3. The reasons that promote the rapid development of current international capital flows are mainly economic, financial and institutional. The supply and demand of funds in the international capital market is the economic reason of international capital flow; The financial reason of international capital flow is to preserve and increase the value of assets through international capital flow and realize the best combination of income and risk. The institutional reason of international capital flow is that countries have greatly relaxed financial control and gradually opened their own bank credit and securities markets.
4. The extensive and rapid flow of international capital has a great and profound impact on the global economy and the economic development of a country. International capital flow is conducive to the realization of global economic integration, financial market integration and the integration of asset prices and returns in financial markets. When capital flows internationally, it can often have a far-reaching impact on a country and even the global economy through a specific mechanism, and its amplification effect is reflected in the leverage effect and herding effect produced by international capital flows. International capital flows will also have an impact on economic sovereignty, domestic financial markets and exchange rates.
5. International financial market refers to the place or business network where international funds are financed according to market rules. According to different market functions, different financing channels and whether it is separated from the domestic financial system, the international financial market can be divided differently. The international financial market can play the role of providing international financing channels, regulating the surplus and deficiency of funds in various countries, regulating the balance of payments, promoting the development of economic globalization and forming a risk avoidance mechanism.
6. The international foreign exchange market refers to the trading place or business network where foreign exchange buyers and sellers buy and sell foreign exchange. The international foreign exchange market is an invisible market, with relatively concentrated trading currencies, uninterrupted operation in time and space, and extensive and frequent government intervention. The main participants in the international foreign exchange market are foreign exchange banks, foreign exchange brokers, foreign exchange dealers, customers and central banks of the countries concerned.
7. The main types of transactions in the international foreign exchange market are spot foreign exchange transactions, forward foreign exchange transactions, swap foreign exchange transactions and arbitrage transactions. In the process of financial innovation, new types of transactions have emerged, such as forex futures trading and foreign exchange options. A country's economic growth rate, balance of payments, interest rate and inflation rate, monetary policy orientation and people's psychological expectations are the main factors affecting market prices.
8. The international money market refers to the trading market where the borrowing period of funds does not exceed 1 year, also known as the short-term international capital market, and its role is to provide short-term financing. It mainly includes bank short-term credit market, short-term securities market and bill discount market, in addition to offshore currency markets.
9. Offshore financial market refers to a financial market that is divorced from the domestic financial system of the country where the market is located and is not controlled by the government decrees of the country where the currency is used, nor by the government decrees of the country where the market is located. This is a new, modern and real international financial market. Its characteristic is that offshore money loan business between non-residents is the main body, and it is not restricted by the policies, regulations and tax system of any country. Offshore financial markets can be divided into offshore currency markets and offshore capital markets, among which offshore currency markets is the most active.
10. The international capital market refers to the market formed by various capital trading activities with a term exceeding 1 year in the international financial market, including the international medium and long-term credit market, international bond markets and the international stock market. The international medium-and long-term credit market is a place for medium-and long-term credit financing between the supply and demand sides of the international financial market. International medium and long-term credit mainly includes exclusive bank loans and syndicated loans.
1 1. International bonds refer to bonds issued by a country issuer in the foreign bond market, denominated in foreign currency or European currency, and underwritten by foreign financial institutions. International bonds mainly include foreign bonds, European bonds and global bonds. The issuance and circulation of the above three kinds of bonds have respectively formed the foreign bond market, the European bond market and the global bond market.
12. International stocks refer to stocks issued by non-resident joint-stock companies where the stock market is located. It is a tool for issuers to raise long-term funds in the international capital market. International stock market refers to the place where market participants engage in international stock issuance and circulation. In a narrow sense, the international stock market is a market formed by the stocks of non-resident companies where the trading market is located; The generalized international stock market also includes the international stock markets of various countries.