第八单元汇率.pdf

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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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