20 18 Economist Exam "Intermediate Finance" Test Site: Currency Exchange

# Economist Exam # Introduction 20 18 Economist Exam Preparation, Economist Exam Channel!

(2) partial convertibility.

It means that residents of a country or a currency area can freely exchange their own currency with foreign currency under certain international transactions. Common partial convertibility includes current account convertibility and capital account convertibility. In reality, partial convertibility usually means current account convertibility.

(2) Standards and contents of current account convertibility

According to the agreement of the International Monetary Fund, if a member country accepts the obligations stipulated in Article 8, it will become a member of Article 8 of the International Monetary Fund, and its currency will be regarded as a convertible currency. Article 8 The main contents include:

(1) does not restrict the payment and fund transfer of frequent international transactions.

(2) Discriminatory monetary measures and complicated exchange rate policies shall not be implemented.

(3) Member States should buy back their own currency held by other countries, if the other party applies and explains that this part of the currency balance is obtained from current transactions.

Currency convertibility of the International Monetary Fund mainly refers to current account convertibility, not full convertibility.

(3) Capital account convertibility

Capital account convertibility is the realization of currency convertibility under capital and financial accounts.

Conditions for full convertibility of capital account: (1) stable macroeconomic environment; (2) A sound financial system; (3) Flexible exchange rate system.

(D) China foreign exchange management system reform.

1996 12 China has realized the convertibility of RMB under current account and strictly managed foreign exchange under capital account.

Example 13 multiple-choice questions According to Article 8 of the IMF Agreement, the concept of currency convertibility mainly refers to ().

A. current account convertibility

B. Capital account convertibility

C. convertibility of financial projects

D. Full convertibility

Answer a

Analyze this topic and investigate the related contents of currency convertibility.

External debt management

(A) the concept of foreign debt and foreign debt management

According to the definitions of the International Monetary Fund and the World Bank, foreign debt refers to the contractual debt that residents of a country bear to non-residents at any given time, including repayment of principal and payment of interest.

External debt management refers to the control and supervision of a country's external debt and its operation.

(B) Total foreign debt management and structural management

1. Total external debt management

The core of total foreign debt management is to make the total foreign debt moderate and not exceed the absorption capacity of debtor countries. The absorptive capacity of foreign debt depends on the debt capacity and solvency of debtor countries. The former determines whether the debtor country can digest the borrowed foreign debt and afford it; The latter determines whether the debtor country has the ability to repay its foreign debt.

At present, the indicators used by countries around the world to monitor whether the total foreign debt is moderate (the warning line for debtor countries to control the total foreign debt) mainly include:

Debt ratio ≤20%

Debt ratio ≤ 100%

Debt repayment rate ≤25%

Short-term debt ratio ≤25%

2. External debt structure management

The core of foreign debt structure management is to optimize the foreign debt structure. External debt structure refers to the arrangement, combination and mutual position of various components of external debt in the total external debt.

The optimization of foreign debt structure includes the following aspects:

(1) Optimization of external debt category structure;

② Optimization of the term structure of foreign debt;

③ Optimization of foreign debt interest rate structure;

④ Optimizing the currency structure of foreign debt;

⑤ Optimization of foreign debt country structure;

⑥ Optimize the foreign debt investment structure.

According to internationally accepted standards, the warning line for debtor countries to control the total foreign debt is ().

A. Debt ratio of 20%

B. Debt ratio 100%

40% debt ratio

D. 100% debt service ratio