金融英語-4-InternationalFinance課件

金融英語-4-InternationalFinance2024/4/17金融英語-4-InternationalFinanceThebalanceofpaymentsaccounts(國際收支平衡表)arethosethatrecordalltransactionsbetweentheresidents（居民）ofacountryandresidentsofallforeignnations.Theyarecomposedofthefollowing:TheCurrentAccount經(jīng)常賬戶TheCapitalAccount資本賬戶TheOfficialReservesAccount儲備帳戶StatisticalDiscrepancy統(tǒng)計誤差4.1InternationalBalanceSheet金融英語-4-InternationalFinance4.1.1TheCurrentAccountIncludesallimportsandexportsofgoodsandservices,unilateraltransfers（經(jīng)常轉(zhuǎn)移）offoreignaid.Thenetbalanceonthemerchandisetransactionsiscalledthetradebalance.金融英語-4-InternationalFinanceGoods貨物貿(mào)易Exportsareenteredintothecreditside,whileimportsthedebitside.Ifthedebitsexceedthecredits,thenacountryisrunningatradedeficit（貿(mào)易逆差）.Ifthecreditsexceedthedebits,thenacountryisrunningatradesurplus（貿(mào)易順差）.金融英語-4-InternationalFinanceServices服務貿(mào)易Servicesincludeallreceiptsandpaymentsbetweentheresidentsandforeignersontransportation,insurance,travel,communication,investment

returnssuchasinterest,dividends,andprofitsgeneratedfromloansandinvestments,technology.Receiptsofservicesareenteredintothecreditsidewhilepaymentsthedebitside.金融英語-4-InternationalFinanceUnilateraltransfers經(jīng)常轉(zhuǎn)移Unilateraltransfersaretransactionsthatonlyone-sidedsincethereisnooffsettingpayment(補償性支付).Itincludesprivatetransfersandgovernmenttransfers.金融英語-4-InternationalFinance4.1.2TheCapitalAccountThecapitalaccountmeasuresthedifferencebetweenacountry’ssalesofassetstoforeignersandpurchasesofforeignassets.ThecapitalaccountiscomposedofForeignDirectInvestment(FDI，外商直接投資),portfolioinvestments（間接投資）andotherinvestments.金融英語-4-InternationalFinanceCapitalaccountusuallyconsistsofthreesub-accounts:Directinvestment(直接投資):itisusuallydefinedasinvestmentinenterpriseslocatedinthecountrybut“effectively”controlledbyresidentsinanothercountry.金融英語-4-InternationalFinancePortfolioinvestments（證券投資，間接投資）:itdesignatesalllong-termcapitalflowsthatdonotgiveinvestorseffectivecontrolovertheirinvestments,whichinvolvemainlyloansandsecurities.金融英語-4-InternationalFinanceotherinvestmentsmainlyreferstotheshort-termcapitalrecordsthenetchangesininternationalassetsandliabilitieswithanoriginalmaturityofoneyearorlessinwhichdomesticresidents(excludingofficialmonetaryinstitutions)arecreditorsanddebtors.金融英語-4-InternationalFinanceShort-termcapitalflowsincludethenormal,everydayreceiptsandpaymentsarisingoutofinternationaltradeandfinancethatoccurmainlythroughshiftintheownershipofdemanddeposits（活期存款）andotherliquiddepositsinbanksathomeandabroad.金融英語-4-InternationalFinanceEstimatesofprivateshort-termcapitalmovementaretheleastreliableofthebalanceofpaymentsitemsbecauseoftheirvariety,intangibility（無形的）andprivatecharacter.金融英語-4-InternationalFinance4.1.3TheOfficialReservesAccountOfficialreservesassetscomprise:foreignexchangeinconvertiblecurrencies(可自由兌換外幣),reservepositionintheInternationalMonetaryFund（IMF儲備頭寸）,allocationofSpecialDrawingRights（SDR）,GoldStock（黃金儲備）.

金融英語-4-InternationalFinance4.1.4StatisticalDiscrepancyThisaccountisusedtodescribesomeomissions（遺漏）andmisrecorded（未記錄）transactionstomakethetotaldebitsandcreditsintoanarithmeticequilibrium（算術(shù)平衡）.金融英語-4-InternationalFinance4.1.5TheBalanceofPaymentsIdentityBCA+BKA+BRA=0where BCA=balanceoncurrentaccountBKA=balanceoncapitalaccountBRA=balanceonthereservesaccountUnderapureflexibleexchangerate,BCA+BKA=0金融英語-4-InternationalFinanceExhibit4.1U.S.BalanceofPaymentsDatain2000

CreditsDebitsCurrentAccount

1Exports$1,418.64

2Imports

($1,809.18)3UnilateralTransfers$10.24($64.39)

BalanceonCurrentAccount($444.69)CapitalAccount

4DirectInvestment$287.68($152.44)5PortfolioInvestment$474.39($124.94)6OtherInvestments$262.64($303.27)

BalanceonCapitalAccount$444.26

7StatisticalDiscrepancies

OverallBalance$0.30

OfficialReserveAccount($0.30)0.73金融英語-4-InternationalFinanceU.S.BalanceofPaymentsDataInthissheet,thebalanceofpaymentsidentityhold:BCA+BKA=–BRA($444.69)+$444.26

+$0.73=$0.30=–($0.30)

CreditsDebitsCurrentAccount

1Exports$1,418.64

2Imports

($1,809.18)3UnilateralTransfers$10.24($64.39)

BalanceonCurrentAccount($444.69)CapitalAccount

4DirectInvestment$287.68($152.44)5PortfolioInvestment$474.39($124.94)6OtherInvestments$262.64($303.27)

BalanceonCapitalAccount$444.26

7StatisticalDiscrepancies

OverallBalance$0.30

OfficialReserveAccount($0.30)0.73金融英語-4-InternationalFinanceBalanceofPaymentsTrendsSince1982theU.S.hasexperiencedcontinuousdeficitsonthecurrentaccountandcontinuoussurplusesonthecapitalaccount.Duringthesameperiod,Japanhasexperiencedtheopposite.金融英語-4-InternationalFinanceBalancesontheCurrent(BCA)andCapital(BKA)AccountsoftheUnitedStatesSource:IMFInternationalFinancialStatisticsYearbook,2000金融英語-4-InternationalFinanceBalancesontheCurrent(BCA)andCapital(BKA)AccountsofJapanSource:IMFInternationalFinancialStatisticsYearbook,2000金融英語-4-InternationalFinance4.2ForeignExchangeRateAnexchangerateisthepriceatwhichonecurrencycanbeexchangedforanother.Intheory,exchangeratesshouldbeinaccordwithpurchasingpowerparity(PPP,購買力平價理論).Ifthepricelevelinacountryincreasesbecauseofinflation,itscurrencyshoulddepreciate（貶值）.金融英語-4-InternationalFinance4.2.1FixedratesFor25yearsafterWorldWarⅡ,thelevelsofmostmajorcurrenciesweredeterminedbygovernments.Theywere

fixedorpeggedagainsttheUSdollar（與美元掛鉤）,andthedollarwaspeggedagainstgold（與黃金掛鉤）.Itwasendedin1971,becauseofthefollowinginflationintheUSA,theFederalReservedidnothaveenoughgoldtoguaranteetheAmericancurrency.金融英語-4-InternationalFinanceToday,acountrycanfixitsvaluetoanothercountry’scurrency.Acountrycanfixitscurrencytoa“basket”ofothercurrencies.Sameasdiversifyingaportfolio(Notputtingallyoureggsinonebasket)SpecialDrawingRight(SDR)：Abasketoffourmajorworldcurrencies.

Governmentsattempttokeepthevaluefixedforrelativelylongperiodsoftimetoreducetradeuncertainties.

金融英語-4-InternationalFinanceHowtokeepexchangeratefixed?Itcan’tmaintainthevalueforlong.Ifthedemandforthecurrencyfalls,it’spricewouldfallaswell.Theonlywaythepricecanbekeptupisforthegovernmentpromisingtomaintaintheoriginalleveltoentertheforeignexchangemarketandbuytheamountthatwillbringthequantitydemandedbacktotheoriginallevel.金融英語-4-InternationalFinanceDefendingaFixedExchangeRateTobuyorsellforeigncurrencies(inordertoinfluencetheprevailingexchangerate),agovernmentmusthaveforeignexchangereserves.Itisnotlikelytohaveenoughreservestodefendagainstamassiveandsustainedattackonthecurrency.Thegovernmentcanalsomakelong-termadjustmentsofitsmacroeconomic(monetaryand/orfiscalpolicy).Budgetausterity（緊縮預算）avoidsinflationandtakesdownwardpressure（貶值）offcurrency.金融英語-4-InternationalFinance4.2.2Peggedexchangerate聯(lián)系匯率制Peggedexchangeratereferstosettingatargetedvalueforacountry’sforeignexchange,anditindicatesthegovernmenthassomeabilitytomovethepeg.Thegovernmentmaychangethepeggedrateifasubstantialdisequilibrium（不平衡）

inthecountry’sinternationalpositiondevelops(e.g.,demandforthecurrencyistooweaktomaintainthedesiredvalue).金融英語-4-InternationalFinanceCrawlingpeg爬行盯住Acrawlingpeg

canbechangedoften(monthly,say)accordingtoasetofindicatorsorthejudgmentofthecountry’smonetaryauthority.Indicators（指示器）:ThedifferenceofinflationratesInternationalreserveassetsGrowthofthemoneysupplyThecurrentactualmarketexchangeraterelative tothecentralparvalueofthepeggedrate金融英語-4-InternationalFinance4.2.3Floatingrates浮動匯率Floatingexchangeratesmeansthatexchangeratesaredeterminedbypeoplebuyingandsellingcurrenciesintheforeignexchangemarkets.Freelyfloatingexchangerate（自由浮動）:fullydeterminedbymarketforces:thelevelofsupplyanddemand.Managedfloatingexchangerates（有管理的浮動匯率制）:withgovernment’sintervention金融英語-4-InternationalFinanceKEYWORDSstimulusplan刺激計劃activefiscalpoliciesandmoderatelyeasymonetarypolicies積極的財政政策，適度寬松的貨幣政策expanddomesticdemand擴大內(nèi)需spurdomesticconsumption促進消費infrastructureconstruction基礎設施建設value-addedtaxreform增值稅改革金融英語-4-InternationalFinancethestimulusplanwithtenbigpoliciesinvolved$586billion(4trillionRMB)inarangeofareasincludingtheconstructionofrailroads,highwaysandairports,boostingofservicessector,agriculture,educationandpublichealth,improvementofpeople’sincome,金融英語-4-InternationalFinance兩年投4萬億擴內(nèi)需國家出臺十大措施促增長

一是加快建設保障性安居工程。

二是加快農(nóng)村基礎設施建設。

三是加快鐵路、公路和機場等重大基礎設施建設。

四是加快醫(yī)療衛(wèi)生、文化教育事業(yè)發(fā)展。五是加強生態(tài)環(huán)境建設。

六是加快自主創(chuàng)新和結(jié)構(gòu)調(diào)整。

七是加快地震災區(qū)災后重建各項工作。

八是提高城鄉(xiāng)居民收入。

九是在全國所有地區(qū)、所有行業(yè)全面實施增值稅轉(zhuǎn)型改革，鼓勵企業(yè)技術(shù)改造，減輕企業(yè)負擔１２００億元。

十是加大金融對經(jīng)濟增長的支持力度

金融英語-4-InternationalFinance4.3.1EvolutionoftheInternationalMonetarySystem4.3.2CurrentExchangeRateArrangements4.3.3EuropeanMonetarySystem4.3.4TheMexicanPesoCrisis4.3.5TheAsianCurrencyCrisis4.3.6FixedversusFlexibleExchangeRateRegimes4.3InternationalMonetarySystem金融英語-4-InternationalFinance4.3.1Evolutionofthe

InternationalMonetarySystemBimetallism（復本位制）:Before1875ClassicalGoldStandard:1875-1914InterwarPeriod:1915-1944BrettonWoodsSystem:1945-1972TheFlexibleExchangeRateRegime:1973-Present金融英語-4-InternationalFinanceBimetallism:Before1875A“doublestandard”（復本位制）inthesensethatbothgoldandsilverwereusedasmoney.Somecountrieswereonthegoldstandard（金本位）,someonthesilverstandard（銀本位）,someonboth.Bothgoldandsilverwereusedasinternationalmeansofpaymentandtheexchangeratesamongcurrenciesweredeterminedbyeithertheirgoldorsilvercontents.Gresham’sLaw（格勒善法則，劣幣驅(qū)逐良幣）impliedthatitwouldbetheleastvaluablemetalthatwouldtendtocirculate.金融英語-4-InternationalFinanceClassicalGoldStandard:

1875-1914Duringthisperiodinmostmajorcountries:Goldalonewasassuredofunrestrictedcoinage（制造金幣）Therewastwo-wayconvertibility（雙向可兌換）betweengoldandnationalcurrenciesatastableratio.Goldcouldbefreelyexportedorimported.Theexchangeratebetweentwocountry’scurrencieswouldbedeterminedbytheirrelativegoldcontents.金融英語-4-InternationalFinance Forexample,ifthedollarispeggedtogoldatU.S.$30=1ounceofgold,andtheBritishpoundispeggedtogoldat￡6=1ounceofgold,itmustbethecasethattheexchangerateisdeterminedbytherelativegoldcontents:ClassicalGoldStandard:

1875-1914$30=￡6$5=￡1金融英語-4-InternationalFinanceClassicalGoldStandard:

1875-1914Highlystableexchangeratesundertheclassicalgoldstandardprovidedanenvironmentthatwasconduciveto（有益于）internationaltradeandinvestment.Misalignment（不一致）ofexchangeratesandinternationalimbalancesofpaymentwereautomaticallycorrectedbytheprice-specie-flowmechanism（價格-貨幣-流動機制）.金融英語-4-InternationalFinancePrice-Specie-FlowMechanismSupposeGreatBritainexportedmoretoFrancethanFranceexportedtoGreatBritain.Thiscannotpersistunderagoldstandard.NetexportofgoodsfromGreatBritaintoFrancewillbeaccompaniedbyanetflowofgoldfromFrancetoGreatBritain.ThisflowofgoldwillleadtoalowerpricelevelinFranceand,atthesametime,ahigherpricelevelinBritain.TheresultantchangeinrelativepricelevelswillslowexportsfromGreatBritainandencourageexportsfromFrance.金融英語-4-InternationalFinanceClassicalGoldStandard:

1875-1914Thereareshortcomings:Thesupplyofnewlymintedgold（鑄造金幣）issorestrictedthatthegrowthofworldtradeandinvestmentcanbehamperedforthelackofsufficientmonetaryreserves.Eveniftheworldreturnedtoagoldstandard,anynationalgovernmentcouldabandonthestandard.金融英語-4-InternationalFinanceInterwarPeriod:1915-1944Exchangeratesfluctuatedascountrieswidelyused“predatory”depreciations（掠奪性貶值）oftheircurrenciesasameansofgainingadvantageintheworldexportmarket.Theresultforinternationaltradeandinvestmentwasprofoundlydetrimental（有害的）.金融英語-4-InternationalFinanceBrettonWoodsSystem:

1945-1972Namedfora1944meetingof44nationsatBrettonWoods,NewHampshire.Thepurposewastodesignapostwarinternationalmonetarysystem.Thegoalwastokeepexchangeratestablewithoutthegoldstandard.TheresultwasthecreationoftheIMFandtheWorldBank.金融英語-4-InternationalFinanceBrettonWoodsSystem:1945-1972UndertheBrettonWoodssystem,theU.S.dollarwaspeggedtogoldat$35perounceandothercurrencieswerepeggedtotheU.S.dollar.Eachcountrywasresponsibleformaintainingitsexchangeratewithin±1%oftheadoptedparvaluebybuyingorsellingforeignreservesasnecessary.TheBrettonWoodssystemwasadollar-basedgoldexchangestandard(以美元為基礎的金匯兌本位制).金融英語-4-InternationalFinanceTheFlexibleExchangeRateRegime:1973-Present.FlexibleexchangeratesweredeclaredacceptabletotheIMFmembers.Centralbankswereallowedtointerveneintheexchangeratemarkets.Non-oil-exportingcountries(非石油輸出國

)andless-developedcountriesweregivengreateraccesstoIMFfunds.金融英語-4-InternationalFinance4.3.2CurrentExchangeRateArrangementsFreeFloat

Thelargestnumberofcountries,about48,allowmarketforcestodeterminetheircurrency’svalue.ManagedFloat

About25countriescombinegovernmentinterventionwithmarketforcestosetexchangerates.Peggedtoanothercurrency

SuchastheU.S.dollaroreuro(throughfrancormark).NonationalcurrencySomecountriesdonotbotherprintingtheirown,theyjustusetheU.S.dollar.Forexample,Ecuador（厄瓜多爾）,Panama,andElSalvador（薩爾瓦多）havedollarized.金融英語-4-InternationalFinance4.3.3EuropeanMonetarySystemObjectivesofEuropeanMonetarySystem:ToestablishazoneofmonetarystabilityinEurope.Tocoordinateexchangeratepoliciesvis-à-vis（相對于）non-Europeancurrencies.TopavethewayfortheEuropeanMonetaryUnion歐洲貨幣聯(lián)盟）.金融英語-4-InternationalFinanceWhatIstheEuro?TheeuroisthesinglecurrencyoftheEuropeanMonetaryUnionwhichwasadoptedby11MemberStateson1January1999.Theseoriginalmemberstateswere:Belgium（比利時）,Germany,Spain,France,Ireland,Italy,Luxemburg（盧森堡）,Finland（芬蘭）,Austria（奧地利）,Portugal（葡萄牙）andtheNetherlands（荷蘭）.金融英語-4-InternationalFinanceWhatistheofficialsignoftheeuro?Thesignforthenewsinglecurrencylookslikean“E”withtwoclearlymarked,horizontalparallellinesacrossit.€ItwasinspiredbytheGreekletterepsilon（第五個希臘字母）,inreferencetothecradleofEuropeancivilizationandtothefirstletteroftheword'Europe'.金融英語-4-InternationalFinanceValueoftheEuroinU.S.DollarsJanuary1999toOctober2008金融英語-4-InternationalFinanceTheLong-TermImpactoftheEuroTheeuro’ssuccesswilladvancethepoliticalintegrationofEuropeinamajorway,eventuallymakinga“UnitedStatesofEurope”feasible.TheU.S.dollarlosesitsplaceasthedominantworldcurrency.TheeuroandtheU.S.dollarbecomethetwomajorcurrencies.金融英語-4-InternationalFinance4.3.4TheMexicanPesoCrisisOn20December,1994,theMexicangovernmentannouncedaplantodevaluethepesoagainstthedollarby14percent.Thisdecisionchangedcurrencytrader’sexpectationsaboutthefuturevalueofthepeso.Intheirrushtogetout，thepesofellbyasmuchas40percent.金融英語-4-InternationalFinanceTheMexicanPesoCrisisTheMexicanPesocrisisisuniqueinthatitrepresentsthefirstseriousinternationalfinancialcrisistouchedoff（觸發(fā)）bycross-borderflightofforeigncapital

（跨國資本外逃）.Twolessonsemerge:Itisessentialtohaveamultinationalsafetynet（安全網(wǎng)）inplacetosafeguardtheworldfinancialsystemfromsuchcrises.Aninflux（流入）offoreigncapitalcanleadtoanovervaluationinthefirstplace.金融英語-4-InternationalFinance4.3.5TheAsianCurrencyCrisisTheAsiancurrencycrisisturnedouttobefarmoreseriousthantheMexicanpesocrisisintermsoftheextentofthecontagion（蔓延）andtheseverityoftheresultanteconomicandsocialcosts.Manyfirmswithforeigncurrencybondswereforcedintobankruptcy.Theregionexperiencedadeep,widespreadrecession.金融英語-4-InternationalFinanceCurrencyCrisisExplanationsIntheory,acurrency’svaluemirrorsthefundamentalstrengthofitsunderlyingeconomy,relativetoothereconomies,Inthelongrun.Intheshortrun,currencytrader’sexpectationsplayamuchmoreimportantrole.Thus,fearsofdepreciationbecomeself-fulfillingprophecies(預言).Intoday’senvironment,tradersandlenders,usingthemostmoderncommunications,actbyfight-or-flight(戰(zhàn)斗或逃跑)instincts.金融英語-4-InternationalFinance4.3.6FixedversusFlexible

ExchangeRateRegimesArgumentsinfavorofflexibleexchangerates:Easierexternaladjustments.Nationalpolicyautonomy.Argumentsagainstflexibleexchangerates:Exchangerateuncertaintymayhamperinternationaltrade.Nosafeguardstopreventcrises.金融英語-4-InternationalFinanceChina's

CPI

Rises

4%

in

OctoberChina‘sconsumerpriceindex,themaingauge(標尺)ofinflation,rosefourpercentyearonyear（與去年同期相比）inOctober.Thefigure,releasedbytheNationalBureauofStatistics（國家統(tǒng)計局）onTuesday,wasdown0.6percentfromthatofSeptemberandithasdroppedforsixconsecutivemonths.金融英語-4-InternationalFinanceQiJingmei,aseniorresearcherwiththeStateInformationCentre（國家信息中心）,attributesthedeclinetothegovernment'smacroeconomiccontrolsindealingwiththerapidriseoftheCPIinthefirsthalfoftheyear.SheaddsthedropinfoodpricesalsocontributedtothedeclineofOctober'sCPI.金融英語-4-InternationalFinanceMeanwhile,globalfoodpricesdroppeddramaticallyafterthehikeinthefirsthalf.Italsograduallyloweredthedomesticfoodprices.QiJingmeisayssheremainsoptimisticabouttheCPIintheupcomingtwomonths.金融英語-4-InternationalFinance"IthinktheCPIinthefourthquarterwillcontinuetodecline.Itwilleasepressureonthegovernmenttobeatinflation,andshiftthefocusfrommacro-economiccontroltosustainingeconomicgrowth."TheaverageCPIinthefirst10monthsof2008rose6.7percentyearonyear,higherthantheyearlygoalof4.8percent.金融英語-4-InternationalFinance4.4ForeignExchangeExposureChangesinexchangeratescanaffectnotonlyfirmsthataredirectlyengagedininternationaltradebutalsopurelydomesticfirms.ConsideraU.S.bicyclemanufacturerwhosourcesandsellsonlyintheU.S.Sincethefirm’sproductcompetesagainstimportedbicycles,itissubjecttoforeignexchangeexposure.金融英語-4-InternationalFinanceEconomicExposure經(jīng)濟風險Exchangerateriskasappliedtothefirm’svalue.TransactionExposure交易風險Exchangerateriskasappliedtothefirm’shomecurrencycashflows.TranslationExposure折算風險

Exchangerateriskasappliedtothefirm’sconsolidatedfinancialstatements.ThreeTypesofExposure金融英語-4-InternationalFinance4.4.1EconomicExposureExchangerateriskasappliedtothefirm’scompetitiveposition.Anyanticipatedchangesintheexchangerateswouldhavebeenalreadydiscountedandreflectedinthefirm’svalue.Economicexposurecanbedefinedastheextenttowhichthevalueofthefirmwouldbeaffectedbyunanticipatedchangesinexchangerates.金融英語-4-InternationalFinanceHowtoMeasureEconomicExposureEconomicexposureisthesensitivityofthefuturehomecurrencyvalueofthefirm’sassetsandliabilitiesandthefirm’soperatingcashflowtorandomchangesinexchangerates.Thereexiststatisticalmeasurementsofsensitivity.Sensitivityofthefuturehomecurrencyvaluesofthefirm’sassetsandliabilitiestorandomchangesinexchangerates.Sensitivityofthefirm’soperatingcashflowstorandomchangesinexchangerates.金融英語-4-InternationalFinanceOperatingexposureChannelsofEconomicExposureFirmValueHomecurrencyvalueofassetsandliabilitiesFutureoperatingcashflowsExchangeratefluctuationsAssetexposure金融英語-4-InternationalFinanceHow

to

Measure

Economic

ExposureIfaU.S.MNCweretorunaregressiononthedollarvalue(P)ofitsBritishassetsonthedollarpoundexchangerate,S($/￡),theregressionwouldbeoftheform:P=a+b×S+eWhere

aistheregressionconstanteistherandomerrorterm(隨意誤差項)withmeanzero.Theregressioncoefficientbmeasuresthesensitivityofthedollarvalueoftheassets(P)totheexchangerate,S.金融英語-4-InternationalFinanceHow

to

Measure

Economic

ExposureTheexposurecoefficient,b,isdefinedasfollows:WhereCov(P,S)isthecovariance(協(xié)方差)betweenthedollarvalueoftheassetandtheexchangerate,andVar(S)isthevarianceoftheexchangerate.Cov(P,S)Var(S)b=金融英語-4-InternationalFinanceHowtoMeasureEconomicExposureTheexposurecoefficientshowsthattherearetwosourcesofeconomicexposure:Cov(P,S)Var(S)b=thevarianceoftheexchangeratethecovariancebetweenthedollarvalueoftheassetandexchangerate金融英語-4-InternationalFinance4.4.2TransactionExposureTherisk,facedbycompaniesinvolvedininternationaltrade,thatcurrencyexchangerateswillchangeafterthecompanieshavealreadyenteredintofinancialobligations.Suchexposuretofluctuatingexchangeratescanleadtomajorlossesforfirms.金融英語-4-InternationalFinanceOften,whenacompanyidentifiessuchexposuretochangingexchangerates,itwill

choosetoimplementahedgingstrategy,usingforwardratestolockinanexchangerateandthuseliminatetheexposuretotherisk.金融英語-4-InternationalFinanceFinancialHedgingThegoalistostabilizethefirm’scashflowsinthenearterm.FinancialHedginginvolvesuseofderivativesecuritiessuchasforwards,futures,currencyoptions,currencyswaps,amongothers.金融英語-4-InternationalFinance4.4.3TranslationExposureTheriskthatacompany'sequities,assets,liabilities

orincome

willchangeinvalueasaresultofexchangeratechanges.Thisoccurs

whenafirmdenominatesaportionof

itsequities,assets,liabilitiesorincome

inaforeigncurrency.Itisappliedtothefirm’sconsolidatedfinancialstatements（包括子公司的財務報表）.金融英語-4-InternationalFinanceAccountantsusevariousmethodstoinsulate(隔離)firmsfromthesetypesofrisks,suchasconsolidationtechniquesforthefirm'sfinancialstatementsandtheuseofthe

mosteffectivecostaccounting

evaluationprocedures.Inmanycases,thisexposurewillberecordedinthefinancialstatementsasanexchangerategain(orloss).金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarket4.5.2TheSpotMarket4.5.3TheForwardMarket金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarketFXMarketParticipantsCorrespondentBankingRelationships4.5.2TheSpotMarket4.5.3TheForwardMarket金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarket4.5.2TheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXTradingCrossExchangeRateQuotationsSpotForeignExchangeMarketMicrostructure4.5.3TheForwardMarket金融英語-4-InternationalFinance4.5ForeignExchangeMarket4.5.1FunctionandStructureoftheFOREXMarket4.5.2TheSpotMarket4.5.3TheForwardMarketForwardRateQuotationsLongandShortForwardPositionsForwardCross-ExchangeRatesSwapTransactions金融英語-4-InternationalFinance4.5.1TheFunctionandStructureoftheFOREXMarketFOREXMarketParticipantsCorrespondentBankingRelationships金融英語-4-InternationalFinanceFOREXMarketParticipantsTheFOREXmarketisatwo-tiered(雙重的)market:InterbankMarket(Wholesale批發(fā))About700banksworldwidestandreadytomakeamarketinForeignexchange.Nonbankdealersaccountforabout20%ofthemarket.ThereareFXbrokerswhomatchbuyandsellordersbutdonotcarryinventoryandFXspecialists.ClientMarket(Retail零售)Marketparticipantsincludeinternationalbanks,theircustomers,nonbankdealers,FOREXbrokers,andcentralbanks.金融英語-4-InternationalFinanceCorrespondentBankingRelationshipsLargecommercialbanksmaintaindemanddepositaccountswithoneanotherwhichfacilitatestheefficientfunctioningoftheforexmarket.Internationalcommercialbankscommunicatewithoneanotherwith:SWIFT:TheSocietyforWorldwideInterbankFinancialTelecommunications.環(huán)球銀行金融電訊協(xié)會CHIPS:ClearingHouseInterbankPaymentsSystem紐約清算所銀行同業(yè)支付系統(tǒng)金融英語-4-InternationalFinance4.5.2TheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXtradingCrossRates金融英語-4-InternationalFinanceSpotRateQuotationsDirectquotation(直接標價法)theU.S.dollarequivalent（一單位外幣付多少本幣）e.g.“aJapaneseYenisworthaboutapenny”IndirectQuotation(間接標價法)thepriceofaU.S.dollarintheforeigncurrency（一單位本幣付多少外幣）e.g.“youget100yentothedollar”金融英語-4-InternationalFinanceSpotRateQuotationsThedirectquoteforBritishpoundis:￡1=$1.5627CountryUSDequivFridayUSDequivThursdayCurrencyperUSDFridayCurrencyperUSDThursdayArgentina(Peso)0.33090.32923.02213.0377Australia(Dollar)0.59060.59341.69321.6852Brazil(Real)0.29390.28793.40253.4734Britain(Pound)1.56271.5660.63990.63861MonthForward1.55961.56290.64120.63983MonthsForward1.55351.55680.64370.64236MonthsForward1.54451.54770.64750.6461Canada(Dollar)0.66920.67511.49431.48131MonthForward0.66810.67411.49681.48353MonthsForward0.66580.67171.5021.48886MonthsForward0.6620.66781.51061.4975金融英語-4-InternationalFinanceSpotRateQuotationsTheindirectquoteforBritishpoundis:￡.6399=$11.49751.5106