PHN 2:

T GI HI OI
V CN CN THANH TON QUC T

CHNG 2: NHNG VN C BN V T GI HI OI
CHNG 3: CN CN THANH TON QUC T

CHNG 3:
NHNG VN C BN V T GI HI OI
Nhng ni dung chnh:
Khi nim: T gi hi oi (Exchange rate)
Cc cng b t gi
Phng php yt gi ngoi t (E/R quotation)
Xc nh t gi tnh cho (Cross E/R)
Cc loi t gi hi oi
Cc nhn t ch yu tc ng n t gi hi oi
Cc chnh sch v bin php iu chnh t gi hi
oi

1. T gi hi oi
1.1 Khi nim
Theo F. Mishkin: The price of one currency
in terms of another is called the E/R.
Theo Alan Shapiro: An exchange is, simply,
the price of one nations currency in terms
of another.
Trong Dictionary of Banking Terms: E/R is
conversion price for exchanging one
currency for another

1. T gi hi oi
1.1 Khi nim
Theo PLNH 2005: TGH ca ng VN l gi
ca mt n v tin t nc ngoi tnh bng
n v tin t ca VN.
Theo Ti chnh QT hin i trong nn KT m
(N.V.Tin): TGH l gi c ca mt ng
tin c biu th bng 1 ng tin khc

1. T gi hi oi
1.1 Khi nim
Theo gio trnh:
- l quan h so snh gia 2 ng tin
-Gi c ca 1 /v tin t ny th hin bng
mt s /v tin t nc kia c gi l t
gi hi oi.

1. T gi hi oi
1.2 C s hnh thnh TGH
a-Ch bn v tin vng (trc nm 1914)
b- Ch hi oi vng (1914-1944)
c- Ch Bretton Woods (1945-1972)
d- Ch tin t hu Bretton Woods (t 1973nay)

a) Ch bn v tin vng (trc

nm 1914)
Tn ti 1875- 1914
3 iu kin ca ch bn v vng:

(1) vng m bo nhu cu c t do,

(2) kh nng chuyn i 2 chiu gia tin
v vng
(3) Vng c t do xut nhp khu.

a. Ch bn v tin vng (trc nm

1914)

Tnh chung ca tin t trong giai on ny l

g?
tin c bng vng c a vo lu thng
v giy bc ngn hng c t do i ra
vng qua hm lng vng ca n.

a) Ch bn v tin vng (trc nm 1914)

Nu t gi trn thay i, gi s mt bng Anh

bng 1,8 franc, ngha l ng bng Anh b
nh gi thp hn thc t (i c t ng
FRF hn), iu g s xy ra???

a) Ch bn v tin vng (trc nm 1914)

Ti sao li c khi nim hm lng vng (ch

khng phi l trng lng ca ng tin
c bng vng?

10

b) Ch hi oi vng (t nm 19141944)
l giai on CNTB pht trin thnh CNQ
Cc quc gia tch tr vng, tch ly tim

lc.
nng sut lao ng tng cao, khi lng

hng ha sn xut ra ngy cng nhiu

11

c. Ch tin t BRETTON WOODS: 1945-1972

12

cn gi l ch hi oi vng da vo USD.

ng USD gi vai tr trung tm

TGH gia cc ng tin ca cc nc thnh

vin c xc nh da trn c s so snh
hm lng vng m cc ng tin i
din vi hm lng vng ca USD.

c. Ch tin t BRETTON WOODS: 1945-1972

ch c ng USD c i trc tip sang

vng,
cc ng tin khc mun i sang vng
phi i gin tip sang USD v t i
sang vng theo t l 35$/1ounce vng.
y l t l c nh gia ng la v vng.

13

Nhn xt
Qua 3 thi k trn ta thy, hm lng vng

l c s so snh hai ng tin vi nhau

v gi l ngang gi vng (gold parity).
t gi hi oi c th tch ri ngang gi

vng khng?

14

Nhn xt
T gi hi oi c th tch ri ngang gi

vng nhng trong mt bin nht nh.

T gi hi oi c th = ngang gi vng
chi ph chuyn vng

15

d. Ch tin t hu BRETTON
WOODS (t 1973- nay)
C s no xc nh t gi?
t gi khng da trn vng m da trn
ngang gi sc mua PPP (Purchasing Power
Parity) theo quy lut mt gi (Rules of one
price).

16

Purchasing power parity

Ngang gi sc mua tuyt i
Ngang gi sc mua tng i (c tnh n

yu t lm pht)
Pv+(Pv. Pv)=(R+R. R).(Pu+Pu. Pu)
R =(Pv-Pu)/(1+Pu)

17

Exchange Rate

L quan h so snh gia tin t ca 2 nc vi

nhau:
VD: 1 USD = 20.500 VND

Xem xt tnh chung ca tin t khi so snh:

Hm lng vng trong 3 h thng tin t
Trc 1914: bn v vng
T 1914- 1943: hi oi vng
T 1944- 1971: Bretton Woods (35USD/1ounce vng,
v t gi USD/cc ng tin khc bin ng khng
qu +/-1%)
o Sau : 38USD/1 ounce=> 42USD nm 1973
Sc mua ca tin t: Hu Bretton Woods:
18

2. Cch cng b t gi
a) Cng b ri nhau:
Ti Tokyo:
T gi mua vo ca Ngn hng:
BID RATE: USD = 90 JPY
T gi bn ra ca Ngn hng:
ASK RATE: USD = 92 JPY

19

2. Cch cng b t gi:

b) Cng b rt gn:
Ti Tokyo:
USD/JPY= 90/92

20

ng tin yt gi/ng tin nh gi =

t gi mua/t gi bn
Commodity currency/Term currency =
BID/ASK

2. Cch cng b t gi:

b) Cng b rt gn:
Ti Tokyo:
USD/JPY= 90/92

Ti VN (VCB cng b ngy 7/10/09)

USD/VND = 17.846/17.846

21

Thng thng BID/ASK: BID < ASK

ASK- BID = SPREAD
V sao trn cng mt th trng yt gi,
Spread ca USD li thp hn AUD?

3.2 Cch c t gi:

USD/CAD = 1,2213
S ng trc du phy (,) c l n v
2 s thp phn u tin sau du phy (,)
c l s (figure)
2 s tip theo c l im (point/ pips).

A pip is the smallest quoted unit of the

spot price.

22

If USD|CHF starts the day at S = 1.2500 and an

hour later it is at S =1.2501, we would say that this
price had gone up one pip.
Similarly, a five-pip decline in EUR|USD would take
you from S =1.2500 to S = 1.2495.

100 im th ln 1 s, 100 s th ln 1 n
v.
We refer to 100 pips as a big
figure.

3.Phng php yt gi ngoi t

(QUOTATION)
Xt trn gc 1 quc gia:
Phng php yt gi ngoi t trc tip :gi
ngoi t khi nim yt c th hin trc
tip ra bn ngoi
Phng php yt gi ngoi t gin tip: gi
ngoi t khi nim yt khng c th hin
trc tip ra ngoi m phi xc nh bng
cch nghch o t gi c yt

23

3. Phng php yt gi ngoi t

(QUOTATION)
Xt gc th trng quc t:
Yt gi kiu M (American quotes)
EUR|USD 1.2500
GBP|USD 1.8000
Yt gi kiu chu u (European quotes)
USD|CHF 1.2500
USD|JPY 111.00

24

Nhn xt
Tr cc nc Anh, NZ, c, EMU p dng

phng php gin tip; cc nc cn li p

dng phng php yt gi ngoi t trc
tip.
M va p dng phng php yt gi ngoi
t trc tip vi GBP, NZD, AUD, EUR; va
yt gi gin tip vi cc ng tin khc
SDR lun l ng yt gi

25

4.XC NH T GI THEO PHNG

PHP TNH CHO (CROSS RATE)
Xc nh gi cho gm 3 loi:
T gi cho ca 2 tin t v tr ng tin yt
gi
T gi cho ca 2 tin t v tr ng tin nh
gi
T gi cho ca 2 tin t v tr yt gi v v tr
nh gi

26

4.1 Xc nh TGH ca 2 ng tin

v tr yt gi ca 2 cp t gi.
Ti H Ni, Ngn hng cng b t gi nh
sau:
USD/VND = 21.100/21.200
JPY/VND = 200/210
Tnh t gi Ask USD/JPY(c) =?
Bid USD/JPY(c) =?

27

4.2 Xc nh t gi ca 2 ng tin
v tr nh gi ca 2 cp t gi
Ti New York, t gi c cng b nh sau:
USD/JPY = 90,76/90,80
USD/CAD = 1,22/1,23
Tnh ASK(c) CAD/JPY=?
Tnh BID (c) CAD/JPY=?

28

4.3.Xc nh TGH ca 2 tin t v

tr nh gi v yt gi ca 2 cp t gi
Ti New York, NH cng b t gi:
GBP/USD = 1,8650/1,8660
USD/JPY = 90,76/90,80
a). Tnh ASK (c) GBP/JPY
b). BID(c)GBP/JPY

29

Mt cng ty ca Hng Kng (HKD) trong

cng mt ngy nhn c thng bo h

c thanh ton khon tin hng xut khu
tr gi 50.000GBP v 100.000CHF; ng
thi h phi chi tr 80.000 EUR tin hng
nhp khu. S tin cn li chuyn sang
HKD. Tnh s HKD ti a cn li. Cho bit
thng tin trn th trng:

GBP/CHF = 1,4620/1,4640
GBP/EUR =1,1880/1,1890
CHF/HKD = 8,5270/8,5275
30

GBP/CHF = 1,4620/1,4640
GBP/EUR =1,1880/1,1890
CHF/HKD = 8,5270/8,5275

31

5. CC LOI T GI
5.1. Cn c trn phng tin TTQT
5.2. Cn c vo nghip v ca NH
5.3. Cn c vo c ch qun l ngoi hi

32

5.1. Cn c trn phng tin

TTQT
a.
b.
c.
d.
e.

33

T gi chuyn tin bng in (Telegraphic

Transfer E/R- T/T rate)
T gi th hi (MT- Mail Transfer E/R)
T gi sc (Banks Cheque E/R)
T gi hi phiu NH tr tin ngay (At sight
bank draft)
T gi hi phiu Ngn hng tr chm
(Usance bank draft/Time bank draft)

5.2. Cn c vo nghip v ca
NH
T gi bn ra, t gi mua vo
b) T gi m ca/ng ca
c) T gi giao ngay (Spot Rate) v t gi k hn
(Forward rate)
d) T gi tin mt (Cash rate or Bank note rate)
v t gi chuyn khon (Transfer rate)
a)

34

GIAO DCH NGOI HI GIAO NGAY

Khi nim:
l giao dch trong 2 bn tha thun mua bn ngoi
hi theo t gi tha thun ngy hm nay v vic giao
hng (thanh ton) c thc hin trong vng 2 ngy
lm vic k tip.
iu 2, Q 1452/2004-Q-NHNN):

l giao dch m theo 2 bn thc hin mua bn mt

lng ngoi t theo t gi giao ngay ti thi im giao
dch v kt thc thanh ton trong vng 2 ngy lm vic
tip theo.
Ti sao cn 2 ngy lm vic?
35

NGY GIAO DCH V NGY GI TR

Ngy giao dch (transaction date/trade date/

contract date): l ngy bn mua v bn bn k kt

hp ng ngoi hi.
Ngy gi tr (value date/ Payment date): l ngy
thc hin hp ng, thng l ngy lm vic th hai
sau ngy giao dch, thc hin theo t gi tha
thun khi k kt giao dch.
Nu ngy gi tr ri vo ngy l hoc ngy ngh cui
tun th s c chuyn sang ngy lm vic k tip
gn nht.
Mi mt quc gia c quy nh ring v ngy ngh
cui tun v ngy ngh l.
36

T gi giao ngay spot rate

(S)
c xc nh da trn cung-cu trn th

trng ngoi hi lin ngn hng, bin ng

theo tng thi im giao dch.
T gi ny khng nht thit l t gi nim yt
hng ngy ca ngn hng
L t gi c s (t gi gc) cho cc giao dch
ngoi hi phi sinh.

37

 ngha
L giao dch thc (phc v nhu cu mua bn thc t

v ngoi t)
Chim t trng GD ch yu trn th trng ngoi hi
hng ngy
Gip cc NHTM cn bng trng thi ngoi hi (the
foreign exchange position)
Giao dch giao ngay cn phc v mc ch u c,
gm gi ngoi t

38

GIAO DCH GIAO NGAY BN L

Cn c gi l th trng khch hng
Din ra gia khch hng v NHTM
NHTM l nh to gi, khch hng mua bn l l

ngi chp nhn gi

Khch hng mua bn l (DN, nh T, t chc, c

nhn)
Giao dch tin mt v giao dch trn ti khon

ngn hng

39

Giao dch ngoi hi k hn

l giao dch theo 2 bn ng mua bn

ngoi t ti mc t gi tha thun trc ti

thi im k kt hp ng v vic giao
hng/thanh ton c thc hin vo mt ngy
xc nh trong tng lai.
iu 2, Q 1452/2004-Q-NHNN:
Giao dch k hn l GD 2 bn cam kt s mua,
bn vi nhau 1 lng ngoi t theo mt mc t
gi xc nh v vic thanh ton s c thc
hin vo thi im xc nh trong tng lai.
40

C IM
c thc hin trn th trng phi tp trung
Ni dung cc iu khon ca H do 2 bn tha thun:
Loi tin
S lng tin t
T gi giao dch
K hn (thng l 1, 2,3, 6,9,12) v c th l k hn l

Hai bn phi c trch nhim thc hin ngha v H:

B rng buc ngha v mua (bn) ng ng tin v s lng

tha thun trong hp ng

Bt buc mua (bn) vi t gi c k kt
Phi thc hin hp ng vo thi im c k kt.

Ngy gi tr k hn (Forward Value date): ngy thc hin

H k hn
Phi cch ngy k hp ng t 3 ngy lm vic tr ln
41

T GI K HN
L t gi c tho thun ti thi im

k hp ng k hn v l c s cho vic
thc hin trao i ngoi t khi n hn
(Forward rate - F).
T gi k hn c tnh ton trn c s

t gi giao ngay, k hn hp ng v li
sut.
Chnh lch gia t gi k hn v t gi

giao ngay gi l im k hn (Forward

Points P)
42

P = F S

=>

F=P+S

GIAO DCH NGOI HI TNG LAI

(futures transaction)
Khi nim:
Giao dch ngoi hi tng lai l GD theo
2 bn tha thun mua bn vi nhau mt
lng ngoi t nht nh theo mt mc
t gi xc nh v vic thanh ton s
c thc hin vo mt thi im n
nh trong tng lai.
43

HP NG NGOI HI TNG LAI

Futures contract
H tng lai v bn cht l H k hn
Mua bn mt s loi ngoi t nht nh
c mua bn tp trung ti S giao dch
Trung tm thanh ton b tr ng ra m bo

ngha v hp ng cho cc bn
Cc bn c th tho g ngha v hp ng mt

cch d dng.
Tun th quy trnh thanh ton li/l mi ngy
Cc iu khon ca H tng lai c tiu chun
44

ha bi S giao dch

c im ca H ngoi hi tng lai

c thc hin ti cc s giao dch
H c tiu chun ho cao
Vic thanh ton H ch c thc hin

thng qua trung tm thanh ton b tr v

vo cc thi im nht nh do sn giao
dch quy nh
Giao dch thng qua nh mi gii
(broker), trong ngi mua v ngi
bn H future phi c khon k qu
(margin) ti broker v phi tr ph cho
broker
Tnh thanh khon cao, giao dch d dng
thnh cng
Thng tin gi c minh bch, cng khai
45
L giao dch mang tnh u c ln

GIAO DCH QUYN CHN NGOI HI

Options transaction
Khi nim:
l giao dch ngoi t trong ngi mua
quyn chn c quyn nhng khng c
ngha v phi thc hin giao dch cam
kt vi ngi bn, trong khi ngi bn
quyn chn c ngha v phi thc hin
giao dch cam kt khi bn mua c yu
cu theo t gi tha thun trc.

GIAO DCH NGOI HI QUYN CHN

Ngi mua quyn (holder)- l ngi b

ra chi ph c c quyn chn v c

quyn yu cu ngi bn quyn thc hin
quyn chn theo ca mnh.
Ngi bn quyn (writer)- l ngi

nhn chi ph mua quyn t ngi mua

quyn, do vy, c ngha v phi thc hin
quyn chn theo yu cu ca ngi mua
quyn.
.Thi hn (expiration date or
47

maturity) ghi trong quyn chn c hiu

GIAO DCH QUYN CHN NGOI HI

Ph quyn chn (Premium): l gi ca

quyn chn, chnh l chi ph m ngi mua

quyn phi b ra c quyn chn
T gi thc hin (exercise hay strike

rate) l t gi s c p dng nu ngi

mua quyn yu cu thc hin quyn chn.
Quyn chn c th c giao dch trn c 2

th trng OTC v th trng tp trung.

48

Hon i ngoi t
Khi nim: 1452/Q-NHNN, iu 2:
Hon i ngoi t l giao dch ng thi
mua v bn cng mt lng ngoi t,
trong k hn thanh ton ca hai giao
dch l khc nhau v t gi ca 2 giao
dch c xc nh ti thi im k kt
hp ng

c im hp ng hon i ngoi
t
Mua vo v bn ra ng thi mt ng tin

ti ngy hm nay
Cng mt s lng mua vo v bn ra
T gi khc nhau: t gi ca hai giao dch
c xc nh ti thi im k hp ng.
Ngy gi tr mua vo # ngy gi tr bn ra
Giao dch thc hin trn th trng OTC v
khng c qui nh chun

5.3. Cn c vo c ch qun l ngoi hi

a)
b)
c)
d)
e)

51

T gi c nh/t gi th ni
T gi chnh thc/th trng
T gi c bn/ t gi giao dch
T gi ph thng/ t gi u i
n t gi/a t gi

6. CC NHN T CH YU TC NG N
TGH TRONG NN KINH T M
a) Chnh lch lm pht gia 2 quc gia
b) Chnh lch li sut gia 2 quc gia
c) Cung v cu v ngoi hi
d) Cc yu t phi kinh t khc

52

6.1 Chnh lch lm pht gia 2

nc
Gi mc chnh lch lm pht gia hai nc l

I =IV- IA.
- Nu I = 0, khng c lm pht hoc lm
pht hai nc bin ng cng bin , cng
mc lm pht th t gi hi oi gia hai ng
tin s n nh.
- Nu I < 0, ngha l IV< IA, th ng tin yt
gi (trng hp trn l USD) gim gi so vi
ng nh gi (VND).
- Nu I > 0, ngha l IV>IA, ng tin yt gi
ln gi so vi ng nh gi.
53

6.2. Mc chnh lch li sut gia 2 quc gia

Theo thuyt ngang gi li sut: li sut ca

hai nc phi tng thch vi nhau cho vn

ca nc ngy khng chy sang nc kia v
ngc li.
Nu c chnh lch li sut, vn ca nc c
mc li sut thp s chy sang nc c mc
li sut sut cao.

54

6.2. Mc chnh lch li sut gia 2 quc gia

(1+Iu) = [(1/Rs)(1+Ie)]Rf

hay (1+ Iu) = (Rf/Rs) x (1+ Ie)

Cng thc ngang gi li sut (IRP):

(1+ Iu) = (Rf/Rs)x (1+ Ie).

55

6.3 Cung v cu v ngoi hi

- Khi cung > cu ngoi hi -> ng ni t tng
gi, t gi hi hi oi gim.
- Khi cung < cu ngoi hi -> ng ni t gim
gi, t gi hi oi tng ln.

56

7. PHNG PHP IU CHNH TGH

7.1. Chnh sch ti chit khu (hay chnh sch chit khu)
7.2. Chnh sch hi oi hay chnh sch th trng m (open
market operation).
7.3. Qu d tr bnh n hi oi
7.4. Ph gi tin t (Devaluation, Depreciation)
7.5. Nng gi tin t (Revaluation/Repreciation)

57

7.1. Chnh sch ti chit khu (hay chnh sch chit khu)
l chnh sch m NHTW thay i t sut ti

chit khu iu chnh t gi hi oi trn

th trng.
iu kin thc hin chnh sch ti CK:
- Phi c h thng Ngn hng 2 cp
C th trng lin ngn hng
C cc cng c lu thng, chuyn nhng
c (sc, hi phiu, c phiu v cc giy t
c gi khc...)

58

7.2. Chnh sch hi oi hay chnh sch th trng m (open

market operation)
l bin php trc tip tc ng n TGH.
NHTW s thng qua vic trc tip mua vo, bn ra ngoi hi trn

TT iu chnh TGH.
iu kin: Phi c qu d tr ngoi hi ln

7.3. Qu d tr bnh n hi oi
l mt hnh thc bin tng ca chnh sch hi oi, mc ch

ca n l nhm to ra mt cch ch ng mt lng d tr ngoi

hi ng ph vi s bin ng ca t gi hi oi, thng qua
chnh sch hot ng cng khai trn th trng.
59

7.4. Ph gi tin t (Devaluation, Depreciation)

l s nh tt sc mua ca tin t nc mnh so vi

ngoi t, thp hn sc mua thc t ca n.

7.5. Nng gi tin t (Revaluation/Repreciation)
l nng sc mua ca tin t nc mnh so vi ngoi t,

cao hn sc mua thc t.

60