【名词解释】
vga是什么意思
tail【The Special Drawing Right （SDR） 特别提款权】p 30
The Special Drawing Right （SDR) is an international rerve ast created by the IMF to supplement existing foreign exchange rerves. （It rves as a unit of account for the IMF and is also the ba against which some countries peg the exchange rate for their currencies。
【LIBOR 伦敦同业银行拆解率】p 33
Eurocurrency Interest Rates： LIBOR
LIBOR（London Interbank Offered Rate） is the reference rate of interest in the Eurocurrency market, and is now the most widely accepted rate of interest ud in standardized quotations, loan agreements or financial derivatives valuations。
LIBOR is officially defined by the British Bankers Association。
vivos【Dollarization美元化】
Dollarization – the u of the US dollar as the official currency of the country.
只将美元用作官方通货。
【Eurodollar 欧洲美元】
Eurodollar is one of the European currency types，which refers to the dollar deposits in banks outside the united states是指存放在美国以外的银行中的美元存款,欧洲美元是欧洲货币的一种类型。
【Direct Quotes直接报价】
A direct quote is a home currency price of a unit of foreign currency。 新东方背单词7
直接报价法是用本币表示一单位外币的价格。
【In direct quotes 间接报价】
An indirect quote is a foreign currency price of a unit of home currency.
间接报价法是用外币表示一单位本币的价格。
【European option 欧式期权】
A European option may be exercid only on its expiration date,not before. 只能在到期日那天执行的期权
【American option 美式期权】
An American option may be exercid at any time between the date of writing and the expiration or maturity date. 可在包括到期日之前的任一天执行的期权。
【call option 看涨期权】市场价格>期权费+合约价
Call option is the right of buying foreign currency or other financial contracts at a specific price within a particular period, but not the obligation. 在一个特定时期以特定价格买入外汇或其他金融合约的权利,而非义务。
【put option 看跌期权】市场价格<期权费+合约价
Put option is the right of lling foreign currency or other financial contracts at a specific price within a particular period， but not the obligation。 在一个特定时期以特定价格卖出外汇或其他金融合约的权利,而非义务
【Interest rate parity 利率平价条件】
The theory states：the difference in the national interest rates for curities of similar risk and maturity should be equal to, but opposite in sign to， the forward rate discount or premium for the foreign currency， except for transactions costs。
这一理论认为:风险相同、期限相同的证券的名义利率差异应该等于负的去除交易成本的外汇远期升贴水.
【At—the-money (ATM） 到价】
培养英语
An option who price is the same as the spot price of the underlying currency is said to be at-the-money (ATM).
当期权的执行价格等于现时市场价格时，该期权被称为到价。
【In-the-money (ITM） 价内】
An option that would be profitable, excluding the cost of premium， if exercid immediately is said to be in—the-money （ITM). 除去期权费用之后还能带来盈利的期权合约被称为是价内。
【Out-of-the-money (OTM）价外】
An option that would not be profitable, again excluding the cost of the premium， if exercid immediately is referred to as out-of—the—money （OTM）。 除去期权费用之后不能带来盈利的期权合约被称为是价外。
◆ IMF Exchange Rate Regime Classifications 汇率体制的分类
1 ） Exchange Arrangements with No Separate Legal Tender无独立法定货币的汇率安排wuyue： Currency of another country circulates as sole legal tender or member belongs to
a monetary or currency union in which same legal tender is shared by members of the union 指一国采用另一国的货币作为唯一法定货币.如美元化
2 ) Currency Board Arrangements货币局汇率: Monetary regime bad on implicit national commitment to exchange domestic currency for a specified foreign currency at a fixed exchange rate指货币当局规定本国货币与某一外国货币之间可以以一固定比率无限制兑换，货币发行当局要确保这一兑换义务实现的汇率制度.
3 ） Other Conventional Fixed Peg Arrangements传统的固定盯住汇率： Country pegs its currency (formal or de facto) at a fixed rate to a major currency or a basket of currencies where exchange rate fluctuates within a narrow margin or at most ± 1％ around central rate以固定的汇率将其货币盯住另一货币或一货币篮子，国家当局通过直接或间接敢于维持固定平价， 汇率围绕中心汇率在+putinto1%的狭窄范围内波动
4 ) Pegged Exchange Rates w/in Horizontal Bands有波幅的盯住汇率: Value of the currency is maintained within margins of fluctuation around a formal or de facto fixed peg that are wider than ± 1% around central rate 对单一货币或对货币篮子即期市场汇率的波
幅能够保持在一个± 1％的范围内
5 ) Crawling Peg爬行盯住汇率: Currency is adjusted periodically in small amounts at a fixed， preannounced rate in respon to changes in certain quantitative measures汇率按预先宣布的固定范围作较小的定期调整或对选定的定量指标的变化做定期的调整.
lc506 ） Exchange Rates within Crawling Peg有波幅的爬行盯住汇率: Currency is maintained within certain fluctuation margins around a central rate that is adjusted periodically 汇率围绕一个定期调整的中心汇率,维持在在一定的利润范围内
静女翻译7 ) appearedManaged Floating with No Preannounced Path for Exchange Rate: 不带目的的管理浮动汇率Monetary authority influences the movements of the exchange rate through active intervention in foreign exchange markets without specifying a pre—announced path for the exchange rate 货币当局试图通过干预外汇市场来对汇率的变动施加影响，但没有事先确定干预路径
