金融英语课件7概要.ppt

Spot, forward, bid, ask prices There is an almost bewildering variety of foreign exchange markets abound in a number of currencies. In addition, there are diverse prices for these currencies. Virtually every major newspaper, such as THE WALL STREET JOURNAL or THE LONDON FINANCIAL TIMES, prints a daily list of exchange rates. These are expressed either as the number of units of a particular currency that exchange for one U. S. dollar or as the number of U. S. dollars that exchange for one unit of a particular currency. Sometimes both are listed side by side. Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * For major currencies，up to four different prices typically will be quoted. One is the spot price. The others may be 30 days forward, 90 days forward, and 180 days forward. These may be expressed either in European terms (such as the number of U. S. dollar per British Pound sterling) or in American terms (such as number of British Pound sterling per U. S. dollar). Spot price: 即期价格 Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * The spot price is what you must pay to buy currencies for immediate delivery (two working days in the interbank market; over the counter, if you buy bank notes or travelers checks). The forward prices for each currency are what you will have to pay if you sign a contract today to buy that currency on a specific future date (30 days from now, and so on). In this market, you pay for the currency when the contract matures. forward prices: 远期价格 Copyright ? 2010 Pearson Education, Inc. Publishing as Prentice Hall * Why would anyone buy and sell foreign currency forward? There are some major advantages from having such opportunities available. For example, an exporter who has receipts of foreign currency due at some future date can sell those funds forward now, thereby avoiding all risks associated with subsequent adverse exchange-rate changes. Similarly, an importer who will have to pay for a ship