Chng 6

Th Trng Ngoi
Hi

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Th Trng Ngoi Hi
Th trng ngoi hi cung cp:
cu trc c hc v th ch m qua tin t
ca mt quc gia c trao i vi ng tin
ca nc khc;
t gi hi oi c xc nh gia cc ng
tin, v
l ni giao dch ngoi hi c hon tt.

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6-2

Th Trng Ngoi Hi
Ngoi t: tin ca mt quc gia nc
ngoi, bao gm ti khon ngoi t, tin
giy, sc v tm chi.
Giao dch ngoi t: tha thun gia
ngi mua v ngi bn v mt lng
tin t nht nh s c giao i ly
mt lng tin t khc vo mt ngy
quy nh.

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6-3

a L
Th trng ngoi hi m rng ra khp
ton cu, vi gi c thay i v kinh
doanh tin t bt c ni u bt c lc
no

Khi lng giao dch tin t lu thng

trn ton cu khi cc trung tm giao
dch tin t ln m v ng ca trong
sut c ngy.

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6-4

Bng 6.1 o Lng Hot ng ca Th Trng Ngoi Hi:

Chuyn i Giao Dch in T Trung Bnh Mi Gi

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6-5

Chc Nng ca Th Trng Ngoi Hi

Th trng ngoi hi l c ch m ngi
tham gia:
chuyn giao sc mua gia cc quc gia;
cung cp tn dng cho cc giao dch thng
mi quc t, v
cung cp cc cng c hn ch nhng ri ro
ca vic thay i t gi hi oi.

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6-6

i Tng Tham Gia Th Trng

Th trng ngoi hi bao gm hai tng hot
ng:
Th trng lin ngn hng (khi lng giao dch l
bi s ca 1 triu la M hoc tng ng), v
Th trng khch hng nh l.

Bn loi i tng tham gia hot ng trong hai

tng ny, ngn hng v nh kinh doanh ngoi
hi phi ngn hng (nh to lp th trng),
c nhn v cc cng ty tin hnh cc giao dch
thng mi v u t, cc nh u c v tm
kim chnh lch, v cc ngn hng trung
ng v kho bc.
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6-7

i Tng Tham Gia Th Trng: Ngn hng v

cc nh kinh doanh Ngoi Hi Phi Ngn Hng
Ngn hng v nh kinh doanh ngoi hi phi ngn hng hot
ng trong c th trng lin ngn hng v th trng khch
hng.
Li nhun: mua ngoi t mt mc gi cho bn" v bn
li n mt mc cho mua" cao hn mt cht.
Cc nh kinh doanh ngoi hi trong b phn ngoi hi ca
cc ngn hng quc t ln thng hot ng nh l "nh to
lp th trng.
Nhng nh kinh doanh ny lun sn sng tt c cc hot ng mua v
bn nhng ng tin m h chuyn trch v do duy tr v tr trong
vic tch tr" nhng ng tin .

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6-8

i Tng Tham Gia Th Trng: C Nhn

v Cng Ty
C nhn (chng hn nh khch du lch) v cc
cng ty (chng hn nh cng ty nhp khu, xut
khu v cc cng ty a quc gia) thc hin giao
dch thng mi v u t trong th trng ngoi
hi.
Vic h s dng th trng ngoi hi l cn thit tuy vn
lin quan n mc ch thng mi hoc u t c bn.

Mt s ngi tham gia s dng th trng "t

bo him ri ro hi oi.

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6-9

i Tng Tham Gia Th Trng: Cc Nh

u C v Tm Kim Chnh Lch
Cc nh u c v tm kim chnh lch theo ui
li nhun t hot ng kinh doanh trong th
trng bng cch ring ca mnh.
H hot ng phc v cho quyn li ca bn thn, ch
khng c mt nhu cu hay ngha v phc v khch
hng, hay m bo th trng hot ng lin tc.

Trong khi nh kinh doanh tm kim chnh lch

gia gi cho bn v gi cho mua, cc nh u
c tm kim tt c cc li nhun t nhng thay i
t gi hi oi v cc nh tm kim chnh lch c
gng thu li t chnh lch t gi bng cch trao
i ng thi ti cc th trng khc nhau.

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6-10

i Tng Tham Gia Th Trng: Ngn

Hng Trung ng v Kho Bc
Ngn hng trung ng v kho bc s
dng th trng tch ly hoc chi tiu
d tr ngoi hi ca t nc cng nh
nh hng n gi ca tin t ca h
ang c giao dch.
H c th hnh ng h tr gi tr ca tin t ca
ring mnh bi v cc chnh sch c thng qua cp
quc gia hoc bi v cc cam kt khi gia nhp cc hip
nh chung nh h thng tin t Chu u.
ng c v vy khng phi l li nhun, m l nh
hng n gi tr hi oi ca cc ng tin ca h theo
cch s mang li li ch cho cng dn ca mnh.
Bi sn sng chp nhn thua l, cc ngn hng trung
ng v kho bc c ng c khc vi tt c cc i
tng tham gia th trng khc.
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6-11

Giao Dch Trn Th Trng Lin Ngn

Hng: Giao Ngay v Hon i
Mt giao dch giao ngay trn th trng
lin ngn hng l vic mua ngoi hi m
giao nhn v thanh ton gia cc ngn
hng s din ra thng thng sau hai ngy
lm vic.
Ngy thanh ton cn c gi l ngy gi
tr (value day).

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6-12

Giao Dch Trn Th Trng Lin Ngn

Hng
Mt giao dch k hn (thng ch gi l mua trc)
yu cu chuyn giao vo ngy gi tr tng
lai mt lng tin nht nh ly mt lng tin
t khc.
T gi trao i c thnh lp ti thi im tha
thun, nhng thanh ton v chuyn giao khng b
yu cu cho n khi o hn.
T gi trao i ca giao dch tng lai thng c
nim yt theo k hn mt, hai, ba, su v mi
hai thng.
Mua forward v bn forward m t cng mt giao
dch (s khc bit duy nht l th t trong cc
ng tin c tham chiu.)

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6-13

Giao Dch Trn Th Trng Lin Ngn

Hng: Giao Ngay v Hon i
Mt giao dch hon i trn th trng lin ngn
hng l vic mua v bn ng thi mt s
lng nht nh ngoi hi cho hai ngy gi tr
khc nhau.
C mua v bn c thc hin vi cng mt i
tc.
Mt s loi hnh ca giao dch hon i l:
giao ngay vi mua trc,

mua trc vi mua trc,

mua trc khng chuyn giao (NDF).

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6-14

Bng 6.2 Doanh Thu Th Trng Ngoi Hi Ton

Cu , 1989-2007 (trung bnh hng ngy ca
thng t, t la M)

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6-16

Bng 6.3 Top 10 Trung Tm Giao Dch trong Th

Trng Ngoi Hi, 1992-2007 (trung bnh hng
ngy trong thng t, t la M)

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6-17

Bng 6.4 Doanh Thu Th Trng Ngoi Hi(trung

bnh hng ngy vo thng T)

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6-18

T Gi Hi oi v Bo Gi Ngoi Hi
T gi hi oi l gi ca mt ng tin
th hin thng qua mt loi tin khc.
Mt bo gi ngoi hi l mt tuyn b
sn sng mua hoc bn ti mc t gi
cng b.

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6-19

T Gi Hi oi v Bo Gi Ngoi Hi
Hu ht cc giao dch ngoi hi lin
quan n ng la M.
Bo gi ngoi hi thng dng theo mt
trong hai cch:
gi ngoi t ca mt ng la, hoc
gi la ca mt n v ngoi t.

Hu ht cc ngoi t trn th gii c

dng cch tnh s lng cc n v
ngoi t cn thit mua mt la.

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6-20

T Gi Hi oi v Bo Gi Ngoi Hi
V d, t gi gia la M v franc Thy S
thng c cng b:
SF 1.6000/$ (Cch chu u)

Tuy nhin, t gi ny cng c th c ghi

nh sau:
$0.6250/SF (Cch M)

Loi tr hai trng hp ngoi l quan

trng, hu ht bo gi lin ngn hng
trn th gii u dng cch chu u.
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6-21

T Gi Hi oi v Bo Gi Ngoi Hi
Nh cp, mt s trng hp ngoi
l vn tn ti m khng dng cch bo
gi chu u.
Hai ngoi l chnh l ng euro v
bng Anh khi c hai thng dng cch
bo gi M.
Bo gi theo cch M cng c s dng
trong vic trch dn cc mc gi ca option
v future v ngoi t, cng nh trong th
trng bn l vi khch du lch.
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6-22

T Gi Hi oi v Bo Gi Ngoi Hi
Bo gi ngoi hi cn c th s dng cch trc
tip hoc gin tip.
Trong cc cp nh ngha ny, ch th quc gia
ca cc loi tin t c tho lun l rt quan
trng.
Cch bo trc tip l gi ng ni t ca mt n v ngoi t.
Cch bo gin tip l gi ng ngoi t ca mt n v ni t.

Cc hnh thc ca bo gi ph thuc vo vic

ngi ni xc nh u l nc nh".

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6-23

T Gi Hi oi v Bo Gi Ngoi Hi
Bo gi lin ngn hng bao gm gi cho bn v
gi cho mua.
Gi cho bn l mc gi m ti mt i l s mua mt loi
tin t.
Gi cho mua l mc gi m ti mt i l s bn cc loi
tin t khc.

i l mua ti mt gi v bn mt mc gi cao
hn mt cht, kim phn li nhun t chnh lch
gia mua v gi bn.
Mt mc cho mua cho mt ng tin cng l mc cho bn
cho cc ng tin i li.

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6-24

T Gi Hi oi v Bo Gi Ngoi Hi
T gi k hn thng c nim
yt theo im.
Mt bo gi k hnc th hin bng
im nh vy khng phi l mt t gi
hi oi.
ng hn, n l s khc bit gia t
gi k hn v t gi giao ngay.

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6-25

T gi giao ngay v t gi k hn:

Euro v Yn Nht

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6-26

T Gi Hi oi v Bo Gi Ngoi Hi
Bo gi k hn cng c th c th hin
di dng lch phn trm mi nm t t
gi giao ngay.
Phng php bo gi ny to iu kin so
snh ph tng thm (premium) hoc ph
chit khu (discount) trn th trng mua
trc c k hn vi s chnh lch li sut.

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6-27

T Gi Hi oi v Bo Gi Ngoi Hi
i vi bo gi theo ng ngoi t (Cch
bo gin tip) cng thc tnh s tr thnh
nh sau:
f = Spot Forward 360
x
Forward
n

x 100

i vi bo gi theo ng ni t (Cch bo
trc tip) cng thc tnh s tr thnh nh
sau:
f = Forward Spot x 360
Spot
n
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x 100
6-28

T Gi giao ngay v t gi k hn

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6-29

T Gi Hi oi v Bo Gi Ngoi Hi
Nhiu cp tin t ch giao dch th ng: t
gi hi oi ca chng c xc nh thng
qua mi quan h ca vi mt ng tin th
ba c giao dch rng ri (t gi cho).

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6-30

T gi mt s ng tin chnh

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6-31

T Gi Hi oi v Bo Gi Ngoi Hi
T gi cho c th c s dng kim
tra cc c hi kim li nhun chnh lch
gia lin th trng.
Tnh trng ny pht sinh bi v bo gi /
ca mt ngn hng (Dresdner) khng
trng khp vi t gi cho gia $/ (ngn
hng Barclay) v $/ (ngn hng Citibank).

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6-32

T Gi Hi oi v Bo Gi Ngoi Hi

Citibank - $/
Barclays - $/
Dresdner - /
T gi cho:
$1.8410/

$1.2223/

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$1.2223/
$1.8410/
1.5100/
=

= 1.5062/

6-33

Bng 6.8A Tam Gic tm Chnh Lch

T Gi

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6-34

Copyright 2010 Pearson Prentice Hall. All rights reserved.

6-35

T Gi Hi oi v Bo Gi Ngoi Hi
o lng s thay i trong t gi giao ngay vi
cch bo gi theo ng ni t (cch bo gi trc
tip):
% = T Gi cui k T gi u k
x 100
T gi u k
Cch bo gi theo ng ngoi t (cch bo gi
gin tip) :

% = T gi u k T gi cui k
x 100
T gi cui k

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6-36

Eurocurrencies
Eurocurrencies
y l nhng ni t ca mt quc gia trong
ti khon k gi mt quc gia th hai
Cc th trng Eurocurrency phc v hai mc
ch quan trng:
Tin gi Eurocurrency l mt cng c tin t hiu qu
v thun tin kim sot tnh thanh khon vt mc
ca cng ty
Th trng Eurocurrency l mt ngun chnh ca cc
khon vay ngn hng ngn hn ti tr cho nhu cu
vay vn hot ng ca cng ty (bao gm c ti tr
xut khu v nhp khu)
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3-37

Eurocurrencies
Li sut Eurocurrency: Libor
Trong th trng Eurocurrency, t gi tham
kho chnh l London Interbank Offered Rate
(LIBOR)
T l ny l t l c chp nhn rng ri nht
v c s dng trong cc bo gi tiu chun,
cc tha thun vay, v cc giao dch cc cng
c ti chnh phi sinh

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3-38

Bng 3.1 Li sut theo ng USD,

thng 6 nm 2005

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3-39

Chapter 6

Additional
Chapter Exhibits

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Exhibit 6.6 Foreign Exchange Rate Quotations

on the U.S. Dollar/British Pound in the Financial
Press

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6-41

Exhibit 6.8B Triangular Arbitrage

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6-42

Exhibit 1 Venezuelan Official and Gray Market

Exchange Rates, Venezuelan Bolivar/U.S. Dollar
(January 2002March 2004)

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6-43

1. Forward quotes. OzForex Foreign Exchange Services provides representative forward rates on a multitude of currencies
online. Use the following Web site to search out forward exchange rate quotations on a variety of currencies. (Note the
London, New York, and Sydney times listed on the quotation screen.)
OzForex http://www.ozforex.com.au/cgi-bin/forwardrates.asp (updated URL)
2. Oanda.com currency services. The Oanda.com company Web site has a plethora of currency-related data and services. Use
the following specific Internet addresses to access some of these services, including the Trading Game.
Trading game http://fxgame.oanda.com
FX History http://www.oanda.com/convert/fxhistory
Currency map http://www.oanda.com/products/fxmap/fxmap.shtml
3. Emerging market currencies. Although major currencies like the U.S. dollar and the Japanese yen dominate the headlines,
there are nearly as many currencies as countries in the world. Many of these currencies are traded in extremely thin and
highly regulated markets, making their convertibility suspect. Finding quotations for these currencies is sometimes very
difficult. See how many African currency quotes you can find.
Emerging markets http://emgmkts.com
4. Exchange rate indices. JPMorgan Chase calculates and maintains indices of many of the world's major currencies' values
relative to baskets of other major currencies. Like those published by the IMF, these indices serve as more fundamental and
general indicators of relative currency value. Check the following site for current updates.
JPMorgan currency indices http://www2.jpmorgan.com/cgi-bin/Indices#currency (updated URL)

5. Pacific Exchange Rate Service. The Pacific Exchange Rate Service Web site, headed by Professor Werner Antweiler of the
University of British Columbia, possesses a wealth of current information on currency exchange rates and related statistics.
Use the service to plot the recent performance of currencies that have recently suffered significant devaluations or
depreciations, such as the Argentine peso, the Venezuelan bolivar, the Turkish lira, and the Egyptian pound.
Pacific Exchange Rate Service http://pacific.commerce.ubc.ca/xr
6-44
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