MarketforForeignExchange(国际财务管理,英文版)

INTERNATIONALFINANCIALMANAGEMENTEUN/RESNICKSecondEdition4ChapterFourTheMarketforForeignExchangeChapterObjectives:•Thischapterservestointroducethestudenttotheinstitutionalframeworkwithinwhichexchangeratesaredetermined.•Thischapterlaysthefoundationformuchofthediscussionthroughouttheremainderofthetext,thusitdeservesyourcarefulattention.McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-1ChapterOutlineFunctionandStructureoftheFOREXMarketTheSpotMarketTheForwardMarketMcGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-2ChapterOutlineFunctionandStructureoftheFOREXMarketFXMarketParticipantsCorrespondentBankingRelationshipsTheSpotMarketTheForwardMarketMcGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-3ChapterOutlineFunctionandStructureoftheFOREXMarketTheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXTradingCrossExchangeRateQuotationsTriangularArbitrageSpotForeignExchangeMarketMicrostructureTheForwardMarketMcGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-4ChapterOutlineFunctionandStructureoftheFOREXMarketTheSpotMarketTheForwardMarketForwardRateQuotationsLongandShortForwardPositionsForwardCross-ExchangeRatesSwapTransactionsForwardPremiumMcGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-5TheFunctionandStructureoftheFOREXMarketFOREXMarketParticipantsCorrespondentBankingRelationshipsMcGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-6FOREXMarketParticipantsTheFOREXmarketisatwo-tieredmarket:InterbankMarket(Wholesale)About700banksworldwidestandreadytomakeamarketinForeignexchange.Nonbankdealersaccountforabout20%ofthemarket.ThereareFXbrokerswhomatchbuyandsellordersbutdonotcarryinventoryandFXspecialists.ClientMarket(Retail)Marketparticipantsincludeinternationalbanks,theircustomers,nonbankdealers,FOREXbrokers,andcentralbanks.McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-7CorrespondentBankingRelationshipsLargecommercialbanksmaintaindemanddepositaccountswithoneanotherwhichfacilitatestheefficientfunctioningoftheforexmarket.Internationalcommercialbankscommunicatewithoneanotherwith:SWIFT:TheSocietyforWorldwideInterbankFinancialTelecommunications.CHIPS:ClearingHouseInterbankPaymentsSystemECHOExchangeClearingHouseLimited,thefirstglobalclearinghouseforsettlinginterbankFOREXtransactions.McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-8TheSpotMarketSpotRateQuotationsTheBid-AskSpreadSpotFXtradingCrossRatesMcGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-9SpotRateQuotationsDirectquotationtheU.S.dollarequivalente.g.“aJapaneseYenisworthaboutapenny”IndirectQuotationthepriceofaU.S.dollarintheforeigncurrencye.g.“youget100yentothedollar”.McGraw-Hill/IrwinCopyright©2001byTheMcGraw-HillCompanies,Inc.Allrightsreserved.4-10TheNewYorkforeignexchangesellingratesbelowapplytotradingamongbanksinamountsof$1millionandmore,asquotedat4p.m.EasterntimebyDowJonesTelerateInc.andothersources.Retailtransactionsprovidefewerunitsofforeigncurrencyperdollar.SpecialDrawingRights(SDR)arebasedonexchangeratesfortheU.S.,German,British,French,andJapanesecurrencies.Source:InternationalMonetaryFund.EuropeanCurrencyUnit(ECU)isbasedonabasketofcommunitycurrencies.a-fixing,MoscowInterbankCurrencyExchange.EXCHANGERATESCountryArgentina(Peso)Australia(Dollar)Austria(Schilling)Bahrain(Dinar)Belgium(Franc)Brazil(Real)Britain(Pound)30-DayForward90-DayForward180-DayForwardCanada(Dollar)30-DayForward90-DayForward180-DayForwardChile(Peso)China(Renminbi)Colombia(Peso)Czech.Rep(Krouna)CommercialrateDenmark(Krone)Ecuador(Sucre)FloatingrateFinland(Markka)France(Franc)30-DayForward90-DayForward180-DayForwardGermany(Mark)30-DayForward90-DayForward180-DayForwardGreece(Drachma)HongKong(Dollar)Hungary(Forint)India(Rupee)Indonesia(Rupiah)Ireland(Punt)Israel(Shekel)Italy(Lira)Wed.1.0012.7805.090432.6525.03080.96071.68801.68691.68431.6802.7399.7414.7442.7479.002352.1201.0009985.....03662.1663.....0002766.2121.1879.1882.1889.1901.6352.6364.6389.6430.004049.1292.006139.02787.00042331.6664.3079.0006483Tues.1.0012.7902.091012.6525.03105.96151.69461.69351.69101.6867.7370.7386.7413.7450.002356.1201.0009985.....03677.1677.....0002787.2135.1893.1896.1903.1914.6394.6407.6432.6472.004068.1292.006164.02786.00042331.6714.3085.0006510Wed..99881.281211.058.377032.4701.0409.5924.5928.5937.59521.35161.34881.34371.3370425.258.32721001.50....27.3076.0118....3615.004.71505.32205.31265.29355.26171.57441.57141.56521.5552246.987.7390162.8935.8752362.15.60013.24741542.50Tues..99881.265510.988.377032.2051.0401.5901.5905.5914.59291.35681.35391.34891.3422424.408.32761001.50....27.1945.9633....3587.504.68415.28385.27415.25585.22431.56391.56071.55471.5450245.807.7390162.2335.8902362.63.59833.24121536.00U.S.$equiv.perU.S.$CurrencyCountryJapan(Yen)30-DayForward90-DayForward180-DayForwardJordan(Dinar)