The dollar/Deutsche Mark rose from two months to three months. According to the law that banks always ask customers to spend the most money to buy the least money, the range of Japanese yen optional delivery exchange rate for two months to three months is1.6535+0.0133/1.6544+0.0177.
That is USD/DM =1.66681.675438+0.
The quotation bank will definitely make a profit.
2、
According to the law that banks always let customers spend the most money and buy the least money.
Assuming that the customer immediately holds DEM, calculate the price of buying dollars through DEM in the future, and then calculate the price of buying yen through dollars.
March USD/DM =1.6355+0.0012/1.6367+0.0016 =1.63671.6367.
March USD/JPY =107.65+0.18/107.77+0.13 =107.83/107.90.
therefore
Calculate the two-way quotation from Deutsche Mark to Japanese yen respectively.
Dem/JPY =107.83/1.6383 (DEM purchase price) =65.8 182.
Yen/Deutsche Mark = 1.6367/ 107.90 (buying price of yen) = 107.90/ 1.6367 (selling price of Deutsche Mark) =65.9253.
That is, the two-way quotation of DEM to JPY is
Deutsche mark/yen =65.8 182/65.9253
The second question should be noted that the Japanese yen in G7 currency has no face value of "cents", and the minimum amount is one yuan, so one cent represents one percent, that is, 0.01; The dots in other currencies represent one in ten thousand, that is, 0.000 1.
3、
The spot exchange rate is GBP/USD = 1.6775/ 1.6787.
The three-month forward bank quotation is GBP/USD =1.6775-0.013/1.6787-0.0104 =1.66621.
3-month expected depreciation exchange rate GBP/USD =1.6589/1.6605438+0.
(1) If American exporters don't take hedging measures to avoid the risk of exchange rate changes now, how much will they lose by converting the pounds they received into US dollars after three months, compared with 10 in mid-October?
200,000 = 200,000 USD *1.6775 = 335,500 USD.
After 3 months, the spot exchange rate is GBP 200,000 = USD 200,000 * 1.6589 = USD 33 1.780.
Lost dollars = $3,720.
(2) How do American exporters use the forward foreign exchange market for hedging?
On June 5438+ 10, do 3-month forward foreign exchange, and lock in the cost/income of USD.
3-month forward exchange rate of GBP 200,000 = USD 200,000 * 1.6662 = GBP 33240.
4、
The spot exchange rate is USD/JPY =117.42/117.58.
3-month forward bank quotation USD/JPY =117.42-0.19/16.58-0.14 =16.5438+07.23/.
(1) How much does it cost to pay1500 million yen now if American importers don't take hedging measures to avoid the risk of exchange rate changes?
Spot exchange yen 1, 500,000,000 = USD 1, 500,000,000/17.42 = USD12,774,655.08.
(2) If USD/JPY =116.85/96 three months later, how much will it cost to pay 654,380.5 billion yen by the end of March of the following year? How much higher is it expected to pay in Japanese yen than it is now?
After 3 months, exchange Japanese yen 1 500,000,000 = USD 1 500,000,000/116.85 = USD12,836.
Expenditure is 65,438 USD+02,836,970.47-65,438 USD+02,774,655.08 = 62,365,438 USD +05.39 USD.
(3) How should American importers use the forward foreign exchange market for hedging?
At the end of June, do 3-month forward foreign exchange in May 438+February, and lock the cost/income of USD.
3-month forward exchange for Japanese yen10.50 billion USD =10.50 billion USD/17.23 =12,795,359.55.
5. Suppose that the annual interest rate of the American money market is 13%, the annual interest rate of the British money market is 7%, the spot exchange rate of the US dollar against the British pound is 1 = 2.0025 US dollars, and an investor uses 200,000 pounds for arbitrage trading. Try to calculate the profit and loss of investors when the US dollar is discounted by 30 points and the premium is 30 points.
There is no premium/premium time limit for this problem. Is it a year? Or three months? Or nine months? This question cannot be answered, please add it.