unit 13 Foreign_Exchange1Word

　　常见货币单位名称和代号国家和地区 货币单位名称 货币代号

　　美国日本 欧洲经济联盟

　　美元日元 欧元

　　USDJPY EUR

　　英国中国香港特别行政区 加拿大 澳大利亚 新西兰 丹麦 瑞典

　　英镑港元 加拿大元 澳大利亚元 新西兰元 丹麦克郎 瑞典克郎

　　GBPHKD CAD AUD NZD DKK SEK

　　新加坡

　　新加坡元

　　SGD7

　　Terms and ExpressionsExchange rate 汇率 Interest rate 利率 The European Union 欧盟 Legal tender 法定货币 Financial transaction 金融交易 International currency 国际货币 Foreign currency markets 外币市场 Foreign exchange reserves 外汇储备 8

　　Official rates 官方汇率/利率 Floating rates 浮动汇率/利率 Fixed rates 固定汇率/利率 The Financial Times 《金融时报》 The Wall Street Journal 《华尔街日报》 The Bank of International Settlement 国际清算银行 The International Monetary Fund 国际货币组织 The World Bank 国际银行 9

　　Offer rate 卖出汇率/卖出价，贷款利率 Bid rate 买入汇率/买入价，存款利率 Currency risk 货币风险 Market economy 市场经济 Investment banks 投资银行 Multinational firms 跨国公司 Buy debt 投资债券 The global monetary system 全球货币体系 Transaction expenses 交易费用 10

　　Foreign exchange

　　the currency of any foreign country, which is the authorized instrument of settlement. In the context of international trade, foreign exchange means the instruments expressed in foreign currency and employed in making payments between countries --- paper currency, checks, bill of exchange.

　　Foreign exchange rateExchange rate means price of one currency in terms of another. It is normally expressed in terms of how many units of home country’s currency are needed to buy one unit of a foreign currency. 汇率是指用另一种货币表示的一种货币的价格。 通常以需要多少个单位的本国货币可买到一个单 位的外国货币来表示。 12

　　I. Foreign Exchange Rate 1. Purpose of exchange rate system --- to work out the worth of a currency when exchanging one currency into another --- to provide a free and liquid market for the world’s currencies --- to facilitate the exchange of currencies in global trade investment13

　　2. Determination of exchange rates1) Purchasing power parity 购买力平价说 --- Prices of tradable goods and services tend to equalize across countries. --- equalize purchasing power of two currencies in their respective country

　　a movie ticket: $6 in US =

　　540 in Japan

　　--- 汇率取决于两国货币国内购买力的对比关系 --- It defines what exchange rates ideally should be14

　　2) Law of One Price 一价定律 --- estimate the exchange rate between two currencies using just one good or service as a measure of the proper exchange for all goods and servic

　　es --- one proper product ? -- identical in quality and content -- produced entirely domestically Big Mac !!!