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39. The greater part of the money assets traded in foreign exchange markets are demand deposits in banks.(T) 大部份在外汇市场交易的现金资产都是活期存款.
40. Most foreign exchange trading is done among the banks
themselves in the retail part of the foreign exchange market. 多数外汇交易都是在银行间的散户外汇市场完成交易的
41. The spot exchange rate is the price now for an exchange that will take place sometime in the future. 即时汇率是指外币在未来一定时间内的汇价.
42. French imports of goods and services will create a demand for foreign currency and a supply of euros.(T) 法国对商品的进出口会创造出对外汇的需求和欧元的供给.
43. In the floating exchange rate system, government officials must intervene in the exchange rate market to keep the exchange rate from fluctuating.在浮动汇率制下,政府必须对外汇市场进行干涉以保证汇率不出现浮动. （固定汇率）
44. Assuming the Japanese have a floating exchange rate, an increase in Japanese exports of goods and services will tend to cause the value of the yen to appreciate.(T)在浮动汇率制下,日本商品出口的增长会造成日元的升值 （本币贬值有利出口，不利于进口）
45. To maintain an undervalued currency, monetary authorities must intervene in the foreign exchange market to buy its currency.如果要保持汇率偏低的货币,货币当局必须在外汇市场通过干涉,购买这种货币
46. Triangular arbitrage will not cause the exchange rate between two foreign currencies to equalize.三角套汇不会造成两种货币间汇率的均等（均衡）
47. From 2001 to 2007, global foreign exchange trading more than doubled.(T)
会０１到０７年间,全球外汇交易增长了两倍多
48. The Maastricht Treaty set a process for establishing a monetary union and a single union wide currency.(T) 马斯特里赫特条约为建立货币同盟和统一联盟制定了一套固定程序.
49. Suppose $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris, and 1 yen = $0.008 in Tokyo.
a. If you begin by holding $1, how could you profit from these exchange rates? What is your arbitrage profit per dollar initially traded?
b. Identify the forces at work that will make the cross exchange rates consistent in currency arbitrage. That is, what forces will lead to a situation in which no profitable arbitrage is possible? Essay Questions
1. A retailer in Mexico wants to buy $100,000 worth of Apple
computers from the United States. The Mexican retailer has pesos
while the seller in the United States wants to be paid in U.S. dollars. Explain how this transaction is completed with particular emphasis on the foreign exchange market and banks in the United States and Mexico.
课本P33倒数第二段有具体阐述：
The Mexican buyer has to sell pesos to get dollars to pay the U.S. exporter. The Mexican firm contacts its bank and requests a quotation of the exchange rate for selling pesos and acquiring 100,000 dollars. If the rate is acceptable, the Mexican firm instructs its bank to take pesos from its checking account, convert into 100,000 dollars and transfer the dollars to the U.S. producer. The Mexican bank holds the dollar denominated deposits in the United States, at its correspondent bank in New York. The Mexican bank instructs its correspondent bank in New York to take dollars from its checking account and transfer the dollars to the U.S. producer. This completes the international payment for computers.
2. Suppose $1 = 0.85 euros in New York, 1 euro = 150 yen in Paris, and 1 yen = $0.008 in Tokyo.
a. If you begin by holding $1, how could you profit from these exchange rates? What is your arbitrage profit per dollar initially traded?
Identify the forces at work that will make the cross exchange rates consistent in currency arbitrage. That is, what forces will lead to a situation in which no profitable arbitrage is possible a:套利收益0.02
b:出现以下三种情况之一，都会导致无套利机会存在：巴黎汇率:147、纽约汇率0.83、东京汇率0.0078（各减0.02） (以下为英文思路)：
a. Buy .85 euros, then buy 127.5 yen in Paris with .85 euros then
convert 127.5 yen back to dollars which makes 1.02 dollars yielding a profit of $.02.
b. The forces of demand and supply will ensure that there is no arbitrage opportunity. For instance, this could happen by depreciating the euro in Paris to about 1 euro = 147 yen.
3. For each case below, state whether the euro has appreciated or depreciated and give an example of an event that could cause the change in the exchange rate.
a. The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican peso.
b. The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.
c. The spot rate goes from 1.48 euros/British pound to 1.51 euros/British pound.
d. The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.
.euro：a&d升值；b&c贬值
（具体思路：The euro appreciates; there is an increased demand for euros. 欧元升值;有需求持续增加欧元。
a. The euro depreciates; there is an increased supply of euros. 欧元贬值;有供给的增多欧元。
b. The euro depreciates; there is an increased demand for the British pound. 欧元贬值。英镑日益增长的需求。
c. The euro appreciates; there is a decreased supply of euros. ）欧元升值;有一种减少供应的欧元。
Chapter 4:
Forward Exchange and International Financial Investment远期外汇和国际金融投资
Single-Choice Questions
1. __A_______ a position exposed to rate risk is the act of reducing or eliminating a net asset or net liability position in the foreign currency. 对利率风险作出的避险操作实际上是外汇上的一种减少、清除净资产或净负债的手法 a. Hedging b. Speculating
c. Investing in d. Buying
2. ___B______ is the act of taking a net asset position or a net liability position in some asset class. 投机是一种在某些资产类别中取得净资产或者净负债的行为 a. Hedging b. Speculating c. Investing d. Buying
3. A ____D______ exchange contract is an agreement to exchange one currency for another on some date in the future at a price set now. 远期外汇合同是指交易双方在商议好的日期内按照交易商定的汇率进行外汇交易。
a. Spot domestic b. Forward domestic c. Spot foreign d. Forward foreign
4. ____C______ means committing oneself to an uncertain future value of one's net worth in terms of home currency. 投机是指致力于投资未来不确定的本国货币净值。 a. Selling b. Hedging c. Speculating d. Importing
5. Assume you are a Chinese exporter and expect to receive $250,000 at the end of 60 days. You can remove the risk of loss due to a