國(guó)際財(cái)務(wù)管理徐虹第5章第6章

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1、Chapter51.MultipleChoiceQuiz(1)Supposeyouobservethefollowingexchangerates:€1=$1.25;￡1=$2.00.Whatmusttheeuro-poundexchangeratebe?AA€1=￡1.60B€1=￡0.625C€2.50=￡1D€1=￡2.50€1S2.00€1.60x=Feedback:$125￡1.00￡100(2)Intheforwardmarket,AA)Marketparticipantsagreetobuyorsellforeigncurrencyinthefutureatpricesagre

2、ed-upontoday.B)Marketparticipantsagreetobuy(notsell)foreigncurrenciesinthefutureatpricesagreed-upontoday?C)Marketparticipantspaytodayforaspecificamountofforeigncurrencytobereceivedinthefuture?D)Marketparticipantsagreetobuyandsellfixedamountsofforeigncurrencyatspotpricesthatwillprevailinthefuture?(3

3、)AnexchangeratequotedinAmericantermsBA)SayshowmanyunitsofforeigncurrencyyougetforoneU.S.dollar.B)SayshowmanyU.S.dollarsoneunitofforeigncurrencyisworth.C)Isthesameastheindirectquotation.D)Istheinverseofthedirectquotation.(4)Supposeyouobservethefollowingexchangerates:€1=$.85;￡1=$1.60;and€2.00=￡1.00.S

4、tartingwith$1,000,000,howcanyoumakemoney?AA)Exchange$lmfor￡625,000at￡1=$1.60.Buy€1,250,000at€2=￡1.00;tradefor$1,062,500at€1=$.85.B)Startwithdollars,exchangeforeurosat€1=$.85;exchangeforpoundsat€2.00=￡1.00;exchangefordollarsat￡1=$1.60.C)Startwitheuros;exchangeforpounds;exchangefordollars;exchangefor

5、euros.Feedback:Exchange$1mfor￡625,000at￡1=$1.60.Buy€1,250,000at€2=￡1.00;tradefor$1,062,500at€1=$.85.(5)Consideratraderwhotakesalongpositioninasix-monthforwardcontractonBritishpounds.Theforwardrateis$1.75=￡1.00;thecontractsizeis￡62,500.Atthematurityofthecontractthespotexchangerateis$1.65=￡1.00BA)The

6、traderhaslost$625.B)Thetraderhaslost$6,250.C)Thetraderhasmade$6,250.D)Thetraderhaslost$66,287.88Feedback:Thetraderagreedtobuysomethingworth$1.65for$1.75.Helostadime?Lostthatdime62,500times?Thatmanydimesisworth$6,2502.Translation(1)遠(yuǎn)期升水/貼水forwardpremium/discount；買(mǎi)賣(mài)差價(jià)thebid-askspread；銀行同業(yè)往來(lái)correspond

7、entbankingrelationships(1)Thespotmarketinvolvesalmosttheimmediatepurchaseorsaleofforeignexchange.Theforwardmarketinvolvescontractingtodayforthefuturepurchaseorsaleofforeignexchange?即期外匯市場(chǎng)所涉及的幾乎就是外匯的現(xiàn)貨交易。遠(yuǎn)期外