2024年2月18日发(作者：)

1. 贷方Credit：A credit item (+) is a flow for which the country is paid.

e.g. …is what we give up in the transaction

… it creates a monetary claims on a foreigner

… someone in this country is entitled to receive payment from a foreigner.

2. 借方Debit：A debit item (-) is a flow for which the country must pay.

e.g. … is what we receive in the transaction

… it creates a monetary claims owed to a foreigner.

… someone in this country is obligated to make a payment to a foreigner.

3. 国际收支 Balance of payments ：The systematic set of accounts that records all economic

transactions between residents of a country and the rest of the world during a given period of time.

4. 官方国际储备资产 Official international reserve assets

Are money-like assets that are held by governments and that are recognized by governments as fully

acceptable for payments between them. (课件The changes in domestic official reserve assets and in

domestic official liquid liabilities to foreign officials. It is derived by dividing private transactions from

official “accommodative” transactions in the balance of payments accounts.)

5. 官方结算差额 Official settlements balance

Also called the “official balance,” this is the sum of the current account balance plus the private

financial account balance. An imbalance in the official balance must be paid for through official

reserves transactions.

6. 资本外逃 Capital flight: The secret sending of wealth to foreign countries, away from the

supervision of one’s home government.

7. 国际投资头寸 International investment position

The international investment position is a statement of the stocks of a country's foreign assets and

foreign liabilities at a point in time. These stocks are changed each year by the flows of private and

official assets measured in the balance of payments. As a result of large current account deficits since

the early 1980s, the United States switched from being the world's largest net creditor to being its largest

net debtor.

8. 经常项目/账户 Current account

Records the values of goods and services sold and purchased abroad, plus net interest and other

factor payments and net unilateral transfers and gifts. A current account surplus shows that a

country has positive net foreign investment.

9. 国际汇兑/外汇 Foreign exchange： Foreign exchange is the act of trading different

countries’ moneys. 汇兑 Foreign exchange also refers to holdings of foreign currencies. 外汇

10. 汇率 Exchange rate

The price of one country’s currency expressed in terms of another country’s currency. (Note that, in this

text, the exchange rate is expressed in terms of domestic currency units required to purchase one unit of

a foreign currency.)11. 即期汇率 Spot exchange rate：The rate applicable to foreign exchange transactions

requiring contemporaneous delivery and payment.

12. 远期汇率 Forward exchange rate : The exchange rate applicable to foreign exchange

transactions agreed upon today for later delivery (usually in 30, 90, or 180 days).

13. 三角套汇 Triangular arbitrage

The process that ensures consistency among the sets of bilateral “cross rates” of the world’s traded

currencies. For example, if the British pound trades for US$2, and 100 Japanese yen trade for US$1, the

exchange rate between the yen and the pound must be 200 yen per pound. Otherwise, there is an

opportunity for an arbitrageur to buy a currency cheaply in one market and sell it for a higher price in

another market.

14. 套汇 Arbitrage

The process of buying and selling to make a nearly riskless pure profit ensures that rates in

different locations are essentially the same, and that rates and cross-rates are related and consistent

among themselves.

15. 外汇风险 Exchange rate risk： When the value of an economic agent’s income, wealth, or

net worth changes as exchange rates change unpredictably in the future.

16. 套期保值 Hedging: The act of exactly matching assets and liabilities, such as foreign

currencies, so as to avoid exchange rate risk. is the act of balancing your assets and liabilities in a

foreign currency to become immune to risk resulting from future changes in the value of foreign

currency.

17. 投机 Speculating： Deliberately assuming a net asset (long) position or net liability (short)

position in an asset, such as a foreign currency, in the hope of profiting from price changes.

Speculating means taking a long or a short position in a foreign currency, thereby gambling on its

future exchange value. There are a number of ways to hedge or speculate in foreign currency.

Speculating means committing oneself to an uncertain future value of one’s net worth in terms of home

currency.

18. 远期外汇合同 Forward foreign exchange contract

is an agreement to exchange one currency for another on some date in the future at a price set now ( the

forward exchange rate) is an agreement to buy or sell a foreign currency for future delivery at a price

( the forward exchange rate) set now

19. 远期汇率 Forward exchange rate

are the price that are agreed today for exchanges of moneys that will take place at a specified time in the

future, such as 30, 90 or 180days from now.

20. 多头头寸 Long positions

holding net assets in foreign currency。A net asset position (e.g., owning a foreign currency)

21. 净资产头寸 A net asset position

22. 空头头寸 Short positions

23. 净负债头寸 A net liability position

24. 远期升水 Forward premium

It shows a rate at which the pound gains value between a current spot transaction to buy pounds and

future selling of pounds at the forward rate that we can lock in today.

25. 抵补的套利 Covered interest arbitrage

Buying a country’s currency spot and selling it forward to make a net profit off the combination of

higher interest rates in the country and/or any forward premium on its currency.

26. 汇率的资产市场理论 Asset market approach to exchange rates

The basic discussion examines the pressure on the current spot exchange rate if one of the other three

rates (the domestic interest rate, the foreign interest rate, and the expected future spot exchange rate)

changes, with the other two held constant.

27. 一价定律 the law of one price

28. Uncovered interest parity未抵补的利率评价: When the expected rate of appreciation of a

currency equals the amount by which its interest rate is lower than the other country’s interest rate.

29. Uncovered international investment: When the exchange rate at which anticipated foreign

investment returns will be redeemed is not determined until the trade occurs at the future spot rate.

The agent is exposed to exchange rate risk when “uncovered.”

The foreign exchange market

At the center of the foreign exchange market are a group of banks that use telecommunications and

computers to conduct trades with their customers (the retail part of the market) and with each other

(the inter-bank part of the market). Most foreign exchange trades are conducted by exchanging

ownership of demand deposits denominated in different currencies

The participants of the foreign exchange market

 Foreign exchange bank

trader: someone who buys and sells financial instruments such as stocks, bonds, derivatives, etc. they

seek profit from the spread between the prices at which they buy and sell.

broker: is a party that mediates bet. a buyer and seller, who is paid a commission for executing

customer orders.

Foreign exchange broker

Customer

Central bank

Changes in exchange rates

depreciation a fall in the exchange rate value of a currency

appreciation a rise

devaluation a reduction in the fixed par value of a currency

revaluation a raising of the official par

Hard Currency & Soft Currency

 Hardening Hard Currency

 Weakening Soft Currency

Arbitrage within the spot exchange market

 exchange rates

 cross rates

Arbitrage : the process of buying and selling to make a nearly riskless pure profit

ensures that rates in different locations are essentially the same

e.g. $1.70/pound (London) $1.60/pound(NY)

arbitrage bet. London & NY

two rates would be driven to be essentially the same

Direct arbitrage

Indirect arbitrage

Triangular arbitrage

e.g. Given rates:

$1.60/₤ $0.50/SFr 3SFr/₤(cross-rate)

Arbitrage:

buy SFr or ₤ first?

SFr/₤=1/0.50*1.6=3.2 SFr/₤

$150/0.50=300SFr

300SFr/3=100₤

100₤*1.60=$160

$10 profit for each $150