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第二章
1.
Balance of payments:
The set
of accounts recording all flow of value between a
nation's residents
and the residents of the rest of the
world during a period of
time.
2.
International
investment
position:
Complementing
the
balance
of
payments
accounts is a
balance sheet called the international investment
position.
第三章
1.
Foreign
exchange
：
Foreign
exchange
is
the
act
of
trading
different
nations
’
moneys.
2.
Exchange rate :
An exchange
rate is the price of one
nation
’
s money in terms of
another nation
’
s
money.
3.
Spot
exchange
rate:
The
spot
exchange
rate
is
the
price
for
“
immediate
”
exchange.
4.
Forward exchange
rate
：
The forward exchange
rate is the price set now for an
exchange that will take place sometime
in the future.
5.
Foreign
exchange
swap
外汇互换
:
A
foreign
exchange
swap
is
a
package
trade
that includes both a spot exchange of
two currencies and an agreement to the
reverse forward exchange of the two
currencies.
6.
Arbitrage:
The
process
of
buying
and
selling
to
make
a
(nearly)
riskless
pure
profit.
7.
Depreciation:
Under
the
floating-rate
system
a
fall
in
the
market
price
of
a
currency.
8.
Appreciation:
Under
the
floating-rate
system
a
rise
in
the
market
price
of
a
currency.
9.
Devaluation :
A discrete official reduction in the
otherwise fixed par value of a
currency.
10.
Revaluation
重估
:
The antonym describing a discrete
raising of official par.
第四章
1.
Exchange-rate
risk
: If the value of the
person
’
s income, wealth, or
net wealthy
changes when exchange rates
unpredictably in the future.
2.
Hedging :
Hedging is the act of reducing or
eliminating a net asset or net liability
position in the foreign currency.
3.
Speculating:
Speculating is
the act of taking a net asset
position (
“
long
”
) or a
net
liability position (
“
short
”
) in some asset class, here a
foreign currency.
4.
Forward exchange contact:
Forward exchange contact is an
agreement to buy or
sell a foreign
currency for future delivery at a price.
5.
Forward
exchange
rate
：
It
is
the
exchange
rate
at
which
a
bank
agrees
to
exchange one currency for
another at a future date when it enters into a
forward
contract with an investor.
6.
Currency
futures:
Currency
futures
are
contracts
that
are
traded
on
organized