金融英语基础知识（一）----国际汇兑(外汇）
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.

国际汇兑(外汇）

好几百年以前，当金币作为各国及各城市国家唯一的货币而 使用的时候，各国货币的相对价值决定于其金币含金量的比率。 现今，金币仅供收藏家们“使用”了，而一国的货币被刻印在了纸张 上。各国均有本国的货币，名称有镑、马克、比索、里拉、比塞塔、克朗、元、法郎等等。确定一种货币的国际兑换率是一件最复杂的 事；对许多局外人来说，这是国际银行业务中最引人人胜的一个方 面。

任一主要货币，都有一个平价，并通常是由官方用黄金表示 的，但在实际上并不按这个兑汇率进行货币交易。

若干年前，曾要求各国将本国货币的汇率维持在黄金平价加 减一定的百分数的范围内。尔后，各国采用了浮动汇率制；汇率由 有关货币的市场供求机制决定。需求变化了，汇率也随之变动：供 不应求时汇率趋升;供过于求时汇率趋跌。

--国的贸易收支状况影响着该国货币的汇率。一国的贸易收 支出现逆差，进口大于出口时，就导致通过出口挣来的外汇不够进 门付汇。对一国产品的需求状况决定着该国出口的数量。国与国间相互竞争，而商品的价格换算成国外购买国货币的多寡，也会影 响销售的数量。

人们对一个国家发展远景的看法，会影响其国内的投资。每逢 严重的通货膨胀、政局动荡不定、国内经济不尽如人意之时，外国人 的投资就会减少，国内投资者也会寻找机会到其他地方去投资。

许多人参与外汇市场。外汇市场是一个国际性市场,并没有 集中的交易场所，外汇买卖是由遍布全球的外汇交易员通过电话、 电报进行的，一天24小时从不间断。每天的交易从欧洲开始，随太 阳西移，各国的营业日依次相继开始和结束。主要的经营活动集 中在欧洲的货币中心如伦敦、法兰克福、苏黎世，还有日本和香港。 美国的外汇交易集中在纽约，但其他城市也有。

市场参与者包括国际性大银行（他们主要代客买卖外汇）、外 汇经纪人、各国中央银行，以及经营国际业务的大公司，后者买卖 外汇是为了保护本公司的经济利益，防止因汇价短期波动招致经 济损失。此外还有个人买卖外汇的，是作为投机者或投资者而为外汇买卖双方就两种货币的汇价达成协议后随即就进行交易。譬如，美国的-一名机器制造商出售一台机器给一家英国公司， 收取的货款是英镑。与此同时，另一家美国公司计划在英国投资 建厂，需要英镑资金。此时，第一家美国公司就把出售机器所得的 英镑转卖给第二家美国公司，按商定的汇率即十万英镑合十八万 五千美元的比价成交。此时，英镑兑美元的汇率为1:1.85。

银行的外汇交易员参与外汇交易时，他可以安排通过其在国 外银行的往账结算。买入外汇时，他指令对方把这笔外汇贷记往 账；卖出外汇时，他可发电报指令对方借记往账。

尽管买卖双方能够直接进行买卖，委托外汇经纪人办理较为 方便。外汇经纪人用电话通知买卖双方，促成此笔交易，按双方都 能接受的汇价成交。只是到了这个时刻，经纪人才向买卖双方透露对方的真实实姓。双方达成最终结算协议，同时付给经纪人中 间费。经纪人一般不为自己买卖外汇，因为他通常缺乏资金。经 纪人对市场参与者来说是有用的市场信息源，因为他对当天各种 货币供求动态了如指掌。任一有外汇卖出或者需要买入的银行或 公司都可以同经纪人联系。

在每个营业日中，汇价经常上下波动。外汇交易员必须尽快 算出结果，据此迅速作出决定；鉴于电话成交额庞大的缘故，交易 员应当说话算话，口头承诺应信守不渝。

除英镑外，所有其他货币均以一个单位外币合多少本币进行 报价。这种报价法往往会使局外人感到迷惑不解。现举例说明，1 个墨西哥比索值8美分，反过来说,就是1美元合12.5墨西哥比 索。当墨西哥比索的汇价发生变化，1比索值7.95美分时，1美元 就值12.57墨西哥比索了。两种货币的汇率是相互对应的关系。

外汇市场上的交易传统上历来是大金额交易，如十万英镑或 一百万日元。汇率在小数点后的少量变动至关重要，因为交易员 希望以尽可能低的价格买进，并以特定时刻的最高价格卖出。

外汇买卖，凡当场立即交割的谓之现汇买卖；立即交割的意思 是指在两个营业日内交割。第3天，卖方把外汇打到买方的银行 账户去，买方则同时贷记卖方的银行账户。

外汇交易，也可以在将来某一日交割，这种交易的结果，就是 远期外汇买卖。比如，某商人卖出一台机器，他知道30天后将收到 外汇货款;但他可以在当天就与银行把汇率敲定，让银行在交割时 按此汇率买进这笔远期外汇。远期外汇交易非常普遍，反映了进

出口和投资在时间上的安排。

一个精明的商人，当他签订了一份远期交货（如一台机器）的 合约时，或者当他作出某项投资承诺时，可能愿意同银行签订一份 远期外汇买卖合约，据此立刻匡算出这笔生意的本币成本。这种 做法叫做抵补保值(海琴）。这样，他就知道：今后不管汇率发生怎样的波动，反正汇率已经先锁定了。

每个营业日中，银行的外汇交易员为银行客户即期买进、卖出 十来种主要货币，同时也承做远期外汇买卖。外汇交易往往是瞬 间成交的事，需要当机立断，没有多少考量的时间。随着交易的进 行，交易员必须对手头持有各种外汇资金的情况心中有数。银行 的经理部门对每一种货币的风险状况须加限制。交易员也必须心 里有底，就是.•本行的往账中须有足够的资金余额来支付和交割卖 出的即远期外汇。交易员经常买进、卖出以便使外汇头寸保持平 衡。这一操作涉及买进或卖出即期，也可能涉及靠调期的办法轧 平本行的外汇头寸。如果往账中有暂不需要的外汇头寸（因为是 30天后远期合约到期时才需要），他可以将这笔头寸卖掉,30天后 再买进。这样，银行的资金在30天期限内不致在无息账户里搁死Q 各种汇率，是不同的价格：即期汇率是一个价，30天交割的远 期汇率则是另一个价;60天期的又是另一个价。汇率的多样化，反 映着外汇的供求状况，也反映了人们对某种货币看涨抑或看跌。

银行的交易员必须时刻捕捉机会，当三地的交叉汇率出现对 本行有利之时，立即通过三地套汇的办法伺机赚钱。交易员可能 发现伦敦外汇市场上意大利里拉的汇价有利可图，于是他在纽约 用美元买进英镑，同时在伦敦抛出英镑买进意大利里拉，再在苏黎 世卖出意大利里拉买进美元。通过这一操作，最终他手里的美元 数量比原来的多了。当然，这一实务操作应当在汇价再次变动前 尽速完成。

投资者也伺机获取高额回报。比如，美国公司的财务主管打算把本公司暂不使用的一笔钱拿来投资。他发现，用这笔钱购买英国的国库券要比购买美国国库券能获得较高的回报率。为达到如是目的，他必须买进英镑，然后与银行签定远期合约把这笔英镑卖出。如果他发现，在扣除抵补保值费用及其他如电报费等开支后，购买英国国库券的回报率仍大于购买美国国库券的回报率的话，他就在英国作此项短期投资。这一行为谓之套利。

银行中的外汇交易员，除了用电报、电话承做大额外汇交易 外，还买卖外币现钞和外国的金属铸币。这项服务通常是为出境 旅游的游客提供的。卖给他们的现钞，价格要比大额的电汇汇率 略高,这是因为现钞需要运输费和储存费的缘故。

各国均限制本国居民在境外用汇，这类限制在二战期间和二 战后不久盛行不衰。其他一些管制还包括：限制本国公民用外汇 在海外投资；限制他们购买非属生活必需品或奢侈进口商品；限制 出境旅游。有些国家还实行多种汇率制度，奖出限入。经国际货 币基金组织多方干预，这类限制已经大大减轻，近几年来，各国货 币已经程度不同地成为可自由兌换的货币了。