第四章 外汇风险管理 Foreign Exchange Exposure Management：Chapter four focuses on the foreign exchange exposure management. It lists the main categories of exchange exposure, introduces a wide array of financial transactions, particularly foreign exchange transactions, to cover exchange exposure, and explains some financial contracts, operational techniques and proper strategies to manage three main types of exchange exposure, including transaction exposure, operating exposure, and translation exposure as well.4.1外汇风险类型 Categories of Foreign Exposure:Section one distinguishes between exchange risk and exchange exposure, explains three main types of exchange exposure such as transaction exposure, operating exposure as well as translation exposure, and examines the differences in the tax treatment of losses from the three main exchange exposures.[单选题]
4.2外汇风险管理的金融交易 Financial Transactions to Manage Foreign Exposure:Section two introduces six typical categories of financial transactions and/or foreign exchange transactions to cover the exchange exposure, including forward operation or outright, interest arbitrage, interest rate swap, currency swap, currency futures and currency option as well.
4.3交易风险管理 Transaction Exposure Management:Section three examines the transaction exposure management. It explains the financial transactions such as forward hedge, money market hedge, option hedge and currency swap to hedge against both ordinary and special transaction exposure. And it also introduces three operational techniques to manage it.
4.4经营风险的战略式管理与前瞻式管理 Strategic and Proactive Management of Operating Exposure:Section four examines two techniques to manage the operating exposure. On the one hand, it evaluates the strategic alternatives such as diversifying the MNC’s operating and financing base. On the other hand, it details the proactive policies available to MNCs to manage the operating exposure.
4.5会计/折算风险的远期对冲与资产负债表对冲管理 Forward and Balance Sheet Hedge to Manage Accounting / Translation Exposure:Section five explains the meaning behind the functional currency of foreign subsidiary, illustrates the differences between the two primary methods of converting the foreign currency denominated financial statements into the home currency of the parent company, and analyzes the two hedges against translation exposure.
4.1外汇风险类型 Categories of Foreign Exposure:Section one distinguishes between exchange risk and exchange exposure, explains three main types of exchange exposure such as transaction exposure, operating exposure as well as translation exposure, and examines the differences in the tax treatment of losses from the three main exchange exposures.
4.2外汇风险管理的金融交易 Financial Transactions to Manage Foreign Exposure:Section two introduces six typical categories of financial transactions and/or foreign exchange transactions to cover the exchange exposure, including forward operation or outright, interest arbitrage, interest rate swap, currency swap, currency futures and currency option as well.
4.3交易风险管理 Transaction Exposure Management:Section three examines the transaction exposure management. It explains the financial transactions such as forward hedge, money market hedge, option hedge and currency swap to hedge against both ordinary and special transaction exposure. And it also introduces three operational techniques to manage it.
4.4经营风险的战略式管理与前瞻式管理 Strategic and Proactive Management of Operating Exposure:Section four examines two techniques to manage the operating exposure. On the one hand, it evaluates the strategic alternatives such as diversifying the MNC’s operating and financing base. On the other hand, it details the proactive policies available to MNCs to manage the operating exposure.
4.5会计/折算风险的远期对冲与资产负债表对冲管理 Forward and Balance Sheet Hedge to Manage Accounting / Translation Exposure:Section five explains the meaning behind the functional currency of foreign subsidiary, illustrates the differences between the two primary methods of converting the foreign currency denominated financial statements into the home currency of the parent company, and analyzes the two hedges against translation exposure.
For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example that includes speculating?
[单选题]Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States. Also, today’s spot exchange price of the pound is $2.00 while the 6-month forward exchange price of the pound is $1.98. By investing in U.K. treasury bills rather than U.S. treasury bills, and covering exchange-rate risk, U.S. investors earn an approximate extra return for 6 months of:
[单选题]The change in the future cash flows which have not been contracted for as a result of the random changes in exchange rate is known as ( ).
选项:[translation exposure, tax exposure, transaction exposure, operating exposure]
[单选题]Operating exposure is more likely known as ( ) exposure.
选项:[liability, accounting, asset , competitive]
[单选题]A swap bank provides an AA-rated company X and a BB-rated company Y with a five-year swap quotation of 2.5%-3% against LIBOR. The means:
选项:[The swap bank will pay company X with 3% against receiving LIBOR from it, and receive 2.5% from company Y against paying LIBOR to it. , none of the above, The swap bank will pay company Y with 2.5% against receiving LIBOR from it, and receive 3% from company X against paying LIBOR to it. , The swap bank will pay company X with 2.5% against receiving LIBOR from it, and receive 3% from company Y against paying LIBOR to it.]
[单选题]As for the seller of call option, if the future spot rate is higher than the strike price, the option will be known as ( ) option.
选项:[In-the-market, out-of-the -money, at-the-money, in-the-money]
[单选题]If the expected future spot rate is lower than the breakeven exchange rate, ( ) will be more desirable for multinational corporations to hedge against the transaction exposure arising from holding foreign-currency denominated accounts payable.
选项:[forward sale, put option, forward purchase, call option]
[单选题]Translation of the financial statements prepared by the foreign subsidiaries from their respective local currencies into the home currency of the parent company is usually done by two methods, including ( ) .
选项:[historical exchange rate method and current exchange rate method, Current spot rate method and future spot rate method, Historical exchange rate method and future spot rate method, Current rate method and temporal method]
[单选题]
The profits and losses on a futures contract accrue to you daily, as the contract is “marked to market” daily.（ ）
[单选题]If Canada has a current 90 day forward exchange rate value for its currency that is above the current spot exchange rate value of its currency, then the Canadian 90-day interest rate is relatively high.（ ）选项:[错, 对]
[单选题]
The profits and losses on a futures contract accrue to you daily, as the contract is “marked to market” daily.（ ）
[单选题]Translation of the financial statements prepared by the foreign subsidiaries from their respective local currencies into the home currency of the parent company is usually done by two methods, including ( ) .
选项:[Current rate method and temporal method, Historical exchange rate method and future spot rate method, Current spot rate method and future spot rate method, historical exchange rate method and current exchange rate method]
[单选题]The change in the future cash flows which have not been contracted for as a result of the random changes in exchange rate is known as ( ).
选项:[transaction exposure, operating exposure, tax exposure, translation exposure]
[单选题]Operating exposure is more likely known as ( ) exposure.
选项:[asset , competitive, liability, accounting]
[单选题]If the expected future spot rate is lower than the breakeven exchange rate, ( ) will be more desirable for multinational corporations to hedge against the transaction exposure arising from holding foreign-currency denominated accounts payable.
选项:[call option, put option, forward sale, forward purchase]
[单选题]Suppose the interest rate on 6-month treasury bills is 7 percent per year in the United Kingdom and 4 percent per year in the United States. Also, today’s spot exchange price of the pound is $2.00 while the 6-month forward exchange price of the pound is $1.98. By investing in U.K. treasury bills rather than U.S. treasury bills, and covering exchange-rate risk, U.S. investors earn an approximate extra return for 6 months of:
[单选题]A swap bank provides an AA-rated company X and a BB-rated company Y with a five-year swap quotation of 2.5%-3% against LIBOR. The means:
选项:[none of the above, The swap bank will pay company Y with 2.5% against receiving LIBOR from it, and receive 3% from company X against paying LIBOR to it. , The swap bank will pay company X with 2.5% against receiving LIBOR from it, and receive 3% from company Y against paying LIBOR to it., The swap bank will pay company X with 3% against receiving LIBOR from it, and receive 2.5% from company Y against paying LIBOR to it. ]
[单选题]As for the seller of call option, if the future spot rate is higher than the strike price, the option will be known as ( ) option.
选项:[out-of-the -money, In-the-market, in-the-money, at-the-money]
[单选题]If Canada has a current 90 day forward exchange rate value for its currency that is above the current spot exchange rate value of its currency, then the Canadian 90-day interest rate is relatively high.（ ）选项:[错, 对]
[单选题]
For an investor who starts with dollars and wants to end up with dollars in the future, which of the following choices is an example that includes speculating?
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