美国注册管理会计师CMAP2_S7

Copyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)1E.ForeignExchangeCopyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)2EForeignExchange1.Introductiona)Currencydepreciationvs.appreciation.Theexchangerateisthepriceofacountry’scurrencyintermsofanothercountry’scurrency.Currencyappreciateswhenaspecifiedamountcanbuymoreunitsofanothercurrencythanitpreviouslycould.Currencydepreciateswhenaspecifiedamountcanpurchasefewerunitsofanothercurrencythanitpreviouslycould.Inotherwords,depreciationincountryA’scurrencyisanappreciationofthecurrencyofcountryB.Asexchangeratesfluctuate,buyingpowerrisesandfalls.Copyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)3EForeignExchange1.Introductionb)Directtermsvs.IndirecttermsDirecttermAmericanterm①Anexchangeratemaybestatedindollarsperforeigncurrencyunit②Forexample:US$0.85=CS$1IndirecttermEuropeanterm①Anexchangeratemayalsobestatedinforeigncurrencyunitsperdollar②Forexample:C$1.17=US$1Note:intheU.S.,indirectquotationsarewidelyusedforallcurrenciesexcepttheBritishpound.Foreigncurrencyexchangesworldwidealsofollowthisconvention.Copyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)4EForeignExchange1.Introductionb)Directtermsvs.IndirecttermsCrossrate①Itistheratiobetweentwocurrencies,resultedfromtheirrateagainstthethirdcurrencyquotation,wheretheUSdollaractsasthethirdcurrency.②G.R.=IfcurrencyAistobeconvertedtocurrencyB,B/A=B/USD÷A/USDExample:iftheEUR/USDrateis0.99andattheJPY/USDcourseof123.50,JPY/EUR=123.50÷0.99=123.75③Exception=IfoneofthecurrenciesistheGBP,B/GBP=USD/GBPXB/USDExample:iftheUSD/GBPrateis1.5720andJPY/USDis123.50,JPY/GBP=123.50X1.5720=194.14Copyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)5EForeignExchange1.Introductionc)Spotratevs.ForwardrateSpotrate①Itistheexchangeratepaidforimmediatelydeliveryofacurrency.SpotsettlementisnormallyoneortwobusinessdaysfromtradedateCopyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)6EForeignExchange1.Introductionc)Spotratevs.ForwardrateForwardexchangerate①Itisthefuturepriceofthecurrency,i.e.Itistheexchangerateatwhichonecurrencycanbeexchangedforanothercurrencyforsettlementonapredeterminedfuturedate(maturitydate).②Itisapredictionaboutfuturespotrates,butwillnotnecessarybethespotrate@thespecifiedfuturedate.Companiescantakeadvantageofforwardexchangeratesusingforwardexchangecontracts(FEC).AnFECallowscompaniestolockinanexchangeratetodayforatransferthatneedstooccurinthefuture(betweentwodaysandtwelvemonthsfromtoday),therebyprotectingagainstexchangeratemovementsintheinterimCopyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)7EForeignExchange1.Introductionc)Spotratevs.ForwardrateForwardexchangerate③Selling@premiumor@discountintheforeignmarketIftheforwardratespotrate,(i)Thedollarisselling@premiumintheforwardmarket.(ii)TheFCUisselling@discountintheforwardmarket.•Spotrate:6.5477CNY=1USD•Forwardrate:6.6477CNY=1USDExample:Iftheforwardratespotrate,(i)Thedollarisselling@discountintheforwardmarket.(ii)TheFCUisselling@premiumintheforwardmarket.•Spotrate:6.6477CNY=1USD•Forwardrate:6.5477CNY=1USDExample:Copyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)8EForeignExchange1.Introductionc)Spotratevs.ForwardrateForwardexchangerate③Selling@premiumor@discountintheforeignmarketThediscountorpremiumisrelatedtothedifferencebetweenthenominalinterestratespaidbyforeignanddomesticbanks.WhentheforeignnominalrDomesticnominalr,theFCUsells@premium.(i)Differencesininterestratesarelargelyrelatedtodifferencesinexpectedinflation.(i)Ifitwerenottrue,investorswouldborrowatthelowerrfromforeignbank,investatthehigherratetothedomesticbank,andbuyaforwardcontractfortheprincipalandinterest.WhentheforeignnominalrDomesticnominalr,[e-mail]高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)9EForeignExchange1.Introductionc)Spotratevs.ForwardrateForwardexchangerateAnnualeffect=(FC–SC)÷SCXNo.offorwardperiodinayear.Example:Ifthereisa1%premiumina30-dayforwardmarket,Theannualpremium=1%X12=12%④Selling@premiumor@discountintheforeignmarketAnnualeffectintheforwardmarketCopyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)10EForeignExchange2.Fixedvs.FloatingExchangeRatesa)Goldstandard1876-1913Countriespeggedoneunitoftheircurrenciestoaspecifiedamountofgold.However,thegoldstandardwassuspendedduringWorldWarI.Followingthewar,andduringGreatDepression,thegoldstandard’sreimplementationdidnotachieveuniversalsuccess.Copyright高才国际教育集团S7:RaisingCapital,Corp.Restructuring,&InternationalFinance(byHelen)11EForeignExchange2.Fixedvs.FloatingExchangeRatesb)Fixedexchangeratesystem1944-19711944BrettonWoodsAgreement②TheU.S.guaranteedconvertibilityofthedollarintoacertainquantityofgold,andallothernationsinturnpeggedtheircurrenciestothedollar.③Toensurestability,governmentsagreedth