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Foreign Exchange Market
走近外汇市场
Foreign Exchange dealings take place on the Foreign Exchange market, they may be subject to Exchange Control.
在外汇市场上进行外汇交易，可能会受到外汇管制。
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.
外汇市场由银行的外汇交易员和经纪人组成，分为两大部分：即期交易市场和远期交易市场。
Spot transactions are foreign exchange transactions that have to be settled promptly, forward transactions have to be settled on an agreed future date. The price of one currency in terms of another is called the rate of exchange or exchange rate.
即期交易是指必须立刻进行交割的外汇交易；远期交易必须在双方约定的将来某个日期进行交割。一种货币的价格用另一种货币来表示，叫做汇率。
There are different rates for the different exchange instruments, 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.
不同的信用工具有不同的汇率，即电汇汇率。即期交易按即期汇率交割，远期交易按远期汇率交割。远期汇率可能会高于、低于或等于银行卖出外汇（卖出汇率）要比买入外汇（买入汇率）的价格要高。
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 the 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.
如果远期汇率高于即期汇率，其差额叫做升水，如果远期汇率低于即期汇率，其差额叫做贴水。如果远期汇率等于即期汇率，叫做平价。
