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1. Under the gold standard, the fluctuation of exchange rate is always centered on (coinage parity) and centered on (gold input point? ) is the lower limit and (gold output point) is the upper limit.

2. In order to evaluate the import and export in a unified way, the fifth edition of the Balance of Payments Manual has made new provisions. The import and export amount is calculated by (offshore) prices, and insurance and transportation fees are included separately (labor costs).

There are three kinds of foreign exchange risks (exchange rate risk) (accounting risk) (economic risk).

4. Foreign exchange options can be divided into (call option) and (put option) according to the right content.

5. A country's international reserve consists of four parts: (foreign exchange reserve) (gold reserve) (reserve position in IMF) (SDR).

6. samurai bonds refer to (bonds issued by investors in the Japanese bond market with the denomination of yen).

7. RMB (freely convertible under current account) will be realized from 1 99665438+February1.

8. 1960 American economist (triffin) suggested that a country's international reserves should be reasonable, about 20%~50% of its annual imports.

9. It is internationally recognized that when a country's debt service ratio exceeds (20%), a debt service crisis may occur. If a country's debt ratio exceeds (100%), it means that the country's debt burden is too heavy.

Secondly, compare the following concepts

1. Balance of payments and international lending

Balance of payments: a systematic record of economic transactions between a country's residents and foreign residents in a certain period of time.

International lending: the summary of foreign assets and liabilities of a country's residents in a certain period.

2. International reserves and international liquidity

International reserves: all internationally recognized assets held by a government to make up the balance of payments deficit and maintain the exchange rate of its own currency.

International liquidity: the ability of a country to finance its balance of payments deficit.

3. Forward and swap transactions

Forward transaction: after a foreign exchange transaction is concluded, it is not delivered at that time (within the second business day), but is delivered at the agreed exchange rate on the agreed date according to the contract.

Swap transaction: refers to a transaction that combines two or more foreign exchange transactions with the same currency but opposite directions and different delivery dates.

4. Independent transaction and compensation transaction

Autonomous transactions: transactions that individuals and enterprises engage in for some independent purpose (such as chasing profits, pursuing markets, traveling, and sending money to support relatives and friends).

Compensatory transaction: a transaction to make up for the imbalance of international payments.

5. European options and American options

European option: the option buyer may not require the option seller to perform the contract before the expiration date, but only at the deadline of the expiration date.

American option: During the period from the establishment date of the option contract to the expiration date, the buyer can ask the seller to buy or sell a certain amount of currency at any time.

Third, the calculation problem

1. Known foreign exchange market quotation is USD =DM 1.45 10/20.

USD = HK$ 7.7860 /80

Find the exchange rate of 1 Deutsche Mark against Hong Kong dollars.

Solution: Deutsche Mark1= HK$ 7.78601.4520/7.7880/.4510.

DM1= HK$ 5.3623 /73

2. The spot exchange rate quoted in the foreign exchange market is as follows:

65438 USD +0 HK$ = 7.7820 HK$ /30

New york USD 65438+0 = HK$ 7.7832 /40.

Ask the arbitrageur how to carry out two-corner arbitrage.

Solution: Arbitrator: HKD-Hong Kong → USD-new york → HKD.

Therefore, you can earn (7.7832-7.7830)=0.0002 Hong Kong dollars by doing $ 1 arbitrage business.

3. The foreign exchange market on a certain day is as follows:

Spot USD 1 = Deutsche Mark 1.5230/50

3 months 50/ 10

6 months 90/70

According to business requirements, customers:

(1) Bid is required, and the selection period is from spot to 6 months;

(2) If the target is required to be sold, choose a period of 3 months to 6 months;

What is the exchange rate quoted by the bank in the above two cases?

Solution: (1) From the spot to half a year, the customer tracks the income and expenditure to buy the mark, that is, the quotation bank sells the US dollar, which is the discount currency, so the exchange rate is 1=DM 1.5250.

(2) From 3 months to 6 months, the customer sells the mark, that is, the quotation bank buys the US dollar, which is the discount currency, so the exchange rate is USD 1 = Mark (1.5230-0.0090) = Mark 1.5 140.

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