国际金融中英文版复习资料

国际金融中英文版国际金融中英文版Chapter2:PaymentsamongNationsSingle-ChoiceQuestions1.Acountry’sbalanceofpaymentsrecords:一个国家的国际收支平衡记录了Ba.Thevalueofallexportsofgoodsandservicesfromthatcountryforaperiodoftime.b.Allflowsofvaluebetweenthatcountry‟sresidentsandresidentsoftherestoftheworldduringaperiodoftime在一定时间段里一个国家居民的资产和其它世界居民资产的流动c.Allflowsoffinancialassetsthatcrossthatcountry‟sbordersduringaperiodoftime.d.Allflowsofgoodsintothatcountryduringaperiodoftime.2.Acredititeminthebalanceofpaymentsis:在国际收支平衡里的贷项是Aa.Anitemforwhichthecountrymustbepaid.一个国家必须收取的条款b.Anitemforwhichthecountrymustpay.c.Anyimporteditem.d.Anitemthatcreatesamonetaryclaimowedtoaforeigner.3.Everyinternationalexchangeofvalueisenteredintothebalance-of-paymentsaccounts__________time(s).每一次国际等价交换都记进国际收支帐户２次Ba.1b.2c.3d.44.Adebititeminthebalanceofpaymentsis:在国际收支平衡中的借项是Ba.Anitemforwhichthecountrymustbepaid.b.Anitemforwhichthecountrymustpay.一个国家必须支付的条款c.Anyexporteditem.d.Anitemthatcreatesamonetaryclaimonaforeigner.5.Inanation'sbalanceofpayments,whichoneofthefollowingitemsisalwaysrecordedasapositiveentry?D在国际收支中以下哪个工程总被视为有利条项a.Changesinforeigncurrencyreserves.b.Importsofgoodsandservices.c.Militaryforeignaidsuppliedtoalliednations.d.Purchasesbyforeigntravelersvisitingthecountry.国外游客在本国发生的购置6.Thesumofallofthedebititemsinthebalanceofpayments:在收支平衡中所有贷项的总和Ba.Equalstheoverallbalance.b.Equalsthesumofallcredititems.等于所有借项的总和c.Equals„compensating‟transactions.d.Equalsthesumofcredititemsminuserrorsandomissions.7.WhichofthefollowingcapitaltransactionsareenteredasdebitsintheU.S.balanceofpayments?以下哪个资本交易在美国的收支平衡中当作借项？Ba.AU.S.residenttransfers$100fromhisaccountatCreditSuisseinBasel(Switzerland)tohisaccountataSanFranciscobranchofWellsFargoBank.b.AFrenchresidenttransfers$100fromhisaccountatWellsFargoBankinSanFranciscotohisCreditSuisseaccountinBasel.一个法国居民在旧金山的FargoBank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c.AU.S.residentsellshisIBMstocktoaFrenchresident.d.AU.S.residentsellshisCreditSuissestocktoaFrenchresident.8.Anincreaseinanation'sfinancialliabilitiestoforeignresidentsisa:一个国家对另一个国家金融负债的增加是一种Ca.Reserveinflow.b.Reserveoutflow.c.Capitalinflow.资本流入d.Capitaloutflow.9___A_______aremoney-likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方国际储藏资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Officialinternationalreserveassets官方国际储藏资产b.Unofficialinternationalreserveassetsc.Officialdomesticreserveassetsd.Unofficialdomesticreserveassets10.Whichofthefollowingisconsideredacapitalinflow?以下哪项被视为资本流入Aa.AsaleofU.S.financialassetstoaforeignbuyer.美国一金融资产卖给一外国买家b.AloanfromaU.S.banktoaforeignborrower.c.ApurchaseofforeignfinancialassetsbyaU.S.buyer.d.AU.S.citizen‟srepaymentofaloanfromaforeignbank.11.Inacountry‟sbalanceofpayments,whichofthefollowingtransactionsaredebit?一个国家的收支平衡表中,哪个交易属于借项？Aa.Domesticbankbalancesownedbyforeignersaredecreased.外国人拥有的国内银行资产的下降b.Foreignbankbalancesownedbydomesticresidentsaredecreased.c.Assetsownedbydomesticresidentsaresoldtononresidents.d.Securitiesaresoldbydomesticresidentstononresidents.12.Theroleof___D_______istodirectonenation’ssavingsintoanothernation‟sinvestments:资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandisetradeflowsb.Servicesflowsc.Currentaccountflowsd.Capitalflows资金流13.Thenetvalueofflowsofgoods,services,income,andunilateraltransfersiscalledthe:商品效劳,收入和单方面转让等现金流的净收益叫经常账目〔户〕Ba.Capitalaccount.b.Currentaccount.经常账目〔户〕c.Tradebalance.d.Officialreservebalance.14.Thenetvalueofflowsoffinancialassetsandsimilarclaims(excludingofficialinternationalreserveassetflows)iscalledthe:金融资产和类似的资产〔官方国际储藏资产流除外〕的净值流叫AFinancialaccount.金融帐b.Currentaccount.c.Tradebalance.d.Officialreservebalance.15.ThefinancialaccountintheU.S.balanceofpaymentsincludes:美国国家收支表中的金融帐包括：Ba.Everythinginthecurrentaccount.b.U.S.governmentpaymentstoothercountriesfortheuseofmilitarybases.美政府采用其它国家军事基地所需支付款项c.ProfitsthatNissanofAmericasendsbacktoJapan.d.NewU.S.investmentsinforeigncountries.16.ＡU.S.residentincreasingherholdingsofaforeignfinancialassetcausesa:一个美国居民增持一外国金融资产会引起Da.CreditintheU.S.currentaccount.b.DebitintheU.S.currentaccount.c.CreditintheU.S.capitalaccount.d.DebitintheU.S.capitalaccount.美国资本帐的借帐17.AforeignresidentincreasingherholdingsofaU.S.financialassetcausesa:一个美国居民增持本国一金融资产会引起Ca.CreditintheU.S.currentaccount.b.DebitintheU.S.currentaccount.c.CreditintheU.S.capitalaccount.美国资本帐的贷帐d.DebitintheU.S.capitalaccount.18.Adeficitinthecurrentaccount:经常帐户中的赤字Aa.Tendstocauseasurplusinthefinancialaccount.会导致金融帐中的盈余b.Tendstocauseadeficitinthefinancialaccount.c.Hasnorelationshiptothefinancialaccount.d.Istheresultofincreasingexportsanddecreasingimports.19.InSeptember,2005,exportsofgoodsfromtheU.S.decreased$3.3billionto$73.4billion,andimportsofgoodsincreased$3.8billionto$144.5billion.Thisincreasedthedeficitin:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.Thebalanceofpayments.b.Thefinancialaccount.c.Thecurrentaccount.经常帐户d.Unilateraltransfers.20.WhichofthefollowingwouldcontributetoaU.S.currentaccountsurplus?以下哪项有助于美国现金帐的盈余？Ba.TheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.b.TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.美国削减在日本的军事人员c.U.S.touriststravelinlargenumberstoAsia.d.RussianvodkabecomesincreasinglypopularintheUnitedStates.21.Whichofthefollowingtransactionsisrecordedinthefinancialaccount?以下哪个交易会被当作金融帐Aa.FordmotorcompanybuildsanewplantinChina福特摩托公司在中国设立车间b.AChinesebusinessmanimportsFordautomobilesfromtheUnitedStates.c.AU.S.touristspendsmoneyonatriptoChina.d.TheNewYorkYankeesarepaid$10millionbytheChinesetoplayanexhibitiongameinBeijing,China.22.IfaBritishbusinessbuysU.S.governmentsecurities,howwillthisbeenteredinthebalanceofpayments?如果一英国商人购置了美国政府的债,那么这个交易在收支平衡表中会被当作是？Ca.Itwillappearinthetradeaccountasanimport.b.Itwillappearinthetradeaccountasanexport.c.ItwillappearinthefinancialaccountasanincreaseinU.S.assetsheldbyforeigners.会被当作是外国人所有的美国资产增长d.ItwillappearinthefinancialaccountasadecreaseinU.S.assetsheldbyforeigners.23.Inthebalanceofpayments,thestatisticaldiscrepancyorerrortermisusedto:在收支平衡表中,统计差异与错误工程会用来确保借帐总和跟贷帐总和一致Aa.Ensurethatthesumofalldebitsmatchesthesumofallcredits.b.Ensurethatimportsequalthevalueofexports.c.Obtainanaccurateaccountofabalance-of-paymentsdeficit.d.Obtainanaccurateaccountofabalance-of-paymentssurplus.24.Officialreserveassetsare:官方储藏资产是Ba.Thegoldholdingsinthenation’scentralbank.b.Moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方国际储藏资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可c.GovernmentT-billsandT-bonds.d.GovernmentholdingsofSDR’s25.Whichofthefollowingconstitutesthelargestcomponentoftheworld‟sinternationalreserveassets?以下哪项构成了世界国际储藏资产的大部份？Da.Gold.b.SpecialDrawingRights.c.IMFReservePositions.d.ForeignCurrencies.外汇〔币〕26.Thenetaccumulationofforeignassetsminusforeignliabilitiesis:海外净资产的积累减去外债等于Ca.Netofficialreserves.b.Netdomesticinvestment.c.Netforeigninvestment.国外投资净值d.Netforeigndeficit.27.Acountryexperiencingacurrentaccountsurplus:一个国家经历经常帐户的盈余Ba.Needstoborrowinternationally.b.Isabletolendinternationally.就有能力向外放贷c.Mustalsohavehadasurplusinits"overall"balance.d.Spentmorethanitearnedonitsmerchandiseandservicetrade,internationalincomepaymentsandreceiptsandinternationaltransfers.28.The___C_______measuresthesumofthecurrentaccountbalanceplustheprivatecapitalaccountbalance.官方结算差额是指经常帐户余额的总和加上私人资本帐〔B=CA+FA,FA:为非官方投资和储藏〕a.Officialcapitalbalanceb.Unofficialcapitalbalancec.Officialsettlementsbalance官方结算差额d.Unofficialsettlementsbalance29.Iftheoverallbalanceisin__A________,thereisanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.如果综合差额处于盈余，那么会出现本国官方储藏资产的积累或者国外官方储藏的减少〔B=CA+FA,B+OR=，OR:官方储藏金额〕a.Surplus盈余b.Deficitc.Balanced.Foreignhands30.WhichofthefollowingisthecurrentaccountbalanceNOTequalto?以下哪项不等同于经常工程Da.Thedifferencebetweendomesticproductanddomesticexpenditure.b.Thedifferencebetweennationalsavinganddomesticinvestment.c.Netforeigninvestment.d.Thedifferencebetweengovernmentsavingandgovernmentinvestment.政府储蓄与政府投资的差值True/FalseQuestions31.Capitalinflowsaredebitsandcapitaloutflowsarecredits.资金流入是借项，资金外流是贷项32.Thenetvalueoftheflowofgoods,services,income,andgiftsisthecurrentaccountbalance.(T)商品,效劳,收入和单方面转让等现金流的净收益叫经常账目余额33.Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.金融资产和类似的资产的净值叫经常帐目余额34.Themajorityofcountries'officialreservesassetsarenowforeignexchangeassets,financialassetsdenominatedinaforeigncurrencythatisreadilyacceptableininternationaltransactions.(T)大部份官方储藏资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35.Acountry'sfinancialaccountbalanceequalsthecountry'snetforeigninvestment.一个国家的金融帐差额相当于一个国家的净国外投资36.Acountryhasacurrentaccountdeficitifitissavingmorethanitisinvestingdomestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.Theofficialsettlementsbalancemeasuresthesumofthecapitalaccountbalanceplusthepubliccurrentaccountbalance.官方结算差额是资金帐户余额的总额加上公共经常帐户余额38.Anation'sinternationalinvestmentpositionshowsitsstockofinternationalassetsandliabilitiesatamomentintime.(T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39.Anationisaborrowerifitscurrentaccountisindeficitduringatimeperiod.(T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40.Anationisadebtorifitsnetstockofforeignassetsispositive.如果一个国家的国外资产净储藏是正数,那么它是借方〔债务方〕41.AtransactionleadingtoaforeignresidentincreasingherholdingsofaU.S.financialassetwillberecordedasadebitontheU.S.financialaccount.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42.Acredititemisanitemforwhichacountrymustpay.贷项是指一个国家必须还款的条项43.Goldisamajorreserveassetthatiscurrentlyoftenusedinofficialreservetransactions.黄金作为主要的储藏资产,常被用在官方储藏交易当中.44.Thecurrentaccountbalanceisequaltothedifferencebetweendomesticproductandnationalexpenditure.(T)经常工程余额等于国民生产与国民支出的差额45.In2007U.S.households,businessesandgovernmentwerebuyingmoregoodsandservicesthantheywereproducing.(T)2007年,美国家庭,商业,政府购置的商品和效劳比他们生产〔商品和效劳〕的要多.46你是提供以下信息,一个国家的国际交易,在一个特定年份:Serviceexports$346Serviceimports$354Merchandiseexports$480Merchandiseimports$348Incomeflows,net$153Unilateraltransfers,net$142Increaseinthecountryholdingofforeignassets,net(excludingofficialreservesassets)$352Increaseinforeignholdingsofthecountryassets,net(excludingofficialreserveassets)$252Statisticaldiscrepancy,net$154CA余额:$346-354+480-348+153+142=$419；官方结算余额:$346-354+480-348+153+142+252-352+154=$473；Changeinofficialreserveassets(net)=官方结算余额=$473Chapter3:TheForeignExchangeMarketSingle-ChoiceQuestions1.Foreignexchangeis:D外汇交易是a.Theactoftradingdifferentnations‟monies.不用国家货币的交易b.Theholdingsofforeigncurrency.对不同货币的持有c.Theactofimportingforeigngoodsandservices.d.Both(a)and(b)arecorrect.2.IfthepriceofBritishpoundsintermsofU.S.dollarsis$1.80perpound,thenthepriceofU.S.dollarsintermsofBritishpoundsis:B如果英磅对美元的汇率是1比1.8,那么美元对英磅的汇率是1比0.555a.1.80£perdollar.b.0.555£perdollar.c.0.90£perdollar.d.3.60£perdollar.3.SupposetheexchangeratebetweentheJapaneseyenandtheU.S.dollaris100yenperdollar.AJapanesestereowithapriceof60,000yenwillcost:B假设日元对美元的汇率是100比1,那么一台日元为60000的音响要花多少美元a.$1,667b.$600c.$6,000d.$1004.SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnitedStates.Thesepricessuggestthattheexchangeratebetweenthewonandthedollaris:Awonperdollarb.0.75wonperdollarc.$1.50perwond.$3perwon5.The___D_______exchangerateisthepricefor“immediate〞currencyexchange.即时汇率是指外汇的即时价格a.Currentb.Forwardc.Futured.Spot6.The___B_______exchangerateisthepricesetnowforanexchangethatwilltakeplacesometimeinthefuture.远期汇率是指由协议双方预订的将来会发生的汇率a.Currentb.Forwardc.Futurespotd.Spot7.Theforeignexchangemarketis:C外汇市场是指a.Asinglegatheringplacewheretradersshoutbuyandsellordersateachother.b.LocatedinNewYork.c.Agrouping,byelectronicmeans,ofbanksandtraderswhoworkatbanksthatconductforeignexchangetrades.银行和交易者以电子方式集聚于一起进行外汇的买卖d.LocatedinLondon.8.___D_______foreignexchangetradinginvolvescurrencyexchangesdonebetweenindividualsandbanks.小额外汇交易〔散户外汇交易〕包含私人与银行间的外汇交易a.Interbankb.Consumerc.Intra-bankd.Retail9.TheU.S.dollariscalleda____A______becauseitisoftenusedasanintermediarytoaccomplishtradingbetweentwoothercurrencies.美元被称为周转货币,因为经常被用来完成其它两种货币的交易a.Vehiclecurrency周转货币〔交易通货〕bMaincurrencyc.Commoncurrencyd.Primarycurrency10.SupposethattheexchangevalueoftheBritishpoundis$2perpoundwhiletheexchangevalueoftheSwissfrancis50centsperfranc.Fromthiswecanconcludethattheexchangeratebetweenthepoundandthefrancis:Da.1francperpoundb.2francsperpoundc.3francsperpoundd.4francsperpound11.WhichofthefollowingisNOTafunctionoftheinterbankoperationsoftheforeignexchangemarket?D以下哪一个不是外汇交易市场中银行间操作方式的一种？a.Providesabankwithacontinuousstreamofinformationonconditionsintheforeignexchangemarket.b.Providesabankthemeanstoreadjustitsownpositionquicklyandatlowcost.c.Permitsabanktotakeonapositioninaforeigncurrencyquickly.d.Providesabankwithtechnologicalresourcesforuseinforeignexchangetrading.提供技术资源给一间银行,用来进行外汇交易12.Underthemanagedfloatsystemofexchangerates,afallinthemarketpriceofacurrencyiscalled:B在管理浮动汇率制度下,一种货币价格的下降被称为a.Devaluation.b.Depreciation.贬值c.Appreciation.d.Both(a)and(b).13.Interbanktradingisconducteddirectlybetween___A_______orthroughtheuseof_________thatprovideanonymityuntilthetradeiscompleteandreducesearchcosts.银行间的交易是在交易者之间进行的或者通过经纪人提供操作直到交易结束.a.Traders;brokersb.Brokers;tradersc.Individualconsumers;thegovernmentd.Individualconsumers;brokers14.Acountry’sdemandforforeigncurrencyisderivedfrom:一个国家对外汇的需求来自于〔表示外国货币需求增加，本国货币流出〕a.Internationaltransactionsenteringthedebitcolumnofitsbalanceofpaymentsaccounts.国际交易进入到其收款帐户的借方栏里b.Internationaltransactionsenteringthesurpluscolumnofitsbalanceofpaymentsaccounts.c.Thecountry’sdemandforcurrencytofinanceexportsandcapitalinflows.d.Thecountry’sdemandforcurrencytofinanceitsgovernment’scompensatingtransactions.15.U.S.exportsofgoodsandserviceswillcreatea___B_______foreigncurrencyanda______U.S.dollars.美国商品与效劳的出口会创造出外汇的供应以及美元的需求a.Demandfor;supplyofb.Supplyof;demandforc.Shortageof;demandford.Supplyof;shortageof16.U.S.importsofgoodsandserviceswillcreatea___A_______foreigncurrencyanda_____U.S.dollars.美国商品与效劳的进口会创造出外汇的需求以及美元的供应a.Demandfor;supplyofb.Supplyof;demandforc.Shortageof;demandford.Supplyof;shortageof17.U.S.capitalinflowswillcreatea____B______foreigncurrencyanda__________U.S.dollars.美国资本流入会创造出外汇的供应和美元的需求a.Demandfor;supplyofb.Supplyof;demandforc.Shortageof;demandford.Supplyof;shortageof18.Ina____C______exchangeratesystemthereisnointerventionbythegovernmentorcentralbankers.浮动汇率制度里,政府与中央银行不得进行干预a.Fixedb.Peggedc.Floatingd.Managedfloat19.AsthevalueoftheyenfallsrelativetotheU.S.dollar:C如果日元对美元的汇率下降了,那么对日元的需求会上升a.JapanesegoodsbecomemoreexpensivetoU.S.consumers.b.Thesupplyofdollarswillfall.c.Thedemandforyenwillrise.d.U.S.goodsbecomelessexpensivetoJapaneseconsumers.20.Thedemandcurveforforeigncurrencyslopesdownwardbecauseastheexchangerate___A_______thequantitydemanded__________.外汇的需求曲线会下降是因为随着汇率的上升,需求量就下降a.Increases;decreasesb.Increases;increasesc.Decreases;decreasesd.Decreases;staysfixed21.ShiftsindemandawayfromFrenchproductsandtowardU.S.products(causedbyforcesotherthanchangesintheexchangerate)wouldresultinextraattemptsto___C_______eurosand__________dollars.如果法国商品的需求下降并转稳到美国商品身上〔由外力而是汇率引起〕，会引起欧元的额外卖与美元的购入a.Buy;buyb.Sell;sellc.Sell;buyd.Buy;sell22.Otherthingsequal,ifAmericanexportstoJapanincreaseandAmericanimportsfromJapandecrease,thenunderafloatingexchangeratesystem,wewouldexpectthedollarto:D其它条件一样的情况下，美国出口到日本的商品上升而美国进口日本的商品下降，在浮动汇率制度下，美元将对日元走强。a.WeakenagainsttheJapaneseyen.b.DepreciateagainsttheJapaneseyen.c.DevalueagainsttheJapaneseyen.d.StrengthenagainsttheJapaneseyen.23.AdecreaseinGermanresidents'willingnesstoinvestindollar-denominatedassetswillshiftthedemandcurvefor:D德国居民投资于美元计价资产的意欲下降的话，美元的需求将会下降。a.Eurostotheright.b.Eurostotheleft.c.Dollarstotheright.d.Dollarstotheleft.24.Ina_____A_____exchangeratesystemthegovernmentorcentralbankersintervenetokeeptheexchangeratevirtuallysteady.在固定汇率制度下，政府或中央银行会尽力保持汇率的稳定。a.Fixedb.Marketdrivenc.Floatingd.Forward25.WhichofthefollowingbestcharacterizesthecurrentU.S.exchangeratepolicy?C以下哪项最好地描绘出美国当今的汇率政策？a.Anadjustablepeggedrate.b.Acrawlingpeggedrate.c.Afreelyfloating.自由浮动汇率d.Afixedexchangerate.26.WhichofthefollowinggroupsismostlikelytobenefitfromastrengtheningoftheU.S.dollaragainstmajorcurrencies?C如果美元对其它主要货币的汇率走强的话,以下哪一群人会得益？a.U.S.exporters.b.TheU.S.government.c.U.S.consumers.美国消费者d.Foreignconsumers.27.Exchangeratesareequalizedindifferentlocationsdueto:A汇率在不同地方可以保持等同是因为套利a.Arbitrage.套利〔套汇〕b.Governmentinterventioninforeignexchangemarkets.c.Freetradeingoodsandservices.d.Theactionsofimportersandexporters.28.HowcouldyouprofitiftheexchangerateinLondonwas$2/£whileinNewYorktheexchangeratewas$1.95perpound?C如果在伦敦的汇率是1英磅对2美元,而在纽约的汇率是1英磅对1.95美元.那么怎样做才能赚钱？a.BuydollarsinNewYorkandselltheminLondon.b.BuypoundsinLondonandselltheminNewYork.C.BuypoundsinNewYorkandselltheminLondon.在纽约买英磅然后在伦敦卖d.BuydollarsinLondonandsellpoundsinNewYork.29.The2001-2007rapidgrowthinglobalforeignexchangetradingcanbeexplainedby:B01-07年间全球外汇交易的急速增长是因为大型机构投资者对中长期外国金融投资的增长a.Largeincreasesinshort-terminternationalcurrencyactivitiesbyhedgefunds.b.Increasesinlong-termforeignfinancialinvestmentsbylargeinstitutionalinvestors.c.IncreasesintheU.S.longtermgovernmentbondyields.d.Both(a)and(b)True/FalseQuestions1.Thegreaterpartofthemoneyassetstradedinforeignexchangemarketsaredemanddepositsinbanks.(T)大部份在外汇市场交易的现金资产都是活期存款.2.Mostforeignexchangetradingisdoneamongthebanksthemselvesintheretailpartoftheforeignexchangemarket.多数外汇交易都是在银行间的散户外汇市场完成交易的3.Thespotexchangerateisthepricenowforanexchangethatwilltakeplacesometimeinthefuture.即时汇率是指外币在未来一定时间内的汇价.4.Frenchimportsofgoodsandserviceswillcreateademandforforeigncurrencyandasupplyofeuros.(T)法国对商品的进出口会创造出对外汇的需求和欧元的供应.5.Inthefloatingexchangeratesystem,governmentofficialsmustinterveneintheexchangeratemarkettokeeptheexchangeratefromfluctuating.在浮动汇率制下,政府必须对外汇市场进行干预以保证汇率不出现浮动.〔固定汇率〕6.AssumingtheJapanesehaveafloatingexchangerate,anincreaseinJapaneseexportsofgoodsandserviceswilltendtocausethevalueoftheyentoappreciate.(T)在浮动汇率制下,日本商品出口的增长会造成日元的升值〔本币贬值有利出口，不利于进口〕7.Tomaintainanundervaluedcurrency,monetaryauthoritiesmustinterveneintheforeignexchangemarkettobuyitscurrency.如果要保持汇率偏低的货币,货币当局必须在外汇市场通过干预,购置这种货币8.Triangulararbitragewillnotcausetheexchangeratebetweentwoforeigncurrenciestoequalize.三角套汇不会造成两种货币间汇率的均等〔均衡〕9.From2001to2007,globalforeignexchangetradingmorethandoubled.(T)会01到07年间,全球外汇交易增长了两倍多10.TheMaastrichtTreatysetaprocessforestablishingamonetaryunionandasingleunionwidecurrency.(T)马斯特里赫特条约为建立货币同盟和统一联盟制定了一套固定程序.Chapter4:ForwardExchangeandInternationalFinancialInvestment远期外汇和国际金融投资Single-ChoiceQuestions1.__A_______apositionexposedtorateriskistheactofreducingoreliminatinganetassetornetliabilitypositionintheforeigncurrency.对利率风险作出的避险操作实际上是外汇上的一种减少、去除净资产或净负债的手法a.Hedgingb.Speculatingc.Investingind.Buying2.___B______istheactoftakinganetassetpositionoranetliabilitypositioninsomeassetclass.投机是一种在某些资产类别中取得净资产或者净负债的行为a.Hedgingb.Speculatingc.Investingd.Buying3.A____D______exchangecontractisanagreementtoexchangeonecurrencyforanotheronsomedateinthefutureatapricesetnow.远期外集合同是指交易双方在商议好的日期内按照交易商定的汇率进行外汇交易。a.Spotdomesticb.Forwarddomesticc.Spotforeignd.Forwardforeign4.____C______meanscommittingoneselftoanuncertainfuturevalueofone'snetworthintermsofhomecurrency.投机是指致力于投资未来不确定的本国货币净值。a.Sellingb.Hedgingc.Speculatingd.Importing5.AssumeyouareaChineseexporterandexpecttoreceive$250,000attheendof60days.Youcanremovetheriskoflossduetoadevaluationofthedollarby:A假设你是一个中国出口商，你期望在60天内取得$250,000，你可以通过怎样的方法使美元贬值从而排除损失风险？a.Sellingdollarsintheforwardmarketfor60-daydelivery.购置60天的远期外集合同通过期货市场卖出美元b.Buyingdollarsnowandsellingitattheendof60days.c.Sellingtheyuanequivalentintheforwardmarketfor60-daydelivery.d.KeepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.6.AssumeyouareanAmericanimporterwhomustpay500,000eurosattheendof90dayswhenyoureceive1,000casesofFrenchwineatyourwarehouseinNewYork.Ifyoudonotcoverthistransactionintheforwardmarket,youfaceariskoflossiftheeuro:B假设你是一个美国进口商，当收到寄来的1000箱法国红酒时，必须90天内付500,000欧元。如果你不在期货市场对这交易买保险的话，你可以因为欧元对美元的升值而蒙受损失a.Depreciatesagainstthedollar.b.Appreciatesagainstthedollar.c.Eitherappreciatesordepreciatesagainstthedollar.d.Isfixed.7.Whichfinancialinstrumentprovidesabuyertheright(butnottheobligation)topurchaseorsellafixedamountofcurrencyataprearrangedprice,withinafewdaystoacoupleofyears?B外币期权给买家一种权利〔不是义务〕,这种权利可以在几天甚至几年内,通过预先定好的价格买卖一定数量的外币a.Letterofcredit.b.Foreigncurrencyoption.外币期权c.Currencyswap.d.Forwardcontract.8.Concerningthecoveringofexchangemarketrisks,assumingthatadepreciationofthedomesticcurrencyisfeared,onecansaythatthereisanincentivefor:B关于外汇风险的保险问题,假设一个国家的国内货币将出现贬值,那么这是进口商火速为未来需求买保险的诱因.(本币贬值将不利于进口商，有利于出口商)a.Exporterstorushtocovertheirfutureneeds.b.Importerstorushtocovertheirfutureneeds.c.Bothexportersandimporterstorushtocovertheirfutureneeds.d.Neitherexportersnorimporterstorushtocovertheirfutureneeds.9.IfCanadianspeculatorsbelievedtheeurowasgoingtoappreciateagainsttheU.S.dollar,theywould:C如果加拿大投资者深信欧元会对美元升值的话,他们会大量买入欧元a.PurchaseCanadiandollars.b.PurchaseU.S.dollars.c.Purchaseeuros.d.Selleuros.9.Ifthespotpriceoftheeurois$1.10pereuroandthe30-dayforwardrateis$1.00pereuro,andyoubelievethatthespotratein30dayswillbe$1.05pereuro,youcanmaximizespeculativegainsby:C如果欧元的即时汇率是1.1美元每欧元,同时30天期货汇率是1美元1欧元,你相信即时汇率在30天赊会变成1.05美元每欧元,那么你怎样做才能利益最大化？〔美元将会升值〕a.Buyingeurosinthespotmarketandsellingtheeurosin30daysatthefuturespotrate.b.Signingaforwardforeignexchangecontracttoselltheeurosin30days.c.Signingaforwardforeignexchangecontracttosellthedollarsin30days.签订一远期外集合约以便在30天内卖出美元d.Buyingdollarsinthespotmarketandsellingthedollarsin30daysatthefuturespotrate.10.Ifaninvestorstartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingisNOTaninvestmentchoicethatcanbemade?A如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪一项投资不是明智的？a.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuytheforeigncurrency.用即时汇率卖出美元,用得到的收益投资于国外的金融工具,同时签订一份远期汇率合约用来买外币b.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuydollars.c.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrate.d.Buyadollar-denominatedfinancialasset.11.Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingchoicesisanexampleofuncoveredinternationalinvestment?C如果一个投资者想以美元投资,最后也以美元收取利益,那么以下哪个选项是一种未保险国际投资的例子？a.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuytheforeigncurrency.b.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuydollars.c.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrate.用即时汇率卖出美元,然后用收益投资于外国金融工具,再用未来即时汇率买回美元d.Buyadollar-denominatedfinancialasset.12.Foraninvestorwhostartswithdollarsandwantstoendupwithdollarsinthefuture,whichofthefollowingchoicesisanexampleofhedging?B如果一个投资者想以美元投资,最后也以美元收取利益,以下哪个选项是一种套头交易？a.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuytheforeigncurrency.b.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andsignaforwardexchangecontracttobuydollars.以即时汇率卖出美元,用收益投资于外国金融工具,再签订一份远期汇率合约用来买回美元c.Selldollarsatthespotrate,investtheproceedsinforeigncurrency-denominatedfinancialinstruments,andthenbuydollarsatthefuturespotrate.d.Buyadollar-denominatedfinancia