英国雷丁大学 金融硕士 考试卷

金融硕士MF金融学综合（外汇与汇率）历年真题试卷汇编6(总分150,考试时间180分钟)选择题1. 1.(重庆大学2016)下列说法正确的是( )。

A. 外汇风险的结果即遭受损失B. 外汇风险都是由于外汇汇率变化引起的C. 交易风险不是国际企业的最主要的外汇风险D. 外汇风险对企业生存无足轻重2. 2.(清华大学2017)如果可以在国内自由持有外汇资产，并可自由的将本国货币兑换成外币资产，则( )。

A. 经常项目可兑换B. 资本项目可兑换C. 对内可兑换D. 对外可兑换3. 3.(中山大学2016)以外币数量标明单位本币的价格，比如在美国外汇市场，1美元=6．35人民币，这种标价方法是( )。

A. 直接标价法B. 间接标价法C. 美元标价法D. 本币标价法4. 4.(华东师大2015)长期以来一直采用间接标价法来表达其官方汇率的国家是( )。

A. 美国B. 日本C. 英国D. 德国5. 5.(湖南大学2015)国际银行间外汇市场采用( )。

A. 直接标价法B. 间接标价法C. 美元标价法D. 英镑标价法6. 6.(湖南大学2015)香港采用的汇率制度是( )。

A. 联系汇率制B. 浮动汇率制C. 爬行钉住D. 类似爬行钉住7. 7.(重庆大学2018)米德冲突主要分析的是( )。

A. 固定汇率制度下，失业与经常账户逆差并存或者通货膨胀与经常账户顺差并存两种经济状况下的政策困境B. 浮动汇率制度下，失业与经常账户逆差并存或者通货膨胀与经常账户顺差并存两种经济状况下的政策困境C. 浮动汇率制度下，资本自由流动和货币政策自主性之间的政策冲突D. 固定汇率制度下，资本自由流动和货币政策自主性之间的政策冲突8. 8.(中山大学2013)采用直接标价时，如果需要比原来更少的本币就能兑换一定数量的外币，则表明( )。

A. 本币币值上升，外币币值下降，本币升值外币贬值B. 本币币值下降，外币币值上升，本币贬值外币升值C. 本币币值上升，外币币值下降，外币升值本币贬值D. 本币币值下降，外币币值上升，外币贬值本币升值9. 9.(中国人大2011)在间接标价法下，汇率升降与本国货币价值的高低呈( )。

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 。

2024 研究生考试英语试题全文共10篇示例，供读者参考篇1Hello everyone! Today I want to share with you the English test paper for the 2024 Graduate Entrance Examination. Are you ready for some fun challenges? Let's get started!Part 1: Multiple Choice1. What is the capital of Canada?A. TorontoB. OttawaC. VancouverD. Montreal2. Who wrote the famous play "Romeo and Juliet"?A. William ShakespeareB. Jane AustenC. Charles DickensD. J.K. Rowling3. What is the plural form of "child"?A. childsB. childesC. childrenD. childs'Part 2: Fill in the blanks4. My brother _____ to school by bus every day.5. I _____ my homework last night.6. The cat _____ on the sofa when I came home.Part 3: Reading ComprehensionRead the following passage and answer the questions:John is a university student studying computer science. He loves playing video games and watching movies in his free time. He is currently working on a project that involves creating a new software for online shopping.7. What is John studying in university?8. What does John enjoy doing in his free time?9. What project is John working on?Part 4: WritingWrite a short paragraph (at least 100 words) about your future goals and aspirations. What do you hope to achieve after completing your graduate studies?Remember to take your time and read the questions carefully. Good luck on your exam! Hope you all do well and achieve your dreams. Keep studying hard and never give up! See you at the top!篇22024 Graduate Entrance Examination English TestHi friends! Today, I'm going to share with you some super fun and exciting English test questions for the 2024 Graduate Entrance Examination. So, get ready to test your English skills and have a blast at the same time!1. Fill in the Blanks:Complete the following sentences with the appropriate words:a. My favorite color is _________.b. I like to play _________ in the park.c. The cat is _________ the tree.d. I am _________ to see my friends.2. Vocabulary Challenge:Match the following words with their meanings:a. Excitingb. Deliciousc. Beautifuld. Happy3. Reading Comprehension:Read the following passage and answer the questions:My name is Sarah and I love to read books. My favorite book is about a magical land where animals can talk. I enjoy reading under the shade of a tree in the park. One day, I hope to write my own book and share it with the world.Questions:a. What is Sarah's favorite book about?b. Where does Sarah like to read?c. What does Sarah hope to do one day?4. Writing Task:Imagine you are a superhero. Write a short story about a day in your life, helping people and saving the world. Use your imagination and creativity to make it as fun and exciting as possible!I hope you enjoyed these English test questions and had fun practicing your English skills. Remember, practice makes perfect, so keep on studying and you will do great on the 2024 Graduate Entrance Examination. Good luck, my friends!篇3Hello everyone, I am so excited to share with you the English exam questions for the 2024 graduate school entrance exam! Are you ready? Let's get started!Question 1: Reading ComprehensionRead the following passage and answer the questions below.The passage is about a boy named Tom who loves to play soccer with his friends. Every afternoon after school, Tom and his friends would meet at the park and play soccer until the sun went down. They would laugh and cheer each other on as they kickedthe ball around. Tom's favorite part of the game was scoring goals and celebrating with his teammates.Questions:1. Where does Tom and his friends play soccer?2. What is Tom's favorite part of the game?Question 2: VocabularyMatch the following words with their meanings.1. Excited2. Celebrate3. Cheer4. ScoreQuestion 3: WritingWrite a short paragraph about your favorite hobby and why you enjoy it. Use at least three adjectives to describe it.Question 4: GrammarFill in the blanks with the correct form of the verbs in parentheses.1. I (play) soccer every weekend with my friends.2. She (cook) dinner when I came home.3. They (swim) in the pool last summer.That's it for the English exam questions! I hope you all do your best and remember to have fun while taking the test. Good luck, everyone!篇4Alright, here we go!2024 Graduate School Exam English TestHello everyone! Today I want to share with you all the English test questions from the 2024 Graduate School Exam. They were super duper hard, but I did my best and I think I did okay! Here are the questions:Part 1: Reading ComprehensionRead the passage below and answer the questions that follow:Passage:Once upon a time, there was a little boy named Jack who lived in a small village. He had a pet dog named Max and they were the best of friends. One day, Jack and Max went on a bigadventure in the forest. They climbed trees, chased butterflies, and explored mysterious caves. It was the most fun they had ever had!Question 1: What is the name of the little boy in the passage?Question 2: What is the name of the little boy's pet dog?Question 3: Where did Jack and Max go on their adventure?Question 4: What did Jack and Max do in the forest?Question 5: How did Jack and Max feel about their adventure?Part 2: GrammarFill in the blanks with the correct form of the verbs in brackets:1. Sarah (go) _______ to the store every day.2. We (play) _______ soccer in the park tomorrow.3. The cat (sleep) _______ under the tree right now.4. I (eat) _______ breakfast when you called me.Part 3: WritingWrite a short paragraph (5-7 sentences) about your favorite place to visit and why you like it so much. Include details about the location, activities you enjoy there, and any special memories you have.I hope you all enjoy answering these questions as much as I did! Good luck and remember to have fun while learning English! Bye bye!篇5Oh my goodness! You want me to write a super long English test for graduate school in 2024? That's like a bazillion words! But okay, here goes nothing...2024 Graduate School English ExamName: __________________________________Student ID: ______________________________Part 1: Reading ComprehensionRead the following passage and answer the questions below.It was a sunny day in the park, and the birds were chirping happily in the trees. Timmy and Sarah were playing on the swings, laughing and having a great time.1. What was the weather like in the park?A) RainyB) SunnyC) Snowy2. What were Timmy and Sarah doing in the park?A) Reading a bookB) Playing on the swingsC) Riding their bikes3. How were the birds in the park acting?A) SleepingB) Chirping happilyC) Flying awayPart 2: VocabularyWrite the correct word that matches each definition.1. A small, flying animal that chirps - ____________2. A device that swings back and forth - ____________3. A type of weather with lots of sunshine - ____________Part 3: GrammarCircle the correct answer to complete the sentence.1. I ___________ my homework yesterday.A) doB) didC) does2. She ____________ to school every day.A) walkB) walksC) walking3. They _____________ to the movie theater tomorrow.A) goesB) goingC) goOkay, that's all I can write for now! I hope this test is super duper helpful for you. Good luck on your exam in the future! Bye-bye!篇6Hey guys! Today I'm gonna share with you the English exam paper for the graduate entrance examination in 2024. Are you ready to ace this test? Let's do it together!Part 1: Reading ComprehensionRead the following passage and answer the questions below.Passage:Technology plays a crucial role in our daily lives. From smartphones to laptops, we rely on technology for communication, work, and entertainment. However, the overuse of technology has its downsides, such as decreased face-to-face communication and lack of physical activity. It's important to find a balance and use technology wisely.Questions:1. What role does technology play in our lives?2. What are some negative effects of overusing technology?3. How can we find a balance in using technology?Part 2: Listening ComprehensionListen to the audio clips and answer the questions below.Audio 1:Speaker: Hi, I'm Sarah. I'm looking for a book on gardening. Can you help me find it?Questions:1. What is Sarah looking for?2. Where can she find the book?Audio 2:Speaker: Tom, can you pick up some milk on your way home?Questions:1. What does Tom need to pick up?2. Where is Tom going?Part 3: WritingWrite a short essay (150-200 words) on the following topic: "The importance of lifelong learning in the 21st century."That's it for the English exam paper! Remember todouble-check your answers before submitting your paper. Good luck, and I'm sure you'll do great! Let's nail this exam together!篇7Hi everyone! Today, I'm going to share with you some tips and tricks for the 2024 graduate school English exam. Are you ready? Let's go!First of all, make sure you practice your English every day. Whether it's reading a book, watching English movies, or even chatting with your friends in English, the more you practice, the better you will get.Secondly, pay attention to your grammar and vocabulary. Make sure you know the basic grammar rules and have a good range of vocabulary. This will help you express your ideas more clearly and effectively.Next, when taking the exam, don't rush. Take your time to read the questions carefully and think before you answer. Make sure you understand what the question is asking and provide a logical and well-organized answer.Also, practice writing essays regularly. This will help you improve your writing skills and get used to structuring your ideas in a coherent way. Remember to include an introduction, body paragraphs, and a conclusion in your essay.Lastly, don't stress too much. Remember, the exam is just a way to test your English skills, so do your best and stay calm.Good luck with your exam, and I'm sure you will do great! Keep practicing and believe in yourself. You got this!篇8Alrighty, let's dive into the 2024 Grad School English Exam, brought to you by yours truly!First up, we have a fun little reading comprehension section. You'll read a passage about a bunny who wants to become a superhero. Then, you'll answer questions about the bunny's adventures and how they relate to real life. Remember, superheroes come in all shapes and sizes!Next, we'll tackle some grammar and vocabulary. You'll be asked to fill in the blanks with the correct word or phrase, like helping verbs or prepositions. Don't worry, we'll make sure you know your "am's" from your "are's"!After that, it's time for some writing. You'll be given a prompt and asked to write a short essay or story. Maybe you'll write about your favorite animal or a dream you had last night. Just let your imagination run wild!Last but not least, we've got a listening section. You'll listen to some conversations and answer questions about them. Maybe you'll hear a chat between two friends planning a birthday party or a debate about which is better, cats or dogs.So, get ready to show off your English skills and have some fun while you're at it. Remember, practice makes perfect, so keep studying and stay curious about the world around you. You got this, future grad students!篇9Hello everyone! Today I’m going to share with you the English test questions for the 2024 Graduate Entrance Exam. Don’t worry, I’ll make it fun and easy for you!First question:What is your favorite subject in school and why?Tell us about your favorite subject and explain why you like it. Remember to use some reasons and examples to support your answer.Second question:If you could travel anywhere in the world, where would you go and why?Think about a place you would love to visit and tell us why you want to go there. Use details to describe the location and reasons for your choice.Third question:What do you want to do in the future and why?Tell us about your dream job or career path and explain why it is important to you. Use examples to illustrate your goals and aspirations.Fourth question:Describe a memorable experience in your life and how it affected you.Think about a special moment in your life and share how it impacted you. Use details to describe the event and discuss its significance.Fifth question:What are your strengths and weaknesses?Share some of your strengths and weaknesses and explain how they have shaped you as a person. Use examples to illustrate your qualities and areas for improvement.I hope you enjoy answering these questions and have fun with the test! Remember to be yourself and express your thoughts clearly. Good luck!篇10Hey guys, today I have a super cool Writing Test for you, just like the ones we do in our English class in school! Let's pretend this is the English test for the Master's degree in 2024. Are you ready? Let's go!Question 1: Essay WritingTopic: The importance of education in today's societyInstructions: In 300 words or more, write an essay discussing the role of education in shaping individuals and society as a whole. Provide examples to support your argument.Question 2: Reading ComprehensionRead the following passage and answer the questions:Passage: Climate change is a pressing issue impacting our planet. It is crucial for all individuals to take action to reduce their carbon footprint and protect the environment for future generations.Questions:1. What is the main topic of the passage?2. Why is it important for individuals to reduce their carbon footprint?3. How can individuals contribute to protecting the environment?Question 3: VocabularyMatch the following words with their definitions:1. Sustainable2. Renewable3. Biodiversity4. PollutionQuestion 4: GrammarFill in the blanks with the correct tense of the verb in parentheses:1. She (study) English for five years.2. The students (play) football when it started raining.3. By next year, I (travel) to at least ten countries.Question 5: Listening ComprehensionListen to the dialogue between two friends and answer the questions:1. Who is going on vacation next week?2. Where are they planning to go?3. What activities are they looking forward to during their trip?That's it for the test, guys! Remember to take your time and do your best. Good luck!。

大学2021年硕士研究生招生入学考试试题(A卷) 考试科目代码：357 考试科目名称：英语翻译基础
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大学2021年硕士研究生招生入学考试试题。