TH TRNG HI OI

LI M U
Trong nn kinh t m, cc giao dch gia cc quc gia nh thng mi, u t, cc
quan h ti chnh quc t i hi cc quc gia phi thanh ton vi nhau. Do hu ht cc
nc trn th gii u c ng tin ring, v th vic mua bn hng h, dch v, u t,
chi tr n nn,... i hi vic mua bn cc ng tin khc nhau, ng tin nc ny i
ly ng tin nc khc. Hai ng tin c mua bn vi nhau theo mt t l nht nh, t
l ny c gi l t gi hi oi. iu ny i hi cn phi c mt th trng thc
hin chuyn i t ng tin nc ny sang ng tin nc khc, th trng c gi
l Th trng hi oi, hay th trng ngoi hi.

NI DUNG
1. Khi nim th trng hi oi
Th trng hi oi (hay th trng ngoi hi) l ni din ra cc hot ng mua
bn v trao i ngoi t thng qua quan h cung cu. Vic trao i bao gm vic mua
mt ng tin ny v ng thi bn mt ng tin khc. Nh vy, cc ng tin c
trao i tng cp vi nhau. V d: USD/DEM
cc nc pht trin cc quan h cung cu ngoi hi u tp trung th trng
ngoi hi. Cc th trng ngoi hi
ln trn th gii gm c: London,
NewYork, Toky, Singapore, HongKong, Frankfurt vi doanh s hng ngy rt ln.
Trung tm ca th trng ngoi hi l th trng lin ngn hng, thng qua th
trng lin hng mi giao dch mua bn ngoi hi c th tin hnh trc tip vi nhau.
Qa trnh hnh thnh th trng ngoi hi hnh thnh hai h thng t chc
khc nhau. H thng hi oi Anh - M v h thng hi oi chu u.
Theo h thng Anh - M th th trng hi oi c tnh cht biu tng, ch giao
dch ngoi hi thng xuyn gia mt s ngn hng v ngi mi gii qua cc phng
tin thng tin hin i, tc l loi th trng khng qua quy. Quan h ny c th l trc
tip, c th l gin tip qua in thoi. Th trng ngoi hi thc cht khng phi l mt
a im c th, tc khng phi l mt vn phng ni mi ngi ngi li vi nhau m
l mt mng li thng tin lin lc ngn hng ni mng in t vi nhau, lin kt vi
ngi mi gii ngoi hi.
Theo h thng Chu u lc a (khng bao gm nc Anh) th th trng hi
oi c a im giao dch nht nh v cc giao dch din ra hng ngy, nhng ngi
mua bn ngoi hi n giao dch v k hp ng, nhng ch yu qua in thoi,
fax
2. c im ca th trng ngoi hi
- Th trng ngoi hi mang tnh quc t.
Th trng ngoi hi mang tnh quc t do chnh lch mc gi ca tng khu
vc, th trng hot ng gn nh lin tc tr ngy ngh truyn thng. V mt l
thuyt, t khi ng ca cc th trng Chu u, giao dch c th c tin hnh
New York, Tokyo.
Phm vi hot ng ca th trng ngoi hi ca n khng ch dng li mt
quc gia m m rng trn phm vi quc t nhm phc v cho cc nhu cu mua bn,
giao dch v ngoi t. S pht trin ca h thng thng tin lin lc to iu kin thc
hin cc cuc m thoi th gii nhanh chng v tc thi vi ton b th trng hi oi
ang m ca, dn n vic quc t ho vic yt gi ni ring v hot ng ca th
trng ngoi hi ni chung.
- Khng c a im c th.
1

TH TRNG HI OI
- Cc giao dch mua bn c thc hin thng qua cc phng tin thng tin lin
lc hin i nh: telex, in thoi, my vi tnh
Vic giao dch thng qua in thoi, fax hay Internet gia cc trung tm giao
dch hi oi bin mi khu vc trn th gii tham gia vo th trng hi oi u l ni
mt tri khng bao gi ln. Cc thng tin kinh t c cp nht vo bt c thi im no
trong ngy u nhanh chng c truyn i trn khp mi ni trn th gii v thm ch n
c th to nn nhng hot ng rt nhn nhp ca cc thnh vin tham gia th trng.
- Th trng ngoi hi hot ng lin tc.
Th trng hi oi hot ng lin tc sut ngy m 24gi/ ngy trn cc
khu vc khc nhau ca th gii.
Do thng tin c truyn i nhanh chng v hiu qu cho nn cc thnh vin
tham gia th trng d rt xa nhau nhng h vn c cm gic ang cng hot ng
mt mi nh chung. S chnh lch mi gi l nguyn nhn khin cho cc giao dch c th
din ra sut ngy m. Khi th trng chu ng ca th th trng chu M bt u
hot ng.. Vng tun hon c nh vy tip din.
- Trong bt c giao dch ngoi hi no th t nht c mt ng tin ng vai
tr lm ngoi t.
Do vai tr ni bt ca nn kinh t M nn hu ht cc giao dch gia cc
ngn hng trn th gii u thng qua dng la M (mc d cc giao dch ngoi hi
c th quy i gia hai ng tin bt k no). V v vy ng la M cn c coi l
ng tin phng tin.
- Ngn ng s dng trn th trng rt ngn gn, mang nhiu quy c nghip v
rt kh hiu vi ngi thng.
- Doanh s hot ng trn th trng ngoi hi rt ln.
- Gi c hng ho ca th trng ngoi hi chnh l t gi hi oi c hnh
thnh mt cch hp l, linh hot da trn quan h cung cu ngoi t trn th trng. Do
, th trng ngoi hi rt nhy cm khng ch vi cc ch s kinh t nh tng sn
phm x hi., mc tng sn xut, t l lm pht, s bin ng ca li sut m cn chu
s tc ng ca cc s kin chnh tr - x hi nh: biu tnh, thin tai, chin tranh
3 Vai tr ca th trng ngoi hi
- Cn i cc nhu cu mua bn ngoi t
Th trng ngoi hi to ra c ch hu hiu p ng nhu cu mua bn ngoi t
phc v cho cc hot ng xut nhp khu hng ha, dch v v cc hot ng kinh t
i ngoi khc. Th hin:
Th trng ngoi hi hot ng lin tc v mang tnh ton cu nn p ng nhu
cu v ngoi t ca bt k ngi mua, ngi bn no u c th c p ng ngay lp
tc.
Khi c s mt cn i gia cung v cu ngoi t, s tham d ca cc ngn hng
v cc nh u c gp phn gii quyt s mt cn i thng qua vic iu chnh t
gi cn bng ca th trng hoc thng qua u c ngoi t.
- Phng chng ri ro t gi
Ngy nay a s cc nc trn th gii u p dng c ch t gi th ni nn t
gi hi oi lun lun bin ng. S bin ng ca t gi nh hng rt ln n li ch
ca cc ch th. Cc cng ty xut nhp khu, cng ty a quc gia v cc c nhn c
ngun thu, ngun chi ngoi t trong tng lai chu nh hng ri ro rt ln v s bin
ng ca t gi hi oi. Do vy, cc ch th ny cn thit phi p dng cc bin php
nhm hn ch nhng ri ro ny. Thng qua cc nghip v mua bn k hn, quyn
chnca th trng ngoi hi s gip cho cc cng ty, doanh nghip phng nga c

TH TRNG HI OI
ri ro.
- To ra thu nhp cho ngi s hu ngoi t
Cc ngn hng thng mi tham gia vo th trng ngoi hi ch yu l giao
dch cho chnh mnh. Cc ngn hng ch yu tin hnh cc hot ng kinh doanh chnh
lch gi (Acbt) gia cc th trng thu li qua vic mua th trng ny gi r hn
v bn li th trng kia gi cao hn.
Khng ch c cc ngn hng m cc cng ty, doanh nghip v c nhn cng c
th thu li thng qua hot ng u c ngoi t. Ngoi ra, th trng ngoi hi cn gip
cc nh u t chuyn i ngoi t phc v cho vic u t vo th trng c mc li d
tnh cao.
Ngoi ra, c th k ti cc vai tr khc ca th trng hi oi nh:
- To iu kin kt ni cc nhu cu giao dch ngoi t trong nn kinh t.
- Lm cho cc giao dch mua bn trao i nga hi i vo n np, n nh, gp phn
n nh th trng ti chnh.
- Gip NHTW nm bt c thng tin v th trng tham mu cho chnh ph
trong vic thc hin chnh sch qun l ngoi hi.
- To iu kin hi nhp vi th trng quc t.