlocalandcross-borderdouble-counting.*Datafor2004havebeenrevised.6Table2-1-3ForeignExchangeMarketTurnoverbyCurrencyPairSource:BIS.InbillionsofUSdollarsandpercent.7II.2MarketMicrostructureBank1B
6、anknInter-bankMarketCustomer1CustomernCustomer1CustomernRetailMarketForeignExchangeMarket8TheExchangeRateI.WhatIstheExchangeRate?ExchangeRateisthepriceofonecurrencyintermsofanothercurrency(KrugmanandObstfeld,2003,pp.324;Pilbeam,2006,pp.5).I.1WhatisMoney?AmythneversolvedAmediumofexchangeUnitofa
7、ccountStoreofvalue9I.2SomeFundamentalConceptsQuotationDirectQuotation,alsolabeledasPriceQuotation.Thepriceofaunitofforeigncurrencyintermsofhomecurrency.e.g.2-1-1.US$1=RMB7.3046IndirectQuotation,orQuantityQuotation.Thepriceofaunitofhomec
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