汇率的决定与国际平价条(1).ppt

该【汇率的决定与国际平价条(1) 】是由【相惜】上传分享，文档一共【90】页，该文档可以免费在线阅读，需要了解更多关于【汇率的决定与国际平价条(1) 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。第一章国际平价条件与汇率预测精选课件根本内容有关外汇与汇率的根本知识汇率变化幅度的测定汇率变化的影响因素购置力平价利率平价国际费雪效应〔第四、五章〕-specifiedpriceandonapre-specifiedfuturedateVolume$%oftradeisintheinterbankmarket〔75%的交易是银行之间的外汇交易,〕精选课件FXturnoverbycurrencySource:BankforInternationalSettlements(),(ormarketmakers) BuyandsellatquotedbidandofferpricesBrokers Serveasmatchmakers,withoutputtingtheirownmoneyatriskRetailmarketGovernmentsCorporationsSmallerfinancialinstitutionsIndividuals精选课件TworulesformultinationalfinanceRule#1Keeptrackofyourunits〔注意货币单位〕Rule#2Alwaysbuyorsellthecurrencyinthedenominatorofaforeignexchangequote〔买卖的货币是指外汇标价中处于分母的货币〕精选课件Rule#1KeeptrackofyourunitsesdeBouefmerlot Buy1bottleofwine P€=€40/btl Spotexchangerate S$/€=$/€ ? S€/$ =1/S$/€ =€/$Howmuchisthisindollars?P$ =P€S$/€ =(€40/btl)($/€) =$32/btl =P€/S€/$ =(€40/btl)/(€/$) =$32/btlHowmuchisthisindollars?P$ =P€S€/$ =(€40/btl)(€/$) =€250/(btl×$)这是什么???因此,Keeptrackofyourcurrencyunits精选课件Rule#2Thinkofbuyingorsellingtheassetinthedenominator先从商品买卖说起,Buyingandsellingabottleofwine Buyabottleat€40/btlandsellat€50/btl T€10/btlprofit。在这里买卖的对象是分母中的wine。 Buy€sat$/€andsellat$/€ Buy€sat$/€o Sell$sat€/$ Sell€sat$/€o Buy$sat€/$ T$/€profit T€/$profit精选课件Anexampleofwhatcangowrong如果买卖价格弄错了,即如果Buy$sat$/€andsell$sat$/€,结果会如何呢? Buy$sat$/€ o Sell€sat€/$ Sell$sat$/€ o Buy€sat€/$ T$/€loss T€/$loss So,Alwaysthinkofbuyingorselling thecurrencyinthedenominator!精选课件FXquotationconventions〔汇率报价惯例〕European/Americanquotesforthe$EuropeanquotesareconvenientforaEuropeanbecausetheyplacetheforeigncurrency(the$)inthedenominator〔银行间报价多为欧式报价,即单位美元的外国货币汇率,因为美元是最经常交易的货币。〕欧式标价法对当地人很方便。.€/$AmericanquotesareconvenientforanAmericanbecausetheyplacetheforeigncurrency(the€)inthedenominator美式标价法对美国人很方便。 .$/€精选课件