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I. Definitions
II. Determination of Exchange Rates
III. Demand for Foreign Currencies
IV. Supply of Foreign Currencies
V. Exchange Rates Movements
VI. Managing Exchange Rates
2
The price of one currency expressed in terms of another
e.g. USD 1 = RMB 6.25
Foreign exchange transactions are carried out in the foreign
exchange market
↓
Forex market
Any situation in which the currency of one country is
converted into the currency of another
An international market - there is no one location
Many buyers and sellers (resembles perfect competition)
3
Any situation in which the currency of one country is
converted into the currency of another
An international market - there is no one location
Many buyers and sellers (resembles perfect competition)
Buying rate > Selling rate
(difference is called the spread and represents the
dealers return on the transaction)
4
An index of the value of one currency a group (or
basket) of the currencies of that country’s major trading
partners
Each currency is weighted according to its relative
importance
Movements in the TWI reflect general trends in the value of
that country’s currency and economy
5
Indexed Exchange Rates RMB to USD 1994-2012
Usually: or clean float
Determined by the demand and supply for a currency in
forex markets
These s change continuously, so rate changes
continuously
All buyers must find a seller (QS = QD)
Money supply is not affected by currency transactions
(same am
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