Exchange rates · 汇率
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| exchange rate/eksˈtʃeɪndʒ reɪt/ | 汇率 | huì lǜ |
| floating/ˈfləʊtɪŋ/ | 浮动的 | fú dòng de |
| fixed/fɪkst/ | 固定的 | gù dìng de |
| appreciation/əˌpriːʃɪˈeɪʃn/ | 升值 | shēng zhí |
| depreciation/dɪˌpriːʃɪˈeɪʃn/ | 贬值 | biǎn zhí |
| speculation/ˌspekjʊˈleɪʃn/ | 投机 | tóu jī |
The price of money itself
- Travel abroad and your money is suddenly worth more or less — because currencies have a price too, the exchange rate 汇率.
- It quietly shapes the price of every import and export, and so the whole trade balance.
货币本身的价格
- 出国旅行,你的钱突然值更多或更少——因为货币也有一个价格,汇率(exchange rate)。
- 它悄悄塑造每一项进口和出口的价格,因而塑造整个贸易平衡。
A floating exchange rate is determined by: · 一个浮动汇率由以下决定:
Floating rates are set by forex demand and supply; fixed rates are pegged by the central bank. · 浮动汇率由外汇需求和供给决定;固定汇率由中央银行钉住。
Floating 浮动的 vs fixed 固定的
- A floating exchange rate is set by the demand for and supply of the currency on the forex market.
- A fixed rate is pegged by the central bank, which buys/sells currency to hold it.
In a floating system, the demand for and supply of the currency set the exchange rate where they cross.
浮动对固定
- 一个浮动(floating)汇率由外汇市场上货币的需求和供给决定。
- 一个固定(fixed)汇率由中央银行钉住,它买/卖货币以保持它。
在一个浮动系统中,货币的需求和供给在它们相交之处决定汇率。
The foreign-exchange market · 外汇市场
A currency has its own market. More demand for £ (or less supply) pushes the exchange rate up — it appreciates. · 一种货币有它自己的市场。对英镑更多的需求(或更少的供给)把汇率推高——它升值。
A depreciation of the currency makes: · 货币的贬值使:
A weaker currency cuts export prices abroad and raises import prices at home. · 一种更弱的货币削减国外的出口价格并提高国内的进口价格。
SPICED reminds you that a Strong Pound makes Imports Cheaper and Exports Dearer. · SPICED 提醒你一个强势英镑(Strong Pound)使进口更便宜(Imports Cheaper)、出口更贵(Exports Dearer)。
Strong Pound → Imports Cheaper, Exports Dearer (appreciation). · 强势英镑 → 进口更便宜、出口更贵(升值)。
Appreciation 升值 and depreciation 贬值
- Appreciation (rate rises): exports dearer, imports cheaper.
- Depreciation (rate falls): exports cheaper, imports dearer — can improve the trade balance.
- A handy memory aid: SPICED — Strong Pound, Imports Cheaper, Exports Dearer.
Worked example. If 1 pound = 1.30 dollars, then 200 pounds buys 200 × 1.30 = 260 dollars.
升值与贬值
- 升值(appreciation,汇率上升):出口更贵,进口更便宜。
- 贬值(depreciation,汇率下降):出口更便宜,进口更贵——能改善贸易平衡。
- 一个方便的记忆辅助:SPICED——Strong Pound, Imports Cheaper, Exports Dearer(强势英镑、进口更便宜、出口更贵)。
例题。 如果 1 英镑 = 1.30 美元,那么 200 英镑买 200 × 1.30 = 260 美元。
If 1 pound = 1.30 dollars, how many dollars do you get for 200 pounds? · 如果 1 英镑 = 1.30 美元,200 英镑能得到多少美元?
200 × 1.30 = 260 dollars. · 200 × 1.30 = 260 美元。
What moves a floating rate
- Demand for exports (raises demand for the currency), interest rates (higher rates attract savers), investment inflows, and speculation 投机.
什么移动一个浮动汇率
- 对出口的需求(提高对货币的需求)、利率(更高的利率吸引储蓄者)、投资流入和投机。
Higher domestic ______ rates attract foreign savers, raising demand for the currency. · 更高的国内______率吸引外国储蓄者,提高对货币的需求。
Higher interest rates attract capital inflows, appreciating the currency. · 更高的利率吸引资本流入,使货币升值。
You've got it
- a floating rate is set by currency demand and supply; a fixed rate is pegged by the central bank
- appreciation → exports dearer, imports cheaper; depreciation → the reverse (SPICED)
- a floating rate moves with exports demand, interest rates, investment and speculation
你掌握了
- 一个浮动汇率由货币需求和供给决定;一个固定汇率由中央银行钉住
- 升值 → 出口更贵、进口更便宜;贬值 → 反过来(SPICED)
- 一个浮动汇率随出口需求、利率、投资和投机而移动