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Foreign Exchange Market

Foreign Exchange dealings take place on the Foreign Exchange market，they may be subject to Exchange Control. The Foreign Exchange market consists of the exchange dealers of the banks and the exchange brokers. It is made up of two sections： the spot market for spot transactions，and the forward market for forward transactions. Spot transactions are foreign exchange transactions that have to be settled promptly，forward transactions have to be settled on a agreed future date. The price of one currency in terms of another is called rate of exchange or exchange rate.

There are different rates for the different exchange instruments： the rate for T/Ts or cable rate， the rate for cheques and sight drafts (demand rate)，the rate for 30-day bills，etc. The rates at which the banks sell foreign exchange (selling rates) are higher than the rates at which they buy (buying rates)。 Spot transactions are concluded at the spot rate and forward transactions at the forward rate. The forward rate may be higher or lower than， or on the same level as， the spot rate. If the forward rate is above the spot rate， the difference is called premium， if the forward rate is below the spot rate， the difference is known as a discount. If the forward rate is on the same level as the spot rate， they are known as at par.

在外匯市場上進行外匯交易，可能會受到外匯管制。外匯市場是由銀行的外匯交易員和經紀人所組成，分為兩大部分：即期交易市場和遠期交易市場。即期交易是指必須立刻進行交割的外匯交易，遠期交易必須在雙方約定的將來某個日期進行交割。一種貨幣的價格用另一種貨幣來表示，叫做匯率。

不同的信用工具有不同的匯率，即電匯匯率、信匯匯率和票匯匯率。票匯匯率又分為即期票匯匯率和遠期(30天)票匯匯率等。銀行賣出外匯的匯率(賣出價)高于買入外匯的匯率(買入價)。即期交易按即期匯率交割，遠期交易按遠期匯率交割。遠期匯率可能會高于，或低于即期匯率，或與即期匯率相等。如果遠期匯率高于即期匯率，其差額叫做升水;如果遠期匯率低于即期匯率，其差額叫做貼水。如果遠期匯率等于即期匯率，叫做平價。