Chapter13—simplified.ppt

Chapter 13 Exchange Rates Determination: An Asset Approach Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Introduction Exchange Rates and International Transactions The Demand for Foreign Currency Assets Equilibrium in the Foreign Exchange Market Interest Rates, Expectations, and Equilibrium Summary Chapter Organization Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Introduction Exchange rates are important because they enable us to translate different counties’ prices into comparable terms. Exchange rates are determined in the same way as other asset prices. The general goal of this chapter is to show: How exchange rates are determined The role of exchange rates in international trade Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Ⅰ. Exchange rates and international transition ⅰ. Exchange Rate a. Conception The price of one currency in terms of another. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. b. Two kinds of quotations Direct quotation --The price of the foreign currency in terms of home currency. CNY 6.5815 per U.S. dollar Indirect quotation --The price of home currency in terms of the foreign currency. JPY172.4823 per CNY Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 币种 汇买、汇卖中间价 现汇买入价 现钞买入价 卖出价 发布时间 美元(USD) 664.80 663.47 658.15 666.13 10:49:14 港币(HKD) 85.72 85.55 84.86 85.89 10:49:14 日元(JPY) 7.9760 7.9441 7.6889 8.0079 10:49:14 欧元(EUR) 897.55 893.96 865.24 901.14 10:49:14 英镑(GBP) 1055.50 1051.28 1017.50 1059.72 10:49:14 瑞士法郎(CHF) 667.34 664.67 643.32 670.01 10:49:14 加拿大元(CAD) 650.68 648.08 627.26 653.28 10:49:14 澳大利亚元