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Ngn hng cu hi mn Ti chnh quc t Chng I: Th Trng ngoi hi. I.

L thuyt: Cu 1: Nu chc nng th trng ngoi hi v cc ch th tham gia th trng ngoi hi. Cu 1: Trnh by phng php yt t gi trc tip v gin tip Cu 2: C kin cho rng: Nu hm lng vng ca USD v VND nh sau: 1 USD = 15 mg v 1 VND = 1 mg th t gi USD v VND c vit: E(USD/VND)= 15000 1 USD = 15000 VND Anh (ch) hy trnh by quan im ca mnh v gii thch ti sao? Cu 3: Nu khi nim v cc loi t gi. Cu 4: Cho t gi Spot : HKD/USD = 1,8575/80 Hi ti t gi no, NH cho gi mua vo HKD ...................bn ra USD ...................mua vo USD ...................bn ra HKD NH hi gi mua...... USD ...................bn....... HKD ...................mua..... HKD ...................bn ...... USD Cu 5: Trnh by quy trnh giao dch ngoi hi giao ngay. Cu 6: Trnh by yu t cu thnh t gi k hn v nu cng thc dng tng qut. Cu 8: Cng thc tng qut xc nh t gi k hn. Cu 9: Trnh by cng thc xc nh t gi k hn mua - bn. II. Bi tp: Cu 1: Cho bit t gi Spot ti cc th trng: Ti M: USD/GBP = 1,5533/43 Ti Hng cng: HKD/USD = 1,6875/85 Ti London: HKD/ GBP = 2,6250/56 Yu cu: 1/ Tnh t gi cho HKD/GBP? 2/ Hy cho bit c hi kinh doanh chnh lch gi l nh th no? Cu 2: Cho bit t gi Spot ti cc th trng: Ti Anh: USD/GBP = 1,9826/32 Ti c: USD/EUR = 1,0012/18 Ti Php: GBP/EUR = 0,5032/39 Yu cu: 1/ Tnh t gi cho GBP/EUR? 2/ Hy cho bit c hi kinh doanh chnh lch gi l nh th no? Cu 3: Cho bit t gi Spot ti cc th trng: Ti M: USD/AUD = 0,7535/40 Ti Hng cng: HKD/USD = 1,7872/85 Ti London: HKD/ AUD = 1,3443/50 Yu cu: 1/ Tnh t gi cho HKD/AUD?

2/ Hy cho bit c hi kinh doanh chnh lch gi l nh th no? Cu 4: : Cho bit t gi Spot ti cc th trng: Ti Tokyo: JPY/USD = 112.34/40 Ti : JPY/EUR = 114,72/79 Ti Php: USD/ EUR = 1,0200/04 Yu cu: no? 3/ Hy biu din kt qu kinh doanh bng nhng lung tin? Cu 5: Cho nhn xt v cc ng tin trong bng di y so vi USD, ng tin no tng gi v ng tin no gim gi. ng tin T gi mua bn T gi mua bn ng tin yt gi tng hay giao dch ngy 27/08/2001 ngy 28/12/2001 gim gi EUR= 1,0445/55 1,0123/28 SGD= 1,8707/25 1,9311/21 JPY= 111,70/1,75 102,33/36 GBP= 1,5884/89 1,6160/70 HKD= 1,5323/30 1,5850/60 NZD= 0,5128/35 0,5175/85 CAD= 1,4994/99 1,4575/85 Cu 6: Cng ty Xut nhp khu Vn Xun nhn c 3,5 tr. EUR tin thanh ton hng xut khu t c; 25 tr. JPY tin thanh ton hng xut khu t Nht. ng thi, cng ty phi thanh ton 4,2 tr. USD nhp khu t M. Anh (ch) hy xc nh thu nhp cui cng ca cng ty theo 2 cch: -Cch 1: Cng ty tin hnh thanh ton trc tip cc ngoi t vi nhau. -Cch 2: Cng ty tin hnh thanh ton gin tip qua VND. Bit cc thng s trn th trng ngoi hi nh sau: H Ni: VND/USD = 15345/51. Franfurt: USD/EUR = 0,9929/33. Tokyo: JPY/EUR = 112,53/57 Chng 2: Nhng vn c bn v t gi hi oi L thuyt 2.1. Nu tm tt ni dung cc ch t gi, 2.2. Nu vai tr ca NHTW trong cc ch t gi? (m t bng th). 2.3. Khi nim ph gi, nng gi, ln gi, gim gi? 2.4. Nu khi nim t gi danh ngha v t gi thc? Ti sao ni t gi thc phn nh y sc cnh tranh thng mi quc t xt v phng din gi c. 2.5. Nu cc bin php kim sot ngoi hi v hu qu ca n? 2.6. Phn bit s khc nhau gia cc ch t gi? Nguyn nhn lm xut hin th trng ngoi hi ch en? 2.7. 1/ Tnh t gi cho USD/EUR? 2/ Hy cho bit c hi kinh doanh chnh lch gi l nh th

Nm

T gi danh ngha E(CAD/USD) 1,3655 1,3895 1,3360 1,2307

Ch s gi c M 100 104,2 108,7 113,1

Ch s gi c Canada 100 101,9 105,7 109,9

Ch s t gi thc eR (CAD/USD)

1998 1999 2000 2001

a/ Tnh ch s t gi thc eR (CAD/USD). b/ nh gi sc cnh tranh thong mi quc t ca Canada xt v phng din gi c k t 1998-2001. 2.8. Gi s ng cung v ng cu USD c biu din bng cc phng trnh sau: QD = 20 -6 E QS = 10 + 4E Trong : QD- S lng cu USD (triu USD) QS = S lng cung USD (triu USD) E - T gi SGD/USD a/ Gi s M v Singapore duy tr ch t gi th ni, th t gi cn bng bao nhiu? S lng USD giao dch trn th trng ngoi hi l bao nhiu?. b/ Gi s NHTW Singapore quyt nh can thip mua 6 triu USD trn th trng ngoi hi, th t gi trn th trng s thay i nh th no?(tr li bng s v m t bng th). c/ Gi s M v Singapore duy tr ch t gi c nh ti mc t gi 2 SGD/1 USD, th d tr quc t ca Singapore tng ln hay gim xung vi s lng l bao nhiu? nu NHTW Singapore can thip trn th trng ngoi hi ( hy gii thch). 2.9. Gi s ng cung v ng cu USD c biu din bng cc phng trnh sau: QD = 10 -3 E QS = 5 + 2E Trong : QD- S lng cu USD (triu USD) QS = S lng cung USD (triu USD) E - T gi SGD/USD a/ Gi s M v Singapore duy tr ch t gi th ni, th t gi cn bng bao nhiu? S lng USD giao dch trn th trng ngoi hi l bao nhiu?. b/ Gi s NHTW Singapore quyt nh can thip mua 3 triu USD trn th trng ngoi hi, th t gi trn th trng s thay i nh th no?(tr li bng s v m t bng th).

c/ Gi s M v Singapore duy tr ch t gi c nh ti mc t gi 2 SGD/1 USD, th d tr quc t ca Singapore tng ln hay gim xung vi s lng l bao nhiu? nu NHTW Singapore can thip trn th trng ngoi hi ( hy gii thch). 2.10. Gi s ng cung v ng cu USD c biu din bng cc phng trnh sau: QD = 100.000 -500 E QS = 20.000 +300E Trong : QD- S lng cu USD (triu USD) QS = S lng cung USD (triu USD) E - T gi JPY/USD a/ Gi s M v Nht duy tr ch t gi th ni, th t gi cn bng bao nhiu? S lng USD, JPY giao dch trn th trng ngoi hi l bao nhiu?. b/ Gi s NHTW Nht quyt nh can thip mua 15.000 triu USD trn th trng ngoi hi, th t gi trn th trng s thay i nh th no?(tr li bng s v m t bng th). c/ Gi s M v Singapore duy tr ch t gi c nh ti mc t gi 110 JPY/1 USD, th d tr quc t ca Nht tng ln hay gim xung vi s lng l bao nhiu? nu NHTW Nht can thip trn th trng ngoi hi ( hy gii thch). 2.11. Gi s ng cung v ng cu EUR c biu din bng cc phng trnh sau: QD = 79 - 5E QS = 23 + 2E Trong : QD- S lng cu EUR (triu EUR) QS = S lng cung EUR (triu EUR) E - T gi CNY/EUR a/ Gi s c v Trung quc duy tr ch t gi th ni, th t gi cn bng bao nhiu? S lng EUR,CNY giao dch trn th trng ngoi hi l bao nhiu?. b/ Gi s NHTW Trung Quc quyt nh can thip mua 5 triu EUR trn th trng ngoi hi, th t gi trn th trng s thay i nh th no?S lng EUR, CNY? (tr li bng s v m t bng th). c/ Gi s c v Trung Quc duy tr ch t gi c nh ti mc t gi 7,5000 CNY/1 EUR, th d tr quc t ca Trung Quc tng ln hay gim xung vi s lng l bao nhiu? nu NHTW Trung Quc can thip trn th trng ngoi hi ( hy gii thch). 2.12. Chng 3: Cn cn thanh ton quc t

3.1. Trnh by ni dung cc hng mc ca cn cn vng lai, thng d hay thm ht ca cn cn ny ni ln iu g? 3.2. Nhng giao dch sau y lm pht sinh cung hay cu ngoi t trn th trng ngoi hi Vit Nam? Cung th nh du cng, cu th nh du tr: - Xut khu cc mt hng nng sn phm - Nhp thit b in t thc hin gia cng lp rp my thu hnh - Chi dch v vn chuyn hng ho - Chuyn tr li cho cc nh u t nc ngoi - Nhn vin tr ca hi ngi cm ic t cc t chc phi chnh ph nc ngoi - Tr n vay nc ngoi - Nhn tin kiu hi. 3.3. Trnh by cc giao dch di y gia Vit Nam vi nc ngoi theo nguyn tc hch ton kp. - Nhp khu hng ho tr gi 300.000 USD t cc nc E.E.C vi thi hn thanh ton sau 2 nm. - S dng s tin vay 500.000 USD ca Hn Quc nhp thit b cho mt dy chuyn cng ngh mi sn xut hng hng gia dng. - Vin tr khng hon li cho cc nc b l lt 100 tn go tr gi 30.000 USD - Sau khi tr thu cho chnh ph Nga, cc cng dn nc Vit Nam nhn c c tc u t tng ng 60000 USD. Trong s 30000 USD c s dng mua b sung thm c phiu. S cn li 30000 USD th gi vo ngn hng thng mi Nga. - Ngn hng TW gim s d tin gi ca mnh ti cc ngn hng M bng cch mua vng tr gi 10000 USD ca ngn hng d tr lin bang M, ng thi gi li s vng mua c ti ngn hng ny. 3.4. trnh by cc giao dch di y gia Vit Nam vi nc ngoi theo nguyn tc hch ton kp. 1. Xut khu nng sn phm sang Hn Quc tr gi 100.000 USD, s tin ny gi vo ti khon ti mt ngn hng thng mi Hn Quc. 2. Nhn c 50.000 USD v cung cp dch v vn chuyn hng ho cho Lo, s tin ny c s dng nhp mt s hng ho t Lo. 3. Chuyn li nhun u t trc tip nc ngoi cho cc nh u t ca M t ti khon ca Vit Nam ti ngn hng Citybank Newyork l 70.000 USD. 4. Tr li tin vay cho Chnh ph Nht Bn 70.000 USD thng qua vic pht hnh tri phiu kho bc Ca Vit Nam cho Nht Bn. 3.5. Nhng giao dch sau y lm pht sinh cung hay cu ngoi t trn th trng ngoi hi Vit Nam? Cung th nh du cng, cu th nh du tr: - Xut khu cc mt hng nng sn phm - Nhp thit b in t thc hin gia cng lp rp my thu hnh - Chi dch v vn chuyn hng ho - Chuyn tr li cho cc nh u t nc ngoi - Nhn vin tr ca hi ngi cm ic t cc t chc phi chnh ph nc ngoi - Tr n vay nc ngoi

- Nhn tin kiu hi - ng nin lim hng nm cho Lin Hip quc - xut khu tri phiu ra nc ngoi - Gim d tr ngoi hi ca NHTW - NHTW mua tri phiu kho bc M - Cng ty Du kh pht hnh tri phiu ra nc ngoi 3.6. Trnh by cc giao dch di y gia Vit Nam vi nc ngoi theo nguyn tc hch ton kp. 1. Xut khu nng sn phm sang M tr gi 550.000 USD, s tin ny gi vo ti khon ti mt ngn hng thng mi M. 2. Nhn c 50.000 USD v cung cp dch v vn chuyn hng ho cho Campuchia, s tin ny c s dng nhp mt s hng ho t Cam phu chia. 3. Chuyn li nhun u t trc tip nc ngoi cho cc nh u t ca M t ti khon ca Vit Nam ti ngn hng Citybank Newyork l 70.000 USD. 4. Tr li tin vay cho Chnh ph Nht Bn 100000 USD thng qua vic pht hnh tri phiu kho bc ca Vit Nam cho Nht Bn. 5. Nhp khu hng ho tr gi 500.000 USD t cc nc E.E.C vi thi hn thanh ton sau 2 nm . 6. S dng s tin vay 500.000 USD ca Hn Quc nhp thit b cho mt dy chuyn cng ngh mi sn xut hng hng gia dng. 7. Vin tr khng hon li cho cc nc b l lt 100 tn go tr gi 30.000 USD. 3.7. Trnh by tm tt ni dung cn cn thanh ton quc t. 3.8. Trnh by ni dung v ngha thng d, thm ht cn cn thanh ton quc t. 3.9. Nu ni dung ca cn cn vng lai? Thng d hay thm ht cn cn vng lai ni ln iu g? 3.10. Trnh by cc giao dch di y gia Vit Nam vi nc ngoi theo nguyn tc hch ton kp. - Nhp khu hng ho tr gi 300.000 USD t cc nc E.E.C vi thi hn thanh ton sau 2 nm . - S dng s tin vay 500.000 USD ca Hn Quc nhp thit b cho mt dy chuyn cng ngh mi sn xut hng hng gia dng. - Vin tr khng hon li cho cc nc b l lt 100 tn go tr gi 30.000 USD - Sau khi tr thu cho chnh ph Nga, cc cng dn nc Vit Nam nhn c c tc u t tng ng 60000 USD. Trong s 30000 c s dng mua b sung thm c phiu. S cn li 30000 th gi vo ngn hng thng mi Nga. - Ngn hng TW gim s d tin gi ca mnh ti cc ngn hng M bng cch mua vng tr gi 10000 USD ca ngn hng d tr lin bang M, ng thi gi li s vng mua c ti ngn hng ny.

3.11. Phn tch nh hng ca nhn t t gi ti cc hng mc ca cn cn vng lai 3.12. Phn tch tc ng ca cn cn thanh ton quc t ti t gi hi oi (V th minh ho). 3.13. : Nu ni dung ca cn cn tng th v cn cn b p chnh thc. Thng d thm ht ca cc cn cn ny ni ln iu g? 3.14. Nu ni dung ca cn cn vng lai v cn cn c bn. Thng d thm ht ca cc cn cn ny ni ln iu g? 3.15. Ti sao ni BP l bn ghi chp phn nh cung cu tin t trn th trng ngoi hi? Mc ch chnh ca vic lp BP c phi phn nh cung cu ngoi t hay khng? Cu 2. Gi ca mt chic xe hi ti M l 25.000 USD. Trong khi cng chic xe hi M bn ti Singapore vi gi 45.000 SGD. Hi : a/ Theo quy lut mt gi th t gi SGD/USD bng bao nhiu? c/ Nu gi xe hi bng SGD khng i, nhng t gi tng ln 2,1 SGD/1 USD, th gi xe hi tnh bng USD l bao nhiu? Cu 2:. Vi cc thng s ca th trng nh sau: R = 7%, R$ =6%, S(/$) = 14950 v F1/4 = 15050 Trong : R - li sut %/nm ca thng phiu k hn 3 thng bng VND R$ - li sut thng phiu k hn 3 thng bng USD S(/$) - t gi giao ngay, bng s n v VND trn 1 USD F(/$)- t gi k hn 3 thng , bng s n v VND trn 1 USD Yu cu: 1/ Bn quyt nh u t vo thng phiu no th s c li? 2/ Bn quyt nh i vay ng tin no? 3/ Bn tin hnh kinh doanh chnh lch li sut nh th no? 4/ Nu i vay 1 triu VND th li kinh doanh t chnh lch li sut l bao nhiu?
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Cu 1: Cu2:
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Cu1: iu kin ngang gi li sut c bo him l nh th no? Cu1: Hy gii thch ti sao khi ph gi ni t th cn cn vng lai t ci thin c trong ngn hn m ch ci thin c trong di hn?
Cu2:

Cu1:. Cu2: Vi cc thng s ca th trng nh sau: R = 7%, R$ =8%, S(/$) = 14950 v F1/4 = 15050 Trong : R - li sut %/nm ca thng phiu k hn 3 thng bng VND R$ - li sut thng phiu k hn 3 thng bng USD S(/$) - t gi giao ngay, bng s n v VND trn 1 USD F(/$)- t gi k hn 3 thng , bng s n v VND trn 1 USD Yu cu: 1/ Bn quyt nh u t vo thng phiu no th s c li? 2/ Bn quyt nh i vay ng tin no? 3/ Bn tin hnh kinh doanh chnh lch li sut nh th no? 4/ Nu i vay 1 triu VND th li kinh doanh t chnh lch li sut l bao nhiu?

Cu 2: . Vi cc thng s ca th trng nh sau: R = 7%, R$ =8%, S(/$) = 14950 v F1/4 = 15050 Trong : R - li sut %/nm ca thng phiu k hn 3 thng bng VND R$ - li sut thng phiu k hn 3 thng bng USD S(/$) - t gi giao ngay, bng s n v VND trn 1 USD F(/$)- t gi k hn 3 thng , bng s n v VND trn 1 USD Yu cu: 1/ Bn quyt nh u t vo thng phiu no th s c li? 2/ Bn quyt nh i vay ng tin no? 3/ Bn tin hnh kinh doanh chnh lch li sut nh th no? 4/ Nu i vay 1 triu VND th li kinh doanh t chnh lch li sut l bao nhiu
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Cu 1: Trnh by qu trnh hnh thnh PPP di dng u c?


Cu 1: Gi s r hng ho v dch v tiu chun ti cc nc khc nhau nh sau: Ti Singapore 700 SGD Ti Anh 300 GBP Ti Nht 1000 JPY Yu cu: Xc nh t gi theo PPP Cu2: Trnh by iu kin ngang gi li sut khng c bo him (UIP) v hiu ng Fisher quc t
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Cu1: Trnh by iu kin ngang gi li sut c bo him (CIP) Cu 2: :

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Cu 1: Gi mt l nc hoa = 5000JPY= 320CNY =110 HKD = 40 USD. Hi l nc hoa mua bng ng tin no no l r nht? Bit rng: T gi giao ngay th trng: S (JPY/USD) = 100,35; S (CNY/USD) = 7,9543; S ( HKD/USD) = 1,6565 Cu1: Trnh by diu kin PPP mu tuyt i v tng i Cu2: : Vi cc thng s ca th trng nh sau: R = 8%, R$ =6%, S(/$) = 14950 v F1/4(/$) = 14900 Trong : R - li sut %/nm ca thng phiu k hn 3 thng bng VND R$ - li sut thng phiu k hn 3 thng bng USD S(/$) - t gi giao ngay, bng s n v VND trn 1 USD F(/$)- t gi k hn 3 thng , bng s n v VND trn 1 USD Yu cu: 1/ Bn quyt nh u t vo thng phiu no th s c li? 2/ Bn quyt nh i vay ng tin no? 3/ Bn tin hnh kinh doanh chnh lch li sut nh th no? 4/ Nu i vay 1 triu USD th li kinh doanh t chnh lch li sut l bao nhiu? Cu1: Trnh by nguyn nhn lm cho t gi lch khi PPP. Cu2: : Cho cc thng s th trng nh sau: R = 6%, R$ =5%, S(/$) = 15950 v F1/4(/$) = 15900 Trong : R - li sut %/nm ca thng phiu k hn 3 thng bng VND R$ - li sut thng phiu k hn 3 thng bng USD S(/$) - t gi giao ngay, bng s n v VND trn 1 USD F(/$)- t gi k hn 3 thng , bng s n v VND trn 1 USD Hi C hi kinh doanh chnh lch gi l nh th no? Tnh kt qu kinh doanh?
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Cu1:Trnh by ni dung ca ch bn v vng v hot ng kinh t v m trong ch bn v vng. Cu2: Gi s r hng ho v dch v tiu chun cc nc nh sau: Ti M: 400 USD Ti Anh: 280 GBP Ti Trung quc: 3050CNY Tnh t gi theo thuyt ngang gi sc mua?
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Cu1: Hy gii thch mc v nguyn nhn ti sao khi t gi USD t ngt thay i li nh hng ln (cho v d bng s minh ho) a. Cng dn M nm gi tri phiu kho bc M b. Cng dn M i du lch ti M hi c Cu2: Gi s r hng ho v dch v tiu chun cc nc nh sau: Ti M: 400 USD Ti Canada: 470 CAD Ti Php: 500 EUR Tnh t gi theo thuyt ngang gi sc mua? Cu 2: Ngn hng ngoi thng huy ng c 100 triu USD tri phiu k hn 1 nm. Hi u t vo USD hay u t vo tri phiu kho bc bng VND s c li nht. Bit rng cc thng s th trng nh sau: R = 9,5%; R$ = 5,65%; S(/ $)= 14537 v F(/S)= 15024.
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Cu1: Nguyn nhn sp ca ch t gi c nh Bretton wood Cu2: Gi s gi ca r hng ho v dch v tiu chun cc nc khc nhau nh sau: Ti M 4000 USD; ti Nht 500000 JPY; Ti Anh 2800GBP. a/ Tnh t gi USD theo thuyt ngang gi sc mua (PPP) b/ Nu t l lm pht cui nm ti M l 2%, Anh 3% v Nht l 6%. Tnh t gi USD theo PPP ti thi im cui nm.

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Cu1 Cu 2: .
2001.
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Cu 1: Hy gii thch mc v nguyn nhn ti sao khi t gi (ngoi t/USD) t ngt thay i li nh hng ln: a/ Cng dn M nm gi c phiu ca hng hon a. b/ Cng dn Canadda i ngh mt ti M. c/ Cng dn M nm gi c phiu c ghi bng EUR. (Cho v d minh ho) Cu 2: Ti sao m hnh ngang gi sc mua dng tng i li c duy tr trong trng hp c nhn t thu v chi ph bn hng (chng minh bng cng thc).
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Cu 1: Cu 2

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Cu 1. Cu 2: Gi s gi ca r hng ho v dch v tiu chun cc nc khc nhau nh sau: Ti M 4000 USD; ti Nht 500000 JPY; Ti Anh 2800GBP v ti Canaa 5500 CAD a/ Tnh t gi USD theo thuyt ngang gi sc mua (PPP) b/ Nu t l lm pht cui nm ti M l 4%, Canaa 6%, Anh 7% v Nht l 2%. Tnh t gi USD theo PPP ti thi im cui nm.
s 31 Cu 1: Nu

nhng li th cnh tranh ca EUROBANKs

Cu 2:
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Cu 1: Hy gii thch nh hng ca nhn t t gi ln gi tr xut khu v nhp khu hng ho Cu 2:


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Cu 1: Hy nu tm tt ni dung v lch s hot ng ca BWS Cu 2:


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Cu 1: Vi nhng nhn t khc khng i, hy gii thch ti sao khi t gi danh ngha tng nh xut khu li c th bn h gi hng ho nc ngoi. Cu 2:
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Cu 1: Vi cc nhn t khc khng i hy gii thch ti sao khi ph gi ni t li ci thin c sc cnh tranh thng mi quc t v cn cn thanh ton quc t Cu 2:
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Cu 1: Nhng bng chng thc nghim ch ra rng PPP c duy tr tt trong ngn hn hay trong di hn? Bn c th gii thch ti sao? Cu 2: Ngn hng u t v pht trin Vit Nam c mt lng tin nhn ri thi hn 6 thng l 700000 t VND. Hi u t vo tn phiu kho bc bng VND hay u t ra nc ngoi bng USD s c hiu qu hn? Bit rng cc thng s th trng nh sau:

Mc li sut 6 thng VND l 8,5% Mc li sut 6 thng USD l 5,7% T gi giao ngay VND/USD = 14.537 T gi k hn 6 thng VND/USD = 14.733

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