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CHAPTER 3CHAPTER 3

THE FOREIGN THE FOREIGN EXCHANGE MARKETEXCHANGE MARKET

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[teaching targets and demands][teaching targets and demands] To make students master the concepts To make students master the concepts

such as exchange rate , arbitrage, etc, and such as exchange rate , arbitrage, etc, and the structure and function of the foreign the structure and function of the foreign exchange market, and the demand and exchange market, and the demand and supply for foreign exchange, and the supply for foreign exchange, and the methods to arbitrage within the spot methods to arbitrage within the spot exchange market.exchange market.

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[Teaching key and difficult points] [Teaching key and difficult points] The demand and supply for foreign The demand and supply for foreign

exchange, and the methods to arbitrage exchange, and the methods to arbitrage within the spot exchange market.within the spot exchange market.

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[Content of courses ][Content of courses ] The basics of currency trading: using the The basics of currency trading: using the

foreign exchange market, Inter-bank foreign exchange market, Inter-bank foreign exchange trading; foreign exchange trading;

Demand and supply for foreign exchange: Demand and supply for foreign exchange: Floating exchange rates, Fixed exchange Floating exchange rates, Fixed exchange rates, Current arrangements; rates, Current arrangements;

Arbitrage within the spot exchange marketArbitrage within the spot exchange market

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Foreign Exchange and Foreign Exchange and Exchange RatesExchange Rates

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我们都很熟悉国内贸易，如果我购买佛罗里达我们都很熟悉国内贸易，如果我购买佛罗里达的橘子或加利福尼亚的衬衫时，很自然地想到用美的橘子或加利福尼亚的衬衫时，很自然地想到用美元支付。元支付。…………但如果我对进口的日本自行车感兴但如果我对进口的日本自行车感兴趣，那么交易就会变得复杂。对于自行车制造商，趣，那么交易就会变得复杂。对于自行车制造商，需要用日元而非美元对其支付，于是为进口日本自需要用日元而非美元对其支付，于是为进口日本自行车，我必须先买日元，然后用日元付款给日本制行车，我必须先买日元，然后用日元付款给日本制造商。这里所新增的一个步骤中所涉及的就是外汇造商。这里所新增的一个步骤中所涉及的就是外汇问题。 问题。 ————Samuelson.Samuelson. 经济学（第经济学（第 1616 版中文版）版中文版） p301p301

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Gnomes of Zurich: Gnomes of Zurich: 苏黎世地精，对瑞士大苏黎世地精，对瑞士大银行家的贬义称呼，地精是住在地下守卫银行家的贬义称呼，地精是住在地下守卫财富的精灵 ，瑞士大银行家以其秘密的银财富的精灵 ，瑞士大银行家以其秘密的银行政策和操作手段闻名于世。行政策和操作手段闻名于世。

Snake in the TunnelSnake in the Tunnel ：洞中蛇，也称蛇形：洞中蛇，也称蛇形浮动，浮动， 19711971 年布雷顿森林体系崩溃，欧共年布雷顿森林体系崩溃，欧共体成员国约定各国之间的汇率变动必须维体成员国约定各国之间的汇率变动必须维持在正负持在正负 2.25%2.25% 以内。以内。

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Crowing peg: Crowing peg: 爬行盯住，也称浮动盯住，爬行盯住，也称浮动盯住，在固定汇率制下，货币当局每隔一定时间在固定汇率制下，货币当局每隔一定时间对本国汇率实行一次较小幅度的升值或贬对本国汇率实行一次较小幅度的升值或贬值。值。

Dirty float: Dirty float: 又称管理浮动，在浮动汇率制又称管理浮动，在浮动汇率制下，央行公开放弃对外汇市场的直接干预，下，央行公开放弃对外汇市场的直接干预，但仍暗暗地维持干预。但仍暗暗地维持干预。

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2.1 The basics of currency 2.1 The basics of currency treadingtreading

2.1.1 Exchange Rate2.1.1 Exchange Rate

exchange rate is the price of one currency exchange rate is the price of one currency in terms of another currency.in terms of another currency.

·    Two currencies involved ·    Two currencies involved

·    Timing of delivery·    Timing of delivery

1.                      Spot1.                      Spot

2.                      Forward2.                      Forward

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ConceptionsConceptions

11 foreign exchangeforeign exchange: the trade of one : the trade of one national currency for another. national currency for another.

22.. exchange rateexchange rate :the price at which two :the price at which two national currencies are traded national currencies are traded

33. . spot exchange ratespot exchange rate: the price for : the price for "immediate" exchange."immediate" exchange.

44. . forward exchange rateforward exchange rate: the price for : the price for an exchange that will take place an exchange that will take place sometime in the future. sometime in the future.

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即期外汇交易

Spot Exchange Transaction:: 又称现汇交又称现汇交易，是指外汇银行与其客户或与其他银易，是指外汇银行与其客户或与其他银行之间的外汇买卖成交后，原则上于当行之间的外汇买卖成交后，原则上于当日或在两个营业日内办理交割的外汇业日或在两个营业日内办理交割的外汇业务。务。

居民、旅客的零星交易，在当日成交和居民、旅客的零星交易，在当日成交和交割；交割；

银行同业间的在两个营业日内交割。银行同业间的在两个营业日内交割。

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远期外汇交易远期外汇交易

Forward Exchange Transaction ，也称，也称期汇交易，指外汇买卖双方先签订远期期汇交易，指外汇买卖双方先签订远期外汇买卖合同，规定买卖外汇的币种，外汇买卖合同，规定买卖外汇的币种，金额，汇率和将来交割日期，再按合同金额，汇率和将来交割日期，再按合同规定的币种，金额，汇率，由卖方交汇规定的币种，金额，汇率，由卖方交汇买方付款的一种预约性外汇交易。买方付款的一种预约性外汇交易。

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2.1.2 The foreign exchange market

The market in which national moneys are The market in which national moneys are traded for other national moneys.traded for other national moneys.

1. Retail part of the market1. Retail part of the market

2. Interbank part of the market2. Interbank part of the market

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2. The Retail Markets 2. The Retail Markets 零售市场零售市场

———————————————— retail retail ：： selling of the currencies in small selling of the currencies in small

quantities to the customers .quantities to the customers .

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The interbank MarketsThe interbank Markets 银行间外汇市场银行间外汇市场

———————————————— wholesale wholesale ：： selling of the currencies selling of the currencies

esp. in large quantities.esp. in large quantities.

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2.1.3 Using the foreign exchange market

2.1.4 Interbank part of the market

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The Step of Foreign Exchange Deals The Step of Foreign Exchange Deals

and Quote Techniquesand Quote Techniques

外汇交易的程序与报价技巧外汇交易的程序与报价技巧

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1. The Step of the Foreign Exchange 1. The Step of the Foreign Exchange DealsDeals

交易程序交易程序

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Step 1 Step 1 ：： Asking Price Asking Price 询价询价

A A ：： Asking Bank Asking Bank ：： “ “What is the spot rate of USD/SFWhat is the spot rate of USD/SF

？”？”

AA ：：询价行 ：询价行 ： “ “ 美元对瑞士法郎的即期汇率是多少？”美元对瑞士法郎的即期汇率是多少？”

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Step 2Step 2 ：： Quotation Quotation 报价报价

B B ：： Quote Bank Quote Bank ：： “ “At 1.7412/22”At 1.7412/22”

BB ： ： 报价行：报价行： “ “ （美元对瑞士法郎的即期汇率）是 （美元对瑞士法郎的即期汇率）是

1.7412/22”1.7412/22”

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Step 3 Step 3 ：： Done Done 成交 （成交 （ Nothing Nothing ，放弃），放弃） AA ：： Asking Bank Asking Bank ：： “ “At 1.7412At 1.7412 ，， we buy SF and sell USD 100” we buy SF and sell USD 100” BB ： ： Quota BankQuota Bank ：： “ “OK down . Sell SF buy USD OK down . Sell SF buy USD ，， at 1.7412 ”at 1.7412 ”

AA ：询价行：“按：询价行：“按 1.74121.7412 汇率买进汇率买进 SFSF ，卖出，卖出 USDUSD ，交，交易额 易额

100”100” BB ：保价行：“好，按：保价行：“好，按 1.74121.7412 汇率卖出汇率卖出 SFSF ，买进，买进 USD”USD”————————————————USD/SF 1.7412/22USD/SF 1.7412/22

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Step 4 Step 4 ：： Confirmation Confirmation 证实证实

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证实中不可缺少的内容：证实中不可缺少的内容： Big Figure Big Figure 大数（汇率）大数（汇率） Small Figure Small Figure 小数 （汇率小数 （汇率）） Sum Sum 交易额交易额 Currency Name Currency Name 货币名称货币名称 Value Date Value Date 起息日（交割日）起息日（交割日） Bank Account Bank Account 帐户帐户———————————— 在在 USD/SF 1.7412/22 USD/SF 1.7412/22 中，中， 1.741.74 为大数，为大数， 1212 ，， 2222 为小数。为小数。

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NoticeNotice ：： 询价和报价常以省略的方式进行，而证询价和报价常以省略的方式进行，而证实必须是完整的。实必须是完整的。Asking Bank Asking Bank ：： Spot , USD/SF, USD1Spot , USD/SF, USD1Quota Bank Quota Bank ： ： At 12/22At 12/22Asking Bank Asking Bank ：： Yours Yours (( 卖出卖出 ))Quota Bank Quota Bank ：： OK down . Mine OK down . Mine (( 买进买进 ))

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Step 5 Step 5 ： ： Deliver Deliver 交割交割

**

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2. Usual Practice of Quota 2. Usual Practice of Quota 报价惯例报价惯例

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（（ 11 ）） Two-way Price Quotation Two-way Price Quotation

采用双报价方式采用双报价方式

买入价 卖出价买入价 卖出价 ↑ ↑ ↑ ↑

￡￡ 1= $ 1= $ 1.59151.5915----------1.59251.5925

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（ （ 22 ）） Only Quota Small Figure Only Quota Small Figure 采用省略方式采用省略方式

small figure small figure

↑ ↑ ↑ ↑

￡￡ 1= $ 1.591= $ 1.591515/1.59/1.592525

15/2515/25

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（（ 33 ） ） Terms Terms 交易术语交易术语 ““One Dollar”One Dollar” ：“：“ 100100 万美元” 万美元” ““Good Amount” Good Amount” ：“大额”，指：“大额”，指 10001000 万美元以上的万美元以上的

交易额。交易额。 ““Small Amount ”Small Amount ” ：“小额”，指：“小额”，指 100100 万美元以下的交万美元以下的交

易额。易额。 ““Tiny Amount ”Tiny Amount ” ：“微小额 ”，指：“微小额 ”，指 2525 万美元以下的交万美元以下的交

易额。易额。 ”” （（ 66 ）） Yours“Yours“ ：“卖给你（：“卖给你（ 600600 万美元）” 万美元）” ““ （（ 3 3 ）） Mine”Mine” ：“我买进（：“我买进（ 300300 万美元）”万美元）”

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（（ 44 ）） Scrupulously Abide By Promise Scrupulously Abide By Promise

恪守信用恪守信用

**

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2.2 Demand and supply for foereign exchange

2.2.12.2.1 Influential factors of foreign exchange

Supply Supply

Demand Demand

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Demand and supply for foreign exchange

(1)U.S exports of goods and services will create (1)U.S exports of goods and services will create a supply of foreign currency and a demand for a supply of foreign currency and a demand for U.S. dollars. U.S. dollars.

美国的商品和服务的出口将造成大量的外国货币美国的商品和服务的出口将造成大量的外国货币供应量和对美元的需求。供应量和对美元的需求。

(2)U.S imports of goods and services will create (2)U.S imports of goods and services will create a demand for foreign currency and a supply of a demand for foreign currency and a supply of U.S. dollars.U.S. dollars.

美国的商品和服务进口将创建一个为外国货币需美国的商品和服务进口将创建一个为外国货币需求量和美元的供给需求求量和美元的供给需求

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(3)U.S capital outflows will create a demand for (3)U.S capital outflows will create a demand for foreign currency. foreign currency.

美国资本外流将创建一个为外国货币的需求。美国资本外流将创建一个为外国货币的需求。 (4)U.S capital inflows will create a supply of (4)U.S capital inflows will create a supply of

foreign currency. foreign currency. 美国资本流入将创造大量的外国货币供应量。美国资本流入将创造大量的外国货币供应量。 一国商品和劳务的出口形成了外币的供给，进口一国商品和劳务的出口形成了外币的供给，进口

形成对外币的需求。形成对外币的需求。 对国外金融资产的购买形成外币的需求，外国对对国外金融资产的购买形成外币的需求，外国对

本国金融资产的购买形成了外币的供给。本国金融资产的购买形成了外币的供给。

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Figure 3.2Figure 3.2

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Figure 3.3Figure 3.3

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2.2.2 floating exchange rate system

a system in which the exchange rate of

a currency is determined in the

marketplace and not by government or

central bank intervention.

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2.2.3 fixed exchange rate system

a system in which officials try to keep the a system in which officials try to keep the

exchange rate of a currency pegged exchange rate of a currency pegged

even if the rate they choose differs from even if the rate they choose differs from

the equilibrium rate.the equilibrium rate.

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ConceptionsConceptions

1. depreciation1. depreciation: a fall in the market price : a fall in the market price of a floating currency (of a floating currency ( 贬值贬值 ))

2.2. appreciationappreciation: a rise in the market : a rise in the market price of a floating currency.price of a floating currency. （升值）（升值）

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3.3. devaluationdevaluation: a discrete official reduction : a discrete official reduction in the otherwise fixed par value of a in the otherwise fixed par value of a currency.currency. （法定贬值（法定贬值 ,, 下浮）下浮）

44. . revaluationrevaluation: a discrete official increase in : a discrete official increase in the otherwise fixed par value of a the otherwise fixed par value of a currency.currency. （法定升值，上浮）（法定升值，上浮）

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depreciation and devaluation depreciation and devaluation

appreciation and revaluationappreciation and revaluation

含义一样吗含义一样吗？？

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升值与贬值（升值与贬值（ 11 ）） ““ 升值”和“贬值”是描述汇率变动的两个基本升值”和“贬值”是描述汇率变动的两个基本

概念。概念。 升值表示用比较少量本币就能换得一定数量外币，升值表示用比较少量本币就能换得一定数量外币，

或者一定数量外币只能换得较少数额本币。升值或者一定数量外币只能换得较少数额本币。升值使本国货币兑换价值提高，又称本国货币变强了。使本国货币兑换价值提高，又称本国货币变强了。

贬值表示需要用较多数额本币才能换得一定数量贬值表示需要用较多数额本币才能换得一定数量外币，或者一定数量外币能换得较多数额本币。外币，或者一定数量外币能换得较多数额本币。贬值使本国货币兑换价值下降，因而本国货币变贬值使本国货币兑换价值下降，因而本国货币变弱了。依据升值和贬值发生机制不同，又分为法弱了。依据升值和贬值发生机制不同，又分为法定升值贬值与市场升值贬值两类情况定升值贬值与市场升值贬值两类情况

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升值与贬值（升值与贬值（ 22 ）） 法定升值（法定升值（ revaluationrevaluation ）指政府当局和规定宣）指政府当局和规定宣

布提高本国货币对外币兑换价值，如战后德国马布提高本国货币对外币兑换价值，如战后德国马克曾被法定升值。法定贬值（克曾被法定升值。法定贬值（ devaluationdevaluation ）指）指政府当局规定和宣布降低本国货币对外币兑换价政府当局规定和宣布降低本国货币对外币兑换价值，如我国值，如我国 19941994 年汇率改革，官方汇率与市场年汇率改革，官方汇率与市场调剂汇率并轨，人民币实际发生法定贬值。市场调剂汇率并轨，人民币实际发生法定贬值。市场升值（升值（ appreciationappreciation ）指由于外汇市场供求关系）指由于外汇市场供求关系变动造成的某国货币对外币兑换价值上升；市场变动造成的某国货币对外币兑换价值上升；市场贬值（贬值（ depreciationdepreciation ）指由于外汇市场供求关系）指由于外汇市场供求关系变动造成的某国货币对外币兑换价值下降。变动造成的某国货币对外币兑换价值下降。

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升值与贬值（升值与贬值（ 33 ）） 采用不同汇价标示方法，标价变化与汇率变动关系不同。采用不同汇价标示方法，标价变化与汇率变动关系不同。

如采用直接标价法，汇价数值上升表示本国货币贬值和外如采用直接标价法，汇价数值上升表示本国货币贬值和外国货币升值，汇价数值下降则表示本币升值和外币贬值。国货币升值，汇价数值下降则表示本币升值和外币贬值。例如，人民币汇价从例如，人民币汇价从 88 元升为元升为 99 元表示人民币贬值，因元表示人民币贬值，因为这时兑换为这时兑换 11 美元需要用比先前更多的人民币；反之，如美元需要用比先前更多的人民币；反之，如下降到下降到 77 元，则表示人民币升值，因为这时兑换元，则表示人民币升值，因为这时兑换 11 美元美元仅需用比先前较少的人民币。如采用间接标价法，汇价数仅需用比先前较少的人民币。如采用间接标价法，汇价数额上升表示本国货币升值和外币贬值；汇价数额下降则表额上升表示本国货币升值和外币贬值；汇价数额下降则表示本币贬值和外币升值。因而，首先需要确定采用什么标示本币贬值和外币升值。因而，首先需要确定采用什么标价法，然后才能判断汇价标价额变动与汇率升值或贬值的价法，然后才能判断汇价标价额变动与汇率升值或贬值的关系。关系。

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☆☆ 自由浮动自由浮动 (Free Floating)(Free Floating) 又称“清洁浮又称“清洁浮动”动” (Clean Floating)(Clean Floating) ，意指货币当局对，意指货币当局对外汇市场不加任何干预，完全听任汇率随外汇市场不加任何干预，完全听任汇率随市场供求状况的变动而自由涨落。市场供求状况的变动而自由涨落。

☆ ☆ 管理浮动管理浮动 (Managed Floating)(Managed Floating) 又称“肮又称“肮脏浮动”脏浮动” (Dirty Floating)(Dirty Floating) ，指货币当局对，指货币当局对外汇市场进行干预，以使市场汇率朝有利外汇市场进行干预，以使市场汇率朝有利于己的方向浮动。于己的方向浮动。

浮动汇率制

自由浮动(Free Floating)

管理浮动(Managed Floating)

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☆☆ 单独浮动单独浮动 (Independent Floating)(Independent Floating) ，又译独立浮动，，又译独立浮动，指本国货币不与外国任何货币发生固定联系，其汇指本国货币不与外国任何货币发生固定联系，其汇率根据外汇市场的供求状况单独浮动。例如美元、率根据外汇市场的供求状况单独浮动。例如美元、澳大利亚元、日元、加拿大元和少数发展中国家的澳大利亚元、日元、加拿大元和少数发展中国家的货币。货币。

☆☆ 联合浮动联合浮动 (Joint Floating) (Joint Floating) 指原欧洲货币体系各成员指原欧洲货币体系各成员国货币之间保持固定汇率，而对非成员国货币则采国货币之间保持固定汇率，而对非成员国货币则采取共同浮动的作法。例如欧元与暂且未加入欧元的取共同浮动的作法。例如欧元与暂且未加入欧元的原欧洲货币体系各成员国货币（如英镑）。原欧洲货币体系各成员国货币（如英镑）。

浮动汇率制

单独浮动(Independent Floating)

联合浮动(Joint Floating)

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2.2.3 Current Arrangement （各国汇率制度安排）1 、 most major currencies have floating

exchange rates to each other.

2 、 dirty floating exchange rate. (Large number)

3 、 fixed exchange rate pegged to USD.

4 、 fixed exchange rate pegged to euro.

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2.3 Arbitrage within the spot exchange market

11. . arbitragearbitrage:: the process of buying and the process of buying and selling to make a (nearly) risk-less pure selling to make a (nearly) risk-less pure profit.profit.

Buying a currency in one market Buying a currency in one market （（ e.g. New York e.g. New York

market or spot market market or spot market ）） where price is where price is lowlow ，， and and

selling in another market selling in another market （（ London market or London market or forward marketforward market ）） where the price is higherwhere the price is higher . .

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Arbitrage

“Pay nothing for something,” or “get something for noting” “there is not such thing as a free lunch” Any deviation from “the law of one price” will

present an arbitraging opportunity! Basic strategy: “buy low, sell high”! An arbitraging strategy is risk-free. In contrast,

a speculative strategy is always associated with some degree of risk

48

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ArbitrageurArbitrageur

A person or company who undertake a set of A person or company who undertake a set of transactions involving buying in one market transactions involving buying in one market and selling in another , where the price are and selling in another , where the price are known simultaneously . Thus , although a known simultaneously . Thus , although a profit can be made if the prices are different , profit can be made if the prices are different , an arbitrageur takes very little risk .an arbitrageur takes very little risk .

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2 2 triangular arbitragetriangular arbitrage: the process of : the process of making a risk-less profit by arbitraging making a risk-less profit by arbitraging through three exchange rates.through three exchange rates.

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AA. Direct Arbitrage /Two Points Arbitrage . Direct Arbitrage /Two Points Arbitrage

直接套汇直接套汇 // 两地套汇 （即期两地套汇 （即期 ++ 即即期）期）

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[ [ 例 例 ] ] 某日某日 伦敦外汇市场：￡伦敦外汇市场：￡ 1= 1= ＄＄ 1.82501.8250

纽约外汇市场：￡纽约外汇市场：￡ 1= 1= ＄＄ 1.82801.8280

套汇者套汇如下：套汇者套汇如下：第第 11步 在伦敦市场卖出美元，买进英镑，步 在伦敦市场卖出美元，买进英镑， 1.8250 1.8250 ；；第第 22步 在纽约市场卖出英镑，买进美元，步 在纽约市场卖出英镑，买进美元， 1.8280 1.8280 。。 如果不考虑交易费用，每如果不考虑交易费用，每 11英镑可获得英镑可获得 0.00300.0030

的的套汇收入。套汇收入。

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B B . Indirect Arbitrage /Three Points . Indirect Arbitrage /Three Points Arbitrage Arbitrage

间接套汇间接套汇 //三地套汇 （即期三地套汇 （即期 ++ 即期即期 ++ 即即期）期）

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[ [ 例 例 ] ] 某日同一时间某日同一时间香港市场：＄香港市场：＄ 1=HK1=HK ＄＄ 7.8223~7.85147.8223~7.8514

纽约市场：￡纽约市场：￡ 1=1= ＄＄ 1.7320~1.73871.7320~1.7387

伦敦市场：￡伦敦市场：￡ 1=HK1=HK ＄＄ 13.8146~13.921113.8146~13.9211

第第 11步 计算有无汇率差异，如有步 计算有无汇率差异，如有 第第 22步 套汇。步 套汇。

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计算方法常见的是连乘法。如上例，假设套汇计算方法常见的是连乘法。如上例，假设套汇者用港元作为套算货币，先在香港市场卖出港元买者用港元作为套算货币，先在香港市场卖出港元买进美元，再在纽约市场卖出美元买进英镑，再在伦进美元，再在纽约市场卖出美元买进英镑，再在伦敦市场卖出英镑买进港元。这样可以得到一个连乘敦市场卖出英镑买进港元。这样可以得到一个连乘算式：算式：1×1× （（ 1÷7.85141÷7.8514 ） ） ×× （（ 1÷1.73871÷1.7387 ） ）

×13.8146=1.011×13.8146=1.011 =1=1 ， 汇率没有差异，没有套汇必要， 汇率没有差异，没有套汇必要　 ＞　 ＞ 1 1 ，可以套汇，而且可以按连乘算式顺序进行，可以套汇，而且可以按连乘算式顺序进行 ＜＜ 11 ， 也可以套汇，但不能按连乘算式顺序进行， 也可以套汇，但不能按连乘算式顺序进行

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上例中，连乘结果大于上例中，连乘结果大于 11 ，套汇线路如，套汇线路如下：下： 第第 11步：香港市场：＄步：香港市场：＄ 1=HK1=HK ＄＄ 7.8223~7.8223~7.85147.8514

（卖出港元买进美元）（卖出港元买进美元） 第第 22步：纽约市场：￡步：纽约市场：￡ 1=1= ＄＄ 1.7320~1.7320~1.73871.7387

（卖出美元买进英镑）（卖出美元买进英镑） 第第 33步：伦敦市场：￡步：伦敦市场：￡ 1=HK1=HK ＄＄ 13.814613.8146~13.9211~13.9211

（卖出英镑买进港元）（卖出英镑买进港元）

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汇率及其表示方法The Quotations of Exchange Rate

汇率（汇率（ exchange rateexchange rate ）又称汇价）又称汇价（（ exchange priceexchange price ），是一国货币折），是一国货币折合成另一国货币的比率或比价。可以把汇合成另一国货币的比率或比价。可以把汇率理解为外汇这一特殊资产的价格。率理解为外汇这一特殊资产的价格。

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Direct Quotation , Indirect Quotation

There are two basic methods of xchange There are two basic methods of xchange rate quotation .one is arate quotation .one is a directdirect quotation , quotation , which means one unit of a foreign which means one unit of a foreign currency is worth a given number of currency is worth a given number of currency of the home currencycurrency of the home currency . .

以一定单位的外国货币为标准，计算应折合以一定单位的外国货币为标准，计算应折合若干单位的本国货币。（应付法）若干单位的本国货币。（应付法）

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The other isThe other is indirect indirect quotation quotation ， ， which means one unit of a home currency which means one unit of a home currency

is equal to a given number of a foreign is equal to a given number of a foreign

currency.currency.

以一定单位的本国货币为以一定单位的本国货币为标准，计算应折合若干单位的外国货币。标准，计算应折合若干单位的外国货币。

（应收法）（应收法）

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两种标价方式：一种是以一定数额外币为标两种标价方式：一种是以一定数额外币为标准，折为相应数额本币表示汇率，称为“应准，折为相应数额本币表示汇率，称为“应付市价标价法”或“直接标价法”。例付市价标价法”或“直接标价法”。例如，如， 20002000 年人民币对美元汇率为年人民币对美元汇率为 8.278.27元（人民币）元（人民币） /1/1 （美元），对日元汇率为（美元），对日元汇率为7.67.6 元（人民币）元（人民币） /100/100 （日元）。第二种（日元）。第二种标价法是用一定数额本币作为标准，折为相标价法是用一定数额本币作为标准，折为相应数额外币表示汇率，称为“应收市价标价应数额外币表示汇率，称为“应收市价标价法”或“间接标价法”。只有美元和英镑采法”或“间接标价法”。只有美元和英镑采用这种“以我为中心”的标价法。用这种“以我为中心”的标价法。

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补 充补 充 汇率的种类汇率的种类 Categories of Exchange RateCategories of Exchange Rate

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1. Buying Rate 1. Buying Rate ，， Selling RateSelling Rate

Buying Price Buying Price ， ， Bid Rate Bid Rate ：：the bid rate for currency A in terms of B is the the bid rate for currency A in terms of B is the

rate at which Dealers buy currency A rate at which Dealers buy currency A （（ sell sell currency B currency B ）） ..

买入价与卖出价买入价与卖出价 买入价买入价 : : 就是用就是用 BB 货币计算的货币计算的 AA 货币的价格，货币的价格，

也也就是交易商（银行）用就是交易商（银行）用 BB 货币买入货币买入 AA 货币的价格。货币的价格。 A A 货币货币 = B= B 货币货币

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Selling Price Selling Price ，， Offer RateOffer Rate ： ： is the rate at which dealers sell currency is the rate at which dealers sell currency

A A （（ buy currency B buy currency B ）） ..

卖出价卖出价 : : 就是银行卖出就是银行卖出 AA 货币（买入货币（买入 BB 货货币）币）

的汇率。的汇率。 A A 货币货币 = B= B 货币货币

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That is That is ，， they are in fact two prices . One they are in fact two prices . One

is the price at which he will buy and the is the price at which he will buy and the

other is the price at which he will sell . other is the price at which he will sell .

换言之，他们实际上是两个汇率换言之，他们实际上是两个汇率 ,, 一个是交易一个是交易者者要购买的汇率要购买的汇率 , , 另一个是他要出售的汇率。另一个是他要出售的汇率。

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For example : For example : A Swiss Bank quotation A Swiss Bank quotation ：： $ 1 = SF 1.3278-----1.3290$ 1 = SF 1.3278-----1.3290 In the example above , the small rate is the In the example above , the small rate is the buying rate or the bid price while the higher rate buying rate or the bid price while the higher rate is the selling rate or offer price . is the selling rate or offer price .

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Banks bid to buy foreign exchange at a lower Banks bid to buy foreign exchange at a lower

rate and ask to sell it at a higher rate . The rate and ask to sell it at a higher rate . The

difference between buy and sell rate is called the difference between buy and sell rate is called the

spreadspread or or margin margin ，， which gives banks their which gives banks their profit from dealing in foreign exchange profit from dealing in foreign exchange transactions.transactions.

————————————————

差价可用百分比表示，计算公式是：（卖价差价可用百分比表示，计算公式是：（卖价 -- 买价）买价） // 买价买价 ×100×100

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NoticeNotice ：：

1.1. 买入价与卖出价是银行的买入价与卖出买入价与卖出价是银行的买入价与卖出价。价。

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课 堂 回 答课 堂 回 答 1.1.张先生要从银行买美元，以便支付考试张先生要从银行买美元，以便支付考试费用。问用买入价？卖出价？费用。问用买入价？卖出价？ 2. A2. A 公司把出口换汇日元卖给了银行，问公司把出口换汇日元卖给了银行，问用买入价？卖出价？用买入价？卖出价？ 3. 3. 李女士因出国旅游需要从银行兑换外李女士因出国旅游需要从银行兑换外币，问用买入价？卖出价？币，问用买入价？卖出价？

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2.2. 买入价与卖出价的区分买入价与卖出价的区分 在直接标价法下（以瑞士某银行为例）：在直接标价法下（以瑞士某银行为例）： （买入价）（卖出价）（买入价）（卖出价） ↑↑ ↑ ↑

USD1=SF1.1230—1.1240USD1=SF1.1230—1.1240

在间接标价法下（以英国某银行为例）：在间接标价法下（以英国某银行为例）： （卖出价）（买入价） （卖出价）（买入价） ↑ ↑ ↑ ↑

GBP1=USD1.1426—1.1431GBP1=USD1.1426—1.1431

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如果是第三国货币，则是买卖基础货币如果是第三国货币，则是买卖基础货币的报价。的报价。 以日本某银行为例：以日本某银行为例： （买入美元的报价） （卖出美元的报价 ）（买入美元的报价） （卖出美元的报价 ） ↑ ↑↑ ↑

USD1=SF1.1230—1.1240USD1=SF1.1230—1.1240

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2. Basic Rate 2. Basic Rate ，， Cross Rate Cross Rate ：： 基础汇率与套算汇率基础汇率与套算汇率 Basic rate is an exchange rate of key Basic rate is an exchange rate of key

currency currency （（ usual is US dollarusual is US dollar ） ） in terms in terms of of

national currency.national currency.

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Cross exchange rate is an exchange rate Cross exchange rate is an exchange rate

between two currencies between two currencies ，， A and B A and B ，，neither of which is the USD. It can be neither of which is the USD. It can be

calculated as ratio of exchange rate of A calculated as ratio of exchange rate of A

to the Dollar.to the Dollar. ，， divided by the exchange divided by the exchange

rate of B to the Dollar.rate of B to the Dollar.

套算汇率就是两个非美元之间的汇率，可以套算汇率就是两个非美元之间的汇率，可以通过美元汇率计算出来。通过美元汇率计算出来。

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计算方法：计算方法： 1. 1. 在两个汇率中，基础货币相同，报价货币不同，求报在两个汇率中，基础货币相同，报价货币不同，求报价货币之间的比价，用交叉相除法。即用两个汇率的买入价价货币之间的比价，用交叉相除法。即用两个汇率的买入价与卖出价分别交叉相除。与卖出价分别交叉相除。 AA/B /B 买入价买入价————卖出价卖出价 AA/C/C 买入价买入价————卖出价卖出价

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已知：已知： AA/B/B 汇率买入价汇率买入价 -- 卖出价卖出价 AA/C/C 汇率买入价汇率买入价 -- 卖出价卖出价 求： 求： B/CB/C 汇率买入价汇率买入价 -- 卖出价卖出价

B/CB/C 买入价买入价 =A/C=A/C 买入价买入价 ÷A/B÷A/B 卖出价卖出价 B/CB/C 卖出价卖出价 =A/C=A/C 卖出价卖出价 ÷A/B÷A/B 买入价买入价 AA/B /B 买入价买入价————卖出价卖出价

AA/C/C 买入价买入价————卖出价卖出价

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例例 . . 已知：中国银行报价（已知：中国银行报价（ 11 美元）如下：美元）如下： USD/HKDUSD/HKD ：： 7.7918—7.79587.7918—7.7958

USD/JPYUSD/JPY ： ： 111.59—111.89111.59—111.89

求：求： HKD/JPY =HKD/JPY = ？？ HKDHKD 买入价买入价 =111.59 ÷7.7958=15.3403=111.59 ÷7.7958=15.3403

HKDHKD 卖出价卖出价 =111.89 ÷7.7918=15.3867=111.89 ÷7.7918=15.3867

HKD/JPY=15.3403—15.3867HKD/JPY=15.3403—15.3867

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3. Fixed Exchange Rate 3. Fixed Exchange Rate ，， Floating Floating

Exchange Rate Exchange Rate

固定汇率与浮动汇率固定汇率与浮动汇率

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Fixed Exchange RateFixed Exchange Rate ：： a rate of exchange a rate of exchange between one currency and another that is between one currency and another that is fixed by government and maintained by that fixed by government and maintained by that government buying or selling its currency to government buying or selling its currency to support or depress its currency. support or depress its currency. 固定汇率： 一种货币对另一种由政府固定货固定汇率： 一种货币对另一种由政府固定货币的汇率。政府通过买卖该种货币保持币值的稳定币的汇率。政府通过买卖该种货币保持币值的稳定或低估。或低估。

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Floating Exchange Rate Floating Exchange Rate ：： an exchange an exchange

rate between one currency and others that is rate between one currency and others that is

permitted to float accounting to market forces permitted to float accounting to market forces

with no government or central bank action to with no government or central bank action to

keep it stable . This is also known as a flexible keep it stable . This is also known as a flexible

exchange rate .exchange rate .

浮动汇率浮动汇率 : : 一种根据市场浮动而没有政府或一种根据市场浮动而没有政府或中中

央银行干预的汇率。又称之为有弹性的汇率。央银行干预的汇率。又称之为有弹性的汇率。

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4. Spot Exchange Rate 4. Spot Exchange Rate ，， Forward Forward Exchange RateExchange Rate

即期汇率与远期汇率即期汇率与远期汇率 5. Official Exchange Rate 5. Official Exchange Rate ，， Market Market

Exchange Rate Exchange Rate

官方汇率与市场汇率官方汇率与市场汇率 6. Opening Rate 6. Opening Rate ，， Closing RateClosing Rate

开盘价和收盘价开盘价和收盘价

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NoticeNotice ：：

第第 11 ，凡是外汇必须是以，凡是外汇必须是以外币表示外币表示的各的各种支付工具。种支付工具。 First First ， ， FX must be the means of FX must be the means of

payments in terms of foreign currencies.payments in terms of foreign currencies.

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第第 22 ，凡是外汇，必须是可自由兑换货，凡是外汇，必须是可自由兑换货币 。币 。 Second Second ，， FX must be a FX must be a convertible convertible currency .currency .

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思 考 与 回 答思 考 与 回 答

1.“1.“凡是外国货币就是外汇”这句话对不对？凡是外国货币就是外汇”这句话对不对？为为什么？什么？ 2.“2.“ 美元就是外汇”这句话对不对？为什么？美元就是外汇”这句话对不对？为什么？