一、名词解释
absolute relative1.Balance of payments
The set of accounts recording all flows of the value between a nation’s residents and the residents of the rest of the world during a period of time.
国际收支差额：在一组账户在一段时间记录一个国家的居民和世界其他地区的居民之间的值的所有流量。
2.Current account
The current account includes all debit and credit items that are exports and imports of goods and services, income receipts and income payments, and gifts.
3.Financial account balance
The net value of flows of financial assets and similar claims(excludes official international serve asset)is the private financial account balance.
4.International investment position
Is a statement of the stocks of a nation’s investment assets and foreign liabilities at a point in time, usually at the end of the year.
国际投资头寸：是一个国家的投资资产和对外负债存量的资产在某个时间点上，通常是在今年年底。
5.Foreign exchange
Foreign exchange is the act of trading different nation’s moneys.
外汇：外汇是交易不同国家的款项的行为。
6.Exchange rate
An exchange rate is the price of one nation’s money in terms of another nation’s money.
汇率：汇率是一个国家的钱在另一个国家的货币计算的价格。
7.Spot exchange rate
The spot exchange rate is the price for “immediate” exchange.
即期汇率：即期汇率是价格的“立竿见影”的交易。
8.Forward exchange rate
The forward exchange rate is the price set now for an exchange that will take place sometime in the future.
远期汇率：远期汇率是现在定下价格的交易将会发生在将来某个时候。
9.Foreign exchange swap
A foreign exchange swap is a package trade that includes both a spot exchange of two currencies and an agreement to the reverse forward exchange of the two currencies.
掉期交易：外汇掉期是一揽子交易包括两种货币的现汇，和达成一种协议市两种货币反向
远期交易。（是交易双方约定以货币A交换一定数量的货币B，并以约定价格在未来的约定日期用货币B反向交换同样数量的货币A。）
10.Arbitrage
Arbitrage is the process of buying and selling to make a riskless pure profit.
套汇：是一种买卖过程，可以产生无风险净利润。
11.Exchange rate risk
A person(or an organization like a firm)is exposed to exchange rate risk if the value of the person’s income, wealth, or net worth changes when exchange rate changes unpredictably in the future.
汇率风险：一个人（或类似一个公司的组织）如果他的收入，财富的价值，或净资产变动时，汇率在不可预知的未来发生变化，就会暴露于汇率风险。
12.Hedging
Hedging is the act of reducing or eliminating a net asset or liability position in the foreign currency
套期保值：.是在外币中减少或消除净资产或负债的位置。
13.Speculating
Speculating is the act of taking a net asset position (“long”) or a liability position(“short”)in some asset class, here a foreign currency.
投机：是一种把净资产头寸（多）或者负债头寸（空）放在一些资产项目里，这里是指外国货币。
14.Forward foreign exchange contract
A forward foreign exchange contract is an agreement to exchange one currency for another on some date in the future at a price set now.
远期外汇交易合约：远期外汇合约是一份协议，在未来的某些日期按照现在设置的价格换
取另一种货币。
15.Currency futures
Currency futures are contracts that are traded on organization exchanges. By entering into a currency futures contract, you can effectively lock in the price at which you buy or sell a foreign currency at a set data in the future.
货币期货：货币期货是在组织上被互换交易的合约。通过签订货币期货合约，就可以有效地锁定价格，你在未来设定的一天买进或卖出外汇。
16.Currency option
A currency option gives the buyer(or holder)of the option the right ,but not the obligation, to buy foreign currency (a call option) or to sell foreign currency (a put option) at some time in the future at a price set today.
货币期权：货币期权赋予期权的买方（或持有者）的权利，而不是义务，按照现在规定的价格在未来的某个时候购买外国货币（看涨期权），或卖出一套外币（看跌期权）。
17.Currency swap
A currency swap is an agreement that two parties agree to exchange flows of different currencies during a specified period of time.
货币掉期：货币掉期是一项协议，双方同意在指定的时间段来交换不同货币的流动。
18.Covered international investment
Covered international investment is a hegding investment which can hedged exposure to exchange-rate risk.
抵补的国际投资：是一种可以抵补投资风险的套期保值投资。
19. Uncovered international investment
Uncovered international investment is an investment which can not hedged exposure to exchange-rate risk.and has a speculative element to it.
无抵补的国际投资：是一种不可以抵补投资风险的投资，它具有投机的性质。
20.Covered interest arbitrage
Covered interest arbitrage is buying a country’s currency spot and selling the country’s currency forward, to make a net profit from the combination of the difference in interest rates between countries and the forward premium on the country’s currency.
抵补套利：抵补套利是购买一个国家的即期货币和销售国家的远期货币，从结合国家之间不同利率和一个国家货币的远期升水中获取净利润。（是指把资金调往高利率货币国家或地区的同时，在外汇市场上卖出远期高利率货币，即在进行套利的同时做掉期交易，以避免汇率风险。）
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