-

THE TRONG TAI CHIN QUO TE

1
.
Thi 14

tenong ngoaiha : Foreign Exchange M et)

chujan
↑

d mot ten Kha.

naj la
-
·

ple on
1-

+
Cho
dong
ten not
J

+ Ti gi ho ooi xa dish
tile ma tai do mot
storg na duj chuyen do senhan mot dog ten Khac.
tin
O
Ingoait. X n t
F
J ↑

yet
O gia
rate
F
O
duck gia
-

/
.

II/ History of foreign exchange :

Gold Standard (1876-1913) (Don ii boing vivang

+ ~

muc tij
~

Mot
song tien cotle ducchugen do sang rang vo mot gixcdink Ihi chien tranh
&

·
.

lan thi nhat no ra vao na 1914 ched

bang vi vang da bi duck chi
- ~ - -

y f

Agreements Fixed Exchange Rates :

+ on

·
H i Bretton Woods 1944-1971.

·
Hi c /
Smithsonian 1971-1973.

Floating exchange Rate System

·

c si gino dech song radio cho ple bien dog Hi the ca hic ca thi tenong
i
Ty
/

Ca
dong
- ·

· ten ↑
S

y ↑

·
hia vien
-
--
la mot
--

chupen-
i

thog
-

da
Thi to cho
ple cas
congty stong ten may lay
-

> I -

OTC
+
-2
I
throug many qua
ten Kha.
~

mot
dong
trung goi ha
~

dealers
dong vaitio
Foreign exchange trung gian trong this
+

h cho php vic chuyen din tio did

Spot gio dich goai
market : Mot
y gay lp go
l
giao g
L
a

,
dich seen thi thing giao
. Tygia trong tenong giao ngay tigia giao ngay
thi la
-

gay ↑
. ,

gan hang that hun

Y
market dich is
tenong hengan
·

+ Spot Thi
hang
-

cao
-M

structure Giao
·
n

:
gea ↑

~
y
-

dechuyen da
- L
-- N

USD la ch
Dong dong ten
danphobestia ye hoo
of dollar in spot maslet Than
- -
n
·

Use
trung ge
L :
+ -
ap

"goai ha gioongay thing that occo quo gia ma

..

trong thi tenong

...

J
.
Den
may bi
gi han giao dich (24h .

giao h ngoai h drio thec hin chetrang tha gian Kink doand brick thering
+ Spot market time zone : Coc di
j

phong Vivay bat-thciem

~

of tong thi thing dia trang tun, thegi.

&

nao o tren
not
Ky
-

↑
tai
/
nao tai mot no
S

nht E
sang cung cap you cau v giaodich goaih .
s c it
gn hang angmcua
-
1 va San

tink thank hon cao hon

+ liquidity Can nhi gui
Spot market va ban
c ghia : mua l
cang c .

. Ca d tin cu
2
Ngan hang cungcp dich nu ngoaiha :

Yet gia canh teach

y

Khuyen nghi v ca di in thitwng hintai

/

I
-

+ +
~ ~
-

Maquan he than thief v lang Di bad the tering.

Ngn
.
+ ↑
. +

+
To d the hien
.
3
.
Foreign exchange Quotation :

Tai bat th i no gi mua bid (buy cia gn hang to vo mot dong ngoai t se nho hon gia
kij
ban ask (sell)
· Bid las spread of banks : Chinhlich ginua/ban b top phon chiphi cragan hang lien quan den
vie the hi a giao dich goi h cho Khach hang

lask
ate-Bidate spread =
ie

Cachautrank higdechentlich gamualban go

4
.

c chi phithank toan vachi phighinin

o
cagiao dich
- Inventory costs : Chiphito qu la loaichi phintain duy tei not cong tren cuth noo to dia
dang ganquj.
Competition : Muc do canh trank cong gay gat, thimischenklich gi
+ nua
/giban can tagu
castrong gian.
tin lon thi c tink thank Khon carbon ba vicontin
+ Volume : Cac
dong
que
mo
giao dich
c
va ban tai mot that dem bat
gu
---
mua
J kij &

risk : Cooties kin kinh t boa china tri co th Chiencho

Currency
+ J
nguan nhu can cra
cunqua
mot
dong tin nat tay da chant chong.
5
Giai thick cach yet gia (Foreign Exchange Quotations)
↓

Yeta tre ti yet gia gian repI"taif the-i

S
-
- va

yet gia tric topben thi gitei ca bang sing nt (number

-

~
Direct quotations :
dog gaite
.

·
mot
of domestic percurrency foreign currency
+ 1
ngoai t
Giac via dong ngoai t
=
nat -

Indirect quotations Yg
↑

mot sing note

...
ben Thi soluang
goai te tein
-
1)

·
gian t :
↓

1 not Anh 1GBP

+
ngoaite X $ -> =

/chanAn
·
I

>
-
1EUR = $
~ Newzealand + INZD =
$
+ gi cheo :

Bid Ask
④ USD CAD a, a2 cheo-whan-thing
thang-chia-cheo
&

CAD MXN b, b2
>
-
USD MXN cub , abz
② USDCAD al a - CAUND =

b b
USD UND by by
 ~
II
. Thi ~
tient 9
tenong
-

/
UOC ti

quo gia nguan qui ngan han (short-term funds)

·
Cac
~
chuch pla con co nhu cou v ca din
cong
↑
Ty va
nhung don
n

Khac v dong
-
dank bang not.
...
tinte quo te da phattuen b vi
~

Thi
1)
ca
tenong cong ty :
+
I

bang stoigngoaite
S

CotheCon de thank toan cho ho nho Kha dinkdank

hang
-
-

ray
· much
.

tin nao do co muc lo shat tha han

y

Cothchon lea
! di say bang dong
&

· mot -

sor donatea c
~

say daig goai

diyonggang
· Co the la chon di t
↑ G

-
European Money gui bang dia has du
i

+ Market : Cac Khoon tien

Chau
L

la Eurodollars
Lay Eurocurrency Thi eng doing ten Au da plat trien bat dai tinhug
~

nam 1960 va
go .
1970 .

- Asian
Money Market : thi
J eng tin t can
Hong Kong trung tam r dat tai va Singapore
. Khodau
en hanlul ca Khon ti gi dink dank bang us .
-

ang la not thitening lien quan ·

Money Market interest rate Among currencies

.

>
-
L su
thin tin t ca bat kij quo gia no un -plu thuo vao nhu ca nquan van ngan han ca nhing
Cung cap b nhung gu
qua ivay kan duoc tietKien
/ -

, nguan cung
~
"
von
gan C
J

-
.

Lai suct this

+
terng tin t at a biet j thuvao bung a biet trong i thing quan gi torg cau von ngan
"ban o mot quo gia i the
y

kan torig cung ngan

von
~

Si htu cra las sucf thi tient i

tenong
:

· ,

La sudif teng ten

t Cuc quo gia yah huong lin quan mat thief nhan the th gian.
--

thi
+ hi inh t
suythoi, nhu ca thank hon cu cas conty giana ca congty giannhu can vay mul
van ngan kan .

Whi ne kinh tang teng, as

cong ty se m rong kinh doante vanhu cau aquan van hin dong tang
them plu u ne caus mo
song ~
kinh doanh
.

Risk of International Market Securities

Money .

wng tin t chnghoan no do chint plus phot hanh

~

-
Chin on Thi Quotl o MNC ca coquan
v "C
Th gian doo han again han (1 main tro tang
- Thong throng whing ching Khoon may disc coila
is
,
-

↓
an tran teno milo rano. ↑

Ngay ca Chiching
+ Khan teen thi
/
tent
tenong quo t Khang chin u so y
tindung Thicking
, curg phan chein sin
o
ti gia ho oa Ichi dong to bit the Chu Khon Khang not cra nha danti.

III .
Thi wing tin
dung not
hic
trung han thong qua ca
van
+
Cao MNC d nguan Khoan
ray co K han thing qua ca
ray
Khoon
·
whan Ingli un no trug
c
kij han ti cac to chus toi chunk dia
phong thong
"hoac qua vie plat hand c gechung
kan) tai thi teng dia phuong cia ho

to han at c a quanci phumdouina

O

hoo eurocredit.
 las suat tha n la suct
+ trant licolas st, o
ngan hang thidung
as on
vay drirang
bro va Laisuat lin London (LIBOR)
gan hang
~

Syndicated loans in the Credit Market (cho

vay lipp voi)
hi mot g hang Khong san long ho hang the cho MNC hoo co quan chink plui
vay
so tien con
that
S

th su thank l t boo lante a on

- Mot to hop ca g hang vay gan hangdon machi
trachnhom "Long Khon ngedivay
throug
-
-
x
cac
· ·
.
trai pluenquo te
N

.
II Thi (S &

throng
~

Traiphies mi ngo do ngu di say ni goi plathants cho quo gia no dat traiphien
Eurobonds :
· Ca tink ca Eurobonds :
Beases bonds (trai phien sinhl rhien)
+

Thank toan campon

-
hang nam.
+ C
thchuyen
o Loo co themua lai.
-

Dongten dink dank cra trai

,
phien
i
:

sloaitien t
=
dinkdank (Euro
, USD Yen) this c.
~

+ I
huong dro bang mot thi
, y
tenoug
trang whic tering has giong nhis nhung
J
f

ngu bas lanh plat hank bancac

Y N

tao lap the tering

↑

+
Cac wha
~
van detai chuch
.
Ri
pluen quot : trai ~
~

no

lo su-ho
Rui nang giatei cra trai phie gian mang do lar sof dai hantang.
o
~

Ri ti gi ha stoai-th he ho
nag gia tri cra traiphin gian un (theo quan otiem cu nha stai
N
+ so
J
/

t) dog tien bin thi trai phieu gian gia so va doi note.
v

Rui no thank Khoo-th hi tha

+
mang gitei via traiphin gran an do hang co thitman hoat
ong not quan
d cho trai phien,
1

-
the hi h
+
Rui so
findung
- ~
nag vno