国际金融英文版课后答案Word下载.docx
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国际金融英文版课后答案Word下载.docx
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.1.ConfidenceintheabilityoftheU.S.toredeemdollarsforgoldbegantofallaspotentialclaimsagainstthedollarincreasedandU.S.goldreservesfell.
2.Underthefixedexchangeratesystem,thevalueofthedollarwastiedtogoldthroughitsconvertibilityintogoldattheU.S.Treasury,andothernations’currenciesweretiedtothedollarbythemaintenanceofafixedrateofexchange.
3.IMFhasadjusteditsroleintheexchangeratesysteminviewofthedevelopmentofthesituation.
4.AfterthecollapseoftheBrettonWoodsSystem,thetaskof“rigorousmonitoring”theexchangeratepolicyofmembercountriesfellontheshoulderofIMF.
5.Undernormalconditionsthestabilizingoperationsweresufficienttocontainshort-runfluctuationsinacurrency’spricewithintherequiredboundsof1%ofparvalueandtherebymaintainasystemoffixedexchangerates.
Chapter2
.liquid,turnover,dueto,hedge,crosstrading,electronicbroking,outrightforwards,Over-the-counter,futuresandoptions,derivatives,remainder.
..1.Thefundamentalchangesoccurredinpost-warworldeconomy.Theinternationalflowofcommodities,capitalandlaborisintensifying,thusleadingtointegrationofinternationalmarkets.
1.Oftenreferredtoas“financialinstitutionswithasoul”,creditunionsaremember-ownedcooperativesthatoffercheckingaccounts,savingsaccounts,creditcards,andconsumerloans.
2.Ifyouthinkthepriceofgoldwillrise,youcanbuyamostsimplekindoffinancialderivativewhichiscalled“futures”.Ifbythattimethepricereallygoesup,thenyoumakeagain.Butifyoumakeawrongguessandthepricedeclines,thenyousufferaloss.
3.Financialderivativesarefinancialcommoditiesderivingfromsuchspotmarketproductsasinterestrateorbond,foreignexchangeorforeignexchangerateandstockorstockindexes.Therearemainlythreetypesofderivatives:
futures,optionsandswaps,eachofwhichinvolvesamixoffinancialcontracts.
4.Companiesandinvestmentfundsareusingbasiccurrencyfuturesandcurrencyoptions,onesthatareregardedastraditionalhedgingproductsforinvestorswhowanttoprotecttheirinternationalassetsfromsharpgainsanddeclinesincurrencyprices.
Chapter3
Answers:
.1.depositaccounts2.securitization3.Deregulation4.consolidation5.portfolio6.thriftinstitutions7.listing8.liquidity9.bankingsupervision10.Creditrisk
.1.Depositoryinstitutions2.commercialbanks3.creditanalysis4.workingcapital5.consolidation6.financing7.moralhazard8.Banksupervisionandregulation9.Creditrisk10.Liquidityrisk
.1.Ifabank’sbaseratewasbelowmoneymarketrates,acustomercouldborrowfromabankandlendthesefundstothemoneymarket,thusmakingaprofitonthedeal.
2.Financingofinternationaltradeisoneofthebasicfunctionsofacommercialbank.Notonlydoesitfatherdeposits(demand,timeandsavingsaccounts),butitalsograntsloans.
3.Ifyouhaveacreditcard,youbuyacar,eatadinner,takeatrip,andevengetahaircutbychargingthecosttoyouraccount.
4.AsthecentralbankandundertheleadershipoftheStateCouncil,thePeople’sBankofChinawillformulateandimplementmonetarypolicies,executesupervisionandcontrolpoweroverthebankingindustry.
5.Oneofmajorfunctionofthecentralbankisthesupervisionoftheclearingmechanism.Areliableclearingmechanismwhichcansettleinter-banktransactionwithhighefficiencyiscrucialtoawell-operatedfinancialsystem.
Chapter4Answers:
.1.integrity2.pretext3.released4.produce5.facilities6.obliged7.alleging8.Claims9.cleared10.delivery
.1.infavorof2.consignment3.undertaking,termsandconditions4.cleared5.regardlessof6.obligedto7.undervaluearrangement8.onthepretextof9.refrainfrom10.hingeson
.1.Theobjectiveofdocumentarycreditsistofacilitateinternationalpaymentbymakinguseofthefinancialexpertiseandcreditworthinessofoneormorebanks.
2.Incompliancewithyourrequest,wehaveeffectedinsuranceonyourbehalfanddebitedyouraccountwiththepremiumintheamountof$1000.
3.Whenanexporteristradingregularlywithanimporter,hewillofferopenaccountterms.
4.Exportersusuallyinsistonpaymentbycashinadvancewhentheyaretradingwitholdcustomers.
5.Cashinadvancemeansthattheexporterispaideitherwhentheimporterplaceshisorderorwhenthegoodsarereadyforshipment.
Chapter5.
.1.b2.c3.c4.a5.b6.b7.a8.c
.1.guaranteed2.withoutrecourse3.defaults4.onthebuyer’saccount5.isequivalentto6.inquestion7.devaluation8.validity9.discrepancy10.inconsistentwith
Chapter6
.1.openaccount,creditworthiness2.demand3.drawon,creditor4.protest5.schedule,discrepancies6.acceptance7.drawee8.guranteed
.1.collectingbank2.tenor3.theproceeds4.protest5.deferredpayment6.presentation7.thematuritydate8.adocumentoftitle9.theshippingdocuments10.transshipment
.1.Documentarycollectionisamethodbywhichtheexporterauthorizesthebanktocollectmoneyfromtheimporter.
2.Whenadraftisdulypresentedforacceptanceorpaymentbuttheacceptanceorpaymentisrefused,thedraftissaidtobedishonored.
3.Intheinternationalmoneymarket,draftisacirculativeandtransferableinstrument.Endorsementservestotransferthetitleofadrafttothetransferee.
4.Acleanbillofladingisfavoredbythebuyerandthebanksforfinancialsettlementpurposes.
5.Parcelpostreceiptisissuedbythepostofficeforgoodssentbyparcelpost.Itisbothareceiptandevidenceofdispatchandalsothebasisforclaimandadjustmentifthereisanydamagetoorlossofparcels.
Chapter7
.financing,discounting,factoring,forfaiting,withoutrecourse,accountsreceivable,factor,tradeobligations,promissorynotes,tradereceivables,specialized.
.1.acashflowdisadvantage2.withoutrecourse3.negotiableinstruments4.promissorynotes5.profitmargin6.atadiscount,maturity,creditrisk7.Abillofexchange,Apromissorynote
.1.Whenabillisdishonoredbynon-acceptanceorbynon-payment,theholderthenhasanimmediaterightofrecourseagainstthedrawerandtheendorsers.
2.Ifabillofladingismadeouttobearer,itcanbelegallytransferredwithoutendorsement.
3.Thepresentingbankshouldendeavortoascertainthereasonsnon-paymentornon-acceptanceandadviseaccordinglytothecollectingbank.
4.Anychargesandexpensesincurredbybanksinconnectionwithanyactionforprotectionofthegoodswillbefortheaccountoftheprincipal.
5.Anyonewhohasacurrentaccountatabankcanuseacheque.
ChapterEight
StructureoftheForeignExchangeMarket
外汇市场的构成
1.KeyTerms
1)foreignexchange:
“Foreignexchange”referstomoneydenominatedinthecurrencyofanothernationorgroupofnations.
2)payment
“payment”isthetransmissionofaninstructiontotransfervaluethatresultsfromatransactionintheeconomy.
3)settlement
“settlement”isthefinalandunconditionaltransferofthevaluespecifiedinapaymentinstruction.
2.TrueorFalse
1)true2)true3)true4)true
3.Cloze
1)Thedollarisbyfarthemostwidelytradedcurrency.Inpart,thewidespreaduseofthedollarreflectsitssubstantialinternationalroleas:
“investment”currencyinmanycapitalmarkets,“reserve”currencyheldbymanycentralbanks,“transaction”currencyinmanyinternationalcommoditymarkets,“invoice”currencyinmanycontracts,and“intervention”currencyemployedbymonetaryauthoritiesinmarketoperationstoinfluencetheirownexchangerates.Inaddition,thewidespreadtradingofthedollarreflectsitsuseasa“vehicle”currencyinforeignexchangetransactions,ausethatreinforces,andisreinforcedby,itsinternationalroleintradeandfinance.
2)Inforeignexchangetrading,LondonbenefitsnotonlyfromitsproximitytomajorEurocurrencycreditmarketsandotherfinancialmarkets,butalsofromitsgeographicallocationandtimezone.InadditiontobeingopenwhenthenumerousotherfinancialcentersinEuropeareopen,London'
smorninghoursoverlapwiththelatehoursinanumberofAsianandMiddleEastmarkets;
London'
safternoonsessionscorrespondtothemorningperiodsinthelargeNorthAmericanmarket.Thus,surveyshaveindicatedthatthereismoreforeignexchangetradingindollarsinLondonthanintheUnitedStates.
4.Discussions
1)Tellthereasonswhythedollaristhemarket'
smostwidelytradedcurrency?
keypoints:
U.S.Aeconomicbackground;
theleadershipofUSDintheworldeconomy;
theroleitplaysininvestment,trade,etc.
2)Whatkindofmarketistheforeignexchangemarket?
Makereferencetothefollowingparts:
(8.7TheMarketIsMadeUpofAnInternationalNetworkofDealers)
Chapter9
Instruments
交易工具
1)spottransaction
Aspottransactionisastraightforward(or“outright”)exchangeofonecurrencyforanother.Thespotrateisthecurrentmarketprice,thebenchmarkprice.
Spottransactionsdonotrequireimmediatesettlement,orpayment“onthespot.”Byconvention,thesettlementdate,or“valuedate,”isthesecondbusinessdayafterthe“dealdate”(or“tradedate”)onwhichthetransactionisagreedtobythetwotraders.Thetwo-dayp
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