1996年外汇管理条例(1996年外汇存款准备金管理规定)

投资与理财——外汇（上）

1、外汇

外汇是外国货币或以外国货币表示的能用于国际结算的支付手段。我国1996年颁布的《外汇管理条例》第三条对外汇的具体内容做出如下规定：外汇是指①外国货币，包括纸币、铸币；②外币支付凭证，包括票据、银行的付款凭证、邮政储蓄凭证等；③外币有价证券，包括政府债券、公司债券、股票等；④特别提款权、欧洲货币单位；⑤其他外币计值的资产。

1. Foreign exchange

Foreign exchange is a means of payment in foreign currency or expressed in foreign currency that can be used for international settlements. Article 3 of the Regulations on Foreign Exchange Administration promulgated by my country in 1996 stipulates the specific content of foreign exchange as follows: foreign exchange refers to ① foreign currency, including banknotes and coins; ② foreign currency payment vouchers, including bills, bank payment vouchers, postal savings Certificates, etc.; ③ foreign currency securities, including government bonds, corporate bonds, stocks, etc.; ④ special drawing rights, European currency units; ⑤ other assets denominated in foreign currencies.‍

2、汇率

又称汇价，指一国货币以另一国货币表示的价格，或者两国货币间的比价。在外汇市场上，汇率是以5位数字来显示的。例如:欧元EUR 0.970 5，日元JPY 119.95。

2. Exchange rate

Also known as the exchange rate, it refers to the price of one countrys currency expressed in another countrys currency, or the ratio between the two currencies. In the foreign exchange market, the exchange rate is displayed in 5-digit numbers. For example: EUR 0.970 5 for EUR, JPY 119.95 for Japanese Yen.‍

3、汇率的标价方式。

1)直接标价法，又称应付标价法，是以一定单位( 1、100、 1 000、10 000)的外国货币为标准来计算应付出多少单位本国货币。相当于计算购买一定单位外币所应付多少本币，所以叫应付标价法。包括中国在内的世界上绝大多数国家目前都采用直接标价法。

3. The way of pricing the exchange rate.

1) The direct price method, also known as the payable price method, uses a certain unit of foreign currency (1, 100, 1 000, 10 000) as the standard to calculate how many units of domestic currency should be paid. It is equivalent to calculating how much local currency should be paid for purchasing a certain unit of foreign currency, so it is called the price payable method. Most countries in the world, including China, currently use the direct pricing method.‍

2)间接标价法，又称应收标价法，是以一定单位的本国货币为标准来计算应收若干单位的外国货币。在国际外汇市场上，欧元、英镑、澳元等均为间接标价法。

3)即期汇率和远期汇率。即期汇率是指目前外汇买卖的汇率。远期汇率是指在将来的某一时刻交割的汇率，用于外汇远期交易。即期汇率与远期汇率的不同，体现了预期到的汇率变化，而远期汇率与到期时即期汇率的不同，体现了没有被预期到的汇率变化。

2) The indirect pricing method, also known as the receivable pricing method, uses a certain unit of domestic currency as the standard to calculate the receivables of several units of foreign currency. In the international foreign exchange market, the euro, British pound, Australian dollar, etc. are all indirect pricing methods.

3) Spot exchange rate and forward exchange rate. The spot exchange rate refers to the current exchange rate for foreign exchange transactions. The forward exchange rate refers to the exchange rate for delivery at a certain point in the future, which is used for foreign exchange forward transactions. The difference between the spot exchange rate and the forward exchange rate reflects the expected exchange rate change, while the difference between the forward exchange rate and the spot exchange rate at maturity reflects the unexpected exchange rate change.‍

4、外汇交易的原因

(1)贸易和投资。进出口商在进口商品时支付一种货币，而在出口商品时收取另一种货币。这意味着，他们在结清账目时，收付不同的货币。因此，他们需要将自己收到的部分货币兑换成可以用于购买商品的货币。

(2)对冲。由于两种相关货币之间汇率的波动，那些拥有国外资产( 如工厂)的公司将这些资产折算成本国货币时，就可能遭受一些外汇风险。当以外币计算的国外资产在一段时间内价值不变时，如果汇率发生变化，以国内货币折算这项资产的价值时，就会产生损益。公司可以通过对冲消除这种潜在的损益。

(3)投机。两种货币之间的汇率会随着这两种货币之间的供需的变化而变化。交易员在一个汇率上买进一种货币，而在另一个更有利的汇率上抛出该货币，就可以赢利。投机大约占了外汇市场交易的绝大部分。

4. Reasons for foreign exchange transactions

(1) Trade and investment. Importers and exporters pay in one currency when importing goods and receive another currency when exporting goods. This means that when they settle their accounts, they pay and receive in different currencies. Therefore, they need to convert some of the currency they receive into currency that can be used to buy goods.

(2) Hedging. Due to fluctuations in the exchange rate between the two related currencies, those companies with foreign assets (such as factories) may be exposed to some foreign exchange risk when translating these assets into their home currency. A gain or loss occurs when the value of a foreign asset denominated in a foreign currency does not change over a period of time and the value of this asset is translated in the domestic currency if the exchange rate changes. Companies can eliminate this potential gain or loss by hedging.

(3) Speculation. The exchange rate between two currencies changes as the supply and demand between the two currencies change. A trader can make a profit by buying a currency at one exchange rate and selling it at another, more favorable rate. Speculation accounts for roughly the vast majority of foreign exchange market transactions.‍

5、外汇市场的特点

(1)有市无场。与交易所和交易市场不同，国际外汇交易没有固定的场所，外汇买卖是通过没有统一操作市场的行商网络进行的。外汇交易的网络是全球性的，并且形成了没有组织的组织，交易商也不具有任何组织的会员资格，但必须获得同行业的信任和认可。

(2) 24小时交易。外汇市场又称“决不睡觉”市场。外汇市场的主要交易产品和交易规则都是一致的， 而全球各金融中心的地理位置不同，亚洲市场、欧洲市场、美洲市场因时间差的关系，连成了一个全天24小时连续作业的全球外汇市场。

5. Characteristics of the foreign exchange market

(1) There is a market but no market. Unlike exchanges and trading markets, there is no fixed place for international foreign exchange transactions, and foreign exchange transactions are conducted through a business network that does not have a unified operating market. The network of foreign exchange trading is global and has formed an unorganized organization, and traders do not have membership in any organization, but must gain the trust and recognition of the same industry.

(2) 24-hour trading. The foreign exchange market is also known as the "never sleep" market. The main trading products and trading rules of the foreign exchange market are the same, but the geographical locations of the financial centers in the world are different. The Asian market, the European market, and the American market are connected to a global foreign exchange that operates 24 hours a day due to the time difference. market.‍

(3)零和游戏。在股票市场中，某只股票或者整个股市上升或者下降，那么某只股票的价值或者整个股票市场的股票价值也会上升或下降。然而，在外汇市场上,汇价的波动所表示的价值量的变化和股票的价值量的变化完全不一样，这是由于汇率是指两国货币的交换比率，汇率的变化也就是一种货币价值的减少与另一种货币价值的增加。但从总的价值量来说，变来变去，不会增加价值，也不会减少价值。因此，有人形容外汇交易是“零和游戏”，更确切地说是财富的转移。

(3) zero-sum game. In the stock market, if a certain stock or the entire stock market rises or falls, the value of a certain stock or the stock value of the entire stock market will also rise or fall. However, in the foreign exchange market, the change in the value expressed by the fluctuation of the exchange rate is completely different from the change in the value of the stock. This is because the exchange rate refers to the exchange rate of the two currencies, and the change in the exchange rate is also the value of a currency. decrease with an increase in the value of another currency. But in terms of the total amount of value, it will not increase or decrease the value. Therefore, some people describe foreign exchange trading as a "zero-sum game", more precisely the transfer of wealth.