12 The Definition of Exchange Rate Appreciation=decline of exchange rate? Exchange rates are quoted in two ways Direct indirect ways ◆直接标价法( direct quotation指一定基数(1 或100)的外国货币单位相当于多少本国货币。 Eg most countries ◆间接标价法( indirect quotation)指一定数量的 本国货币单位折合成多少外国货币。E 9,∥ America Britain
1.2 The Definition of Exchange Rate Appreciation=decline of exchange rate? Exchange rates are quoted in two ways: Direct & indirect ways 直接标价法(direct quotation)指一定基数（1 或100）的外国货币单位相当于多少本国货币。 Eg, most countries 间接标价法(indirect quotation)指一定数量的 本国货币单位折合成多少外国货币。Eg, America & Britain
1.2 The Definition of Exchange Rate two kinds of foreign exchange transactions Spot transactions involve the immediate (two-day) exchange of bank deposits. ◆即期交易是指银行存款之间的即期(两天)兑换 Forward transactions involve the exchange of bank deposits at some specified future date ◆远期交易是指银行存款在未来某一特定时间上的 兑换
1.2 The Definition of Exchange Rate two kinds of foreign exchange transactions Spot transactions involve the immediate (two-day) exchange of bank deposits. 即期交易是指银行存款之间的即期（两天）兑换。 Forward transactions involve the exchange of bank deposits at some specified future date. 远期交易是指银行存款在未来某一特定时间上的 兑换
12 The Definition of Exchange Rate two kinds of exchange rate The spot exchange rate is the exchange rate for the spot transaction and the forward exchange rate is the exchange rate for the forward transaction ◆即期汇率是指在即期交易中所使用的汇率; 远期汇率是指在远期交易中所使用的汇率
1.2 The Definition of Exchange Rate two kinds of exchange rate The spot exchange rate is the exchange rate for the spot transaction, and the forward exchange rate is the exchange rate for the forward transaction. 即期汇率是指在即期交易中所使用的汇率； 远期汇率是指在远期交易中所使用的汇率
CURRENCY TRADING Currency U. S. s Equivalent per U.s.s Country Wed Tue Wed Tue Argentina (Peso)y 3160 3160 3.1646 3.1646 Australla(Dollar) 5901 5915 1.6946 1.6906 Bahrain (Dinar)........ 2.6522 2.6523 3770 3770 Brazil (Real) 2784 2798 3.5920 3.5740 Canada(Dollar) 6574 6602 1.5211 1.5147 1-month forward 6566 6595 1.5230 1.5163 3-months forward 6548 .6576 1.5272 1.5207 6-months forward 6517 6544 1.5344 1.5281 Chile (Peso).......... 001348 001346 741.84 742.94 China(Renminbi).... 1208 1208 8.2781 8.2781 Colombia(Peso)........000337200o33782965.602960.33 Czech. Rep(Koruna) Commercial rate O3398 03438 29.429 29.087 Denmark(Krone) 1453 1463 68823 6.8353 Ecuador (Us Dollar) 1.0000 1.0000 1.0000 1.0000 Hong Kong(Dollar .1282 1282 7.8003 7.8003 Hungary (Forint) O04406 004454 226.96 224.52 India (Rupee) 02099 02094 47.642 47.756 Indonesia (Rupiah) 00o1128 0oo1127 8865 8873 Israel (Shekel) 2050 2049 4.8780 4.8804 Japan(Yen)...........008336 008353 119.96 119.72 1-month forward O08344 008362 119.85 119.59 3-months forward .008363 008381 119.57 11932 6-months forward 008391 O08408 119.18 118.93
1.3 The Importance of Exchange Rates two factors: the price of foreign goods ir their countries and the exchange rates ◆ An example ◆acar:$20000, exchange rate: 8yuan/dollar-10yuan/dollar exchange rate: 8yuan/dollar- 5yuan/dollar
1.3 The Importance of Exchange Rates two factors: the price of foreign goods in their countries and the exchange rates An example a car: $ 20 000, exchange rate: 8yuan/dollar －10yuan/dollar exchange rate: 8yuan/dollar — 5yuan/dollar