Solutions for End-of-Chapter Questi

Solutions for End-of-Chapter Questions and Problems: Chapter Thirteen

1. What are four FX risks faced by FIs?

Four risks include (1) trading in foreign securities, (2) making foreign currency loans, (3) issuing foreign currency-denominated debt, and (4) buying foreign currency-issued securities.

2. What is the spot market for FX? What is the forward market for FX? What is the position of being net long in a currency?

The spot market for foreign exchange involves transactions for immediate delivery of a currency, while the forward market involves agreements to deliver a currency at a later time for a price or exchange rate that is determined at the time the agreement is reached. The net exposure of a foreign currency is the net foreign asset position plus the net foreign currency position. Net long in a currency means that the amount of foreign assets exceeds the amount of foreign liabilities.

3. Refer to Table 13-1.

a. What was the spot exchange rate of Canadian dollars for U.S. dollars on July 4, 2012?

The spot exchange rate of Canadian dollars for U.S. dollars was 1.0131 on July 4, 2012.

b. What was the six-month forward exchange rate of Japanese yen for U.S. dollars on
July 4, 2012?

The six-month forward exchange rate of Japanese yen for U.S. dollars was 79.66 on July 4, 2012.

c. What was the three-month forward exchange rate of U.S. dollars for Swiss francs on July 4, 2012?

The three-month forward exchange rate of U.S. dollars for Swiss francs was 1.0455 on July 4, 2012.

4. Refer to Table 13-1.

a. On June 4, 2012, you purchased a British pound-denominated CD by converting $1 million to pounds at a rate of 0.6435 pounds for U.S. dollars. It is now July 4, 2012. Has the U.S. dollar appreciated or depreciated in value relative to the pound?

The exchange rate of British pounds for U.S. dollars on July 4, 2012 was 0.6414. The U.S. dollar has depreciated in value relative to the pound.

b. Using the information in part (a), what is your gain or loss on the investment in the CD? Assume no interest was been paid on the CD.
 

Initial investment was $1 million x 0.6435 = 643,500 pounds.
Exchanging the funds back to dollars on July 4, 2012 you will have
643,500 pounds / 0.6414 = $1,047,875
Your gain is $1,047,875 - $1,000,000 = $47,875.

5. On July 4, 2012, you convert $500,000 U.S. dollars to Japanese yen in the spot foreign exchange market and purchase a one-month forward contract to convert yen into dollars. How much will you receive in U.S. dollars at the end of the month? Use the data in Table 13-1 for this problem.

At the beginning of the month you convert $500,000 to yen at a rate of 79.87 yen per dollar, or you will have 500,000 x 79.87 = ¥39,935,000.

The one-month forward rate for the U.S. dollar for Japanese yen on July 4, 2012 was 0.012524. So, at the end of the month you will convert ¥39,935,000 to dollars at $0.012524 per ¥ or you will have
¥39,935,000 x 0.012524 = $500,145.94

6. X-IM Bank has ¥14 million in assets and ¥23 million in liabilities and has sold ¥8 million in foreign currency trading. What is the net exposure for X-IM? For what type of exchange rate movement does this exposure put the bank at risk?

The net exposure would be ¥14 million – ¥23 million – ¥8 million = - ¥17 million. This negative exposure puts the bank at risk of an appreciation of the yen against the dollar. A stronger yen means that repayment of the net position would require more dollars.

7. What two factors directly affect the profitability of an FI’s position in a foreign currency?

The profitability is a function of the size of the net exposure and the volatility of the foreign exchange rate.

 
8. The following are the foreign currency positions of an FI, expressed in the foreign currency.
Currency Assets Liabilities FX Bought FX Sold Swiss franc (SF) SF134,394 SF53,758 SF10,752 SF16,127 British pound (£) £30,488 £13,415 £9,146 £12,195
Japanese yen (¥) ¥7,075,472 ¥2,830,189 ¥1,132,075 ¥8,301,887

The exchange rate of dollars per SFs is 0.9301, of dollars per British pounds is 1.6400, and of dollars per yen is 0.010600.

The following are the foreign currency positions converted to dollars.
Currency Assets Liabilities FX Bought FX Sold Swiss franc (SF) $125,000 $50,000 $10,000 $15,000 British pound (£) $50,000 $22,001 $14,999 $20,000
Japanese yen (¥) $75,000 $30,000 $12,000 $88,000

a. What is the FI’s net exposure in Swiss francs stated in SF and in $s?

Net exposure in stated in SFs = SF134,394 - SF53,758 + SF10,752 - SF16,127 = SF75,261
Net exposure in stated in $s = $125,000 - $50,000 + $10,000 - $15,000 = $70,000

b. What is the FI’s net exposure in British pounds stated in £ and in $s?

Net exposure in £ = £30,488 - £13,415 + £9,146 - £12,195= £14,024
Net exposure in $ = $50,000 - $22,001 + $15,000 - $20,000 = $22,999

c. What is the FI’s net exposure in Japanese yen stated in ¥s and in $s?

Net exposure in ¥ = ¥7,075,472 - ¥2,830,189 + ¥1,132,075 - ¥8,301,887= - ¥2,924,529
Net exposure in $ = $75,000 - $30,000 + $12,000 - $88,000 = -$31,000

d. What is the expected loss or gain if the SF exchange rate appreciates by 1 percent? State you answer in SFs and $s.

If assets are greater than liabilities, then an appreciation of the foreign exchange rates will generate a gain = SF75,261 x 0.01 = SF7,261, or $70,000 x 0.01 = $7,000.

e. What is the expected loss or gain if the £ exchange rate appreciates by 1 percent? State you answer in £s and $s.

Gain = £14,024 x 0.01 = $140, or $22,999 x 0.01 = $230

f. What is the expected loss or gain if the ¥ exchange rate appreciates by 2 percent? State you answer in ¥s and $s.

Loss = - ¥2,924,529 x 0.02 = -$58,491 or -$31,000 x 0.02 = -$620


9. What are the four FX trading activities undertaken by FIs? How do FIs profit from these activities?

The four areas of FX activity undertaken by FIs are either for their customer’s accounts or for their own proprietary trading accounts. They involve the purchase and sale of FX in order to (a) complete international commercial transactions, (b) invest abroad in direct or portfolio investments, (c) hedge outstanding currency exposures, and (d) speculate against movements in currencies. Most FIs earn commissions on transactions made on behalf of their customers. If the FIs are market makers in currencies, they make their profits on the bid-ask spread.

10. City Bank issued $200 million of one-year CDs in the United States at a rate of 6.50 percent. It invested part of this money, $100 million, in the purchase of a one-year bond issued by a U.S. firm at an annual rate of 7 percent. The remaining $100 million was invested in a one-year Brazilian government bond paying an annual interest rate of 8 percent. The exchange rate at the time of the transaction was Brazilian real 0.50/$1.

a. What will be the net return on this $200 million investment in bonds if the exchange rate between the Brazilian real and the U.S. dollar remains the same?

Brazilian bonds issued in reals = $100m/0.50 = Real 200m

Cost of funds = 0.065 x $200 million = $13,000,000

Return on U.S. loan = 0.07 x $100 million = $ 7,000,000
Return on Brazilian bond = (0.08 x Real 200m) x 0.50 = $ 8,000,000
Total interest earned = $15,000,000
Net return on investment = ($15 million - $13 million)/$200 million = 1.00 percent.

b. What will be the net return on this $200 million investment if the exchange rate changes to real 0.4167/$1?

Cost of funds = 0.065 x $200 million = $13,000,000

Return on U.S. loan = 0.07 x $100 million = $ 7,000,000
Return on Brazilian bond = (0.08 x Real 200m) x 0.4167 = $ 6,667,200
Total interest earned = $13,667,200

Net return on investment = $13,666,667 - $13,000,000/$200,000,000 = 0.33 percent.

Consideration should be given to the fact that the Brazilian bond was for Real200 million. Thus, at maturity the bond will be paid back for Real200 million x 0.4167 = $83,340,000. Therefore, the strengthening dollar will have caused a loss in capital ($16,660,000) that far exceeds the interest earned on the Brazilian bond. Including this capital loss, the net return on investment is:
 

Net return on investment = ($13,666,667 - $13,000,000 - $16,666,667))/$200,000,000 = -8%

c. What will be the net return on this $200 million investment if the exchange rate changes to real 0.625/$1?

Cost of funds = 0.065 x $200 million = $13,000,000

Return on U.S. loan = 0.07 x $100 million = $ 7,000,000
Return on Brazilian bond = (0.08 x Real 200m) x 0.625 = $10,000,000
Total interest earned = $17,000,000

Net return on investment = $17,000,000 - $13,000,000/$200,000,000 = 2.00 percent.

Consideration should be given to the fact that the Brazilian bond was for Real200 million. Thus, at maturity the bond will be paid back for Real200 million x 0.625 = $125,000,000. Therefore, the strengthening real will have caused a gain in capital of $25,000,000 in addition to the interest earned on the Brazilian bond. Including this capital loss, the net return on investment is:

Net return on investment = ($17,000,000 - $13,000,000 + $25,000,000)/$200,000,000 = 14.50%

11. Sun Bank USA purchased a 16 million one-year euro loan that pays 12 percent interest annually. The spot rate of U.S. dollars per euro is 1.25. Sun Bank has funded this loan by accepting a British pound-denominated deposit for the equivalent amount and maturity at an annual rate of 10 percent. The current spot rate of U.S. dollars per British pound is 1.60.

a. What is the net interest income earned in dollars on this one-year transaction if the spot rates of U.S. dollars per euro and U.S. dollars per British pound at the end of the year are 1.35 and 1.70?

Loan amount = €16 million x 1.25 = $20.0 million
Deposit amount = $20.0m/1.60 = £12,500,000
Interest income at the end of the year = €16m x 0.12 = €1.92m x 1.35 = $2,592,000
Interest expense at the end of the year = £12,500,

Kết quả (Trung) 1:

结束的章问题和问题的解决办法: 第十三章 1.什么是 FIs 所面临的四个外汇风险? 四个风险包括 (1) 在外国证券、 (2) 使外币贷款，(3) 发行外国货币计价的债务，及 (4) 购买外国货币发行的证券的交易。2.什么是外汇现货市场?什么是外汇远期市场?正在净长在一种货币的职位是什么?外汇现货市场涉及交易立即交付的一种货币，而远期市场涉及协议交付货币价格或汇率确定在时间晚些时候达成的协议。外汇净敞口是外国资产净头寸再加上外币净额位置。在一种货币的净多头意味着外国资产额超过对外负债的金额。3.参阅表 13-1。a.什么是加元汇率折算为美元在 2012 年 7 月 4 日?加元对美元的汇率是 1.0131 在 2012 年 7 月 4 日。b.什么是六个月远期汇率的美元对日元的对2012 年 7 月 4 日吗?六个月远期汇率的美元对日元的 79.66 于 2012 年 7 月 4 日。c.什么是三个月远期汇率的美元瑞士法郎在 2012 年 7 月 4 日?三个月远期汇率的美元对瑞士法郎 1.0455 于 2012 年 7 月 4 日。4.参阅表 13-1。a.在 2012 年 6 月 4 日，您通过将 $ 100 万到磅 0.6435 磅的速度转换为美元购买英国英镑计价的 CD。现在是 2012 年 7 月 4 日。美元兑赞赏或相对于英镑贬值吗?2012 年 7 月 4 日美元对英镑的汇率是 0.6414。英镑贬值，美元已经贬值。b.使用中部分 (a) 什么是你的收益或损失在裁谈会投资的信息吗?假设在裁谈会的管理方面，没有利息。 最初的投资是 $ 100 万 x 0.6435 = 643,500 英镑。在 2012 年 7 月 4 日换回美元基金你会有643,500 磅 / 0.6414 = $1,047,875你的收益为 $1,047,875-$1000000 = $47,875。5.关于 2012 年 7 月 4 日，你转换为日元现货外汇市场的美元 50 万美元，购买一个月的远期合同，将日元换成美元。将你收到多少美元月底?使用的数据在表 13-1 这一问题。在本月初你转换美元 50 万到日元在率 79.87 日圆兑 1 美元，或你将有 500,000 x 79.87 = ¥ 39,935,000。美元兑日元在 2012 年 7 月 4 日为 1 个月远期汇率是 0.012524。所以，在月末你会转换 $0.012524 每 ¥ ¥ 39,935,000 对美元或你会有¥ 39,935,000 x 0.012524 = $500,145.946.X IM 银行 ¥ 1400 万资产和 ¥ 2300 万的负债，已售出 ¥ 800 万外币交易。X-IM 的风险净额是什么?对哪些类型的汇率运动这种曝光把风险在银行吗?净敞口将 ¥ 1400 万 — — ¥ 2300 万 — — ¥ 8 万 =-¥ 1700 万。这种负面曝光提出了银行在日元兑美元升值的风险。日元走强意味着还款的净头寸需要更多的美元。7.两个因素直接影响上网位置在外币的盈利能力?盈利能力是净敞口的大小和外汇汇率的波动性的函数。 8.以下是外国货币立场的上网，以外币表示。货币资产负债外汇买外汇卖出瑞士法郎 (SF) SF134，394 SF53，758 SF10、 752 SF16，127 英国英镑 (£) £30,488 £13,415 英镑 9,146 £12,195日元 (¥) ¥ 7,075,472 ¥ 2,830,189 ¥ 1,132,075 ¥ 8,301,887 财经事务局局长每美元的汇率是 0.9301，每英镑美元是 1.6400，每日元美元的是 0.010600。以下是折算成美元的外汇头寸。货币资产负债外汇买外汇卖出瑞士法郎 (SF) $125,000 $50,000 $10,000 $15,000 英国英镑 (£) $50,000 $22,001 $14,999 $20,000日元 (¥) $75,000 $30,000 $12,000 $88,000a.什么是 FI 的净暴露在 SF 及在 $s 中所述的瑞士法郎?净暴露在所述 SFs = SF134，394-SF53，758 + SF10，752-SF16，127 = SF75，261净暴露在所述 $s = $125,000-50,000 + $10,000-15,000 = $70,000FI 的净敞口，英镑可以说在和 $s 是什么?Net 中的暴露 = 英镑 30,488-13,415 英镑 + 英镑 9,146-12,195 英镑 = 14,024 英镑净暴露在 $ = $50,000-22,001 + $15,000-20,000 = $22,999c.什么是 FI 的净暴露在日元 ¥ s 和 $s 说明?净暴露在 ¥ ¥ 7,075,472-¥ 2,830,189 + ¥ 1,132,075-¥ 8,301,887 = =-¥ 2,924,529净暴露在 $ = $75,000-30,000 + $12,000-88,000 =-$31,000d.什么是预期的损失或获得如果 SF 汇率升值 1%?你回答在财经事务局局长和 $s 的状态。如果资产大于负债，那么汇率升值会产生收益 = SF75，261 x 0.01 = SF7，261 或 $70,000 x 0.01 = $7,000。e.什么是预期的损失或获得如果 £ 汇率升值 1%?你回答在 £s 和 $s 的状态。获得 = 14,024 x 0.01 英镑 = $140 或 $22,999 x 0.01 = $230f.什么是预期的损失或获得如果 ¥ 汇率升值 2%?你回答在 ¥ s 和 $s 的状态。损失 =-¥ 2,924,529 x 0.02 =-$58,491 或-31,000 x 0.02 美元 =-$6209.开展 FIs 的四个外汇交易活动有哪些?FIs 如何做从这些活动中获利?FX 活动开展的 FIs 的四个领域是为他们的客户的帐户或他们自己的自营交易帐户。他们涉及购买和出售外汇为 (a) 完成国际商业交易，(b) 在直接或组合投资，(c) 对冲的杰出货币敞口，国外投资和 (d) 对货币运动的推测。大多数 FIs 赚取佣金代表其客户进行的交易。如果 FIs 在货币市场庄家，他们使他们的利润对价差。10.城市银行发行美元 2 亿的 6.50%的速度在美国一年期 CDs。它投资一部分钱，$ 1 亿，在购买一年期债券的发行由一家美国公司每年以 7%的速度。余下 $ 1 亿投资一年巴西政府债券年利率 8%的利息。在交易时的汇率是巴西真正 0.50 / $1。a.什么会这 $ 2 亿投资债券的净利润，如果巴西雷亚尔与美元的汇率保持不变?巴西债券发行在巴西雷亚尔 = 100 m/0.50 = 实际 200 米资金成本 = 0.065 x $ 2 亿 = $13000000美国租借回到 = 0.07 x $ 1 亿 = $ 7,000,000巴西债券回报率 = (0.08 x 真正 200 米) x 0.50 = $ 8,000,000总利息 = 15000000 美元净收益投资 = ($ 1500 万-$ 1300 万) / $ 2 亿 = 1.00%。b.会这 $ 2 亿投资净回报率如果外汇汇率的变化对真正 0.4167 / $1?资金成本 = 0.065 x $ 2 亿 = $13000000美国租借回到 = 0.07 x $ 1 亿 = $ 7,000,000巴西债券回报率 = (0.08 x 真正 200 米) x 0.4167 = $ 6,667,200总利息 = $13,667,200净收益投资 = $13,666,667-$13000000 / $200000000 = 0.33%。应考虑事实巴西债券为 Real200 万。因此，在到期日的债券将支付回 Real200 万 x 0.4167 = $83,340,000。因此，美元升值会造成损失的资本 (16,660,000 美元)，远远超过巴西债券的利息。这种资本的损失，包括投资净回报率是: 净收益投资 = ($13,666,667-$13000000-16,666,667)) / $200000000 =-8%c.会这 $ 2 亿投资净回报率如果外汇汇率的变化对真正 0.625 / $1?资金成本 = 0.065 x $ 2 亿 = $13000000美国租借回到 = 0.07 x $ 1 亿 = $ 7,000,000巴西债券回报率 = (0.08 x 真正 200 米) x 0.625 = 10000000 美元总利息 = $17000000净收益投资 = $17,000,000-$13000000 / $200000000 = 2.00%。应考虑事实巴西债券为 Real200 万。因此，在到期日的债券将支付回 Real200 万 x 0.625 = $125,000,000。因此，加强真正将导致了增益在首都 $25000000 除了巴西债券的利息。这种资本的损失，包括投资净回报率是:净收益投资 = ($17000000-13000000 + $25000000) / $200000000 = 14.50%11.太阳银行美国购买 1600 万零 1 年欧元的贷款，每年支付利率为 12%。每欧元美元即期汇率为 1.25。太阳银行同等数额和每年 10%的速度成熟接受英国英镑计价的存款资助了这笔贷款。当前每英镑美元远期汇率是 1.60。a.什么是赚取美元在这一年的交易中，如果每欧元美元和英镑在年底每美元的即期汇率为 1.35 和 1.70 净利息收入?贷款金额 = € 1600 万 x 1.25 = $ 2000 万存款金额 = $20.0m/1.60 = 12,500,000 英镑在今年年底的利息收入 = €16 m x 0.12 = €1.92 m x 1.35 = $2,592,000在今年年底利息支出 = 英镑 12,500，

Kết quả (Trung) 2:

对于章末的问题和问题的解决方案：第十三章1。什么以下四种外汇风险所面临的金融机构？四大风险包括：（1）买卖外国证券，（2）使外币贷款;（3）发行外币计价的债务;（4）购买外国货币发行的证券。2 。什么是现货市场的外汇？什么是远期外汇市场的外汇？什么是成为净多头的货币地位？即期外汇市场包括立即交付一种货币的交易，而期货市场涉及的协议来提供货币在稍后的时间是确定的价格或汇率当时的达成协议。外汇的净敞口是对外净资产头寸，加上外汇头寸净额。在货币净多头意味着外国资产量超过国外负债的金额。3。请参考表13-1。一。什么是加元美元的即期汇率在2012年7月4日？加元对美元的即期汇率为1.0131 7月4日，2012年湾 什么是日元对美元的六个月远期汇率在2012年7月4日？日元对美元的六个月远期汇率为79.66 7月4日，2012℃。什么是美元对瑞士法郎3个月远期汇率7月4日，2010 美元为瑞士法郎的3个月远期汇率1.0455 7月4日，2012年4。请参考表13-1。一。6月4日，2012年，您可以通过转换$ 100万磅的美元利率的0.6435磅购买英镑计价的CD。现在是7月4日2012年有美元升值或贬值相对于英镑价值？英镑对美元的7月4日的汇率2012年为0.6414。美元贬值相对于英镑，价值湾 使用第（一 ​​）信息，什么是你的利得或损失，在光盘的投资？假设没有利息支付的光盘上。初始投资是$ 1万美元x 0.6435 =643500磅，更换资金回流美元的2012年7月4日，你将有643500磅/ 0.6414 = $一○四七八七五您的收益为$一百○四万七千八百七十五- $ 1,000,000个= $ 47875。5。7月4日，2012年，您将$ 50万美元日元在即期外汇市场，并购买了为期一个月的远期合约转换日元兑换成美元。在每月的月底美元多少钱你会收到什么？使用表13-1中的数据对于这个问题，在月初你转换$ 50万日元每美元79.87日元的速度，否则你将有500000 x 79.87 39935000 =¥，为期一个月的远期汇率美元对日元汇率在2012年7月4日是0.012524。因此，在每月的最后你会在$ 0.012524元¥转化¥3993.5万来块钱，你将有¥3993.5万x 0.012524 = $ 500,145.94 6。的X进出口银行¥14万美元的资产和23¥万美元的债务，并已在外汇交易出售¥800万美元。什么是网络曝光的X IM？对于什么类型的汇率变动来实现这一点曝光把银行的风险？的净敞口是¥14万元- ¥23日万美元- ¥8个亿= - ¥17万元。这种负面的曝光使银行在美元兑日元的升值风险。日元走强意味着还款的净头寸将需要更多的美元。7。哪两个因素直接影响了FI的位置的盈利能力外币？盈利能力的净敞口的规模和外汇汇率的波动性的作用。8。下面是一个FI的外币头寸，以外币表示，外币资产负债外汇买入外汇出售瑞士法郎（SF）SF134,394 SF53,758 SF10,752 SF16,127英镑（£）£三〇四八八£13,415 £9,146£一万二千一百九十五日元（¥）¥七百零七万五千四百七十二¥二八三〇一八九¥一百十三万二千零七十五¥八百三十零万一千八百八十七美元每SF的汇率是美元0.9301，每英镑为1.6400，而美元每日元0.010600，以下是外币头寸转换为美元。货币资产负债外汇买入外汇出售瑞士法郎（SF）$ 125,000个$ $ 50,000 $ 10,000 15,000名英镑（£）$ $ 50,000 22,001 $ 14999 $ 20,000个日元（¥）$ 75,000名$ $ 30,000 $ 12,000 88,000 一个。什么是金融中介机构的净敞口在SF和$宣称的瑞士法郎？在规定的SF = SF134,394网络曝光- SF53,758 + SF10,752 - SF16,127 = SF75,261 网在$宣称的曝光= $ 125,000个- $ 50,000以上$ 10,000 - $ 15,000名= $ 70,000个湾 什么是金融中介机构的净敞口在£和$宣称的英镑？在£网曝=£三〇四八八- £13,415 +£9,146 - 12195£=£一四零二四在$净敞口= $ 50,000个- $ 22,001 + $ 15,000 - $ 20,000个= $ 22999 C。什么是金融中介机构的净敞口在¥S和$ s中陈述日圆？在¥=¥七〇七五四七二网络曝光- ¥二八三〇一八九+¥一一三二〇七五- ¥八百三十〇万一千八百八十七= - 2924529¥ 在$净敞口= $ 75,000名- $ 30,000 + $ 12,000名- $ 88,000 = - $ 31,000名Ð。什么是预期的损失或收益，如果顺丰汇率升值1％？国家你的SF和$回答是，如果资产大于负债，那么的汇率升值将产生的增益= SF75,261 x 0.01 = SF7,261，或$ 70,000个x 0.01 = $ 7,000元。如 什么是预期的损失或收益，如果£汇率升值1％？国家你£S和$ s的回答。增益=£一四零二四x 0.01 = $ 140或$ 22999 x 0.01 = $ 230 F。什么是预期的损失或收益，如果¥汇率升值了2％？国家你¥S和$ s的回答。损失= - ¥二百九十二万四千五百二十九x 0.02 = - $五万八千四百九十一或- $ 31,000名x 0.02 = - $ 620 9。什么是金融机构所从事的四个外汇交易活动？如何从这些活动中金融机构的利润？外汇活动的四个区域金融机构进行的是无论是对他们的客户的账户或为自己的自营交易账户。它们涉及买卖外汇，以（a）完成国际商业交易，（二）境外投资直接或证券投资;（三）突出的对冲货币风险，及（d）推测反对运动的货币。大多数金融机构赚取了代表其客户的交易佣金。如果金融机构是做市商的货币，他们做的买卖价差。他们的利润10。市银行发行$一年期的CD在美国2亿的6.50％的速度增长。它在7％的年增长率投入这笔钱的一部分，$ 1亿美元，在购买由美国公司发行的一年期债券。其余的$ 100个亿元投资于一年期巴西政府债券支付8％的年利率。在交易时的汇率巴西雷亚尔0.50 / $ 1。一。会有什么在这个$投资200万元的债券的净回报，如果巴西雷亚尔与美元之间的汇率保持不变？在里亚尔= $ 100M / 0.50 =真200米发行的巴西债券的资金成本= 0.065 X $ 200个万美元= $ 13,000,000 的美国次贷收益= 0.07 x $ 100个万美元= $ 7,000,000 的巴西债券收益=（0.08 X进行实时200米）×0.50 = $ 8,000,000 的总利息= $ 15,000,000 投资=（$ 15个百万- $ 13个亿美元）净收益/ $ 200个万美元= 1.00个百分点。湾 会有什么在这个$投资200万元的净回报，如果汇率变动，以实际0.4167 / $ 1〜资金成本= 0.065 X $ 200个万美元= $ 13,000,000 的美国次贷收益= 0.07 x $ 100个万美元= $ 7,000,000 的巴西债券=回报（ 0.08 X进行实时200米）×0.4167 = $六百六十六万七千二总利息= $一三六六七二〇 〇投资= $一三六六六六六七净资产收益率- $ 13,000,000 / $ 200,000,000 = 0.33％的应考虑到的事实是，巴西债券对于Real200万元。因此，在成熟的债券将支付回Real200万元x 0.4167 = $ 83340000。因此，美元走强将导致资本（$一六六六〇 〇 〇 〇 ）损失远远超过赚上巴西债券的利息。这包括资本损失，投资的净回报是：投资净资产收益率=（$一千三百六十六万六千六百六十七- $ 13,000,000 - $一六六六六六六七））/ $ 200,000,000 = -8％以下。会有什么在这个$投资200万元的净回报，如果汇率变动，以实际0.625 / $ 1〜资金成本= 0.065 X $ 200个万美元= $ 13,000,000 的美国次贷收益= 0.07 x $ 100个万美元= $ 7,000,000 的巴西债券=回报（ 0.08 X进行实时200米）×0.625 = $ 10,000,000 总利息= $ 17,000,000 的投资= $ 17,000,000净资产收益率- $ 13,000,000 / $ 200,000,000 = 2.00％的应考虑到的事实是，巴西债券对于Real200万元。因此，在成熟的债券将支付回Real200万元x 0.625 = $ 125,000,000。因此，加强实将导致在$ 25,000,000除了资本的增益，以获得对巴西债券的利息。这包括资本损失，投资的净回报是：投资净资产收益率=（$ 17,000,000 - $ 13,000,000 + $ 25,000,000）/ $ 200,000,000 = 14.50％11。孙美国银行收购，每年支付12％的利息1600万一年期欧元贷款。每欧元即期汇率的美元为1.25。孙银行通过接受英镑计价的存款金额等值和期限以10％的年增长率资助的这项贷款。每英镑目前的即期汇率的美元是1.60，一个。什么是获得了美元这个为期一年的交易，如果即期汇率为每欧元每英镑美元美元在今年年底是1.35和1.70的净利息收入？贷款额=€16个万美元系数1.25 = $ 000万存款金额= $20.0米/ 1.60 =£12,500,000 利息收入在今年=€16米x 0.12英寸=€1.92mx 1.35 = $ 2592000，单位为年底利息支出在今年=£12,500个月底，































 





















 


































































 

Kết quả (Trung) 3:

第十三章第1章第章。四外汇风险的金融机构是什么？四的风险包括（1）在外国证券交易，（2）外币贷款，（3）发行外币债务，以及（4）购买外币发行证券。外汇的现货市场是什么？外汇市场的远期市场是什么？一种货币的净长期处于什么位置？外汇即期交易市场包括即期交割的货币，而远期市场包括在协议达成时确定的价格或汇率的协议，以期提供一种价格或汇率。外币净敞口是净资产头寸加上净外币头寸。外币净资产意味着外国资产的金额超过外国负债的金额。见表13-1。

A.什么是现货汇率加元对美元在2012年7月4日？加拿大元人民币对美元的即期汇率美元是2012年7月4日的1.0131美元，这是2012年7月4日日元对美元的六个月远期汇率吗？2012年7月4日，日元对美元的六个月远期汇率为79.66美元，2012年7月4日瑞士法郎的三个月远期汇率是多少？美国三个月远期汇率瑞士法郎的美元是1.0455，2012年7月4日。见表13-1。

公元2012年6月4日，你买了一英镑计价的CD转换为1000000美元，英镑对美元汇率0.6435英镑。现在是2012年7月4日。有美元升值或贬值相对于英镑吗？七月四日英国英镑兑换美元的汇率，