1997年中国人民大学国际金融

考试科目：国际金融

说明：用英语命题和答题

1．Please explain the following terms(32 points)

1. Marshall-Lerner Condition 2. SDRs

3. Cross Rate 4. Covered Interest Arbitrage

5. Joint Float 6. International Liquidity

7. Speculation 8. International Banking Facility

II. Questions(54 points)

1. Explain the structural approach in BOP adjustment.(12 points)



2. Explain how the devaluation (or depreciation) of a country’s currency affects its economy. (15 points)

3. What are the characteristics of the RenMinBi rate system? (12 points)

4. Make a comparison between international direct investment and portfolio investment. (15 points)

III.Calculation (14 points)

Assume it is now March.A Uk company owes an American supplier $166 000. This amount is payable in 4 months’time, 

in July, and the finance director of the UK company is concerned that the dollar may strengthen against the 

sterling before payment is due. The finance director is undecided as to whether to use a forward contract and 

has obtained the following quotations:

$/? forward rates

spot 1.429 90 ~1.437 0

one month 0.35~0.33c pm

four months 1.42~1.38c pm

　

Required

Evaluate this method for the UK company to hedge the currency risk. Assume for the purpose of your evaluation 

that in July the spot rate was 1.332 8~1.340 8 $/?

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