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[主观题]
Pegged exchange rate refers to currency value is_________ relative to a reference cur
rency.
A.floating
B.free
C.variable
D.fixed
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题目内容
（请给出正确答案）
如果结果不匹配，请 联系老师 获取答案
题目内容
（请给出正确答案）
A.floating
B.free
C.variable
D.fixed
如果结果不匹配，请 联系老师 获取答案
更多“Pegged exchange rate refers to…”相关的问题
A.hostile
B.available
C.helpless
D.subsequent
利维瑞特国是一个小型开放经济。突然由于世界时尚的变动使该国的出口品不受欢迎。
a．利维瑞特国的储蓄、投资、净出口、利率以及汇率会发生什么变动？
b．利维瑞特的公民喜欢到国外旅游。汇率的变动会如何影响他们？
c．利维瑞特国的财政决策者想调整税收，以把汇率维持在以前的水平。他们应该做什么？如果他们这样做了，对储蓄、投资、净出口以及利率会有什么整体影响？
The country of Leverett is a small open economy. Suddenly, a change in world fashions makes the exports of Leverett unpopular.
a．What happens in Leverett to saving, investment, net exports, the interest rate, and the exchange rate？
b．The citizens of Leverett like to travel abroad. How will this change in the exchange rate affect them？
c．The fiscal polieymakers of Leverett want to adjust taxes to maintain the exchange rate at its previous level. What should they do？ If they do this, what are the overall effects on saving, investment, net exports, and the interest rate？
If you compare low-inflation economies with economies in which inflation is high and very volatile，how might you expect the degree of exchange rate pass-through to differ，and why？
A.You receive an invoice in foreign currency and the current exchange rate is higher than the rate specified in the purchase order
B.The vendor invoices a quantity higher than the delivered quantity for a purchase order item
C.You receive an invoice from a forwarding agent for unplanned delivery costs related to a purchase order item that has already been delivered but not invoiced
D.You receive an invoice from a forwarding agent for unplanned delivery costs related to a purchase order item that has already been invoiced
The researchers studied the behaviour of female brown capuchin monkeys. They look cute. They are good-natured, co-operative creatures, and they share their food tardily. Above all, like their female human counterparts, they tend to pay much closer attention to the value of "goods and services" than males. Such characteristics make them perfect candidates for Dr. Brosnan's and Dr. Dewaal's study. The researchers spent two years teaching their monkeys to exchange tokens for food. Normally, the monkeys were happy enough to exchange pieces of rock for slices of eucumber. However, when two monkeys were placed in sepa rate but adjoining chambers, so that each could observe what the other was getting in return for its rock, their became markedly different.
In the world of capuchins grapes are luxury goods (and much preferable to cucumbers). So when one monkey was handed a grape in exchange for her token, the second was reluctant to hand hers over for a mere piece of cucumber. And if one received a grape without having to provide her token in exchange at all, the other either tossed her own token at the researcher or out of the chamber, or refused to; accept the slice of cu cumber indeed, the mere presence of a grape in the other chamber (without an actual monkey to eat it) was enough to reduce resentment in a female capuchin.
The researches suggest that capuchin monkeys, like humans, are guided by social emotions. In the wild, they are a co-operative, groupliving species. Such co-operation is likely to be stable only when each animal feels it is not being cheated. Feelings of righteous indignation, it seems, are not the preserve of people alone. Refusing a lesser reward completely makes these feelings abundantly clear to other members of the group. However, whether such a sense of fairness evolved independently in capuchins and humans, or whether it stems form. the common ancestor that the species had 35 million years ago, is, as yet, an unanswered question.
In the opening paragraph, the author introduces his topic by______
A．posing a contrast.
B．justifying an assumption.
C．making a comparison.
D．explaining a phenomenon.
Among isolated peoples ,who are not often reached by traders from outside ,commerce usually means barter ,which is a direct exchange of goods .Perhaps it is fish for vegetables or meat for baskets .For this kind of simple trading, money is not needed ,but there is often something that everyone wants ,such as salt to flavor food, shells for necklaces ,or iron and copper to make into tools. These things — salt ,shells or metals — are still used as money in out-of-the-way parts of the world today.
Salt may seem rather a strange material to use as money ,but in countries where the food of the people is mainly vegetables ,it is often an absolute necessity .Cakes of salt ,stamped to show their value ,were used as money in Tibet until recent times, and they can still buy goods in parts of Africa.
Cowrie seashells have been used as money at some time or another over the greater part of the Old World. These were collected mainly from the beaches of the Maldive Islands in the Indian Ocean ,and were traded to India and China. In Africa ,cowries were traded right across the continent from East to West .Four or five thousand went for one Maria Theresa dollar ,an Australian silver coin which was once accepted as currency (货币) in many parts of Africa.
Metal was used as money in many parts of the world .Iron ,in lumps ,bars or rings is still used in many countries instead of money .It can either be exchanged for goods ,or made into tools or weapons. The early money of China ,apart from shells ,was of bronze ,often in flat ,round pieces with a hole in the middle ,called ‘ cash ’.The earliest of these are between three thousand and four thousand years old — older than the earliest coins of the eastern Mediterranean.
Nowadays ,coins and notes have supplanted nearly all the more picturesque forms of money ,and although in one or two of the more remote countries people still store it for future use ,primitive money will soon be found only in museums.
1.Nowadays we think of money as() .
A.pieces of metal or metallic paper
B.made of either metal or paper
C.some printed notes and papers
D.round and flat sheets of paper
2.In some parts of the world a traveler might go hungry() .
A.even if his money was of the local kind
B.even if he had no coins or notes
C.if he did not know the local rate of exchange
D.even if he had plenty of ready money
3.What can we infer from the passage？
A.Isolated peoples exchange goods by means of barter.
B.Salt cakes are taking the place of picturesque forms.
C.Seashells could be traded with Maria Theresa dollars.
D.The Chinese were among the earliest users of metal ‘ cash ’.
4.Primitive types of money will be used ().
A.to replace more picturesque forms
B.as exhibits to be shown in public
C.at local country markets and shops
D.as entrance tickets in museums
Section A – This ONE question is compulsory and MUST be attempted
Cocoa-Mocha-Chai (CMC) Co is a large listed company based in Switzerland and uses Swiss Francs as its currency. It imports tea, coffee and cocoa from countries around the world, and sells its blended products to supermarkets and large retailers worldwide. The company has production facilities located in two European ports where raw materials are brought for processing, and from where finished products are shipped out. All raw material purchases are paid for in US dollars (US$), while all sales are invoiced in Swiss Francs (CHF).
Until recently CMC Co had no intention of hedging its foreign currency exposures, interest rate exposures or commodity price fluctuations, and stated this intent in its annual report. However, after consultations with senior and middle managers, the company’s new Board of Directors (BoD) has been reviewing its risk management and operations strategies.
The following two proposals have been put forward by the BoD for further consideration:
Proposal one
Setting up a treasury function to manage the foreign currency and interest rate exposures (but not commodity price fluctuations) using derivative products. The treasury function would be headed by the finance director. The purchasing director, who initiated the idea of having a treasury function, was of the opinion that this would enable her management team to make better decisions. The finance director also supported the idea as he felt this would increase his influence on the BoD and strengthen his case for an increase in his remuneration.
In order to assist in the further consideration of this proposal, the BoD wants you to use the following upcoming foreign currency and interest rate exposures to demonstrate how they would be managed by the treasury function:
(i) a payment of US$5,060,000 which is due in four months’ time; and
(ii) a four-year CHF60,000,000 loan taken out to part-fund the setting up of four branches (see proposal two below). Interest will be payable on the loan at a fixed annual rate of 2·2% or a floating annual rate based on the yield curve rate plus 0·40%. The loan’s principal amount will be repayable in full at the end of the fourth year.
Proposal two
This proposal suggested setting up four new branches in four different countries. Each branch would have its own production facilities and sales teams. As a consequence of this, one of the two European-based production facilities will be closed. Initial cost-benefit analysis indicated that this would reduce costs related to production, distribution and logistics, as these branches would be closer to the sources of raw materials and also to the customers. The operations and sales directors supported the proposal, as in addition to above, this would enable sales and marketing teams in the branches to respond to any changes in nearby markets more quickly. The branches would be controlled and staffed by the local population in those countries. However, some members of the BoD expressed concern that such a move would create agency issues between CMC Co’s central management and the management controlling the branches. They suggested mitigation strategies would need to be established to minimise these issues.
Response from the non-executive directors
When the proposals were put to the non-executive directors, they indicated that they were broadly supportive of the second proposal if the financial benefits outweigh the costs of setting up and running the four branches. However, they felt that they could not support the first proposal, as this would reduce shareholder value because the costs related to undertaking the proposal are likely to outweigh the benefits.
Additional information relating to proposal one
The current spot rate is US$1·0635 per CHF1. The current annual inflation rate in the USA is three times higher than Switzerland.
The following derivative products are available to CMC Co to manage the exposures of the US$ payment and the interest on the loan:
Exchange-traded currency futures
Contract size CHF125,000 price quotation: US$ per CHF1
It can be assumed that futures and option contracts expire at the end of the month and transaction costs related to these can be ignored.
Over-the-counter products
In addition to the exchange-traded products, Pecunia Bank is willing to offer the following over-the-counter derivative products to CMC Co:
(i) A forward rate between the US$ and the CHF of US$ 1·0677 per CHF1.
(ii) An interest rate swap contract with a counterparty, where the counterparty can borrow at an annual floating rate based on the yield curve rate plus 0·8% or an annual fixed rate of 3·8%. Pecunia Bank would charge a fee of 20 basis points each to act as the intermediary of the swap. Both parties will benefit equally from the swap contract.
Required:
(a) Advise CMC Co on an appropriate hedging strategy to manage the foreign exchange exposure of the US$ payment in four months’ time. Show all relevant calculations, including the number of contracts bought or sold in the exchange-traded derivative markets. (15 marks)
(b) Demonstrate how CMC Co could benefit from the swap offered by Pecunia Bank. (6 marks)
(c) As an alternative to paying the principal on the loan as one lump sum at the end of the fourth year, CMC Co could pay off the loan in equal annual amounts over the four years similar to an annuity. In this case, an annual interest rate of 2% would be payable, which is the same as the loan’s gross redemption yield (yield to maturity).
Required: Calculate the modified duration of the loan if it is repaid in equal amounts and explain how duration can be used to measure the sensitivity of the loan to changes in interest rates. (7 marks)
(d) Prepare a memorandum for the Board of Directors (BoD) of CMC Co which:
(i) Discusses proposal one in light of the concerns raised by the non-executive directors; and (9 marks)
(ii) Discusses the agency issues related to proposal two and how these can be mitigated. (9 marks)
Professional marks will be awarded in part (d) for the presentation, structure, logical flow and clarity of the memorandum. (4 marks)
For a transaction to qualify as a third-party exchange,I.The exchange must be completed within 1 year of the first exchange.II.The propertyexchanged must be identified within 45 days of the first exchange.()
：A.Only statement I is correct
B.Only statement II is correct
C.Both statements are correct
D.Neither statement is correct
