First, why study. That is, you need to learn international financial knowledge.

General Secretary Hu Jintao pointed out in the report of the 17th National Congress that a modern financial system with reasonable structure, perfect functions, high efficiency and safety should be established. Comprehensive use of fiscal policy and monetary policy to improve the level of macro-control. This requires our financial cadres to understand the basic knowledge of international finance, master the laws of international financial development and change, and apply them to their work to promote sound and rapid economic and social development.

From the financial point of view, finance is the general name of currency circulation, credit activities and related economic activities. If finance is the core of modern economy, then international finance is the lifeblood of modern world economic development. With the deepening of the game between the trend of world economic integration and the development of world economic differentiation, financial liberalization has been expanding and developing to a broader and deeper level. At the same time, with the expansion and development of international trade, the scale, speed and mode of capital flow and credit financing between countries have also changed greatly. The internal and external changes and fluctuations of currency exchange, exchange rate and interest rate between countries play an important role in economic exchanges between countries and even global stability. Therefore, it is particularly important for financial cadres to study financial knowledge seriously, improve their ability to judge and grasp the international economic situation and analyze macro-financial data while doing their jobs well. In a small way, I think that learning international financial knowledge has three practical significance. One is literacy. Studying international finance will help you better understand all kinds of international financial information and the global integrated world you live in. When you see the daily foreign exchange market in financial newspapers or in the halls of financial institutions, do you know how the exchange rates between currencies of different countries are determined? What caused the change of exchange rate? What is the euro and why has it replaced the currencies of many European countries? 1997 after the currency crisis broke out in Thailand in July, why did so many countries in Asia get involved in the crisis one after another? How did the evolution of American subprime mortgage affect the stocks you bought? I believe you can also find the answers to these questions in the process of learning finance. The second is wisdom. Studying international finance will help you to know more about the root causes of international and domestic economic and financial problems under the background of globalization, and understand the potential and limitations of a country's economic and financial policies, thus helping you to answer questions logically and clearly when attending forums or facing your children. For example, is China's most suitable foreign exchange reserve $654.38+000 billion or $654.38+050 billion? If the yen depreciates to 1 to 140 USD, should the RMB exchange rate depreciate? What is the scale of China's sustainable foreign debt, and how to arrange the currency structure of borrowing foreign debt reasonably? What are the conditions for canceling foreign exchange control and allowing RMB to be fully convertible? With the capital market opening to the outside world, how to reduce the impact of international speculative capital on China's economy and maintain the stability of the financial market? And other international financial issues. The third is to improve. Learning international financial knowledge can enrich investment knowledge and improve financial management ability. The flow of international capital, the rise and fall of hedge funds and the change of RMB exchange rate not only affect the share price in the international market, but also affect the nerves of China stock and futures markets. On the premise of not affecting the work, experience the ups and downs of the stock market, feel the fluctuations of foreign exchange and futures, study the upcoming stock index futures, improve their ability to grasp the interaction mechanism between regional finance and financial markets, accumulate knowledge for the scientific and compliant operation of treasury funds in the future, and explore ideas prospectively. As financial cadres, they will benefit a lot.

Second, what are the characteristics? The book "International Finance" has clear structural logic, easy-to-understand content and certain practical pertinence.

This book is divided into six chapters, which introduces the basic knowledge of international finance, exchange rate, international currency, balance of payments and foreign exchange reserves, and analyzes the dialectical relationship between international monetary system and international financial market, balance of payments and foreign exchange reserves, financial globalization and international capital flow, and international finance and government management. In the form of an insert column, this paper interprets some professional or difficult overviews and terms involved in the reading process, and describes some historical events or established keywords by enumerating some data and charts, so as to facilitate readers to accurately understand and focus on them in the reading and learning process. For example, the first chapter consists of seven columns, involving the basic knowledge and principles of foreign exchange and seigniorage, and analyzing the concepts and topics such as Japan Plaza Agreement, the trend of US dollar exchange rate, China's foreign exchange market, and Sino-US economic strategic dialogue.

At the same time, this book also discusses the current international and domestic macroeconomic hot issues, such as RMB exchange rate policy, foreign exchange reserve policy, domestic excess liquidity, financial imbalance, twin deficits, etc., and puts forward relevant policy suggestions, which have strong practical significance. And guide readers to think more deeply about the deep-seated contradictions in domestic economic development. At the same time, each chapter objectively describes and analyzes the policy gains and losses of Argentina, Brazil and other countries in the economic transition period, which has certain reference significance for correctly understanding the complexity of China's current macro situation.

Third, what is the inspiration. That is, how to apply international financial knowledge in work.

In the process of promoting urban and rural planning, a lot of money is needed to develop public utilities such as education, health, environmental protection and infrastructure in our city. Whether we can borrow foreign debts of a certain scale needs to think about how to raise funds and arrange hedging, so as to minimize financing costs, interest rate risks and exchange rate risks, which requires the help of financial engineering knowledge. What influence does the current international financial situation have on the development of industry and trade in our city, and what measures should be taken by finance to promote the adjustment of economic structure and industrial structure. This requires us to seek the answer by interpreting the phenomenon of Latin beautification. In the process of studying international finance, combined with the thinking of typical cases in the financial development of our city, three suggestions were initially formed. First, the scientific application of financial derivatives. Since 2004, our city began to explore and learn foreign debt hedging, and made a lot of scheme comparisons. In 2005, the first foreign exchange swap transaction was launched, and then * * * signed and implemented 12 domestic and foreign debt swap transactions, involving nearly/kloc-0.00 billion yen of government foreign debt and 5.7 billion yuan of domestic debt. At present, there is no trading loss, and the accumulated debt risk management income is nearly 80 million yuan, including: foreign debt risk management income of more than 43 million yuan, RMB. The income in that year was more than 68 million yuan, accounting for 84.6% of the accumulated income. On the whole, because our city attaches great importance to risk control, the implementation guiding principles are clear, the scheme design selection is correct, the operation method is reasonable and feasible, the cooperation and trustworthiness of all parties are coordinated, the expected target effect is achieved, the financial cost of the borrower is locked and reduced, and there is no management risk, thus reducing the repayment pressure to a certain extent. Since the interest rate risk management of domestic debt began this year, the number of transactions has increased. It is expected that the income will increase year by year from next year, and the annual income will be about 654.38+0.5 billion yuan, which is the application of forward interest rate agreement in derivative financial products. This method seems feasible at present, but in the face of the intensification of the current world trade war and the changes in the global financial market, we should also pay attention to the reliability of this operation. The second is to actively promote the rigid debt repayment mechanism. Firmly establish and learn the risk control mechanism of sovereign foreign debt in our city through relevant knowledge of international finance. In recent years, the trend of the balance of sovereign foreign debt in our city is: 600 million US dollars in 2000, 65.438+0.3 billion US dollars in 2004, reaching a high of 65.438+0.3 billion US dollars in 2005, falling to 65.438+0.25 billion US dollars in 2006 and approaching 65.438+0.3 billion US dollars in 2007. This change is not great, but through this subtle difference, we can feel that the willingness of districts, counties and project units to sovereign foreign debts is fading. The reasons include the influence of Japan's suspension of loans to China, the lack of project reserves in districts and counties and project units, and the low quality of projects, but I think the rigid debt repayment system of sovereign foreign debt is the main constraint. In order to effectively control the grass-roots government to borrow new debts and make achievements, it is necessary to strengthen the repayment mechanism of intergovernmental debts and the responsibility system of bank debts, and at the same time strengthen the moral restraint of honesty, and introduce the "rigid repayment system of sovereign foreign debts" to repay debts and reshape the image of government integrity. The third is to optimize and improve the transfer payment system. Looking through newspapers and clicking on web pages, we can really feel that the "butterfly effect" of the American subprime mortgage crisis is gradually emerging. If we don't stop the American financial "9 1 1" that bin Laden is about to stage, it is very likely to turn into a financial storm on Wall Street. The "American subprime mortgage loan" mentioned here refers to a set of "credit scoring" standard system, which is divided into excellent loans, ALTER-A loans and subprime loans from top to bottom according to the credit history, loan amount and current income. Subprime loans are mainly for loans with annual income below $35,000, poor loan record and down payment below 20%. Generally speaking, the issuance of subordinated debt overestimates the profit expectation of people with low credit. I think the current transfer payment system is far-fetched. Under the thinking mode of formulaic distribution, more attention is paid to ensuring wages and operation, which leads to the proportion of transfer payment in local fiscal revenue in areas with lagging economic development higher than that in counties with rapid economic development. The leading effect of this system design is to encourage backwardness. Therefore, we often see incredible "moving" scenes such as "backwardness" and "competing for the hat of poor counties". Therefore, according to the requirements of implementing Scientific Outlook on Development, it is suggested to change the usual selection method of transfer payment factors, re-establish the classification indicators of transfer payment factors in four types of regional development models: optimization, emphasis, restriction and prohibition, improve the transfer payment system, optimize the regional allocation of special financial funds, and form a classified transmission mechanism of fiscal and taxation policies that encourages, guides, restricts and regulates. Encourage, restrain and prohibit the development of regions to strive for progress gradually, encourage the optimized and key development regions to develop with high efficiency, and strive to create a new pattern of Chongqing's economic, social, urban and rural planning, regional coordination and harmonious development.