金融英語基礎(chǔ)知識（一）----國際匯兌(外匯）
Foreign Exchange
Centuries ago, when gold coins exclusively were used as the money of nations and city-states, the comparative value of each nation' s money was determined by the ratio of the gold content of each coin. Today, gold coins are "used" only by collectors. National money is printed on paper. Each country has its own currency, with names such as pound, mark, peso, lira, peseta, krona, dollar, franc, and so on. Deciding the rate for the international exchange of money is one of the most complex and, to many observers , one of the most fascinating aspects of international banking.
Each major currency has a par value that is usually defined, officially, in terms of gold. In practice, however, little or no trading occurs at this rate.
Until a few years ago, countries were required to maintain the rate of exchange of their currencies within a few percentage points of the par value . They have since adopted floating rates. Hie rates of exchange are determined by market trading based on demand for specific currencies. As demand fluctuates, the rate fluctuates too — rising when demand is greater than supply and declining when supply exceeds demand.
The state of a nation' s trade balance of payments helps determine the rate of exchange for its currency. W hen a nation' s trade balance of payments is in deficit, its imports exceed its exports and therefore do not earn enough foreign exchange from its exports to pay for its imports. The demand for a nation' s products dictates the quantity of its exports. Each country competes with others, and the price or cost of the goods converted to the foreign buyer's currency affects sales.
The long-term outlook for a country affects investments within the country. During periods of serious inflation, uncertain political outlook, and domestic economic dissatisfaction, investments by foreigners and citizens decline, and domestic investors seek opportunities for investment elsewhere.
Many people participate in the foreign exchange market. It is an international market with no central trading place, a market in which business is conducted by foreign exchange traders around the world linked by telephones and cables. The trading day never ends. It begins in Europe when the business day opens and follows the sun westward as each country' s business day in turn begins and ends. The major activity is centered in the money centers of Europe: London, Frankfurt, Zurich, as well as in Japan and Hong Kong. In the United States, the trading is concentrated in New York, but it does occur elsewhere.
The participants in the market include the major international banks (trading primarily for the accounts of their customers); brokers, central banks, and large corporations with international activities (trading usually to protect their currency from short-term fluctuations); and individuals (trading as speculators and investors).
A trade occurs when a buyer and seller agree on the price for exchanging two currencies. For example, a United States manufacturer sells a piece of machinery to a company in Great Britain and receives pounds sterling in payment. At the same time, another United States company plans to invest money to build a new plant in Great Britain, and it requires pounds sterling for capital. The first company sells the pounds sterling that it received for the machinery to the second company at a mutually agreed upon price: £ 100,000 for $ 185,000. In this transaction,the rate of exchange was £ 1 = $ 1.85.
When a bank' s foreign exchange trader is one of the participants, he arranges for the settlement to be effected through his due from accounts. When he purchases foreign exchange,he instructs the other party to credit his due from account; when he sells, he sends a cable instructing the other party to debit his due from account.
While any of the above participants can trade directly with each other, it is often more convenient to use a broker. Hie broker brings both sides of the transaction quickly together by telephoning the buyer and seller and arriving at a mutually acceptable rate. Only at this point does he reveal the identity of each party to the other. The two sides make the final settlement arrangements while paying the broker his commission. The broker rarely trades for his own account because he usually lacks the capital to do so. The broker is also a useful source of market information to the various participants, since he has a clear picture of the supply and demand fluctuations of currencies during the trading day. Any bank or company with money to sell or a need to buy may contact a broker.
Rates fluctuate constantly during a trading day. A foreign exchange trader must make quick decisions based on rapid mathematical calculations . Because so much trading is effected over the telephone, the trader is bound by his word and must therefore honor his verbal commitments.
Except for the pound sterling, all currencies are quotable either in terms of the value of one unit of currency A or one unit of currency B, a situation that often confuses the outsider. For example, one Mexican peso may be worth eight United States cents,and one United States dollar is simultaneously worth 12.50 Mexican pesos. When the value of the Mexican peso changes to a value of 7. 95 United States cents, then one United States dollar is worth 12.57 Mexican pesos. Each rate quotation is the reciprocal of the other.
The foreign exchange trading market traditionally deals in large quantities of a currency,such as 100,000 pounds or 1,000,000 Japanese yen.
Small decimal changes in the exchange rate are important, because each trader wishes to buy another currency at as low a cost as possible and sell it for the maximum amount at any given moment.
Trading for prompt delivery is called spot trading or spot, which means that settlement occurs in two business days. At that time, the seller of a foreign currency delivers it to the bank account of the buyer, who at the same time pays for it by crediting the bank account of the seller.
Trading may also occur for settlement on delivery at any future date. This transaction results in a futures or forward contract. A businessman who knows he will he paid for the sale of machinery within thirty days can arrange with his banker today to settle the rate of exchange at which the bank will buy the foreign currency when it is delivered. Trading for future delivery is very common. It reflects the planning time for exports, imports, and investments.
Hie prudent businessman who signs a contract for the future delivery of machinery or an investment commitment may wish to settle his cost in his own currency immediately by signing a futures contract with his bank. He is then said to have hedged his position. He knows that no matter what happens to the daily fluctuations in the foreign exchange rate between now and his settlement date, his rate of exchange is set.
During a trading day, a bank' s foreign exchange trader executes orders on behalf of his bank' s customers by buying and selling spot deliveries in any of the dozen or so major world currencies. The foreign exchange trader also buys and sells for future delivery. Trading is often hectic, involving quick decisions and providing little time for reflection. As the trading progresses, the trader must be aware of his position in each currency. His bank' s senior management limits the exposure in each currency. The trader must also be certain that he has a sufficient balance in his due from accounts to make delivery on spot sales and maturing futures contracts. He often trades to balance his position better. This may involve a purchase or sale of spot, or it may involve evening out his position by swaps. If the trader has excess cash in his due from account that he does not need until a forward contract matures in thirty days, he can swap the surplus cash and buy it back for delivery in thirty days. In this way, his bank' s money is not tied up in a non-interest-bearing account during the thirty-day period.
Rates of exchange differ; the rate for spot will be one amount, futures for thirty days a different amount, and those for sixty days yet another amount. This multiplicity of rates reflects supply and demand, as well as future expectations for the currency.
The bank' s trader must always be alert for opportunities to make a quick profit by arbitrage when the cross-rates are favorable. The trader might discover that the rate being quoted in London for Italian lira is such that he can buy pounds in New York, simultaneously sell these pounds in London for lira, sell the lira in Zurich for dollars, and end up with more dollars than he began with. This action must, of course, be effected very quickly before rates fluctuate again.
The investor likewise seeks opportunities to earn a higher rate of return. A corporate treasurer in the United States,for instance, may decide to invest some temporary surplus funds. He may find that he can earn a higher rate of return by investing in a British government bill than a United States Treasury bill. To obtain this, he must purchase pounds and then hedge his position by selling the pounds forward through a futures contract with his bank. If — after deducting the hedging cost and any out-of-pocket expenses such as cable costs — he finds that the rate of return is still higher than the United States bill, he may then make the short-term investment in Britain. This is known as interest-rate arbitrage.
In addition to trading in large quantities of a currency by means of cablegrams and the telephone, a bank’ s foreign exchange trader also buys and sells the actual banknotes and coins. TTiis service is usually offered to accommodate tourists. The rate of exchange for such paper money and coins is less favorable to the customer than the rate of exchange for cable transfers of a large quantity. This is because of the expense involved in handling and storage (since this foreign money is in the form of cash).
Every nation restricts residents on the use of its currency outside the country. Such restrictions became very common during and immediately after World War Q . Specific controls might include limitations on the availability of exchange for overseas investments, for non-essential or luxury imports, and for out-of-the-country travel. Some countries maintain a system of multiple exchange rates to encourage particular exports and to limit imports. Under the prodding of the International Monetary Fund, these restrictions have been substantially reduced, and currencies in recent years have become more freely convertible.
國際匯兌(外匯）
好幾百年以前，當(dāng)金幣作為各國及各城市國家唯一的貨幣而 使用的時(shí)候，各國貨幣的相對價(jià)值決定于其金幣含金量的比率。 現(xiàn)今，金幣僅供收藏家們“使用”了，而一國的貨幣被刻印在了紙張 上。各國均有本國的貨幣，名稱有鎊、馬克、比索、里拉、比塞塔、克朗、元、法郎等等。確定一種貨幣的國際兌換率是一件最復(fù)雜的 事；對許多局外人來說，這是國際銀行業(yè)務(wù)中最引人人勝的一個(gè)方 面。
任一主要貨幣，都有一個(gè)平價(jià)，并通常是由官方用黃金表示 的，但在實(shí)際上并不按這個(gè)兌匯率進(jìn)行貨幣交易。
若干年前，曾要求各國將本國貨幣的匯率維持在黃金平價(jià)加 減一定的百分?jǐn)?shù)的范圍內(nèi)。爾后，各國采用了浮動(dòng)匯率制；匯率由 有關(guān)貨幣的市場供求機(jī)制決定。需求變化了，匯率也隨之變動(dòng)：供 不應(yīng)求時(shí)匯率趨升;供過于求時(shí)匯率趨跌。
--國的貿(mào)易收支狀況影響著該國貨幣的匯率。一國的貿(mào)易收 支出現(xiàn)逆差，進(jìn)口大于出口時(shí)，就導(dǎo)致通過出口掙來的外匯不夠進(jìn) 門付匯。對一國產(chǎn)品的需求狀況決定著該國出口的數(shù)量。國與國間相互競爭，而商品的價(jià)格換算成國外購買國貨幣的多寡，也會影 響銷售的數(shù)量。
人們對一個(gè)國家發(fā)展遠(yuǎn)景的看法，會影響其國內(nèi)的投資。每逢 嚴(yán)重的通貨膨脹、政局動(dòng)蕩不定、國內(nèi)經(jīng)濟(jì)不盡如人意之時(shí)，外國人 的投資就會減少，國內(nèi)投資者也會尋找機(jī)會到其他地方去投資。
許多人參與外匯市場。外匯市場是一個(gè)國際性市場,并沒有 集中的交易場所，外匯買賣是由遍布全球的外匯交易員通過電話、 電報(bào)進(jìn)行的，一天24小時(shí)從不間斷。每天的交易從歐洲開始，隨太 陽西移，各國的營業(yè)日依次相繼開始和結(jié)束。主要的經(jīng)營活動(dòng)集 中在歐洲的貨幣中心如倫敦、法蘭克福、蘇黎世，還有日本和香港。 美國的外匯交易集中在紐約，但其他城市也有。
市場參與者包括國際性大銀行（他們主要代客買賣外匯）、外 匯經(jīng)紀(jì)人、各國中央銀行，以及經(jīng)營國際業(yè)務(wù)的大公司，后者買賣 外匯是為了保護(hù)本公司的經(jīng)濟(jì)利益，防止因匯價(jià)短期波動(dòng)招致經(jīng) 濟(jì)損失。此外還有個(gè)人買賣外匯的，是作為投機(jī)者或投資者而為外匯買賣雙方就兩種貨幣的匯價(jià)達(dá)成協(xié)議后隨即就進(jìn)行交易。譬如，美國的-一名機(jī)器制造商出售一臺機(jī)器給一家英國公司， 收取的貨款是英鎊。與此同時(shí)，另一家美國公司計(jì)劃在英國投資 建廠，需要英鎊資金。此時(shí)，第一家美國公司就把出售機(jī)器所得的 英鎊轉(zhuǎn)賣給第二家美國公司，按商定的匯率即十萬英鎊合十八萬 五千美元的比價(jià)成交。此時(shí)，英鎊兌美元的匯率為1:1.85。
銀行的外匯交易員參與外匯交易時(shí)，他可以安排通過其在國 外銀行的往賬結(jié)算。買入外匯時(shí)，他指令對方把這筆外匯貸記往 賬；賣出外匯時(shí)，他可發(fā)電報(bào)指令對方借記往賬。
盡管買賣雙方能夠直接進(jìn)行買賣，委托外匯經(jīng)紀(jì)人辦理較為 方便。外匯經(jīng)紀(jì)人用電話通知買賣雙方，促成此筆交易，按雙方都 能接受的匯價(jià)成交。只是到了這個(gè)時(shí)刻，經(jīng)紀(jì)人才向買賣雙方透露對方的真實(shí)實(shí)姓。雙方達(dá)成最終結(jié)算協(xié)議，同時(shí)付給經(jīng)紀(jì)人中 間費(fèi)。經(jīng)紀(jì)人一般不為自己買賣外匯，因?yàn)樗ǔＨ狈Y金。經(jīng) 紀(jì)人對市場參與者來說是有用的市場信息源，因?yàn)樗麑Ξ?dāng)天各種 貨幣供求動(dòng)態(tài)了如指掌。任一有外匯賣出或者需要買入的銀行或 公司都可以同經(jīng)紀(jì)人聯(lián)系。
在每個(gè)營業(yè)日中，匯價(jià)經(jīng)常上下波動(dòng)。外匯交易員必須盡快 算出結(jié)果，據(jù)此迅速作出決定；鑒于電話成交額龐大的緣故，交易 員應(yīng)當(dāng)說話算話，口頭承諾應(yīng)信守不渝。
除英鎊外，所有其他貨幣均以一個(gè)單位外幣合多少本幣進(jìn)行 報(bào)價(jià)。這種報(bào)價(jià)法往往會使局外人感到迷惑不解。現(xiàn)舉例說明，1 個(gè)墨西哥比索值8美分，反過來說,就是1美元合12.5墨西哥比 索。當(dāng)墨西哥比索的匯價(jià)發(fā)生變化，1比索值7.95美分時(shí)，1美元 就值12.57墨西哥比索了。兩種貨幣的匯率是相互對應(yīng)的關(guān)系。
外匯市場上的交易傳統(tǒng)上歷來是大金額交易，如十萬英鎊或 一百萬日元。匯率在小數(shù)點(diǎn)后的少量變動(dòng)至關(guān)重要，因?yàn)榻灰讍T 希望以盡可能低的價(jià)格買進(jìn)，并以特定時(shí)刻的最高價(jià)格賣出。
外匯買賣，凡當(dāng)場立即交割的謂之現(xiàn)匯買賣；立即交割的意思 是指在兩個(gè)營業(yè)日內(nèi)交割。第3天，賣方把外匯打到買方的銀行 賬戶去，買方則同時(shí)貸記賣方的銀行賬戶。
外匯交易，也可以在將來某一日交割，這種交易的結(jié)果，就是 遠(yuǎn)期外匯買賣。比如，某商人賣出一臺機(jī)器，他知道30天后將收到 外匯貨款;但他可以在當(dāng)天就與銀行把匯率敲定，讓銀行在交割時(shí) 按此匯率買進(jìn)這筆遠(yuǎn)期外匯。遠(yuǎn)期外匯交易非常普遍，反映了進(jìn)
出口和投資在時(shí)間上的安排。
一個(gè)精明的商人，當(dāng)他簽訂了一份遠(yuǎn)期交貨（如一臺機(jī)器）的 合約時(shí)，或者當(dāng)他作出某項(xiàng)投資承諾時(shí)，可能愿意同銀行簽訂一份 遠(yuǎn)期外匯買賣合約，據(jù)此立刻匡算出這筆生意的本幣成本。這種 做法叫做抵補(bǔ)保值(海琴）。這樣，他就知道：今后不管匯率發(fā)生怎樣的波動(dòng)，反正匯率已經(jīng)先鎖定了。
每個(gè)營業(yè)日中，銀行的外匯交易員為銀行客戶即期買進(jìn)、賣出 十來種主要貨幣，同時(shí)也承做遠(yuǎn)期外匯買賣。外匯交易往往是瞬 間成交的事，需要當(dāng)機(jī)立斷，沒有多少考量的時(shí)間。隨著交易的進(jìn) 行，交易員必須對手頭持有各種外匯資金的情況心中有數(shù)。銀行 的經(jīng)理部門對每一種貨幣的風(fēng)險(xiǎn)狀況須加限制。交易員也必須心 里有底，就是.•本行的往賬中須有足夠的資金余額來支付和交割賣 出的即遠(yuǎn)期外匯。交易員經(jīng)常買進(jìn)、賣出以便使外匯頭寸保持平 衡。這一操作涉及買進(jìn)或賣出即期，也可能涉及靠調(diào)期的辦法軋 平本行的外匯頭寸。如果往賬中有暫不需要的外匯頭寸（因?yàn)槭?30天后遠(yuǎn)期合約到期時(shí)才需要），他可以將這筆頭寸賣掉,30天后 再買進(jìn)。這樣，銀行的資金在30天期限內(nèi)不致在無息賬戶里擱死Q 各種匯率，是不同的價(jià)格：即期匯率是一個(gè)價(jià)，30天交割的遠(yuǎn) 期匯率則是另一個(gè)價(jià);60天期的又是另一個(gè)價(jià)。匯率的多樣化，反 映著外匯的供求狀況，也反映了人們對某種貨幣看漲抑或看跌。
銀行的交易員必須時(shí)刻捕捉機(jī)會，當(dāng)三地的交叉匯率出現(xiàn)對 本行有利之時(shí)，立即通過三地套匯的辦法伺機(jī)賺錢。交易員可能 發(fā)現(xiàn)倫敦外匯市場上意大利里拉的匯價(jià)有利可圖，于是他在紐約 用美元買進(jìn)英鎊，同時(shí)在倫敦拋出英鎊買進(jìn)意大利里拉，再在蘇黎 世賣出意大利里拉買進(jìn)美元。通過這一操作，最終他手里的美元 數(shù)量比原來的多了。當(dāng)然，這一實(shí)務(wù)操作應(yīng)當(dāng)在匯價(jià)再次變動(dòng)前 盡速完成。
投資者也伺機(jī)獲取高額回報(bào)。比如，美國公司的財(cái)務(wù)主管打算把本公司暫不使用的一筆錢拿來投資。他發(fā)現(xiàn)，用這筆錢購買英國的國庫券要比購買美國國庫券能獲得較高的回報(bào)率。為達(dá)到如是目的，他必須買進(jìn)英鎊，然后與銀行簽定遠(yuǎn)期合約把這筆英鎊賣出。如果他發(fā)現(xiàn)，在扣除抵補(bǔ)保值費(fèi)用及其他如電報(bào)費(fèi)等開支后，購買英國國庫券的回報(bào)率仍大于購買美國國庫券的回報(bào)率的話，他就在英國作此項(xiàng)短期投資。這一行為謂之套利。
銀行中的外匯交易員，除了用電報(bào)、電話承做大額外匯交易 外，還買賣外幣現(xiàn)鈔和外國的金屬鑄幣。這項(xiàng)服務(wù)通常是為出境 旅游的游客提供的。賣給他們的現(xiàn)鈔，價(jià)格要比大額的電匯匯率 略高,這是因?yàn)楝F(xiàn)鈔需要運(yùn)輸費(fèi)和儲存費(fèi)的緣故。
各國均限制本國居民在境外用匯，這類限制在二戰(zhàn)期間和二 戰(zhàn)后不久盛行不衰。其他一些管制還包括：限制本國公民用外匯 在海外投資；限制他們購買非屬生活必需品或奢侈進(jìn)口商品；限制 出境旅游。有些國家還實(shí)行多種匯率制度，獎(jiǎng)出限入。經(jīng)國際貨 幣基金組織多方干預(yù)，這類限制已經(jīng)大大減輕，近幾年來，各國貨 幣已經(jīng)程度不同地成為可自由兌換的貨幣了。
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