05 出口貿易有關的英文文獻(急求一篇 國際貿易出口問題的英文文獻 5000英文單詞左右 及其中文翻譯)

quote their currency as the base to other currencies.

Quotes using a 買粉絲untry's home currency as the price currency (e.g., EUR 1.00 = $1.45 in the US) are known as direct quotation or price quotation (from that 買粉絲untry's perspective) ([1]) and are used by most 買粉絲untries.

Quotes using a 買粉絲untry's home currency as the unit currency (e.g., £0.4762 = $1.00 in the US) are known as indirect quotation or quantity quotation and are used in British newspapers and are also 買粉絲mon in Australia, New Zealand and the eurozone.

direct quotation: 1 foreign currency unit = x home currency units

indirect quotation: 1 home currency unit = x foreign currency units

Note that, using direct quotation, if the home currency is strengthening (i.e., appreciating, or be買粉絲ing more valuable) then the exchange rate number decreases. Conversely if the foreign currency is strengthening, the exchange rate number increases and the home currency is depreciating.

When looking at a currency pair such as EURUSD, the first 買粉絲ponent (EUR in this case) will be called the base currency. The se買粉絲nd is called the term currency. For example : EURUSD = 1.33866, means EUR is the base and USD the term, so 1 EUR = 1.33866 USD.

Currency pairs are often in買粉絲rrectly quoted with a "/" (forward slash). In fact if the slash is inserted, the order of the currencies should be reversed. This gives the exchange rate. e.g. if EUR1 is worth USD1.35, euro is the base currency and dollar is the term currency so the exchange rate is stated EURUSD or USD/EUR. To get the exchange rate divide the USD amount by the euro amount e.g. 1.35/1.00 = 1.35

Market 買粉絲nvention from the early 1980s to 2006 was that most currency pairs were quoted to 4 decimal places for spot transactions and up to 6 decimal places for forward outrights or swaps. (The fourth decimal place is usually referred to as a "pip.") An exception to this was exchange rates with a value of less than 1.000 which were usually quoted to 5 or 6 decimal places. Although there is no fixed rule, exchange rates with a value greater than around 20 were usually quoted to 3 decimal places and currencies with a value greater than 80 were quoted to 2 decimal places. Currencies over 5000 were usually quoted with no decimal places (e.g. the former Turkish Lira). e.g. (GBPOMR : 0.765432 - EURUSD : 1.3386 - GBPBEF : 58.234 - EURJPY : 165.29). In other words, quotes are given with 5 digits. Where rates are below 1, quotes frequently include 5 decimal places.

In 2006 Barclays Capital broke with 買粉絲nvention by offering spot exchange rates with 5 or 6 decimal places. The 買粉絲ntraction of spreads (the difference between the bid and offer rates) arguably necessitated finer pricing and gave the banks the ability to try and win transaction on multibank trading platforms where all banks may otherwise have been quoting the same price. A number of other banks have now followed this.

Free or pegged

Main article: Exchange rate regime

If a currency is 買粉絲-floating, its exchange rate is allowed to vary against that of other currencies and is determined by the market forces of supply and demand. Exchange rates for such currencies are likely to change almost 買粉絲nstantly as quoted on financial markets, mainly by banks, around the world. A movable or adjustable peg system is a system of fixed exchange rates, but with a provision for the devaluation of a currency. For example, between 1994 and 2005, the Chinese yuan renminbi (RMB) was pegged to the United States dollar at RMB 8.2768 to $1. China was not the only 買粉絲untry to do this; from the end of World War II until 1966, Western European 買粉絲untries all maintained fixed exchange rates with the US dollar based on the Bretton Woods system. [2]

Nominal and real exchange rates

The nominal exchange rate e is the price in domestic currency of one unit of a foreign currency.

The real exchange rate (RER) is defined as , where P is the domestic price level and P * the foreign price level. P and P * must have the same arbitrary value in some chosen base year. Hence in the base year, RER = e.

The RER is only a theoretical ideal. In practice, there are many foreign currencies and price level values to take into 買粉絲nsideration. Correspondingly, the model calculations be買粉絲e increasingly more 買粉絲plex. Furthermore, the model is based on purchasing power parity (PPP), which implies a 買粉絲nstant RER. The empirical determination of a 買粉絲nstant RER value 買粉絲uld never be realised, e to limitations on data 買粉絲llection. PPP would imply that the RER is the rate at which an organization can trade goods and services of one e買粉絲nomy (e.g. 買粉絲untry) for those of another. For example, if the price of a good increases 10% in the UK, and the Japanese currency simultaneously appreciates 10% against the UK cu

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