Chapter6Theforeignexchangemarket
Chapter 6 The foreign exchange market
4.1Definitions and typesof theexchangerate1.Domestic currency units per unit of foreigncurrency（direct quotation)直接标价法；Eg:USD1=CNY6.272. Foreign currency units per unit of the domestiocurrency（indirectquotation)间接标价法；Eg: GBP (Great Britain Pound) 1=A$ (AUD)1.83obidrate买入价offer/askrate卖出价
1. Domestic currency units per unit of foreign currency （direct quotation)直接标价法； Eg: USD1=CNY6.27 2. Foreign currency units per unit of the domestic currency（indirect quotation)间接标价法； Eg: GBP（Great Britain Pound）1=A$ (AUD)1.83 bid rate 买入价 offer/ ask rate 卖出价 4.1 Definitions and types of the exchange rate
6.2MechanicsoftheforeignexchangemarketThespotexchangemarketoSpotquotationsDirectdollarquotes-Mostfinancial centersquotesthenumberofunitsofdomesticcurrencyforoneunitofforeigncurrency.Cross rates-All currencies are quoted against the us dollar.Knowingthepriceof anytwo currenciesagainstthedollarmeansthatthepriceofone currencyfortheothercaneasilybefound.The exchangeratebetweentwocurrencies not involvingthe dollaris calledthe crossrate
6.2 Mechanics of the foreign exchange market The spot exchange market Spot quotations Direct dollar quotes – Most financial centers quotes the number of units of domestic currency for one unit of foreign currency. Cross rates – All currencies are quoted against the US dollar. Knowing the price of any two currencies against the dollar means that the price of one currency for the other can easily be found. The exchange rate between two currencies not involving the dollar is called the cross rate
即期外汇业务在外汇买卖成交后两个营业日之内办理交割的外汇业务。“交割”指买卖双方实际办理资金收付的行为“交割日”指买卖双方办理收付资金的日期，又称起息日
即期外汇业务 在外汇买卖成交后两个营业日之内办理交割的 外汇业务。 “交割”指买卖双方实际办理资金收付的行为 。 “交割日”指买卖双方办理收付资金的日期， 又称起息日
交割时间当日交割电o次日交割标准日交割
交割时间 当日交割 次日交割 标准日交割
、即期外汇交易的含义即期外汇交易（SpotExchangeTransaction）又称现汇交易，是指在买卖双方成交后，在当日或两个营业日内办理交割的外汇交易。T+0 ; T+1 ; T+2DELIVERY111SignatureEI II
即期外汇交易（Spot Exchange Transaction） 又称现汇交易，是指在买卖双方成交后，在当日 或两个营业日内办理交割的外汇交易。 T+0；T+1；T+2 一、即期外汇交易的含义
二、即期外汇交易的结算方式信汇.Demand.TelegraphicTransferTransferMailTransfer.T/T·D/T·M/T电汇票汇
二、即期外汇交易的结算方式 • Telegraphic Transfer • T/T 电汇 •Mail Transfer •M/T 信汇 • Demand Transfer • D/T 票汇
二、即期外汇业务的作用结算支付功能保值和避险功能外汇投资功能
二、即期外汇业务的作用 结算支付功能 保值和避险功能 外汇投资功能
四、即期外汇交易的报价
四、即期外汇交易的报价
询价者报价者提供交易价格（汇价）的机构，通常有外汇银行充当这一角色，向报价者索价并在报价者所提供的即期汇价上与报价者成交的其他外汇银行外汇经纪、个人和央行等
询价者 报价者 ◆提供交易价格（汇价）的机构，通常 有外汇银行充当这一角色。 ◆向报价者索价并在报价者所提供的即 期汇价上与报价者成交的其他外汇银行、 外汇经纪、个人和央行等