Chap09 The Foreign Exchange Market[精].ppt

International Business 国际商务 Chapter 9 The Foreign Exchange Market Introduction A firm’s sales, profits, and strategy are affected by events in the foreign exchange market 一个公司的销售额，利润，和战略都受到了国外汇市的影响 The foreign exchange market is a market for converting the currency of one country into that of another country 外汇市场是一国货币对换另一国货币的市场 The exchange rate is the rate at which one currency is converted into another 汇率是一种货币转换成另一种货币的利率 The Functions Of The Foreign Exchange Market 外汇市场: 是用来让一种货币兑换成另一种货币的市场 提供一些保险来对抗外汇风（不可预知的汇率的变化所带来的不良后果） Currency Conversion 国际公司利用外汇市场的情况: 他们出口的获得，从外获得的投资收入，他们与外国企业的许可协议所得到的收益 他们必须以本国货币支付外国公司所提供的产品或服务 因为他们有闲钱，所以他们希望在短期货币市场投资 他们参与货币投机（短期资金从一个到另一个货币流动，从汇率变动以求获利） Insuring Against Foreign Exchange Risk 外汇市场可以用来提供保险，对外汇风险加以保护（即有可能在未来汇率意想不到的变化的情况下将会对公司不利的后果） 一个公司要确保对外汇风险本身是对冲的 Insuring Against Foreign Exchange Risk The spot exchange rate is the rate at which a foreign exchange dealer converts one currency into another currency on a particular day 即期汇率指外汇交易商在某天将一种货币转换到另一种货币的利率。 Spot rates change continually depending on the supply and demand for that currency and other currencies 现货价格不断变化的情况由该货币和其他货币的供求而定 Classroom Performance System The ________ is the rate at which one currency is converted into another. a) Exchange rate b) Cross rate c) Conversion rate d) Foreign exchange market Insuring Against Foreign Exchange Risk To insure or hedge against a possible adverse foreign exchange rate movement, firms engage in forward exchanges 为了防止和规避外汇行为导致的不良后果，公司会进行远期交易 A forward exchange occurs when two parties agree to exchange currency and execute the deal at some specific date in the future 远期交易指双方同意在未来的某个具体日期交换货币 A forward exchange rate is the rate governing such future transactions 远期汇率是用利率来管理未来的交易 Rates for currency exchange are typically quoted for 30, 90, or 180 days into the future 币汇率报价通常为未来的30，90，或180天 Insuring Against Foreign Exchange Risk A currency swap is the simultaneous purchase and sale of a given amount of fore