(完整word版)国际金融题库(英文版)

前言学弟学妹们,当你们看到这篇复习资料的时候, 学长已经在文档上传的当天上午参加了国际金融的考试, 本复习资料主要针对对象为成都信息工程学院(CUIT)英语系大三学生, 且立足教材也基于托马斯·A ·普格尔(Thomas A. Pugel)先生所著国际金融英文版·第15版, 其他版本或者相似教材也可作为参考, 本资料的整理除了参考维基百科,百度百科以及MBA 智库百科,当然最重要的是我们老师的课件. 为了帮助同学们顺利通过考试, 当然是拿到高分, 希望此资料能够帮助你们节省时间, 达到高效复习的效果.外国语学院2011级,陈爵歌(Louis) 2014年1月6日晚于宿舍 Chapter 2Transnationality Index (跨国化指数)(TNI ) is a means of ranking multinational corporations that is employed by economists and politicians. (反映跨国公司海外经营活动的经济强度，是衡量海外业务在公司整体业务中地位的重要指标) Foreign assets to total assets(外国资产占总资产比)Foreign sales to total sales(海外销售占总销售)Foreign employees to total employees(外籍雇员占总雇员)跨国化指数的构成联合国跨国公司与投资司使用的跨国化指数由三个指标构成：国外资产对公司总资产的百分比；国外销售对公司总销售的百分比；国外雇员人数对公司雇员总人数的百分比关于TNI 的计算公式:International Economic Integration( 国际经济一体化)International economic integration refers to the extent and strength of real -sector and financial -sector linkages among national economies.(国际经济一体化是指两个或两个以上的国家在现有生产力发展水平和国际分工的基础上，由政府间通过协商缔结条约，让渡一定的国家主权，建立两国或多国的经济联盟，从而使经济达到某种程度的结合以提高其在国际经济中的地位)Real Sector(实际经济部门): The sector of the economy engaged in the production and sale of goods and services(指物质的、精神的产品和服务的生产、流通等经济活动。

国际金融英语试题及答案1. 以下哪个选项不是国际货币基金组织（IMF）的主要职能？A. 提供技术援助B. 监督成员国的经济政策C. 促进国际贸易D. 提供紧急财政援助答案：C2. 世界银行的主要目标是什么？A. 促进全球贸易B. 减少全球贫困C. 维护国际货币稳定D. 促进全球金融市场发展答案：B3. 什么是外汇储备？A. 一个国家持有的外国货币和黄金B. 一个国家持有的国内货币和黄金C. 一个国家持有的外国货币和证券D. 一个国家持有的国内货币和证券答案：A4. 根据国际收支平衡表，以下哪项交易不属于经常账户？A. 商品出口B. 服务进口C. 外国直接投资D. 工人汇款回国答案：C5. 什么是货币贬值？A. 一个国家的货币价值相对于其他国家货币的减少B. 一个国家的货币价值相对于黄金的减少C. 一个国家的货币价值相对于商品和服务的减少D. 一个国家的货币价值相对于外国投资的减少答案：A6. 什么是浮动汇率制度？A. 货币价值由市场供求关系决定B. 货币价值由政府固定C. 货币价值由国际货币基金组织决定D. 货币价值由中央银行决定答案：A7. 什么是国际金融市场？A. 跨国公司进行商品和服务交易的市场B. 跨国公司进行货币和金融资产交易的市场C. 跨国公司进行商品和金融资产交易的市场D. 跨国公司进行服务和金融资产交易的市场答案：B8. 什么是国际货币体系？A. 国际货币的发行和流通体系B. 国际货币的监管和管理体系C. 国际货币的交换和结算体系D. 国际货币的发行、监管和管理体系答案：D9. 什么是外汇交易？A. 一种货币兑换成另一种货币的交易B. 一种商品兑换成另一种商品的交易C. 一种服务兑换成另一种服务的交易D. 一种资产兑换成另一种资产的交易答案：A10. 什么是国际金融危机？A. 一个国家内部的金融体系崩溃B. 一个国家内部的货币体系崩溃C. 多个国家金融体系的崩溃D. 多个国家货币体系的崩溃答案：C。

《国际金融》期末考试试题一．单项选择题（每题2分，共20分。

）1. 一国国际收支顺差会使（）。

①外国对该国货币需求增加，该国货币汇率上升②外国对该国货币需求减少，该国货币汇率下跌③外国对该国货币需求增加，该国货币汇率下跌④外国对该国货币需求减少，该国货币汇率上升2．根据"蒙代尔分配原则"，在通货膨胀与国际收支顺差同时存在的情况下，应采取的政策是（）。

①"双紧"的财政政策与货币政策②扩张性的货币政策与紧缩性的财政政策③"双松"的财政政策与货币政策④紧缩性的货币政策与扩张性的财政政策3．下述选项中不属于国际银团贷款的特点的是（）。

①贷款数额大②贷款期限短③贷款银行多④借用银团贷款的成本高4. 若一国货币汇率高估，往往会出现（）。

①外汇供给增加，外汇需求减少，国际收支顺差②外汇供给减少，外汇需求增加，国际收支逆差③外汇供给增加，外汇需求减少，国际收支逆差④外汇供给减少，外汇需求增加，国际收支顺差5.汇率采取直接标价法的国家有（）。

①美国和英国②美国和德国③英国和日本④德国和日本6．如果进出口商以延期付款方式签订商务合同，出口商为防止汇率下跌造成本币收入减少的经济损失，可以同银行签订（）。

①卖出远期外汇合同②买入远期外汇合同③卖出即期外汇合同④买入即期外汇合同7．如果一国（地区）经济开放程度高、经济规模小、进出口集中在某一些国家，则该国（地区）倾向于采取（）。

①浮动汇率制度②半浮动的汇率制度③半固定的汇率制度④固定汇率制度8．国际收支平衡表中，若储备资产项目为+300亿美元，则表示该国（）。

①增加了300亿美元的储备②减少了300亿美元的储备③人为的账面平衡，不说明问题④以上都不对9. 在下述选项中不符合掉期交易要求的是：（）。

①货币相同②金额相同③方向相反④交割期限相同10．SDRs 是（）。

①欧洲经济货币联盟创设的货币②欧洲货币体系的中心货币③IMF创设的储备资产和记账单位④世界银行创设的一种特别使用资金的权利二、判断题（每题2分，共20分。

Part Ⅰ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分分，答错不扣分1. 1. If If If perfect perfect perfect markets markets markets existed, existed, existed, resources resources resources would would would be be be more more more mobile mobile mobile and and and could could could therefore therefore therefore be transferred be transferred to to those those countries more willing to pay a high price for them. ( T ) 2. The forward contract can h edge hedge hedge future receivables future receivables or or payables payables payables in in in foreign currencies to foreign currencies to i nsulate insulate insulate the the the firm firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. 7. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage is is is plausible plausible plausible when when when the the the forward forward forward premium premium premium reflect reflect reflect the the the interest interest interest rate rate rate differential differential between two countries specified by the interest rate parity formula. ( F ) 8． The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) Part Ⅱ:Cloze (20%)每题2分，答错不扣分分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. 3. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage involves involves involves the short-term the short-term investment investment in in in a a a foreign foreign foreign currency currency currency that that that is covered is covered by by a a ( forward contract ) to sell that currency when the investment matures. 4. （ Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. 6. IFE IFE IFE is is is based based based on on on nominal nominal nominal interest interest interest rate rate rate ( ( differentials ), ), which which which are are are influenced influenced influenced by by by expected expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( ( value ) will be affected. 8. 8. The The The option option option writer writer writer is is is obligated obligated obligated to to to buy buy buy the the the underlying underlying underlying commodity commodity commodity at at at a a a stated stated stated price price price if if if a a a ( ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. 10. Any Any Any good good good secondary secondary secondary market market market for for for finance finance finance instruments instruments instruments must must must have have have an an an efficient efficient efficient clearing clearing clearing system. system. system. Most Most Eurobonds are cleared through either ( Euroclear ) or Cedel. Part Ⅲ :Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given Given this this this information, information, information, is is is locational locational locational arbitrage arbitrage arbitrage possible? possible? If If so, so, so, explain explain explain the the the steps steps steps involved involved involved in in in locational locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Y es! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500. 2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in two years if if the the the United United United Kingdom Kingdom Kingdom experiences experiences experiences an an an inflation inflation inflation rate rate rate of of of 7 7 7 percent percent percent per per per year year year while while while the the the United United United States States experiences an inflation rate of 2 percent per year?(10%) ANSWER: According to PPP , forward rate/spot=indexdom/indexfor the exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 × [1 + (–.047)] = $1.8107 3. 3. Assume Assume Assume that that that the spot the spot exchange exchange rate rate rate of the of the Singapore Singapore dollar dollar dollar is is is $0.70. $0.70. The The one-year one-year one-year interest interest interest rate rate rate is is is 11 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%) (5%) ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf) $.70 × (1 + .04) = $0.728 4. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%) ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be be received received received could could could be be be used used used to to to pay pay pay off off off the the the loan. loan. This This amounts amounts amounts to to to (100,000/1.02) (100,000/1.02) (100,000/1.02) = = = about about about S$98,039, which S$98,039, which could could be be be converted converted converted to to to about about about $49,020 $49,020 $49,020 and and and invested. invested. The The borrowing borrowing borrowing of of of Singapore Singapore Singapore dollars dollars dollars has has has offset offset offset the the transaction exposure due to the future receivables in Singapore dollars. 5. 5. A A U.S. company ordered ordered a a a Jaguar Jaguar Jaguar sedan. In sedan. In 6 6 months , months , it will pay pay ££30,000 30,000 for for for the the the car. car. car. It It worried worried that that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 cents/£. (1)Is hedging in the options market better if the £ rose to $1.92 in 6 months? (2)what did the exchange rate have to be for the company to break even?（15%）Solution: (1)If the £ rose to $1.92 in 6 months, the U.S. company would rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is $1.90 + $0.023 = $1.9230/£This is bigger than $1.92. So hedging in the options market is not better. (2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate , hedging or not doesn’t matter. So, the exchange rate =$1.923/£. 6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%) textbook page50 答案以教材第50 页为准页为准P AR T Ⅳ: Diagram(10%) The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call option Solution: Following diagram shows the profit and loss potential, and the break-even price of this put option: P AR T Ⅴ:Additional Question Suppose Suppose that that that you you you are are are expecting expecting expecting revenues revenues revenues of of of Y Y 100,000 100,000 from from from Japan Japan Japan in in in one one one month. month. Currently, Currently, 1 1 1 month month forward contracts are trading at $1 = $105 Y en. Y ou have the following estimate of the Y en/$ exchange rate in one month. Price Probability 90 Y en/$ 4% 95 Y en/$ 25% 100 Y/$ 45% 105 Y en/$ 20% 110 Y en/$ 6% a) What position in forward contracts would you take to hedge your exchange risk? b) Calculate the expected value of the hedge. c) How could you replicate this hedge in the money market? Y ou are expecting revenues of Y100,000 in one month that you will need to covert to dollars. Y ou could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Y en). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to be Y100,000/ 105 = $952 On the other hand, you can wait and use the spot markets. Exchange Rate Probability Revenue w/Hedge Revenue w/out Hedge V alue of Hedge 90 Y/$ 4% $1,111 $952 -$159 95 Y/$ 25% $1,052 $952 -$100 100 Y/$ 45% $1,000 $952 -$48 105 Y/$ 20% $952 $952 $0 110 Y/$ 6% $909 $952 $43 Expected V alue = (.02)(-159) + (.25)(-100) + (.45)(-48) + (.20)(0) + (.08)(43) = -$24 Y ou could replicate this hedge by using the following: a) Borrow in Japan b) Convert the Y en to dollars c) Invest the dollars in the US d) Pay back the loan when you receive the Y100,000 。

INTERNATIONAL FINANCEAssignment Problems (3) Name: Student#: I. Choose the correct answer for the following questions (only ONE correct answer) (2 credits for each question, total credits 2 x 25 = 50)1. Interbank quotations that include the United States dollars are conventionally given in __________, which state the foreign currency price of one U.S. dollar, such as a bid price of SFr 0.85/$.A. indirect quoteB. direct quoteC. American quoteD. European quote2. The spot exchange rate published in financial newspapers is usually the __________.A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate3. The foreign exchange refers to the __________.A. foreign bank notes and coinsB. demand deposits in foreign banksC. foreign securities that can be easily cashedD. all of the above4. The functions of the foreign exchange market come down to __________.A. converting the currency of one country into the currency of anotherB. providing some insurance against the foreign exchange riskC. making the foreign exchange speculation easyD. Only A and B are true.5. Which of the following is NOT true regarding the foreign exchange market?A. It is the place through which people exchange one currency for another.B. The exchange rate nowadays is mainly determined by the market forces.C. Most foreign exchange transactions are physically completed in this market.D. All of the above are true.6. The world largest foreign exchange markets are __________ respectively.A. London, New York and TokyoB. London, Paris and FrankfurtC. London, Hong Kong and SingaporeD. London, Zurich and Bahrain7. The foreign exchange market is NOT efficient because __________.A. monetary authorities dominate the foreign exchange market and everybody knows that by definition, central banks are inefficientB. commercial banks and other participants of the market do not compete with one another due to the fact that transaction takes place around the world and not in a single centralized locationC. foreign exchange dealers have different prices such as bid and ask pricesD. None of the reasons listed are correct because the foreign exchange market is an efficient market8. __________ earn a profit by a bid-ask spread on currencies they buy and sell. __________ on the other hand, earn a profit by bringing together buyers and sellers of foreign exchanges and earning a commission on each sale and purchase.A. Foreign exchange brokers; foreign exchange dealersB. Foreign exchange dealers; foreign exchange brokersC. arbitragers; speculatorsD. commercial banks; central banks9. Most foreign exchange transactions are through the U.S. dollars. If the transaction is expressed as the currencies per dollar, this is known as __________ whereas __________ are expressed as dollars per currency.A. direct quote; indirect quoteB. indirect quote; direct quoteC. European quote; American quoteD. American quote, European quote10. From the viewpoint of a Japanese investor, which of the following would be a direct quote?A. SFr 1.25/€B. $1.55/₤C. ¥ 110/€D. €0.0091/ ¥11. Which of the following is true about the foreign exchange market?A. It is a global network of banks, brokers, and foreign exchange dealers connected by electronic communications system.B. The foreign exchange market is usually located in a particular place.C. The foreign exchange rates are usually determined by the related monetary authorities.D. The main participants in this market are currency speculators from different countries.12. The extent to which the income from individual transactions is affected by fluctuations in foreign exchange values is considered to be _________.A. Translation exposureB. economic exposureC. transaction exposureD. accounting exposure13. Which of the following exchange rates is adjusted for price changes?A. nominal exchange rateB. real exchange rateC. effective exchange rateD. equilibrium exchange rate14. Suppose the exchange rate of the RMB versus U.S. dollar is ¥6.8523/$ now. If the RMB were to undergo a 10% depreciation, the new exchange rate in terms of ¥/$ would be:A. 6.1671B. 7.5375C. 6.9238D. 7.613515. At least in a U.S. MNC’s financial accounting statement, if the value of the euro depreciates rapidly against that of the dollar over a year, this would reduce the dollar value of the euro profit made by the European subsidiary. This is a typical __________.A. transaction exposureB. translation exposureC. economic exposureD. operating exposure16. A Japanese-based firm expects to receive pound-payment in 6 months. The company has a (an) __________.A. economic exposureB. accounting exposureC. long position in sterlingD. short position in sterling17 The exposure to foreign exchange risk known as Translation Exposure may be defined as __________.A. change in reported owner’s equity in consolidated financial statements caused by a change in exchange ratesB. the impact of settling outstanding obligations entered into before change in exchange rates but to be settled after change in exchange ratesC. the change in expected future cash flows arising from an unexpected change in exchange ratesD. All of the above18 When a firm deals with foreign trade or investment, it usually has foreign exchange risk exposure. So if an American firm expects to receive a dollar-paymentfrom a Chinese company in the next 30 days, the U.S. firm has the possible __________.A. economic exposureB. transaction exposureC. translation exposureD. none of the above19. In order to avoid the possible loss because of the exchange rate fluctuations, a firm that has a __________ position in foreign exchanges can __________ that position in the forward market.A. short; sellB. long; sellC. long; buyD. none of the above20. A forward contract to deliver Japanese yens for Swiss francs could be described either as __________ or __________,A. selling yens forward; buying francs forwardB. buying francs forward; buying yens forwardC. selling yens forward; selling francs forwardD. selling francs forward; buying yens forward21. Dollars are trading at S0SFr/$=SFr0.7465/$ in the spot market. The 90-day forward rate is F1SFr/$=SFr0.7432/$. So the forward __________ on the dollar in basis points is __________:A. discount, 0.0033B. discount, 33C. premium, 0.0033D. premium, 3322. If the spot rate is $1.35/€, 3-month forward rate is $1.36/€, which of the following is NOT true?A. euro is at forward premium by 100 points.B. dollar is at forward discount by 100 points.C. dollar is at forward discount by 55 points.D. euro is at forward premium by 2.96% p.a.23. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the outright forward quote in American term should be __________.A. 1.0330 – 1.0345B. 1.0280 – 1.0285C. 0.9681 – 0.9667D. 0.9728 – 0.972324. If the spot C$/$ rate is 1.0305/15, forward dollar is 25/30 premium, the $/C$ forward quote in terms of points should be __________.A. 30/25B. 25/30C. – (23/28)D. – (28/23)25. The current U.S. dollar exchange rate is ¥85/$. If the 90-day forward dollar rate is ¥90/$, then the yen is selling at a per annum __________ of __________.A. premium; 5.88%B. discount; 5.56%C. premium; 23.52%D. discount; 22.23%II. ProblemsQuestions 1 through 10 are based on the information presented in Table 3.1. (2 credits for each question, total credits 2 x 10 = 20)Table 3.1Country Exchange rate Exchange rate CPI V olume of Volume of (2008) (2009) (2008) exports to U.S imports from U.S. Germany €0.75/$ €0.70/$ 102.5 $200m $350m Mexico Mex$11.8/$ Mex$12.20/$ 110.5 $120m $240mU.S. 105.31. The real exchange rate of the dollar against the euro in 2009 was __________.2. The real exchange rate of the dollar against the peso in 2009 was __________.3. The dollar was __________ against the euro in nominal term by __________.A. appreciated; 6.67%B. depreciated; 6.67%C. appreciated; 7.14%D depreciated; 7.14%4. The Mexican peso was __________ against the dollar in nominal term by __________.A. appreciated; 3.39%B. depreciated; 3.39%C. appreciated; 3.28%D. depreciated; 3.28%5. The volume of the German foreign trade with the U.S. was __________.6. The volume of the Mexican foreign trade with the U.S. was __________.7. Assume the U.S. trades only with the Germany and Mexico. Now if we want to calculate the dollar effective exchange rate in 2009 against a basket of currencies of euro and Mexican peso, the weight assigned to the euro should be __________.8. The weight assigned to the peso should be __________.9. Assume the 2008 is the base year. The dollar effective exchange rate in 2009 was __________.10. Was the dollar generally stronger or weaker in 2009 according to your calculation?11. The following exchange rates are available to you.Fuji Bank ¥80.00/$United Bank of Switzerland SFr0.8900/$Deutsche Bank ¥95.00/SFrAssume you have an initial SFr10 million. Can you make a profit via triangular arbitrage? If so, show steps and calculate the amount of profit in Swiss francs. (8 credits)12. If the dollar appreciates 1000% against the ruble, by what percentage does the ruble depreciate against the dollar? (5 credits)13. As a percentage of an arbitrary starting amount, about how large would transactions costs have to be to make arbitrage between the exchange rates S SFr/$= SFr1.7223/$, S$/￥= $0.009711/¥, and S￥/SFr = ¥61.740/SFr unprofitable? Explain. (7 credits14. You are given the following exchange rates:S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670Calculate the bid and ask rate of S￥/￡: (5 credits)15. Suppose the spot quotation on the Swiss franc (CHF) in New York is USD0.9442 –52 and the spot quotation on the Euro (EUR) is USD1.3460 –68. Compute the percentage bid-ask spreads on the CHF/EUR quote. ( 5 credits)Answers to Assignment Problems (3)Part II1. 0.70 x (105.3/102.5) = 0.7 x 1.0273 = 0.71912. 12.2 x (105.3/110.5) = 12.2 x .9529 = 11.62593. B (0.7 /.75) – 1 = -6.67%4. D (1/12.2)/(1/11.8) – 1 = -3.28%5. 5506. 3607. 550/910 = 60.44%8. 360/910 = 39.569. (0.70/0.75)(60.44%) + (12.2/11.8)(39.56%) = .5641 + 0.4090 = .9731 = 97.31%10. weaker, because dollar depreciated by 2.69%.11. Since S￥/$S$/SFr S SFr/￥= 80 x 1/0.8900 x 1/95.00 = 0.946186 < 1, there is an arbitrage opportunity.Steps:①Buy ¥ from Deutsche Bank, SFr10 million x 95.00 = ¥950 million②Buy $from Fuji Bank, $950 m / 80.00 = $11.875 m③Buy SFr from UBS, $11.875 x 0.8900 = SFr10.56875 mProfit (ignoring transaction fees):SFr10.56875 – SFr10 = 0.56875 million = 568,75012. (x – 1) = 1000%; 1/11 – 1 = 90.9%13. S SFr/$ S$/￥S￥/SFr = SFr1.7223/$ x $0.009711/¥ x ¥61.740/SFr = 1.0326If transaction costs exceed $0.0326 (3.26%), the arbitrage is unprofitable.14. Given: S￥/A$ = 67.05 – 68.75S￡/A$ = 0.3590 – 0.3670So, S￥/₤ = 67.05/0.3670 = 182.70 (bid)S￡/₤ = 68.75/0.3590 = 191.50 (ask)15. Given: USD0.9442 – 52/SFrUSD1.3460 – 68/SFrSo, S SRr/€ = 1.3460/0.9452 =1.424 (bid)S SFr/€ = 1.3468/0.9442 = 1.4264 (ask)。

《国际金融实务》练习册一、选择题(在每小题的四到五个答案中，选出正确的答案,并将其号码填在题干的括号内。

) 1．所谓外汇管制就是对外汇交易实行一定的限制，目的是（）A、防止资金外逃B、限制非法贸易C、奖出限入D、平衡国际收支、限制汇价2．在英国货币市场上，以( ）占有重要地位。

A．商业银行B．投资银行C．贴现行D．证券经纪商3．支出转换型政策主要包括（)。

A．汇率政策B．政府补贴C．关税政策D．直接管制4．根据蒙代尔-弗莱明模型，在固定汇率制下（）。

A．财政政策无效B．货币政策无效C．财政政策有效D．货币政策有效5．隐蔽的复汇率表现形式有（）。

A．不同的财政补贴B．不同的附加税C．影子汇率D．不同的外汇留成比例6．布雷顿森林体系是采纳了（）的结果。

A．怀特计划B．凯恩斯计划C．布雷迪计划D．贝克计划7．2003年6月底，欧洲经济货币联盟国家未参加欧元区接受统一货币欧元的国家有（)。

A．英国B．希腊C．瑞典D．丹麦E．奥地利8．我国利用外资的方式有（）.A．设立中外合资经营企业B．开展补偿贸易C．发行A股D．发行B股E．出口买方信贷9．投资收益在国际收支平衡表中应列入( ）.A．经常账户B．资本账户C．金融账户D．储备与相关项目10．我国目前对信用证抵押贷款的信贷条件规定是（)。

A．贷款货币为外币B．贷款金额为信用证金额的90％C．企业使用贷款不受发放银行监督D．贷款期限原则上不超过90天11、国际债券包括( ）A、固定利率债券和浮动利率债券B、外国债券和欧洲债券C、美元债券和日元债券D、欧洲美元债券和欧元债券12、二次世界大战前为了恢复国际货币秩序达成的（)，对战后国际货币体系的建立有启示作用。

A、自由贸易协定B、三国货币协定C、布雷顿森林协定D、君子协定13、外汇远期交易的特点是（)A、它是一个有组织的市场,在交易所以公开叫价方式进行B、业务范围广泛，合约具是非标准化的特点C、合约规格标准化D、交易只限于交易所会员之间14、金融汇率是为了限制（)A、资本流入B、资本流出C、套汇D、套利15、汇率定值偏高等于对非贸易生产给予补贴，这样（）A、对资源配置不利B、对进口不利C、对出口不利D、对本国经济发展不利16、国际储备运营管理有三个基本原则是（)A、安全、流动、盈利B、安全、固定、保值C、安全、固定、盈利D、流动、保值、增值17、一国国际收支顺差会使( ）A、外国对该国货币需求增加，该国货币汇率上升B、外国对该国货币需求减少,该国货币汇率下跌C、外国对该国货币需求增加,该国货币汇率下跌D、外国对该国货币需求减少,该国货币汇率上升18、金本位的特点是黄金可以（）A、自由买卖、自由铸造、自由兑换B、自由铸造、自由兑换、自由输出入C、自由买卖、自由铸造、自由输出入D、自由流通、自由兑换、自由输出入19、布雷顿森林体系规定会员国汇率波动幅度为（）A、±10%B、±2。

（完整word版）国际⾦融题库（英⽂版）.doc Multiple-choice test(only one is correct):1.Gresham’ s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, it will be themore valuable of the two metals that circulate.d)None of the above.2.Balance of paymentsa) is defined as the statistical record of a country’ s international transactions over a certain period oftime presented in the form of a double-entry bookkeepingb) provides detailed information concerning the demand and supply of a country’ s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the above3.If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus.b)One can infer that the U.S. dollar would be under pressure to depreciate against other currenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/ and the three-￡month forward rate is $1.50/. You enter into￡ a short position on 1,000￡.At maturity, the spot exchange rate is $1.60/. How much have￡ you made or lost?a) Lost $100b) Made ￡100c) Lost $50d) Made $1505. The sensitivity of“ realized” domestic currency values of the firm denomi’scontractualated cash flowsin foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6.Three days ago, you ente red into a futures contract to sell ?62,500 at $1.20 per ?. Over the past three days the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per ? or $2,500b)Made $0.04 per ? or $2,500c)Lost $0.06 per ? or $3,750d)None of the above7.A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8.Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is$1.20/?, and the one -year forward exchange rate is $1.16/?. What must one -year interest rate be in the euro zone?a) 5.0%b) 1.09%c) 8.62%d) None of the above.a b$1.89 =1￡.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be“ eaten-ask”spread?bythe bida)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810.Under the gold standard, international imbalances of payment will be corrected automatically underthea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11.With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you make money comingand goingc)You should spend at least as much time working the hedge as working the underlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing“ forward” and“ futures” exchange contracts, we can say that:a)They are both“ marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchase or sale:futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders and is traded on organized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC.d)b) and c)13.An “ option ” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell a given quantityof an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell a given quantity of an asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14.Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm ’contractuals cash flows denominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changes in exchange ratec) the potential that the firm ’consolidated financial statement can be affected by changes in exchange ratesd)ex post and ex ante currency exposures15.Under a purely flexible exchange rate systema)Supply and demand set the exchange ratesb)Governments can set the exchange rate by buying or selling reservesc)Governments can set exchange rates with fiscal policyb) and c) are correct.。

Chapter 11. What are the five parts of the financial system and their functions?The five parts of the financial system are money, financial instruments, financial markets, financial institutions, and central banks. We use money to pay for our purchases and to store wealth. We use financial instruments to transfer resources from savers to investors and to transfer risk to those who are best equipped to bear it. Financial markets allow us to buy and sell financial instruments quickly and cheaply. Financial institutions provide a number of services, including access to the financial markets and collection of information about prospective borrowers to ensure they are creditworthy. Central banks monitor and stabilize the economy.2. What does the international financial system include?The international financial system includes the international money and capital markets and the foreign exchange market. The international money market trades short-term claims with an original maturity of one year or less while the international capital market trades capital market instruments with an original maturity greater than one year. A crucial part of the international financial system is the foreign exchange market, where foreign currencies are bought and sold in the course of trading goods, services, and financial claims among countries.Chapter 21. What is the difference between money and currency?Economists define money(also referred to as the money supply) as anything that is generally accepted in payment for goods or services or in the repayment of debts. Currency, consisting of dollar bills and coins, clearly fits this definition and is one type of money.2.Please summarize the measures of the monetary aggregates as defined by the Federal Reserve of the United States.M1=currency+Demand deposits+Other checkable depositsM2=M1+Small-denomination time deposits+ Savings deposits and money market deposit accounts+ Money market mutual fund shares( non-institutional)M3=M2+Large-denomination time deposits+ Money market mutual fund shares( institutional)+Repurchase agreements+Eurodollars.Chapter 31. What are commercial banks?A commercial bank is an institution that accepts deposits and uses the proceeds to make consumer, commercial, and mortgage loans. Originally established to meet the needs of businesses, many of these banks now serve individual customers as well. Today, commercial banks tend to specialize as community, regional and super-regional, or money center banks.2.How are saving banks different from savings and loan institutions?Saving banks respond more flexibly to the changing economic and financial circumstances than S&Ls. A higher proportion of savings banks have remained mutual than has been the case with S&Ls.Chapter 41. What is the difference between the financial intermediation process of finance companies and that of banking institutions?The financial intermediation process of finance companies can be described by saying that they borrow in large amounts but often lend in small amounts▬ a process quite different from that of banking institutions, which collect deposits in small amounts and then often make large loans.2.Please compare the function of securities brokers and dealers.Brokers are pure intermediaries who act as agents for investors in the purchase or sale of securities. Their function is to match buyers with sellers, a function for which they are paid brokerage commissions. In contrast to brokers, dealers link buyers and sellers by standing ready to buy and sell securities at given prices. Therefore dealers hold inventories of securities and make their living by selling these securities for a slightly higher price than they paid for them.Chapter 51.What is the difference between the nominal interest and the real interest?The interest that makes no allowance of inflation is referred to as the nominal interest rate, which is distinguish it from the real rate, the interest that is adjusted for expected changes in the price level so that it more accurately reflects the true cost of borrowing.2.Why is the concept of the present value extremely useful?The concept of the present value is extremely useful because it allows us to figure out today’s value of credit market instrument at a given sample of interest rate I by just adding up the individual present values of all the future payments received. The concept allows us to obtain an equivalent measure of the interest rate on all types of credit market instruments.Chapter 61. What are the characteristics of money market securities?●They are usually sold in large denominations.●They have low default risk.●The mature in one year or less from their original issue date. Most money market instrumentsmature in less than 120 days.2. Please name at least three kinds of money market instruments.●Treasury bills●Negotiable certificates of the deposit●Commercial paper●Banker’s acceptance●Repurchase agreementsChapter 71.What are the day-to-day jobs of central banks?Provide loans during times of financial stressManage the payments systemOversee the commercial banks and the financial system2.What are the differences between central banks and national banks?Any central bank’s main responsibility is the management of the monetary policy to ensure a stable currency. This is distinct from the goal of a national bank which to ensure a stable domestic economy. Unlike the national bank, a central bank usually quite narrowly aims to manage inflation as well as deflation, and intervenes primarily through open market operations in which it achieves its monetary tasks by massive buying or selling, rather than by regulations. A national bank will have more mechanisms to deal with asset inflation, regional development, and to require that sustainable development, and industrial policy, or domestic-focused industries are favored. A national bank is rarely separate from its government.Chapter 81.What are the advantages of open market operations over the other tools of monetarypolicy?●Central banks have complete control over open market operations over their volume.●Open market operations are flexible and precise; they can be used to any extent.●Open market operations are easily reversed.●Open market operations can be implemented quickly; they involve no administrative delays.2.What are the goals of monetary policy?●high employment●economic growth●price stability●interest-rate stability●stability of financial marketsChapter 91.What are the primary market and secondary market?Capital market trading occurs in either the primary market or the secondary markets. The primary market is where new issues of stocks and bonds are introduced. A secondary market is where the sale of previously issued securities takes place. There are two types of exchanges in the secondary market for capital securities: organized exchanges and over-the-counter (OTC) exchanges.2.What is a down payment?To obtain a mortgage loan, the lender-usually requires the borrower to make a down payment on the property, that is, to pay a portion of the purchase price. Down payments are intended to make the borrower less likely to default on the loan and reduce moral hazard for the borrower. Chapter 101.How do futures contract differ from forwards contract?Forward contracts are negotiated between t wo parties and, therefore, can have unique specifications that depend on the demands of those parties. Because they are customized, forward contracts are very difficult to resell to someone else. Forward contracts, on the other hand, tend to be used when the credit rating of the contracting parties is high and easy to verify.By contrast, futures contracts are standardized contracts that are traded on exchanges.The exchange specifies the exact commodity, the contract size, and where and when delivery will be made. It is, therefore, easy for parties to a futures contract to t erminate their positions before the specified delivery date. Because of t heir careful procedures to protect against the risk of contract default by requiring the posting of margin,furthers markets are used by individuals and firms whose credit rating may be costly to check.2.What are the three stages does currency swap have?●an initial exchange of principal: the two counterparties exchange principal amounts at anagreed exchange rate. This can be a notional exchange since its purpose is to establish the principal amounts as a reference point for the calculation of interest payments and the re-exchange of the principal amounts.●exchange of interest payments on agreed dates based on outstanding principal amounts andagreed fixed interest rates.●re-exchange of the principal amounts at a predetermined exchange rate so the parties end upwith their original currencies.Chapter111.What is the different between a spot transaction and an outright forward transaction? The only difference is that spot is settled, or delivered, on a value date no later than two business days after the deal date, while outright forward is settled on any pre-agreed date three or more business days after the deal date.2. How are option different from a forward contract and future contract?Options are unique in that the right to execute will be exercised only if it is in the holder’s interest to do so.That differs from a forward contract, in which the parties are obligated to execute the transaction on the maturity date, and it differs from a futures contract, in which the parties are obligated, in principle to transact at maturity, but that obligation easily can be—and normally is—bought out and liquidated before the maturity or delivery date.Chapter121.What are the four basic categories within the current account?The four basic categories within the current account are:The goods category includes imports and exports of tangible goodsThe services category includes flows of payment in exchange for services countries provide to each otherThe income category measures cross-border compensation of employees. It also includes interest and dividend payments to foreign residents and governments who hold domestic financial assets, as well as payments received by domestic residents and governments who hold financial assets abroad.Transfer payments include unilateral gifts or payments from private citizens and government of a country to people living abroad or vice versa.2.How do you understand a balance-of-payment deficit, surplus, and equilibrium?A balance-of-payments deficit refers to a situation in which the official settlements balance is positive. Ignoring a statistical discrepancy, if the sum of the credits and debits in the current account and the capital and financial account is negative, private payments made to foreigners exceed private payments received from foreigners. In this case, the official settlements balance must be positive. This is called a balance-of-payments deficit. A situation where the sum of the debits and credits in the current and the capital and financial account is positive means that private payments received from foreigners exceed private payments made to foreigners. In this case, the official settlements balance is negative, and there is a balance-of-payments surplus. A balance-of-payments equilibrium refers to a situation where the sum of the debits and credits in the current account and capital and financial account is zero, and thus the official settlements balance is zero.Chapter131.Why are many commercial banks establishing branches around the world? International business allows companies to diversify among various economies so that their performance is less dependent on economic conditions of any single country.Furthermore, the establishment of branches allows a bank to do business face to face with subsidiaries of multinational corporations. The global expertise of some of the larger banks distinguishes them from the small and medium banks and enables them to dominate business by attracting the large corporations.2.What are the most common types of risk to which multinational banks are exposed?The most common types of risk to which multinational banks are exposed are:credit risk, exchange rate risk, settlement risk, interest rate risk as well as country risk.。

PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分, 答错不扣分1.I.perfec.market.existed.resource.woul.b.mor.mobil.an.coul.therefor.b.transferre.t.thos.countrie.mor.willin.t.pa..hig.pric.fo.them.. .. .2.Th.forwar.contrac.ca.hedg.futur.receivable.o.payable.i.foreig.currencie.t.insulat.th.fir.agains.exchang.rat.risk ... . )3.Th.primar.objectiv.o.th.multinationa.corporatio.i.stil.th.sam.primar.objectiv.o.an.firm.i.e..t.maximiz.sharehol de.wealth.. .. )4..lo.inflatio.rat.tend.t.increas.import.an.decreas.exports.thereb.decreasin.th.curren.accoun.deficit.othe.thing.e qual......5..capita.accoun.defici.reflect..ne.sal.o.th.hom.currenc.i.exchang.fo.othe.currencies.Thi.place.upwar.pressur.o.tha.hom.currency’.value.. .. )parativ.advantag.implie.tha.countrie.shoul.specializ.i.production.thereb.relyin.o.othe.countrie .fo.som.products.. .. .7.Covere.interes.arbitrag.i.plausibl.whe.th.forwar.premiu.reflec.th.interes.rat.differentia.betwee.tw.countrie.sp ecifie.b.th.interes.rat.parit.formula. .. . )8.Th.tota.impac.o.transactio.exposur.i.o.th.overal.valu.o.th.firm.. .. .9. .pu.optio.i.a.optio.t.sell-b.th.buye.o.th.option-.state.numbe.o.unit.o.th.underlyin.instrumen.a..specifie.pric.pe.uni.durin..specifie.period... . )10.Future.mus.b.marked-to-market.Option.ar.not.....)PartⅡ:Cloze (20%)每题2分, 答错不扣分1.I.inflatio.i..foreig.countr.differ.fro.inflatio.i.th.hom.country.th.exchang.rat.wil.adjus.t.maintai.equal.. purchasin.powe... ）2.Speculator.wh.expec..currenc.t..appreciat..... .coul.purchas.currenc.future.contract.fo.tha.currency.3.Covere.interes.arbitrag.involve.th.short-ter.investmen.i..foreig.currenc.tha.i.covere.b.....forwar.contrac...... .t. sel.tha.currenc.whe.th.investmen.matures.4.. Appreciation.Revalu....）petitio.i.increased.5.....PP... .suggest..relationshi.betwee.th.inflatio.differentia.o.tw.countrie.an.th.percentag.chang.i.th.spo.exchang.ra t.ove.time.6.IF.i.base.o.nomina.interes.rat....differential....).whic.ar.influence.b.expecte.inflation.7.Transactio.exposur.i..subse.o.economi.exposure.Economi.exposur.include.an.for.b.whic.th.firm’... valu... .wil.b.affected.modit.a..state.pric.i..... pu..optio..i.exercised9.Ther.ar.thre.type.o.long-ter.internationa.bonds.The.ar.Globa.bond. .. eurobond.....an....foreig.bond...).10.An.goo.secondar.marke.fo.financ.instrument.mus.hav.a.efficien.clearin.system.Mos.Eurobond.ar.cleare.thr oug.eithe...Euroclea... ..o.Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分rmation:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800rmation.i.locationa.arbitrag.possible?put.t h.profi.fro.thi.arbitrag.i.yo.ha.$1,000,e.(5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2.Assum.tha.th.spo.exchang.rat.o.th.Britis.poun.i.$1.90..Ho.wil.thi.spo.rat.adjus.i.tw.year.i.th.Unite.Kingdo.experience.a.inflatio.rat.o..percen.pe.yea.whil.th.Unite.State.experience.a.inflatio.rat.o..perc en. pe.year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforth.exchang.rat.o.th.poun.wil.depreciat.b.4..percent.Therefore.th.spo.rat.woul.adjus.t.$1.9..[..(–.047)..$1.81073.Assum.tha.th.spo.exchang.rat.o.th.Singapor.dolla.i.$0.70..Th.one-yea.interes.rat.i.1.percen.i.th.Unite.State.a n..percen.i.Singapore..Wha.wil.th.spo.rat.b.i.on.yea.accordin.t.th.IFE?.(5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284.Assum.tha.XY.Co.ha.ne.receivable.o.100,00.Singapor.dollar.i.9.days..Th.spo.rat.o.th.S.i.$0.50.an.th.Singap or.interes.rat.i.2.ove.9.days..Sugges.ho.th.U.S.fir.coul.implemen..mone.marke.hedge..B.precis. .(10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.pan.ordere..Jagua.sedan.I..month..i.wil.pa.£30,00.fo.th.car.I.worrie.tha.poun.ster1in.migh.ris.sharpl.fro.th.curren.rate($1.90)pan.bough...mont.poun.cal.(suppose.contrac.siz..£35,000.wit..strik.pric.o.$1.9.fo..premiu.o.2..cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)I.th..ros.t.$pan.woul. exercis.th.poun.cal.option.Th.su.o.th.strik.pric.an.premiu..i.$1.90 + $0.023 = $1.9230/£Thi.i.bigge.tha.$1.92.So hedging in the options market is not better.(2.whe.w.sa.th. compan.ca.brea.even.w.mea.tha.hedgin.o.no.hedgin.doesn’. matter.An.onl.whe.(strik.pric..premiu.).th.exchang.rat.,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6.Discus.th.advantage.an.disadvantage.o.fixe.exchang.rat.system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)Th.strik.pric.fo..cal.i.$1.67/£.Th.premiu.quote.a.th.Exchang.i.$0.022.pe.Britis.pound.Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴa) b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?Yo.ar.expectin.revenue.o.Y100,00.i.on.mont.tha.yo.wil.nee.t.cover.t.dollars.Yo.coul.hedg.thi.i.forwar.market.b.takin.lon.position.i.U.dollar.(shor.position.i.Japanes.Yen).B.lockin.i.you.pric.a.$..Y105.you.dolla.revenue.ar.guarantee.t.b.Y100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。

练习题1.如果你向中国银行询问英镑兑美元的汇价，银行告知你为：￡1=US$1.9682/87。

问：（1）如果你要卖给银行美元，应该使用哪个价格？（2）如果你要卖出英镑，又应该使用哪个价格？（3）如果你要从银行买进5000英镑，你应该准备多少美元？2.假设汇率：￡1=US$1.9680/90，US$1=SKr1.5540/60，试计算英镑兑瑞典克朗的汇率。

3.假设汇率：US$1=￥JP125.50/70，US$1=HK$7.8090/00，试计算日元兑港币的汇率。

4.已知去年同一时期美元兑日元的中间汇率为US$1=JP￥133.85，而今年的汇率则为US$1=JP￥121.90，求这一期间美元对日元的变化率和日元对美元的变化率。

5.如果你是银行的报价员，你向另一家银行报出美元兑加元的汇率为1.5025/35，客户想要从你这里买300万美元。

问：（1）你应该给客户什么价格？（2）你相对卖出去的300万美元进行平仓，先后询问了4家银行，他们的报价分别为：①A银行 1.5028/40②B银行 1.5026/37③C银行 1.5020/30④D银行 1.5022/33，问：这4家银行的报价哪一个对你最合适？具体的汇价是多少？6.假设汇率如下:纽约￡1=US$1.9650 伦敦￡1=JP￥240 东京 US$1= JP￥120 请进行三角套汇。

7.某日伦敦外汇市场的汇率为￡1=US$1.9650/70，US$1=HK$7.8020/40。

请套算出英镑兑港元的汇率。

如果某一个出口商手中持有100万英镑，可以兑换多少港元？8.已知东京外汇市场上的汇率如下：￡1=US$1.9450/80，US$1=JP￥133.70/90。

请问某公司以英镑买进日元的汇率应该是多少？如果公司需要对外支付100万英镑，又需要支付多少日元呢？9.已知美元/加元1.2350/70，美元/挪威克朗5.7635/55。

某公司要以加元买进挪威克朗，汇率是多少？如果持有500万加元，可以兑换多少挪威克朗？如果持有1000万挪威克朗，又可以兑换多少加元呢？10. US$1=JP￥121.30/50这个汇率中，美元的买价和卖价分别是哪个，而日元的买价和卖价又分别是哪个？参考答案1.(1) 1.9687 (2) 1.9682 (3) 1.9687×5000=9843.5(＄)2.￡1=SKr(1.9680×1.5540)/(1.9690×1.5560)=SKr3.0583/3.09493.￥JP1=HK$(7.8090/125.70)～(7.8100/125.50)= HK$0.0621～0.06224.美元对日元的变化率= (121.90 / 133.85－1)×100% =－8.93%日元对美元的变化率= (133.85 / 121.90－1)×100% = 9.80%5.(1) 1.5035 (2) C ; 1.50306. 1.9650×1/ 240× 120 =0.9825＜1，可以套利。

INTERNATIONAL FINANCEAssignment Problems (5) Name: Student#:I. Choose the correct answer for the following questions (only correct answer) (3 credits for each question, total credits 3 x 20 = 60)1. When the supply of and demand for a foreign exchange in the foreign exchange market are exactly the same, the exchange rate is the __________.A. real exchange rateB. effective exchange rateC. equilibrium exchange rateD. cross exchange rate2. An increase in the demand for French goods and services will __________.A. induce a rightward shift in the demand for euroB. induce a leftward shift in the demand for euroC. result in a rightward movement along the demand curve for euroD. result in a leftward movement along the demand curve for euro3. If U.S. dem and for Japanese goods increases and Japan’s demand for U.S. products also rises at the same time, which of the following can you conclude in this situation?A. The U.S. dollar will appreciate against the yen.B. The U.S. dollar will depreciate against the yen.C. The U.S. dollar will not change relative to the yen.D. The U.S. dollar may appreciate, depreciate, or remain unchanged against theyen.4. If the price of a pair of Nike sneakers costs $85 in U.S, and the price of the same sneakers is €80 in Pari s, the spot rate is $1.35 per euro, the euro __________.A. is correctly valued according to PPPB. is correctly valued according to relative PPPC. is undervalued according to PPPD. is overvalued according to PPP5. If the expected exchange rate E (SB/A) according to the relative purchasing power parity is lower than the spot exchange rate (SB/A), we may conclude that __________.A. country B is expected to run huge BOP surplus with country AB. country A’s interest rate is going to be lower than that of country B’sC. the expected inflation rate in country A is higher than the expected inflation rate in country BD. the expected inflation rate in country A is lower than the expected inflation rate in country B6. Assume that PPP holds in the long run. If the price of a tradable good is $20 in the U.S. and 100 pesos in Mexico; and the exchange rate is 7 pesos/$ right now, which of the following changes might we expect in the future?A. an increase in the price of the good in the U.SB. a decrease in the price of the good in MexicoC. an appreciation of the peso in nominal termsD. a depreciation of the peso in nominal terms7. Which basket of goods would be most likely to exhibit absolute purchasing power parity?A. Highly tradable commodities, such as wheatB. The goods in the Consumer Price indexC. Specialized luxury goods, which are subject to different tax rates across countriesD. Locally produced goods, such as transportation services, which are not easily traded8. The absolute purchasing power parity says that the exchange rate between the two currencies should be determined by the __________ .A. relative inflation rate of the two currenciesB. relative price level of the two countriesC. relative interest rate of the two currenciesD. relative money supply of the two countries9. According to the relative PPP, if country A’s inflation rate is higher than country B’s inflation rate by 3%, __________.A. country A’s currency should depreciate against country B’s currency by 3%B. country A’s currency should appreciate against country B’s currency by 3%C. it is hard to say whether country A’s currency should appreciate or depreciate against country B’s currency. The exchange rate is influenced by many factorsD. none of the above is true10. If the law of one price holds for a particular good, we may conclude that __________.A. there is no trade barriers for the good among the different nationsB. the price of the good is the same ignoring the other expensesC. arbitrage for the good does not existD. all of the above are true11. An investor borrows money in one market, sells the borrowed money on the spot market, invests the proceeds of the sale inanother place and simultaneously buys back the borrowed currency on the forward market. This is called __________.A. uncovered interest arbitrageB. covered interest arbitrageC. triangular arbitrageD. spatial arbitrage12. Real return equalization across countries on similar financial instruments is called __________.A. interest rate parityB. uncovered interest parityC. forward parityD. real interest parity13. In which of the following situations would a speculator wish to sell foreign currency on the forward market?14. According to IRP, if the interest rate in country A is higher than that in country B, the forward exchange rate, defined as F1A/B is expected to be __________.A. lower than the spot rate S0A/BB. the same as the spot rate S0A/BC. higher than the spot rate S0A/BD. necessary the same as the future spot rate S1A/B15. For arbitrage opportunities to be practicable, __________.A. arbitragers must have instant access to quotesB. arbitragers must have instant access to executionsC. arbitragers must be able to execute the transactions without an initial sum of money relying on their bank’s credit standingD. All of the above must be true.16. The __________ states that the forward exchange rate quoted at time 0 for delivery at time t is equal to what the spot rate is expected to be at time t.A. interest rate parityB. uncovered interest parityC. forward parityD. real interest parity17. Assume expected value of the U.S. dollar in the future is lower than that now compared to the value of the Japanese yen. The U.S. inflation rate must be higher than Japan’s inflation rate according to __________.A. relative PPPB. Fisher equationC. International Fisher relationD. IRP18. According to covered interest arbitrage if an investor purchases a five-year U.S. bond that has an annual interest rateof 5% rather than a comparable British bond that has an annual interest rate of 6%, then the investor must be expecting the __________ to __________ at a rate at least of 1% per year over the next 5 years.A. British pound; appreciateB. British pound; revalueC. U.S. dollar; appreciateD. U.S. dollar; depreciate19. Covered interest arbitrage moves the market __________ equilibrium because __________.A. toward; investors are now more willing to invest in risky securitiesB. toward; purchasing a currency on the spot market and selling in the forward market narrows the differential between the twoC. away from; purchasing a currency on the spot market and selling in the forward market increases the differential between the twoD. away from; demand for the stronger currency forces up the interest rates on the weaker security20. If the forward exchange rate is an unbiased predictor of the expected future spot rate, which of the following is NOT true?A. The future spot rate will actually be equal to what the forward rate predictsB. The forward premium or discount reflects the expected change in the spot exchange rate.C. Speculative activity ensures that the forward rate does not diverge too far from the market’s consensus expectation.D. All of the above are true.II. Problems (40 credits)1. The Argentine peso was fixed through a currency board at Ps1.00/$ throughout the 1990s. In January 2019 the Argentine peso was floated. On January 29, 2019, it was trading at Ps3.20/$. During that one year period Argentina’s inflation rate was 20% on an annualized basis. Inflation in the United States during that same period was2.2% annualized. (10 credits)a. What should have been the exchange rate in January 2019 if purchasing power parity held?b. By what percentage was the Argentine peso undervalued on an annualized basis?2. Assume that the interest rate paid by an American borrower on a ten-year foreign bond is 10% if the bond is sold in Denmark and 7% if the bond is sold in the Netherland. Will the expectedinflation rate in the Netherlands likely be higher than the expected inflation rate in Denmark? Will the Danish kroner be expected to increase in value against the Dutch guilder? Explain your answer. (5 credits)3. Suppose S = $1.25/₤and the 1-year forward rate is F = $1.20/₤. The real interest rate on a riskless government security is 2 percent in both England and the United States. The U.S. inflation rate is 5 percent. (5 credits)a. What is England’s nominal required rate of return on riskless government securities?b. What is England’s inflation rate if the equilibrium relationships hold?4. Akira Numata, a foreign exchange trader at Credit Suisse (Tokyo), is exploring covered interest arbitrage possibilities. He wants to invest $5,000,000 or its yen equivalent, in a covered interest arbitrage between U.S. dollars and Japanese yen. He faced the following exchange rate and interest rate quotes: (12 credits)5. On a particular day, the spot rate between Czech koruna (CKR) and the U.S. dollar is CKR30.35/$, while the interest rate ona one-year financial instrument in Czech is7.5% and 3.5% in U.S. (8 credits)a. What is your expected spot exchange rate a year later?b. You’re concerned your investment in the Czech Republic because of the economic uncertainty in that country. When you expect the future value of the koruna, you require a risk premium of 2%. What is the expected future spot rate supposed to be?Answers to Assignment Problems (5)Part II1. a. inflation differential (20% -2.2%) = 17.8%U.S. should have appreciated by 17.8%Implied exchange rate 1(1 + 17.8%) = Ps1.178/$b. (1.178 – 3.2 ) / 3.2 = -63.19%2. a. According to international Fisher equation: (1 + id) / (1 + if) = (1 + E[πd]) / (1 + E[πf])id: interest rate in Denmarkif: interest rate in Netherlandπd: Danish inflation rateπf Dutch inflation rateSince (1 + id) / (1 + if) = (1 +10%)/(1 + 7%) > 0So, (1 + E[πd]) / (1 + E[πf]) >0, which means the expected inflation rate in Denmark would be greater than that in Netherland.b. If Danish inflation is higher than Dutch inflation, Danish kroner will be expected to decrease in value against the Dutch guilder. (relative PPP theory)第 11 页。

Part11.Multiple Choice（Part1 单选DDDAD ADABD 阅读CDDA CDBBD）(1) The People's Bank of China has been divided into ________district banks since 1999.A. 6B. 7C. 8D. 9(2) The PBC has operated as the central bank since________.A. 1987B. 1986C. 1985D. 1984(3)China formally lifted all remaining current account restrictions in _________.A. 1993B. 1994C. 1995D. 1996(4) ________remains the principle foreign exchange bank.A. The Bank of ChinaB. The Commercial and Industrial BankC. The Construction BankD. The Agricultural Bank(5) The indirect instruments such as ________have emerged as major monetary policy tools that the PBC relies on.A. required reserve ratioB. interest rate adjustmentC. open market operationsD. all of the above(6) With China's entry into WTO, China has decided to implement a phased reform of________.A. the wholly state-owned commercial banksB. the policy banksC. joint-equity commercial banksD. the non-bank financial sector(7) Banks play a unique role in the economy through ________.A. mobilizing savingsB. transmitting monetary policyC. providing a payment systemD. all of above(8) The evolution of the Chinese banking system can be broadly divided into ________phases.A. 3B.4C. 2D. 5(9) Although capital market development is expected to speed up, banks in China currently provide about________percent of aggregate financing in the economy.A. 65B. 75C. 50D. 80(10) Apart from traditional deposit taking and lending business, commercial banks now offer a broad range of intermediary services such as________.A. international settlementB. bank cardsC. private bankingD. all of the above2.True or False(1)Since the enactment of the Law of the People's Bank of China in March 1995, the PBC has no longer played the role of financing fiscal deficits in national budgetary.(2) The People's Bank of China was made as a central bank in 1948.(3) The indirect policy instruments include required reserve ratio, interest rate adjustment, and credit ceiling.(4) Before 1979 the foreign exchange control was strictly enforced.(5) The wholly state-owned commercial banks in China today used to be known as state-owned specialized banks.(6) One of the important goals of liberalizing the banking sector is to give foreign banks nationaltreatment.(7) The increase of the presence of foreign banks in China is likely to introduce new products and expertise.(8) Now China still remains some current account restrictions.(9) In recent years, there has been a great improvement in the conduct of monetary policy with great reliance on direct policy instruments.(10) Now China is an Article Ⅷ member of the International Monetary Fund.3.ClozeDirections: Read the following paragraphs and then put the suitable words or phrases into the blanks.The banking sector has played an important role in ________the implementation of the stabilization and structural measures as well as sustaining strong economic growth. The macroeconomic stability and ________improvement in turn have enabled the banking sector to________vigorously. Although capital market development is expected to speed up, banks in China, which currently provide about 75 percent of aggregate financing in the economy, are likely to continue playing a ________role in financing economic and technological development as well as the economic________ in the foreseeable future.1.facilitating2.reform3.structural4.develop5.dominantIn recent years, there has been a significant improvement in the ________of monetary policy with greater reliance on ________policy instruments. The central bank used to rely on credit ceilings for commercial banks as a major tool for monetary policy. This direct instrument has been abolished while such indirect instruments as required reserve ratio, interest rate adjustment and open market operations have ________as major monetary policy tools. The required reserve account and excess reserve account of the commercial banks with the central bank have been ________and the consolidated required reserve ratio has been reduced from 13 percent to 8 percent. Since 1996, the central bank has________ interest rates on many occasions to reflect the weakening domestic and global demand. These policy measures have helped sustain strong economic growth 1.emerged 2.conduct 3.lowered 4.indirect 5.mergedThe reform efforts have resulted in greater openness of the banking sector, integrated financial markets, increased diversification of banking institutions, strengthened competition and improved efficiency of ________allocation. Despite these achievements, the banking sector in China is faced with ________challenges, including the high level of ________loans and the need to prepare for greater competition from foreign banks, as China becomes a member of the World Trade Organization. These challenges call for ________efforts on the part of the authorities in institutional building to facilitate greater enforceability of bank claims, faster market infrastructure development and better ownership structure. These efforts have to be accompanied by parallel actions of the banks to improve corporate governance, particularly ________structure and internal controls.1.incentive2.non_performing3.resource4.formidable5.intensifying4. Translation(1) Although banks share many common features with other profit-seeking businesses, they play a unique role in the economy through mobilizing savings, allocating capital funds to finance productive investment,transmitting monetary policy, providing a payment system and transforming risks.尽管银行与其他以盈利为目的的企业具有许多共同的特征，但它在国民经济中还发挥着特殊的作用。

1International FinanceAssignment Problems (2) Name: Student No.:I. Choose the correct answer for the following questions (only ONE correct answer)(5 credits for each question, total credits 4 x 15 = 60)1. According to the principle of the balanced balance of payments, if a country reduces its foreign exchange reserves by $20 million and the statistical discrepancy is in the credit entry of $5 million in a given period of time, the country runs __________ of its balance of payments during that period of time.A. $15 million deficitsB. $25 million deficitsC. $20 million deficitsD. $5 million deficits2. If a country’s domestic saving is greater than domestic investment, the country probably has __________.A. a current account surplusB. a net capital outflowC. a current account deficitD. Both A and B are possible.3. A debit entry in the balance-of-payments account represents a transaction that __________.A. a domestic resident receives a payment from abroadB. a domestic resident makes a payment to a foreign residentC. will improve the current account statusD. will have no affects on the nation’s foreign exchange reserves4. In terms of balance-of-payments account, which of the following would be recorded as a debit entry in the U.S. BOP?A. exports of merchandiseB. exports of servicesC. purchase of the U.S. Treasury bonds by non-residentsD. an increase of the deposit in a U.S. resident's account at a foreign bank5. A balance-of-payments deficit is defined as a situation in which __________.A. the value of payments made to the foreigners exceeds the value of receipts received from the foreigners in a given period of timeB. the government must borrow in order to meet its budget obligationsC. the value of manufactured good exports is less than the value of imported goodsD. a nation earns much in extra assets or reduced liabilities in its dealings with the rest of the world6. Which of the following would NOT be considered as a typical BOP transaction?A. Toyota USA is a US distributor of automobiles manufactured in Japan by its parent company.B. A U.S. subsidiary of European financial giant, Credit Suisse, pays dividends to its parent in Zurich.C. A US tourist purchases gifts at a museum in London.D. All are example of BOP transactions.7. The balance of payments is a statistical record which measures the total value of __________.A. a country’s foreign exchange reserves in a certain period of timeB. a country’s foreign trades between the residents of a country and its non-residents for a given period of timeC. all economic and financial transactions between the residents of a country and its non-residents for a given period of timeD. a country’s capital inflows and outflows at a particular date in a given year8. A British pension fund sells some of its holdings of the stocks of U.S. companies in order to buy U.S. corporate bonds. This transaction will affect __________.A. the U.S. international investment positionB. the British international investment positionC. both countries’ international investment positionD. None of the above. This is because both countries’ international investment position unchanged, only the composition of foreign investments in both U.S. and U.K. changes.9. Which of the following transactions is included in China’s balance-of-payments account?A. A U.S. embassy in Beijing pays salaries to its American staffs.B. The World Bank furnishes the Chinese government with a loan.C. A U.S. student pays tuition fees for his 4 year-study in Beijing University.D. The Chinese embassy in Washington buys telecommunication equipments from a Chinese company in Shanghai.10. If the U.S. runs current account deficits, we can expect that __________.A. it may act as a net debtor in the rest of the worldB. its domestic saving may less than its domestic investmentC. its domestic production is less than its domestic consumptionD. all of the above11. The trade deficit means that __________.A. residents are importing more goods than they are exportingB. residents are borrowing more funds than they are lendingC. residents are receiving more payments than they are makingD. residents are producing more goods than they are consuming12. Which of the following is an example of an exchange of financial assets?A. the exchange of butter for wheatB. the exchange of information technologyC. the exchange of a fixed-rate loan for a floating-rate loanD. the exchange of gold for jewelry13. For most countries, the subcategory that typically dominates the current account is __________.A. unilateral transfersB. goods tradeC. income tradeD. services trade14. When categorizing investments for the financial account component of the balance of payments the __________ is an investment where the investor has no incentive to control whereas the __________ is an investment where the investor wants to control over the assets.A. direct investment, portfolio investmentB. direct investment, indirect investmentC. portfolio investment, indirect investmentD. portfolio investment, direct investment15. If a country’s merchandise exports exceed its imports by $50 million, services trade balance is net $30 million and unilateral transfers made in excess of those received by $5 million, what is the country’s current account balance?A. $85 millionB. $75 millionC. $15 millionD. $25 million1. Country A’s BOT is __________.2. Country A’s current account balance is __________.3. Suppose the changes in country A’s official reserves are zero in 2010, its capital and financial account balance MUST be __________.4. If country A’s official reserves are recorded on the credit side by $10 million in 2010, its capital and financial account balance should be __________.5. Based on the assumption of question 4, country A has BOP deficit or surplus in 2010? Explain.6. What is the current account balance of a nation with a government budget deficit of $128 billion, private saving of $806 billion, and domestic capital formation of $777 billion?III. Express the following operations in the Dutch balance of payments in T-accounts:(5 credits for each question, total credits 3 x 5 = 15)a. A Dutch company exports €100,000 goods to a London company for €100,000 in bank deposits.b. An import billed for €150,000 paid with a check drawn on a London bank.c. A Dutch company based in Rotterdam uses €1 million that it was holding in a short-term deposit with its Rotterdam bank to purchase 10-year bonds issued by German government.IV. True or false: (7 credits)A credit entry in the balance of payments represents a demand for local currency whereas a debit entry represents a supply of local currency. You MUST explain your answer.Part IVTrue. Because the credit entry in BOP means domestic residents receiving foreigncurrencies. When they sell those foreign payments, they demand the local currency. The debit entry in BOP implies domestic residents need to buy foreign currencies with the local currency. Therefore, it represents a supply of local currency.。

PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T )2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T )3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T )4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F )5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F )6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T )7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula. ( F )8．The total impact of transaction exposure is on the overall value of the firm. ( F )9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T )10. Futures must be marked-to-market. Options are not. ( T )PartⅡ:Cloze (20%)每题2分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency.3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures.4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased.5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time.6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation.7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected.8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ).10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in twoyears if the United Kingdom experiences an inflation rate of 7 percent per year while the United States experiences an inflation rate of 2 percent per year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforthe exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 ×[1 + (–.047)] = $1.81073. Assume that the spot exchange rate of the Singapore dollar is $0.70. The one-year interest rate is 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.5. A U.S. company ordered a Jaguar sedan. In 6 months , it will pay £30,000 for the car. It worried that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)If the £ rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is$1.90 + $0.023 = $1.9230/£This is bigger than $1.92.So hedging in the options market is not better.(2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate ,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴ:Additional QuestionSuppose that you are expecting revenues of Y 100,000 from Japan in one month. Currently, 1 month forward contracts are trading at $1 = $105 Yen. You have the following estimate of the Yen/$ exchange rate in one month.a)b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?You are expecting revenues of Y100,000 in one month that you will need to covert to dollars. You could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Yen). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to beY100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。

国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1. A country’s balance of payments records: 一个国家的国际收支平衡记录了Ba.The value of all exports of goods and services from that country for aperiod of time.b.All flows of value between that country’s residents and residents of therest of the world during a period of time. 在一定时间段里, 一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country’s borders duringa period of time.d.All flows of goods into that country during a period of time.2.3. A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid. 一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to a foreigner.4.Every international exchange of value is entered into the balance-of-paymentsaccounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次 Ba. 1b. 2c. 3d. 45. A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay. 一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.6.In a nation's balance of payments, which one of the following items is alwaysrecorded as a positive entry? D 在国际收支中, 下列哪个项目总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country. 国外游客在本国发生的购买7.The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors and omissions.8.Which of the following capital transactions are entered as debits in the U.S.balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？ Ba. A U.S. resident transfers $100 from his account at Credit Suisse in Basel(Switzerland) to his account at a San Francisco branch of Wells Fargo Bank.b. A French resident transfers $100 from his account at Wells Fargo Bank inSan Francisco to his Credit Suisse account in Basel. 一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c. A U.S. resident sells his IBM stock to a French resident.d. A U.S. resident sells his Credit Suisse stock to a French resident.9.An increase in a nation's financial liabilities to foreign residents is a: 一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.10.___A_______ are money-like assets that are held by governments and that arerecognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets11.Which of the following is considered a capital inflow? 下列哪项被视为资本流入 Aa. A sale of U.S. financial assets to a foreign buyer. 美国一金融资产卖给一外国买家b. A loan from a U.S. bank to a foreign borrower.c. A purchase of foreign financial assets by a U.S. buyer.d. A U.S. citizen’s repayment of a loan from a foreign bank.12.In a country’s balance of payments, which of the following transactions aredebits?一个国家的收支平衡表中,哪个交易属于借项？ Aa.Domestic bank balances owned by foreigners are decreased. 外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents are decreased.c.Assets owned by domestic residents are sold to nonresidents.d.Securities are sold by domestic residents to nonresidents.13.The role of ___D_______ is to direct one nation’s savings into another nation’sinvestments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows 资金流14.The net value of flows of goods, services, income, and unilateral transfers iscalled the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba.Capital account.b.Current account.经常账目（户）c.Trade balance.d.Official reserve balance.15.The net value of flows of financial assets and similar claims (excluding officialinternational reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫 Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of payments includes: 美国国家收支表中的金融帐包括： Ba.Everything in the current account.b.U.S. government payments to other countries for the use of military bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.Ａ U.S. resident increasing her holdings of a foreign financial asset causesa: 一个美国居民增持一外国金融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account. 美国资本帐的借帐17.A foreign resident increasing her holdings of a U.S. financial asset causes a:一个美国居民增持本国一金融资产会引起 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18.A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasing imports.19.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to$73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion.This increased the deficit in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.The balance of payments.b.The financial account.c.The current account. 经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reduction on imported goods.b.The United States cuts back on American military personnel stationed inJapan.美国削减在日本的军事人员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in the United States.21.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b. A Chinese businessman imports Ford automobiles from the United States.c. A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chinese to play anexhibition game in Beijing, China.22.If a British business buys U.S. government securities, how will this be enteredin the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increase in U.S. assets heldby foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decrease in U.S. assets heldby foreigners.23.In the balance of payments, the statistical discrepancy or error term is usedto: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 Aa.Ensure that the sum of all debits matches the sum of all credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-payments deficit.d.Obtain an accurate account of a balance-of-payments surplus.24.Official reserve assets are: 官方储备资产是 Ba.The gold holdings in the nation’s central bank.b.Money like assets that are held by governments and that are recognizedby governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可ernment T-bills and T-bonds.ernment holdings of SDR’s25.Which of the following constitutes the largest component of the world’sinternational reserve assets? 下列哪项构成了世界国际储备资产的大部份？Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies. 外汇（币）26.The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于C official reserves. domestic investment. foreign investment. 国外投资净值 foreign deficit.27.A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能力向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise and service trade,international income payments and receipts and international transfers.28.The ___C_______ measures the sum of the current account balance plus the privatecapital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is an accumulation of officialreserve assets by the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balance NOT equal to? 以下哪项不等同于现金帐 Da.The difference between domestic product and domestic expenditure.b.The difference between national saving and domestic investment. foreign investment.d.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, and gifts is the currentaccount balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims is the private currentaccount balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets are now foreign exchangeassets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T) 大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35.A country's financial account balance equals the country's net foreigninvestment.一个国家的金融帐差额相当于一个国家的净国外投资36.A country has a current account deficit if it is saving more than it is investingdomestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of the capital account balanceplus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38.A nation's international investment position shows its stock of internationalassets and liabilities at a moment in time. (T) 一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39.A nation is a borrower if its current account is in deficit during a time period.(T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40.A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）41.A transaction leading to a foreign resident increasing her holdings of a U.S.financial asset will be recorded as a debit on the U.S. financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42.A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently often used in official reservetransactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the difference between domestic productand national expenditure.(T) 经常项目余额等于国民生产与国民支出的差额45.In 2007 U.S. households, businesses and government were buying more goods andservices than they were producing.(T)２００７年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.46。