问题 问答题

已知某时刻纽约、巴黎、伦敦外汇市场上的汇率分别为:
纽约外汇市场:USD 1=FRA 4.893 2
巴黎外汇市场:GBP 1=FRA 8.541 9
伦敦外汇市场:GBP 1=USD 1.783 5
试问:在该时刻三个外汇市场之间是否存在间接套汇的机会并说明理由。

答案

参考答案:首先,应将三处外汇市场的汇率统一用直接标价法来表示,即:
纽约外汇市场:FRA 1=USD 0.204 4
巴黎外汇市场:GBP 1=FRA 8.541 9
伦敦外汇市场:USD 1=GBP 0.560 7
将此三个汇率值相乘,则有:
0.204 4×8.541 9×0.560 7≈0.98<1,说明三个外汇市场之间存在间接套汇机会。

解析:

[分析]:
间接套汇(indirect arbitrage)一般是指利用三个不同的外汇市场上的汇率差异,同时在三个外汇市场上高卖低买从中赚取汇率差价的行为。对于间接套汇机会的判断,可以依据下面的原则:将三个外汇市场的汇率转换为用同一种标价法(间接标价法或直接标价法),并将被表示货币的单位统一为1,然后将得到的各个汇率值相乘。如果乘积为1,说明没有套汇机会,如果乘积不为1,则存在套汇机会。若以Eab表示1单位A国货币以B国货币表示的汇率,Ebc表示1单位B国货币以A国货币表示的汇率,Eca表示1单位C国货币以A国货币表示的汇率,则对于在三个外汇市场间进行间接套汇的机会存在的充要条件是:
Eab·Ebc·Eca≠1

阅读理解

阅读理解: 阅读下列短文,从每题所给的A、B、C和D项中,选出最佳选项。

Imagine you’re at a party full of strangers. You’re nervous. Who are these people? How do you start a conversation? Fortunately, you’ve got a thing that sends out energy at tiny chips in everyone’s name tag (标签). The chips send back name, job, hobbies, and the time available for meeting-whatever. Making new friends becomes simple

This hasn’t quite happened in real life. But the world is already experiencing a revolution using RFID technology.

An RFID tag with a tiny chip can be fixed in a product, under your pet’s skin, even under your own skin. Passive RFID tags have no energy source-batteries because they do not need it. The energy comes from the reader, a scanning device, that sends out energy (for example, radio waves) that starts up the tag immediately.

Such a tag carries information specific to that object, and the data can be updated. Already, RFID technology is used for recognizing each car or truck on the road and it might appear in your passport. Doctors can put a tiny chip under the skin that will help locate and obtain a patient’s medical records. At a nightclub in Paris or in New York the same chip gets you into the VIP (very important person) section and pays for the bill with the wave of an arm.

Take a step back:10 or 12 years ago,you would have heard about the coming age of computing. One example always seemed to surface: Your refrigerator would know when you needed to buy more milk. The concept was that computer chips could be put everywhere and send information in a smart network that would make ordinary life simpler

RFID tags are a small part of this phenomenon. “The world is going to be a loosely coupled set of individual small devices, connected wirelessly,” predicts Dr.J.Reich. Human right supporters are nervous about the possibilities of such technology. It goes too far tracking school kids through RFID tags, they say. We imagine a world in which a beer company could find out not only when you bought a beer but also when you drank it. And how many beers. Accompanied by how many biscuits. w*w*When Marconi invented radio, he thought it would be used for ship-to-shore communication. Not for pop music. Who knows how RFID and related technologies will be used in the future. Here’s a wild guess: Not for buying milk.

1. The article is intended to______.  

A. warn people of the possible risks in adopting RFID technology

B. explain the benefits brought about by RFID technology

C. convince people of the uses of RFID technology

D. predict the applications of RFID technology

2. We know from the passage that with the help of RFID tags, people        .

A. will have no trouble getting data about others

B. will have more energy for conversation

C. will have more time to make friends

D. won’t feel shy at parties any longer

3. Passive RFID tags chiefly consist of        .

A. scanning devices          B. radio waves   C. batteries                  D. chips

4. Why are some people worried about RFID technology?

A. Because children will be tracked by strangers.

B. Because market competition will become more fierce.

C. Because their private lives will be greatly affected.

D. Because customers will be forced to buy more products.

5. The last paragraph implies that RFID technology        .

A. will not be used for such matters as buying milk

B. will be widely used, including for buying milk

C. will be limited to communication uses

D. will probably be used for pop music

单项选择题