国际商务英语授课国际商务 (21).pdf
International BusinessKey DefinitionsChapter Nine:The Foreign Exchange MarketChapter OutlineI.The Functions of the Foreign Exchange MarketII.Price and Exchange RatesIII.The Theories of Exchange Rate DeterminationIV.Exchange Rate ForecastingKey definition No.1外汇市场是将一个国家的货币转换为另一个国家的货币的市场Foreign exchange market is a market for converting the currency of one country intothat of another country.Key definition No.2即期汇率即期汇率是在最早可能的交割日期交换一种货币为另一种货币的价格。虽然即期汇率是在最早的交割日期交割，但大多数现货交易的标准结算日期是交易日期后的两个工作日。Spot exchange rate is the price to exchange one currency for another for delivery onthe earliest possible value date.Although the spot exchange rate is for delivery onthe earliest value date,the standard settlement date for most spot transactions istwo business days after the transaction date.Key definition No.3远期汇率是当双方同意在未来某个特定日期兑换货币并执行交易时发生的汇率。Forward exchange is the exchange rate occurs when two parties agree to exchangecurrency and execute the deal at some specific date in the future.Key definition No.4一价定律法则是在没有运输成本和贸易壁垒（例如关税）的竞争市场中，在不同国家销售的相同产品在其价格以相同货币表示时必须以相同价格出售。Law of one price is in competitive markets free of transportation costs and barriers totrade(such as tariffs),identical product sold in different countries must sell for thesame price when their price is expressed in terms of the same currency.Key definition No.5有效市场是一个对商品和服务自由流动没有障碍的市场，例如贸易壁垒，价格反映了所有可用的公共信息。Efficient market is a market which has no impediments to the free flow of goods andservices,such ans trade barriers,and prices reflect all available public information.Key definition No.6从众效应是指当个体受到群体的影响，会怀疑并改变自己的观点、判断和行为，朝着与群体大多数人一致的方向变化。Bandwagon effect when traders move like a herd,all in the same direction and at thesame time,in response to each others perceived actions.Key definition No.7交易风险是指个别的交易收入受外汇价值波动影响的交易风险程度。Transaction exposure extent to which income from individual transactions is affectedby fluctuations in foreign exchange values.Key definition No.8转换风险也称会计风险和折算风险，是指由于外汇汇率的变动而引起的企业资产负债表中某些外汇资金项目金额变动的可能性。Translation exposure is the extent to which the reported consolidated results andbalance sheets of a corporation are affected by fluctuations in foreign exchangevalues.
