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1、Chapter Eight,Foreign Exchange Markets,Learning objectives,After studying this chapter you should be able to: 1. Give your definition of foreign exchange 2. Talk about foreign exchange rate, including its definition, classification and factors affecting it 3. Define foreign exchange market and its m
2、ajor types 4. How foreign exchange is traded in the foreign exchange market,Notes,I. New Words 1. to depreciate vt. 使贬值 = to make a currency fall in value 2. to appreciate vt. 使升值 = to increase in value of a currency 3. conversely adv. 相反地 4. to denominate vt. 标价，e.g. be denominated in U.S. dollar 5
3、. fistful a. 一把的；大量的，e.g. a of dollar bills 大量的美钞 6. to distinguish vt. 区别，识别 7. intermediary n. 中介（组织）,Notes,II. Useful and Idiomatic Expressions 1. to prefer sth. to sth. else 两者比较更喜欢 2. in turn 反过来，转过来，e.g. Theory is based on practice and serves practice. 3. to range from. to. 在范围内变动，e.g. The inc
4、rease ranges from several to several dozen times. 4. to stand ready to do sth. 随时准备做某事 5. in constant telephone and computer contact 常用电话和电脑保持联系 6. for purpose of. 以为目的，e.g. for purposes of investment or speculation 7. barriers to free trade 自由贸易的壁垒/障碍 8. be relative to. 与成比例的,Notes,III. Key Terms 1
5、. hard currency 硬通货，硬货币，强势货币=a currency that is commonly accepted throughout the world; they are usually those of the western industrialized countries although other currencies have achieved this status, especially within regional trading blocs. 2. market forces 市场力量 = the forces of supply and deman
6、d that in a free market determine the quantity available of a particular product or service and the price at which it is offered. 3. tariff n. 关税 = taxes on imported goods 4. quota n. 配额，限额 = restrictions on the quantity of foreign goods that can be imported. Both tariffs and quotas are barriers to
7、free trade.,Notes,5. real interest rate实际利率 = the actual interest rate is less than the current rate of inflation. 与此相对的是nominal interest rate名义利率 = the interest rate that does not take inflation into account 6. financial assets 金融资产 7. spot rate 即期汇率，现货汇率 8. forward rate 远期汇率 9. dollar bills 美元现钞 1
8、0. British pound notes 英镑现钞 11. immediate delivery 立即交割 12. immediate settlement 即刻结算,Main Text,Definition of Foreign Exchange Foreign exchange (FX; FOREX) refers to foreign currencies bought and sold in foreign exchange markets. Firms or organizations and individuals require foreign exchange to pur
9、chase goods from abroad, for purposes of investment or speculation or for travelling abroad.,Main Text,(Foreign) Exchange Rate 1. Relative Price Levels 2. Tariffs and Quotas 3. Preferences for Domestic Versus Foreign Goods 4. Productivity 5. Domestic Interest Rates Changes 6. Money Supply Changes,Ma
10、in Text,Foreign Exchange Market Foreign exchange market is an international market in which foreign currencies are traded. It consists primarily of foreign-exchange dealers employed by commercial banks acting as principal and foreign-exchange brokers acting as intermediaries. Spot market Forward mar
11、ket,Main Text,Way of Trading Foreign Exchange The foreign exchange market is organized as an over-the-counter market in which several hundred dealers (mostly banks) stand ready to buy and sell deposits denominated in foreign currencies. Because these dealers are in constant telephone and computer co
12、ntact, the market is very competitive; in effect, it functions no differently from a centralized market.,1. What is your definition of foreign exchange? 2. What is foreign exchange rate? How many types of exchange rates do you know? 3. What is meant by foreign exchange market? Do you know how many types of foreign exchange markets exist? 4. Can you describe briefly how foreign exchange is traded in the foreign exchange markets? 5. What can affect exchange rates?,Questions for Chapter 8,This is the end of Chapter 8,Thank you for your attention,