The Foreign Exchange Market · 外汇市场
| English | 中文 | Pinyin · 拼音 |
|---|---|---|
| foreign exchange market/ˈfɒrən eksˈtʃeɪndʒ ˈmɑːkɪt/ | 外汇市场 | wài huì shì chǎng |
| equilibrium exchange rate/ˌiːkwɪˈlɪbrɪəm eksˈtʃeɪndʒ reɪt/ | 均衡汇率 | jūn héng huì lǜ |
| exports/ˈekspɔːts/ | 出口 | chū kǒu |
| assets/ˈæsets/ | 资产 | zī chǎn |
Currencies have their own market
- Currencies are bought and sold in the foreign exchange market 外汇市场.
- We model it like any market: a downward-sloping demand curve and an upward-sloping supply curve.
- The "price" on the vertical axis is the exchange rate.
- The "quantity" is how much of the currency is traded.
货币也有自己的市场
- 货币在外汇市场(foreign exchange market)里买卖。
- 我们像建模任何市场一样:一条向下倾斜的需求曲线和一条向上倾斜的供给曲线。
- 纵轴上的"价格"是汇率。
- "数量"是这种货币的成交量。
Currencies are bought and sold in the foreign ______ market. · 货币在外______市场里买卖。
The foreign exchange (forex) market. · 外汇市场。
Demand for US dollars comes mainly from: · 对美元的需求主要来自:
To buy US goods or assets, foreigners need dollars first. · 为购买美国商品或资产,外国人需要先拿到美元。
Where demand comes from
- Demand for a country's currency comes from foreigners who need it.
- They need it to buy that country's exports 出口, or to invest in its assets 资产.
- Want American software or US bonds? You must get dollars first.
- More foreign buyers of US goods and assets → more demand for dollars.
需求从何而来
- 对一国货币的需求来自需要它的外国人。
- 他们需要它来购买这个国家的出口(exports),或投资它的资产(assets)。
- 想要美国软件或美国债券?你必须先拿到美元。
- 更多外国人买美国商品和资产 → 对美元的需求更多。
Demand for dollars, or supply of dollars? · 对美元的需求,还是美元的供给?
Demand for a currency comes from foreigners buying its exports or assets; supply comes from residents buying foreign goods or assets. · 对一种货币的需求来自外国人购买其出口或资产;供给来自居民购买外国商品或资产。
Supply of US dollars to the forex market comes from: · 外汇市场上美元的供给来自:
Residents offer dollars to obtain foreign currency. · 居民拿出美元以换取外币。
Where supply meets demand is the ______ exchange rate. · 供给与需求相遇之处是______汇率。
The market clears at the equilibrium exchange rate. · 市场在均衡汇率处出清。
Where supply comes from
- Supply of the currency comes from that country's own residents.
- They offer their currency to buy foreign goods and foreign assets.
- Americans wanting European cars supply dollars (to get euros).
- Where supply meets demand is the equilibrium exchange rate 均衡汇率.
供给从何而来
- 货币的供给来自这个国家自己的居民。
- 他们拿出自己的货币去购买外国商品和外国资产。
- 想要欧洲汽车的美国人供给美元(以换取欧元)。
- 供给与需求相遇之处是均衡汇率(equilibrium exchange rate)。
A jump in demand for US exports will: · 对美国出口需求的跳升将:
Foreigners need more dollars to buy the exports, raising demand. · 外国人需要更多美元来购买出口,抬高需求。
Anything that raises demand for a currency tends to make it appreciate. · 任何抬高一种货币需求的因素都倾向于让它升值。
More demand at each rate pushes the equilibrium exchange rate up. · 每个汇率下更多需求把均衡汇率推高。
What makes a currency rise
- Anything that raises demand (or lowers supply) makes the currency appreciate.
- Anything that lowers demand makes it depreciate.
- Worked idea. The world suddenly wants more American software. Foreigners need dollars to pay, so demand for dollars shifts right. With supply unchanged, the equilibrium exchange rate rises — the dollar appreciates.
- Rising exports pull a currency up.
什么让货币上升
- 任何抬高需求(或压低供给)的因素都让货币升值。
- 任何压低需求的因素都让它贬值。
- 例题。 世界突然想要更多美国软件。外国人需要美元来支付,所以对美元的需求右移。供给不变,均衡汇率上升——美元升值。
- 出口上升把货币拉高。
Currencies trade in the foreign exchange market. Demand comes from foreigners buying a country's exports and assets; supply comes from its residents buying foreign goods and assets. Their intersection is the equilibrium exchange rate. More demand (e.g. a jump in exports) shifts demand right and the currency appreciates.
货币在外汇市场里交易。需求来自外国人购买一国的出口和资产;供给来自其居民购买外国商品和资产。它们的交点是均衡汇率。更多需求(如出口跳升)使需求右移,货币升值。