The main factors affecting the exchange rate include: ① the level of economic development; ② The relative level of interest rate; ③ Balance of payments level; ④ Price level; ⑤ Market psychology and speculative trading; ⑥ Political situation and emergencies. ?
Knowledge module: foreign exchange futures.
Foreign exchange futures, referred to as FxFut, is the abbreviation of "foreign exchange futures". In a centralized futures exchange, both parties buy and sell another non-domestic currency through public bidding, and sign a contract to deliver a standard amount of foreign exchange at an agreed price on a certain date in the future. For the convenience of explanation, let's distinguish between forex futures trading in a broad sense and forex futures trading in a narrow sense.
Forex futures trading in a broad sense includes foreign exchange futures contracts and foreign exchange options contracts, while foreign exchange futures in a narrow sense refers to foreign exchange futures contracts. The main contents of foreign exchange futures include: ① trading units. ② Minimum price change. ③ Maximum fluctuation limit of daily price. ④ Contract month. ⑤ Trading time. ⑥ Last trading day. ⑦ Delivery date. ⑧ Delivery place.
Exchange rate refers to the exchange rate and exchange rate between the currencies of two countries. RMB exchange rate is the price and exchange rate between RMB and foreign currency.
Forex futures trading is one of the ways of foreign exchange trading. After a foreign exchange transaction is concluded, both the buyer and the seller do not provide the spot, but only provide a certain amount of deposit, and conclude a contract to handle the actual foreign exchange business at the agreed exchange rate in the future. This is one of the main measures to avoid exchange rate risk.
The delivery period is generally 1 month, 3 months and 6 months. In foreign trade, exporters hope to expand exports and enhance the international competitiveness of export commodities; For the convenience of financing, importers often sign forward payment contracts. It is unpredictable that the fluctuation of currency exchange rate will cause greater losses to both sides in several periods before the payment is realized.
In order to avoid exchange rate risk, importers need to buy foreign exchange futures that expire in advance; In order to avoid exchange rate risk, exporters also need to sell foreign exchange futures that expire in advance; Foreign exchange banks also need to balance their positions by buying or selling forward foreign exchange futures to ensure the safety of their business and funds.