国际金融中英文版答案

./国际金融中英文版Chapter2:PaymentsamongNationsSingle-ChoiceQuestionsAcountry’sbalanceofpaymentsrecords:一个国家的国际收支平衡记录了BThevalueofallexportsofgoodsandservicesfromthatcountryforaperiodoftime.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Allflowsoffinancialassetsthatcrossthatcountry’sbordersduringaperiodoftime.Allflowsofgoodsintothatcountryduringaperiodoftime.Acredititeminthebalanceofpaymentsis:在国际收支平衡里的贷项是AAnitemforwhichthecountrymustbepaid.一个国家必须收取的条款Anitemforwhichthecountrymustpay.Anyimporteditem.Anitemthatcreatesamonetaryclaimowedtoaforeigner.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B1234Adebititeminthebalanceofpaymentsis:在国际收支平衡中的借项是BAnitemforwhichthecountrymustbepaid.Anitemforwhichthecountrymustpay.一个国家必须支付的条款Anyexporteditem.Anitemthatcreatesamonetaryclaimonaforeigner.Inanation'sbalanceofpayments,whichoneofthefollowingitemsisalwaysrecordedasapositiveentry?D在国际收支中,下列哪个项目总被视为有利条项Changesinforeigncurrencyreserves.Importsofgoodsandservices.Militaryforeignaidsuppliedtoalliednations.Purchasesbyforeigntravelersvisitingthecountry.国外游客在本国发生的购买Thesumofallofthedebititemsinthebalanceofpayments:在收支平衡中,所有贷项的总和BEqualstheoverallbalance.Equalsthesumofallcredititems.等于所有借项的总和Equals‘compensating’transactions.Equalsthesumofcredititemsminuserrorsandomissions.WhichofthefollowingcapitaltransactionsareenteredasdebitsintheU.S.balanceofpayments?下列哪个资本交易在美国的收支平衡中当作借项？BAU.S.residenttransfers$100fromhisaccountatCreditSuisseinBasel<Switzerland>tohisaccountataSanFranciscobranchofWellsFargoBank.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AU.S.residentsellshisIBMstocktoaFrenchresident.AU.S.residentsellshisCreditSuissestocktoaFrenchresident.Anincreaseinanation'sfinancialliabilitiestoforeignresidentsisa:一个国家对另一个国家金融负债的增加是一种CReserveinflow.Reserveoutflow.Capitalinflow.资本流入Capitaloutflow.___A_______aremoney-likeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方国际储备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.Officialinternationalreserveassets官方国际储备资产UnofficialinternationalreserveassetsOfficialdomesticreserveassetsUnofficialdomesticreserveassetsWhichofthefollowingisconsideredacapitalinflow?下列哪项被视为资本流入AAsaleofU.S.financialassetstoaforeignbuyer.美国一金融资产卖给一外国买家AloanfromaU.S.banktoaforeignborrower.ApurchaseofforeignfinancialassetsbyaU.S.buyer.AU.S.citizen’srepaymentofaloanfromaforeignbank.Inacountry’sbalanceofpayments,whichofthefollowingtransactionsaredebits?一个国家的收支平衡表中,哪个交易属于借项？ADomesticbankbalancesownedbyforeignersaredecreased.外国人拥有的国内银行资产的下降Foreignbankbalancesownedbydomesticresidentsaredecreased.Assetsownedbydomesticresidentsaresoldtononresidents.Securitiesaresoldbydomesticresidentstononresidents.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MerchandisetradeflowsServicesflowsCurrentaccountflowsCapitalflows资金流Thenetvalueofflowsofgoods,services,income,andunilateraltransfersiscalledthe:商品,服务,收入和单方面转让等现金流的净收益叫经常账目〔户BCapitalaccount.Currentaccount.经常账目〔户Tradebalance.Officialreservebalance.Thenetvalueofflowsoffinancialassetsandsimilarclaims<excludingofficialinternationalreserveassetflows>iscalledthe:金融资产和类似的资产〔官方国际储备资产流除外的净值流叫AFinancialaccount.金融帐Currentaccount.Tradebalance.Officialreservebalance.ThefinancialaccountintheU.S.balanceofpaymentsincludes:美国国家收支表中的金融帐包括：BEverythinginthecurrentaccount.U.S.governmentpaymentstoothercountriesfortheuseofmilitarybases.美政府采用其它国家军事基地所需支付款项ProfitsthatNissanofAmericasendsbacktoJapan.NewU.S.investmentsinforeigncountries.ＡU.S.residentincreasingherholdingsofaforeignfinancialassetcausesa:一个美国居民增持一外国金融资产会引起DCreditintheU.S.currentaccount.DebitintheU.S.currentaccount.CreditintheU.S.capitalaccount.DebitintheU.S.capitalaccount.美国资本帐的借帐AforeignresidentincreasingherholdingsofaU.S.financialassetcausesa:一个美国居民增持本国一金融资产会引起CCreditintheU.S.currentaccount.DebitintheU.S.currentaccount.CreditintheU.S.capitalaccount.美国资本帐的贷帐DebitintheU.S.capitalaccount.Adeficitinthecurrentaccount:经常帐户中的赤字ATendstocauseasurplusinthefinancialaccount.会导致金融帐中的盈余Tendstocauseadeficitinthefinancialaccount.Hasnorelationshiptothefinancialaccount.Istheresultofincreasingexportsanddecreasingimports.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？CThebalanceofpayments.Thefinancialaccount.Thecurrentaccount.经常帐户Unilateraltransfers.WhichofthefollowingwouldcontributetoaU.S.currentaccountsurplus?以下哪项有助于美国现金帐的盈余？BTheUnitedStatesmakesaunilateraltariffreductiononimportedgoods.TheUnitedStatescutsbackonAmericanmilitarypersonnelstationedinJapan.美国削减在日本的军事人员U.S.touriststravelinlargenumberstoAsia.RussianvodkabecomesincreasinglypopularintheUnitedStates.Whichofthefollowingtransactionsisrecordedinthefinancialaccount?以下哪个交易会被当作金融帐AFordmotorcompanybuildsanewplantinChina福特摩托公司在中国设立车间AChinesebusinessmanimportsFordautomobilesfromtheUnitedStates.AU.S.touristspendsmoneyonatriptoChina.TheNewYorkYankeesarepaid$10millionbytheChinesetoplayanexhibitiongameinBeijing,China.IfaBritishbusinessbuysU.S.governmentsecurities,howwillthisbeenteredinthebalanceofpayments?如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？CItwillappearinthetradeaccountasanimport.Itwillappearinthetradeaccountasanexport.ItwillappearinthefinancialaccountasanincreaseinU.S.assetsheldbyforeigners.会被当作是外国人所有的美国资产增长ItwillappearinthefinancialaccountasadecreaseinU.S.assetsheldbyforeigners.Inthebalanceofpayments,thestatisticaldiscrepancyorerrortermisusedto:在收支平衡表中,统计差异与错误项目会用来确保借帐总和跟贷帐总和一致AEnsurethatthesumofalldebitsmatchesthesumofallcredits.Ensurethatimportsequalthevalueofexports.Obtainanaccurateaccountofabalance-of-paymentsdeficit.Obtainanaccurateaccountofabalance-of-paymentssurplus.Officialreserveassetsare:官方储备资产是BThegoldholdingsinthenation’scentralbank.Moneylikeassetsthatareheldbygovernmentsandthatarerecognizedbygovernmentsasfullyacceptableforpaymentsbetweenthem.官方国际储备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GovernmentT-billsandT-bonds.GovernmentholdingsofSDR’sWhichofthefollowingconstitutesthelargestcomponentoftheworld’sinternationalreserveassets?下列哪项构成了世界国际储备资产的大部份？DGold.SpecialDrawingRights.IMFReservePositions.ForeignCurrencies.外汇〔币Thenetaccumulationofforeignassetsminusforeignliabilitiesis:海外净资产的积累减去外债等于CNetofficialreserves.Netdomesticinvestment.Netforeigninvestment.国外投资净值Netforeigndeficit.Acountryexperiencingacurrentaccountsurplus:一个国家经历经常帐户的盈余BNeedstoborrowinternationally.Isabletolendinternationally.就有能力向外放贷Mustalsohavehadasurplusinits"overall"balance.Spentmorethanitearnedonitsmerchandiseandservicetrade,internationalincomepaymentsandreceiptsandinternationaltransfers.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:为非官方投资和储备OfficialcapitalbalanceUnofficialcapitalbalanceOfficialsettlementsbalance官方结算差额UnofficialsettlementsbalanceIftheoverallbalanceisin__A________,thereisanaccumulationofofficialreserveassetsbythecountryoradecreaseinforeignofficialreserveholdingsofthecountry'sassets.如果综合差额处于盈余,那么会出现本国官方储备资产的积累或者国外官方储备的减少〔B=CA+FA,B+OR=0,OR:官方储备金额Surplus盈余DeficitBalanceForeignhandsWhichofthefollowingisthecurrentaccountbalanceNOTequalto?以下哪项不等同于现金帐DThedifferencebetweendomesticproductanddomesticexpenditure.Thedifferencebetweennationalsavinganddomesticinvestment.Netforeigninvestment.Thedifferencebetweengovernmentsavingandgovernmentinvestment.政府储蓄与政府投资的差值True/FalseQuestionsCapitalinflowsaredebitsandcapitaloutflowsarecredits.资金流入是借项,资金外流是贷项Thenetvalueoftheflowofgoods,services,income,andgiftsisthecurrentaccountbalance.<T>商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额Thenetflowoffinancialassetsandsimilarclaimsistheprivatecurrentaccountbalance.金融资产和类似的资产的净值叫经常帐目余额Themajorityofcountries'officialreservesassetsarenowforeignexchangeassets,financialassetsdenominatedinaforeigncurrencythatisreadilyacceptableininternationaltransactions.<T>大部份官方储备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.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.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.Anationisadebtorifitsnetstockofforeignassetsispositive.如果一个国家的国外资产净储备是正数,那么它是借方〔债务方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Acredititemisanitemforwhichacountrymustpay.贷项是指一个国家必须还款的条项Goldisamajorreserveassetthatiscurrentlyoftenusedinofficialreservetransactions.黄金作为主要的储备资产,常被用在官方储备交易当中.Thecurrentaccountbalanceisequaltothedifferencebetweendomesticproductandnationalexpenditure.<T>经常项目余额等于国民生产与国民支出的差额In2007U.S.households,businessesandgovernmentwerebuyingmoregoodsandservicesthantheywereproducing.<T>２００７年,美国家庭,商业,政府购买的商品和服务比他们生产〔商品和服务的要多.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:CA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=$473.increasingtheholdingofofficialreserveassets.Chapter3:TheForeignExchangeMarketSingle-ChoiceQuestionsForeignexchangeis:D外汇交易是Theactoftradingdifferentnations’monies.不用国家货币的交易Theholdingsofforeigncurrency.对不同货币的持有Theactofimportingforeigngoodsandservices.Both<a>and<b>arecorrect.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０.５５５1.80£perdollar.0.555£perdollar.0.90£perdollar.3.60£perdollar.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$1,667$600$6,000$100SupposethataKoreantelevisionsetthatcosts600woninKoreacosts$400intheUnitedStates.Thesepricessuggestthattheexchangeratebetweenthewonandthedollaris:A1.5wonperdollar呢题太简单,不屑翻译…自己睇0.75wonperdollar$1.50perwon$3perwonThe___D_______exchangerateisthepricefor"immediate"currencyexchange.即时汇率是指外汇的即时价格CurrentForwardFutureSpotThe___B_______exchangerateisthepricesetnowforanexchangethatwilltakeplacesometimeinthefuture.远期汇率是指由协议双方预订的将来会发生的汇率CurrentForwardFuturespotSpotTheforeignexchangemarketis:C外汇市场是指Asinglegatheringplacewheretradersshoutbuyandsellordersateachother.LocatedinNewYork.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LocatedinLondon.___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InterbankConsumerIntra-bankRetailTheU.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Vehiclecurrency周转货币〔交易通货MaincurrencyCommoncurrencyPrimarycurrencySupposethattheexchangevalueoftheBritishpoundis$2perpoundwhiletheexchangevalueoftheSwissfrancis50centsperfranc.Fromthiswecanconcludethattheexchangeratebetweenthepoundandthefrancis:D计算题,到时出中文题自己计啦…唔翻啦1francperpound2francsperpound3francsperpound4francsperpoundWhichofthefollowingisNOTafunctionoftheinterbankoperationsoftheforeignexchangemarket?D下列哪一个不是外汇交易市场中银行间操作方式的一种？Providesabankwithacontinuousstreamofinformationonconditionsintheforeignexchangemarket.Providesabankthemeanstoreadjustitsownpositionquicklyandatlowcost.Permitsabanktotakeonapositioninaforeigncurrencyquickly.Providesabankwithtechnologicalresourcesforuseinforeignexchangetrading.提供技术资源给一间银行,用来进行外汇交易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Devaluation.Depreciation.贬值Appreciation.Both<a>and<b>.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.Traders;brokersBrokers;tradersIndividualconsumers;thegovernmentIndividualconsumers;brokersAcountry’sdemandforforeigncurrencyisderivedfrom:A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Internationaltransactionsenteringthedebitcolumnofitsbalanceofpaymentsaccounts.国际交易进入到其收款帐户的借方栏里Internationaltransactionsenteringthesurpluscolumnofitsbalanceofpaymentsaccounts.Thecountry’sdemandforcurrencytofinanceexportsandcapitalinflows.Thecountry’sdemandforcurrencytofinanceitsgovernment’scompensatingtransactions.U.S.exportsofgoodsandserviceswillcreatea___B_______foreigncurrencyanda__________U.S.dollars.美国商品与服务的出口会创造出外汇的供给以及美元的需求Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofU.S.importsofgoodsandserviceswillcreatea___A_______foreigncurrencyanda__________U.S.dollars.美国商品与服务的进口会创造出外汇的需求以及美元的供给Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofU.S.capitalinflowswillcreatea____B______foreigncurrencyanda__________U.S.dollars.美国资本流入会创造出外汇的供给和美元的需求Demandfor;supplyofSupplyof;demandforShortageof;demandforSupplyof;shortageofIna____C______exchangeratesystemthereisnointerventionbythegovernmentorcentralbankers.浮动汇率制度里,政府与中央银行不得进行干涉FixedPeggedFloatingManagedfloatAsthevalueoftheyenfallsrelativetotheU.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JapanesegoodsbecomemoreexpensivetoU.S.consumers.Thesupplyofdollarswillfall.Thedemandforyenwillrise.U.S.goodsbecomelessexpensivetoJapaneseconsumers.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Increases;decreasesIncreases;increasesDecreases;decreasesDecreases;staysfixedShiftsindemandawayfromFrenchproductsandtowardU.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Buy;buySell;sellSell;buyBuy;sellOtherthingsequal,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.WeakenagainsttheJapaneseyen.DepreciateagainsttheJapaneseyen.DevalueagainsttheJapaneseyen.StrengthenagainsttheJapaneseyen.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.Eurostotheright.Eurostotheleft.Dollarstotheright.Dollarstotheleft.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.FixedMarketdrivenFloatingForwardExchangeRate$/£美元与英磅的汇率ExchangeRate$/£美元与英磅的汇率SS£D£2.502.00£’s<millions>55.56ReferringtoFigure17.1,adownwardmovementalongtheverticalaxiswouldcorrespondtoa<n>___C_______oftheU.S.dollar.在17.1这图可知,纵轴线的下降会引起美元的升值Arbitraging.DevaluationAppreciation升值DepreciationReferringtoFigure17.1,at$2.50perpound,thereisa<n>__D________.Underthesystemofflexibleexchangerates,thiswouldcause__________the________curve<s>.在图中可得知,如果2.5美元换１英磅,那么会有超过100万英磅的供应.在弹性汇率制下,这个汇率会引起供求曲线的下降〔6-5=1,本币供过于求,应卖出外币,买进本币Excessdemandof1millionpounds,leftwardshiftof,demandExcesssupplyof1millionpounds,rightwardshiftof,supplyExcessdemandof1millionpounds,downwardmovementalong,demand&supplyExcesssupplyof1millionpounds,downwardmovementalong,demand&supplyReferringtoFigure17.1,iftheBritishgovernmentwantstopegtheexchangerateofthepoundat$2.50perpound,whatactionwouldBritishmonetaryauthoritieshavetoundertake?C在图可得知,如果英政府想把英磅美元之间汇率控制在１比２.５的话,那么英国货币当局会采取什么措施？Sell1millionpoundsandbuy2.5milliondollars.Buy1millionpoundsandsell1milliondollars.Buy1millionpoundsandsell2.5milliondollars.买一百万的英磅同时卖出二百五十万的美元Buy5.5millionpoundsandsell11milliondollars.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundthepoundwillbe:A在图可得知,如果把英磅美元之间汇率控制在１比２.５的话,英磅会被估仁值过高Overvalued.高估〔估值过高Undervalued.Devalued.Inequilibrium.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundwhowillthishelp?B从图可得知,如果如果把英磅美元之间汇率控制在１比２.５的话,谁会得益？〔本币升值有利于进口,不利于出口USimporters.Britishimporters.英国进口商Britishexporters.Britishimport-competingproducers.ReferringtoFigure17.1,iftheBritishpoundispeggedat$2.50perpoundandthegovernmentgivesupthepegandallowsthepoundtofloat,thepoundwillexperiencea<n>:D从图可知,如果把英磅美元之间汇率控制在１比２.５,随后政府放弃控制,那么英磅会出现贬值Revaluation.Devaluation.Appreciation.Depreciation.贬值ReferringtoFigure17.1,iftheU.S.FederalReservewastoconductacontractionarymonetarypolicy,the______curvewouldshiftrightandthepoundwould__C________.从图可知,如果美国联邦储备采取紧缩政策,那么需求曲线会上升,同时,英磅贬值〔美元供给减少,必然会导致美元升值,英镑贬值Supply,appreciateDemand,depreciateSupply,depreciateDemand,appreciateWhichofthefollowingbestcharacterizesthecurrentU.S.exchangeratepolicy?C以下哪项最好地描绘出美国当今的汇率政策？Anadjustablepeggedrate.Acrawlingpeggedrate.Afreelyfloating.自由浮动汇率Afixedexchangerate.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WeakenagainsttheJapaneseyen.DepreciateagainsttheJapaneseyen.DevalueagainsttheJapaneseyen.StrengthenagainsttheJapaneseyen.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.Underafixedexchangeratesystemafallinthemarketprice<theexchangeratevalue>ofacurrencyiscalleda<n>____B______ofthatcurrency.在固定汇率制下,一外币的汇率下降了,这叫作法定贬值RevaluationDevaluationAppreciationDepreciationExchangeratesareequalizedindifferentlocationsdueto:A汇率在不同地方可以保持等同是因为套利Arbitrage.套利〔套汇Governmentinterventioninforeignexchangemarkets.Freetradeingoodsandservices.Theactionsofimportersandexporters.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？BuydollarsinNewYorkandselltheminLondon.BuypoundsinLondonandselltheminNewYork.BuypoundsinNewYorkandselltheminLondon.在纽约买英磅然后在伦敦卖BuydollarsinLondonandsellpoundsinNewYork.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Largeincreasesinshort-terminternationalcurrencyactivitiesbyhedgefunds.Increasesinlong-termforeignfinancialinvestmentsbylargeinstitutionalinvestors.IncreasesintheU.S.longtermgovernmentbondyields.Both<a>and<b>True/FalseQuestionsThegreaterpartofthemoneyassetstradedinforeignexchangemarketsaredemanddepositsinbanks.<T>大部份在外汇市场交易的现金资产都是活期存款.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Thespotexchangerateisthepricenowforanexchangethatwilltakeplacesometimeinthefuture.即时汇率是指外币在未来一定时间内的汇价.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给.Inthefloatingexchangeratesystem,governmentofficialsmustinterveneintheexchangeratemarkettokeeptheexchangeratefromfluctuating.在浮动汇率制下,政府必须对外汇市场进行干涉以保证汇率不出现浮动.〔固定汇率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涉,购买这种货币Triangulararbitragewillnotcausetheexchangeratebetweentwoforeigncurrenciestoequalize.三角套汇不会造成两种货币间汇率的均等〔均衡From2001to2007,globalforeignexchangetradingmorethandoubled.<T>会０１到０７年间,全球外汇交易增长了两倍多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.EssayQuestionsAretailerinMexicowantstobuy$100,000worthofApplecomputersfromtheUnitedStates.TheMexicanretailerhaspesoswhilethesellerintheUnitedStateswantstobepaidinU.S.dollars.ExplainhowthistransactioniscompletedwithparticularemphasisontheforeignexchangemarketandbanksintheUnitedStatesandMexico.课本P33倒数第二段有具体阐述：TheMexicanbuyerhastosellpesostogetdollarstopaytheU.S.exporter.TheMexicanfirmcontactsitsbankandrequestsaquotationoftheexchangerateforsellingpesosandacquiring100,000dollars.Iftherateisacceptable,theMexicanfirminstructsitsbanktotakepesosfromitscheckingaccount,convertinto100,000dollarsandtransferthedollarstotheU.S.producer.TheMexicanbankholdsthedollardenominateddepositsintheUnitedStates,atitscorrespondentbankinNewYork.TheMexicanbankinstructsitscorrespondentbankinNewYorktotakedollarsfromitscheckingaccountandtransferthedollarstotheU.S.producer.Thiscompletestheinternationalpaymentforcomputers.a:套利收益0.02b:出现以下三种情况之一,都会导致无套利机会存在：巴黎汇率:147、纽约汇率0.83、东京汇率0.0078〔各减0.02Foreachcasebelow,statewhethertheeurohasappreciatedordepreciatedandgiveanexampleofaneventthatcouldcausethechangeintheexchangerate.Thespotrategoesfrom450euros/Mexicanpesoto440euros/Mexicanpeso.Thespotrategoesfrom0.011Mexicanpesos/euroto0.006Mexicanpesos/euro.Thespotrategoesfrom1.48euros/Britishpoundto1.51euros/Britishpound.Thespotrategoesfrom0.73Britishpounds/euroto0.75Britishpounds/euro..euro：a&d升值；b&c贬值〔具体思路：Theeuroappreciates;thereisanincreaseddemandforeuros.欧元升值;有需求持续增加欧元.a. Theeurodepreciates;thereisanincreasedsupplyofeuros.欧元贬值;有供给的增多欧元.b. Theeurodepreciates;thereisanincreaseddemandfortheBritishpound.欧元贬值.英镑日益增长的需求.c. Theeuroappreciates;thereisadecreasedsupplyofeuros.欧元升值;有一种减少供应的欧元.Chapter4:ForwardExchangeandInternationalFinancialInvestment远期外汇和国际金融投资Single-ChoiceQuestions__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、清除净资产或净负债的手法HedgingSpeculatingInvestinginBuying___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HedgingSpeculatingInvestingBuyingA____D______exchangecontractisanagreementtoexchangeonecurrencyforanotheronsomedateinthefutureatapricesetnow.远期外汇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.SpotdomesticForwarddomesticSpotforeignForwardforeign____C______meanscommittingoneselftoanuncertainfuturevalueofone'snetworthintermsofhomecurrency.投机是指致力于投资未来不确定的本国货币净值.SellingHedgingSpeculatingImportingAssumeyouareaChineseexporterandexpecttoreceive$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？Sellingdollarsintheforwardmarketfor60-daydelivery.购买60天的远期外汇合同通过期货市场卖出美元Buyingdollarsnowandsellingitattheendof60days.Sellingtheyuanequivalentintheforwardmarketfor60-daydelivery.KeepingthedollarsintheUnitedStatesaftertheyaredeliveredtoyou.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Depreciatesagainstthedollar.Appreciatesagainstthedollar.Eitherappreciatesordepreciatesagainstthedollar.Isfixed.AssumeyouareanAmericanimporterwhomustpay500,000eurosattheendof90dayswhenyoureceive1,000casesofFrenchwineatyourwarehouseinNewYork.Ifyoudonothedgethistransaction,youfaceexchangeraterisk.Thebestwaytoremovetheriskoflossduetocurrencyfluctuationsisto:A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.如果你不套头这项交易,你将会面临汇率变化的风险.最好的做法去排除货币浮动造成的风险是在交货期这６０天内在期货市场买500,000欧元Buy500,000eurosintheforwardmarketfordeliveryin60da