國際財(cái)務(wù)管理課后習(xí)題答案解析chapter-文庫吧
2025-06-03 21:13 本頁面
【正文】 e bank will instruct its correspondent bank in the Netherlands to debit its correspondent bank account the appropriate amount of guilders and to credit the Dutch exporter’s bank account. The importer’s bank will then debit its books to offset the debit of . importer’s account, reflecting the decrease in its correspondent bank account balance.5. What is meant by a currency trading at a discount or at a premium in the forward market?Answer: The forward market involves contracting today for the future purchase or sale of foreign exchange. The forward price may be the same as the spot price, but usually it is higher (at a premium) or lower (at a discount) than the spot price. 6. Why does most interbank currency trading worldwide involve the . dollar?Answer: Trading in currencies worldwide is against a mon currency that has international appeal. That currency has been the . dollar since the end of World War II. However, the euro and Japanese yen have started to be used much more as international currencies in recent years. More importantly, trading would be exceedingly cumbersome and difficult to manage if each trader made a market against all other currencies.7. Banks find it necessary to acmodate their clients’ needs to buy or sell FX forward, in many instances for hedging purposes. How can the bank eliminate the currency exposure it has created for itself by acmodating a client’s forward transaction?Answer: Swap transactions provide a means for the bank to mitigate the currency exposure in a forward trade. A swap transaction is the simultaneous sale (or purchase) of spot foreign exchange against a forward purchase (or sale) of an approximately equal amount of the foreign currency. To illustrate, suppose a bank customer wants to buy dollars three months forward against British pound sterling. The bank can handle this trade for its customer and simultaneously neutralize the exchange rate risk in the trade by selling (borrowed) British pound sterling spot against dollars. The bank will lend the dollars for three months until they are needed to deliver against the dollars it has sold forward. The British pounds received will be used to liquidate the sterling loan.8. A CD/$ bank trader is currently quoting a small figure bidask of 3540, when the rest of the market is trading at . What is implied about the trader’s beliefs by his prices?Answer: The trader must think the Canadian dollar is going to appreciate against the . dollar and therefore he is trying to increase his inventory of Canadian dollars by discouraging purchases of . dollars by standing willing to buy $ at only $ and offering to sell from inventory at the slightly lower than market price of $.9. What is triangular arbitrage? What is a condition that will give rise to a triangular arbitrage opportunity?Answer: Triangular arbitrage is the process of trading out of the . dollar into a second currency, then trading it for a third currency, which is in turn traded for . dollars. The purpose is to earn an arbitrage profit via trading from the second to the third currency when the direct exchange between the two is not in alignment with the cross exchange rate.Most, but not all, currency transactions go through the dollar. Certain banks specialize in making a direct market between nondollar currencies, pricing at a narrower bidask spread than the crossrate spread. Nevertheless, the implied crossrate bidask quotations impose a discipline on the nondollar market makers. If their direct quotes are not consistent with the cross exchange rates, a triangular arbitrage profit is possible. PROBLEMS1. Using Exhibit , calculate a crossrate matrix for the euro, Swiss franc, Japanese yen, and the British pound. Use the most current American term quotes to calculate the crossrates so that the triangular matrix resulting is similar to the portion above the diagonal in Exhibit .Solution: The crossrate formula we want to use is:S(j/k) = S($/k)/S($/j).The triangular matrix will contain 4 x (4 + 1)/2 = 10 elements.165。SF163。$Euro.6873Japan (100).4979.9498Switzerland.4440.84702.
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