國(guó)際金融英文版ch3-資料下載頁(yè)
2025-02-17 06:50本頁(yè)面
【正文】 in foreign currency means a foreign currency liability is owed. ? A Chinese exporting pany expects to receive the . dollar in the near future. The pany takes long position on the dollar. If a pany will pay dollar, the pany takes short position on the dollar. ? Hedging a long position refers to selling foreign exchange forward. ? Hedging a short position involves buying foreign exchange forward. pany’s ine in RMB Unhedged position Hedging with a forward contract ￥ /$ spot rate pany’s expenditure in RMB Unhedged position Hedging with a forward contract ￥ /$ spot rate Real exchange rate and effective exchange rate ? Nominal exchange rate is the exchange rate that prevails at a given date. ? Real exchange rate is the nominal exchange rate adjusted for relative changes in domestic and foreign price levels. That is, adjusted for inflation differential. So the real exchange rate captures changes in the purchasing power of a currency relative to other currencies. SR = Sd/f x (Pf/Pd) ? Effective exchange rate is a measure of whether or not the currency is appreciating or depreciating against a weighted basket of foreign currencies. ? To construct an effective exchange rate, you have to select: a currency basket a base year the weights for each of the currencies in the basket. Nominal exchange rates and trade volume to the United States millions of . dollar Country S (2023) S(2023) Exports Imports to . from . Canada C$$ C$$ 275 150 Japan ￥ 80/$ ￥ 85/$ 235 175 Total . foreign trade: (275 + 150) + (235 + 175) = $835m ? Example: 2023 (base year) Canadian dollar, Japanese yen (currency basket) Weight for C$: $425m / $835m = % Weight for ￥ : $410m / $835m = % ? Compared to the Canadian dollar, the value of the dollar in 2023 was % of the value in 2023 (). ? Compared to the Japanese yen, the value of the dollar in 2023 was % of the value in 2023 (85/80). ? EER2023 = [(.509)(.9612) + (.491)()] x 100 = % ? The value indicates that the average value of the . dollar against the Canadian dollar and the Japanese yen in 2023 was % of the value in 2023. Therefore, the dollar was “stronger”. Nominal effective exchange rate indices 1980–2023 (annual averages) Real effective exchange rate indices, 1980–2023 謝謝觀看 /歡迎下載 BY FAITH I MEAN A VISION OF GOOD ONE CHERISHES AND THE ENTHUSIASM THAT PUSHES ONE TO SEEK ITS FULFILLMENT REGARDLESS OF OBSTACLES. BY FAITH I BY FAIT
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