国际金融-hapter third foreign exchange market and transactions.ppt

结汇是指外汇收入所有者将其外汇收入出售给外汇指定银行，外汇指定银行按一定汇率付给等值的本币的行为 * * 1\.前大后小往下减，如果加的话 ，银行不盈利了 国际金融学 The third chapter The foreign exchange market and foreign exchange transactions * Key terms Inter-bank Market 银行间市场 Customer Market 客户市场 Spot transaction 即期交易 Forward transaction 远期交易 Interest arbitrage 套利交易 Arbitrage 套汇交易 * * Foreign exchange market Foreign exchange transactions Spot transaction Forward transaction Interest arbitrage arbitrage MAIN CONCERNS * 一 、foreign exchange market Concepts of foreign exchange market Participants of the market Slide 13-* 1、The Foreign Exchange Market Exchange rates are determined in the foreign exchange market. The market in which international currency trades take place The Actors The major participants in the foreign exchange market are: Commercial banks International corporations Foreign Exchange Broker Central banks * （Foreign Exchange Bank) （Foreign Exchange Broker） customers central banks * Inter-bank Market Customer Market Six foreign exchange markets in the whole world： New york London Frankfurt Sydney Singapore Tokyo Slide 13-* The worldwide volume of foreign exchange trading is enormous, and it has ballooned in recent years. 24 hour whole world market New technologies are used among the major foreign exchange trading centers . The integration of financial centers implies that there can be no significant arbitrage. 2、Characteristics of the Market * Time of foreign exchange market 惠灵顿 04:00-13:00悉尼 06:00-15:00东京 08:00-15:30香港 10:00-17:00法兰克福 14:30-23:00伦敦 15:30-(次日)00:30纽约 21:00-(次日)04:00 * 1、spot transaction Two days case：GBP 1=USD 1.8880-1.8900 ask：if to buy 100 thousands pounds, how many US dollars are needed? How many pounds can be got if to sell 100 thousands US dollars ? 1) 1.8900*100000=189000$ 2) 100000/1.8900=52910pounds 二、foreign exchange transactions * 2、forward transaction 1）concept 2）motive ——to evade risk ——to sp