Foreign Exchange Markets是FRM一級(jí)考試中的重要內(nèi)容，現(xiàn)在也臨近5月FRM考試，考生需要在剩余的時(shí)間里認(rèn)真?zhèn)淇?，這樣你才有通過(guò)FRM考試的幾率。在考試中Foreign Exchange Markets，考生能學(xué)到哪些內(nèi)容？

After completing this reading, you should be able to:

?Explain and describe the mechanics of spot quotes, forward quotes, and futures quotes in the foreign exchange markets; distinguish between bid and ask exchange rates.

?Calculate a bid-ask spread and explain why the bid-ask spread for spot quotes may be different from the bid-ask spread for forward quotes.》》》點(diǎn)擊領(lǐng)取2021年FRM備考資料大禮包（戳我免費(fèi)領(lǐng)?。?/strong>

?Compare outright (forward) and swap transactions.

?Define, compare, and contrast transaction risk, translation risk, and economic risk.

?Describe examples of transaction, translation, and economic risks and explain how to hedge these risks.

?Describe the rationale for multi-currency hedging using options.

?Identify and explain the factors that determine exchange rates.

?Calculate and explain the effect of an appreciation/depreciation of one currency relative to another.》》》點(diǎn)我咨詢21年FRM備考技巧

?Explain the purchasing power parity theorem and use this theorem to calculate the appreciation or depreciation of a foreign currency.

?Describe the relationship between nominal and real interest rates.

?Describe how a non-arbitrage assumption in the foreign exchange markets leads to the interest rate parity theorem and use this theorem to calculate forward foreign exchange rates.

?Distinguish between covered and uncovered interest rate parity conditions.

完成閱讀后，您應(yīng)該能夠：

?解釋和描述國(guó)外現(xiàn)貨報(bào)價(jià)、遠(yuǎn)期報(bào)價(jià)和期貨報(bào)價(jià)的機(jī)制外匯市場(chǎng)；區(qū)分買賣匯率。

?計(jì)算買賣價(jià)差，并解釋為什么現(xiàn)貨報(bào)價(jià)的買賣價(jià)差可能與投標(biāo)價(jià)差不同-詢問(wèn)遠(yuǎn)期報(bào)價(jià)。【資料下載】FRM一級(jí)思維導(dǎo)圖PDF版

?比較直接（遠(yuǎn)期）和掉期交易。

?定義、比較和對(duì)比交易風(fēng)險(xiǎn)、翻譯風(fēng)險(xiǎn)和經(jīng)濟(jì)風(fēng)險(xiǎn)。

?描述交易、翻譯和經(jīng)濟(jì)風(fēng)險(xiǎn)的例子，并解釋如何對(duì)沖這些風(fēng)險(xiǎn)。

?描述使用期權(quán)進(jìn)行多種貨幣對(duì)沖的基本原理。

?確定并解釋決定匯率的因素。

?計(jì)算并解釋一種貨幣相對(duì)于另一種貨幣升值/貶值的影響。

?解釋購(gòu)買力平價(jià)定理，并使用該定理計(jì)算升值或升值外幣的貶值。

?描述名義利率和實(shí)際利率之間的關(guān)系。

?描述外匯市場(chǎng)的無(wú)套利假設(shè)如何導(dǎo)致利率平價(jià)并利用這個(gè)定理計(jì)算遠(yuǎn)期外匯匯率。

?區(qū)分覆蓋和未覆蓋的利率平價(jià)條件。

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