第1題ThedualexchangeratesinChinafrom1986to1993refertotheco-existenceof()AofficialrateandmarketrateBofficialrateandswaprateCtradeexchangerateandnon-tradeexchangerateDfinancialexchangerateandtradeexchangerate第2題Whichofthefollowingstatementsarenottrue?()AChinaForeignExchangeTradingCenterinShanghaiwasfoundedwasfoundedin1994.BChina’sinter-bankforeignexchangemarketisnationallyintegratedelectronicsystem.CRMBexchangerateregimeisamanagedfloatingsystem.DChina’sinter-bankforeignexchangemarketisavisiblemarket.第3題RMBexchangerateregimewasturnedfromasinglepegtoabasketpegin1973dueto().Atheshortageofforeignreserves.BthecollapseofBrettonWoodssystemCthereformandopening-up.DB/Pdeficit.第4題From1978,tointroducemarketforceintoRMBexchangeratedetermination,()wassetup.AdualexchangeratesystemBfloatingregimeCfixedregimeDpeggedtoabasketregime第5題Theuseofinternalsettlementratewasdiscontinuedin1985byChinesegovernmentandalltransactionsweretobeexecutedattheofficialratepublishedbytheStateAdministrationforExchangeControldueto().AcapitalinflowBcapitaloutflowCappreciationofUSDDdepreciationofUSD第6題Whichofthefollowingresultwasn'tcausedbythedivergencebetweenRMBofficialrateandswaprate?Arentseeking.Bcorruption.Cblackmarkets.Dthelossofindependentmonetarypolicy.第7題TheresponsibilitiesofChina'sFXbanksdon'tincludethefollowing().AThebanksneedtomeetthereserverequirementsonforeignexchangedepositsBThebanksshouldopenforeignexchangeaccountsfortheirclientsbeforeconductingrelevantforeignexchangeoperations.CThey

canterminateforeignexchangeoperationsontheirowninitiative.DTheyneedtosubmittheiraccountingstatementstoSAFE.第8題()

istobesettledordeliveredwithintwobusinessdaysofthecontract.AspotforeignexchangetransactionsBforwardforeignexchangetransactionsCswap

transactionsDfuturetransactions第9題InChina'sinter-bankFXmarketthelargesttypeoftransactionis(

).AspottransactionBcurrencyswaptransactionCRMB/FXoptionDoutrightforwardtransaction第10題Accordingtotrillemma,Policymakersinopeneconomiescan’tjointlyachievethethreeobjectives()AthestabilityofexchangerateBtheautonomyofmonetarypolicyCfreecapitalflowsDfinancialstability正確答案：ABC第11題Theparticipantsininter-bankforeignexchangemarketinChinainclude().AforeigncentralbanksBInternationalfinancialinstitutionsCNon-financialinstitutionsDsovereignwealthfunds正確答案：ABCD第12題Anindividualorfirmmaybeexposedtoforeignexchangeriskinanyofthefollowingways(

).AtransactionexposureBaccountingexposureCeconomicexposureDgeopoliticalexposure正確答案：ACB第13題CurrencyderivativesintheinterbankFXmarketsinChinainclude().ARMB/FXForwardBRMB/FXSwapCRMB/FXcrosscurrencyswapDRMB/FXoptions正確答案：ABCD第14題AftertheassesstoWTOin2001,controlsonfinancialandcapitaltransactionshavebeengraduallyliberalized.()第15題SAFEisinchargeofassessingmarketmakersintheinter-bankforeignexchangemarketandupdatesthelistofmarketmakerseveryfouryears.()第16題SAFEisresponsibleforthesupervisionondomesticinter-bankforeignexchangemarket.()

第17題From1949to1972,RMBexchangeratewasofficiallydetermined.第18題WiththecollapseofBrettonWoodssystem,RMBexchangerateregimewaschangedfromasinglepegtoabasketpeg.第19題Qualifiedforeigninstitutionalinvestors(QFII)werepermittedtoinvestindomesticcapitalmarketswithspecifiedquotain2006.第20題TheprogramofRQFIIwaslauchedfrom2011.第21題RMBexchangerateisdeterminedintheinter-bankforeignexchangemarketanditsdailymovementislimitedtoasmallrangeoneithersideofthereferencerateannouncedbyPBOC.第22題The8.11RMBcentralparityreformin2015improvestheclarityofthefoundationofRMB’scentralparityrate,thusenhancingthetransparencyoftheformationmechanismoftheRMBexchangerate.第23題Asianoptionsaremoreexpensivethanstandardoptionsbecausetheaveragepriceoftheunderlyingassetoveraperiodoftimechangeslessthanthepriceatatimepoint,whichreducesoptionrisk.第24題Financialhedgingismoreeffectiveinreducinglong-termexposure,alsoknownaseconomicexposure.第25題第1題Nowintheinter-bankFXmarekt,dailymovementoftheexchangerateofRMBagainstUS$islimitedto()oneithersideofthereferencerate.A0.5%B1%C2%D4%第2題Amongthefollowingfactors,which

isalong-runfactoraffectingRMBexchangeratechanges?ASino-U.S.interestspreadBinflationdifferentialCinvestors'moodDpolicyuncertainties第3題ThedifferencebetweenrelativeandabsolutepurchasingpowerparityPPPis().ArelativePPPincludesameasureoftheaggregatepricelevelineachcountry,whilePPPdoesnot.BempiricalstudiesshowthatrelativePPPholdsinboththeshortandlongrun,whileabsolutePPPholdsonlyintheshortrun.CrelativePPPrelatesinterestratedifferentials,whileabsolutePPPrelatesgoodsprices.DrelativePPPimpliesthatexchangeratemovementswilloffsetchangesinrelativepricesovertime,whileabsolutePPPimpliesthatexchange-rateadjustedpriceswillalwaysbeequal.第4題Whichbasketofgoodswouldbemostlikelytoexhibitabsolutepurchasingpowerparity?(

)AThegoodsintheConsumerPriceindex.BSpecializedluxurygoods,whicharesubjecttodifferenttaxratesacrosscountries.CLocallyproducedgoods,suchastransportationservices,whicharenoteasilytraded.DHighlytradablecommodities,suchaswheat.第5題Accordingtocoveredinterestrateparity,ifthedifferencebetweenthedomesticandforeigninterestratesismorethanforwardpremiumontheforeigncurrency,thenthecountrywillexperience(

).AcapitalinflowBcapitaloutflowCnocapitalflowDallabovearecorrect.第6題Uncoveredinterestrateparitymaynotholdexactlydueto(

).AariskpremiumBahedgeadjustment.Ctheinflationeffect.Danadjustmentfornominalratherthanrealinterestrates.第7題Accordingtothemonetaryapproach,underaflexibleexchangeratearrangement,ariseindomesticcreditwillresultin(

).Aacurrentaccountdeficitandnochangeinthevalueofthecurrency.Bacurrentaccountsurplusandnochangeinthevalueofthecurrency.Cadepreciationofthedomesticcurrency.Danappreciationofthedomesticcurrency.第8題Accordingtothemonetaryapproach,underafixedexchangerate,ariseintheforeignpricelevelwillresultina(

).Abalanceofpaymentssurplus.Bbalanceofpaymentsdeficits.Cdevaluationofthedomesticcurrency.Dabalanceofpaymentsequilibrium第9題Now(

)accountedforthelargestshareof

totalcross-borderRMBreceiptsandpayments.AdirectinvestmentsBsecurityinvestmentsCotherinvestmentsDtradepayments第10題ThePBOCcancarryoutthefollowingmeasurestoaffectCNYchangesintheinterbankmarket().AchangingrequiredreserveratioonforeigndepositsofcommercialbanksBchargingriskreservesonforwardsalesofforeignexchangeCchangingmacroprudentialadjustmentparametersforcross-borderfinancingDintroducingcounter-cyclicalfactors正確答案：ABCD第11題Themonetaryapproachisbasedonthefollowingassumption.(

)Ainvestorsareriskneutral.Bdomesticandforeignsecuritiesarecompletesubstitutes.Cinvestorsareriskaverse.Dtraderestrictions.正確答案：AB第12題ThefollowingfactorswillfailPPP.().AtransportationcostsBtaxdifferentialsCtraderestrictionsDcapitalflows正確答案：BADC第13題Whichwasaninfluentialmotivatortothe2005RMBregimereform?().AChina’sB/PsurplusBexternalpoliticalpressureCSino-U.S.interestdifferentialDinflationdifferential正確答案：AB第14題Currencyriskinacarrytradeisseldomhedged.第15題coveredinterestparitynormallyholdstrueindevelopednationswithbordersthatareopentointernationalbondexchangesandtoflowsoffundsinspotandforwardexchangemarkets.第16題RMBexchangeratedeterminationisnotonlyaneconomicissue,butalsoapoliticalone.第17題3Exercise第1題Morehomogeneousproducts,suchasoilandprimarycommodities,aretypicallyinvoicedin(

).Aexportercountry'scurrencyBimportercountry'scurrencyCaninternationalcurrency,suchasUSDDSDR第2題TheuseoftheRMBoverseasoriginatedfrom().Across-bordertradesettlementschemeBcross-bordercapitalsettlementschemeCestablishmentofoffshoremarketsDaccesstoWTO第3題Now(

)accountedforthelargestshareof

totalcross-borderRMBreceiptsandpayments.AdirectinvestmentsBsecurityinvestmentsCotherinvestmentsDtradepayments第4題AtwhichmeetingdidtheU.S.dollarfinallyassumethereservecurrencystatusthatthepoundpreviouslyheldattheendofWorldWarTwo?()ABrettonWoodsconference.BJamaicaconference.CLouvremeeting.DPlazameeting第5題Yuandenominatedbondssoldbynon-PRCissuersinthePRCarecalled().ApandabondsBdim-sumbondsCforeignbondsDMuLanbonds第6題RMBbondsissuedinHongarecalled().ApandabondsBdim-sumbondsCforeignbondsDMuLanbonds第7題TheinternationaluseofRMBincludes().AtradesettlementsBOFDICFDIDinternationalbonds正確答案：ABCD第8題PotentialbenefitsofRMBinternationalizationinclude().Atoreduceexchangerateriskstowhichfirmsareexposed.Btoreducetransactioncostsintrade,includingthecostoftradefinance,andleadtoafurtherexpansionofinternationaltrade.Ctheneedtoholdthedollarasamediumofexchangeandastoreofvaluewillbereducedaccordingly.Dindependentmonetarypolicy.正確答案：ABC第9題Elasticitiesoftradedependsonthefollowingfactors().AtenorBtradeformsCmarketcompetitionDinflation正確答案：ABC第10題WhichcanhelpdecreasetheSino-U.S.tradeimbalance?(

).AtorelaxU.S.restrictionsonadvancedtechnologyproductstoChinaBtocontrolfiscaldeficitoftheU.S.CRMBexchangerateappreciationDadjustmentineconomicstructure正確答案：ABCD第11題Thestatusofaninternationalcurrencycanbesupportedbythefollowingfactors()AthesizeandstrengthofeconomyBopennesstotradeandcapitalflowsCstrongpropertyrightsDtheruleoflaw正確答案：ABCD第12題InadditiontoUSD,theindexofSDRisalsocomposedof().ARMBBEuroCJPYDGBP正確答案：ABCD第13題ThefollowingpolicieshelpfacilitatesettlementsofRMBtransactionsoverseas.()AestablishmentofRMBclearingbanksinoffshoremarketsBbilateralRMBcurrencyswapCRQFIIDestablishmentofCIPS正確答案：ABCD第14題Thestatusofinternationalcurrencyproducesanumberofeconomicandpoliticalbenefitsfortheissuingstate,suchas().AthepowertodelayeconomicadjustmentBmorebusinessforitsfinancialinstitutionsClowerinternationalborrowingcostsDglobalprestige正確答案：ABCD第15題ChinabegantodevelopoffshoreRMBcentersin2003byauthorizinganRMBclearingbankinHongKong.第16題SingaporeisthemostimportantoffshoreRMBmarket.第17題RMBwasadoptedbySDRin2016.第18題Thedollar'sshareinglobaltradeinvoicing,internationaldebt,andcross-bordernon-bankborrowingoutstripstheshareoftheUnitedStatesintrade,internationalbondissuance,andcross-borderborrowingandlending.第19題4作業(yè)第1題ObjectivesofCSRCdoesn’tinclude()AtoprotectinvestorsBtoensurethatmarketsarefair,efficientandtransparentCtoreducesystematicrisk.Dtoprotectfinancialinstitutions.AtoprotectinvestorsBtoensurethatmarketsarefair,efficientandtransparentCtoreducesystematicrisk.Dtoprotectfinancialinstitutions.第2題InChinapolicybanksinclude().AChinaDevelopmentBankBtheExport-ImportBankofChinaCAgriculturalDevelopmentBankofChinaDBankofChina正確答案：ABC第3題FunctionsofPBOCinclude()AtoissuecurrencyandregulateitscirculationBtoformulateandimplementmonetarypolicyCtoprovidepaymentandsettlementservicesDCombatmoneylaunderingactivities正確答案：ABCD第4題ShadowbankinginChinaincludes()AmicroloancompaniesBfinancingguaranteecompaniesCpawnshopsDinformalfinancialinstitutions正確答案：ABCD第5題Thedisadvantagesofstateownershipoffinancialsysteminclude()AprohibitcompetitionBLimitfinancialservicestoprivateenterprises.CloseofregulatoryindependenceDimprovefundsefficiencyAprohibitcompetitionBLimitfinancialservicestoprivateenterprises.CloseofregulatoryindependenceDimprovefundsefficiency正確答案：ABC第6題FunctionsofChinaSecuritiesRegulatoryCommission(C)include()ARegulatesecuritiesandfuturesmarketsBSupervisetheseniorexecutivesanddailyoperationsofsecuritiescompaniesCSupervisethesecuritiesinvestmentfundsDSupervisetradingactivitiesoflistedbonds正確答案：CCABCD第7題Aqualifieddomesticinstitutionalinvestor()programwasintroducedin2002.()第8題Trueorfalse:BsharesaredenominatedinRMBandtradedinforeigncurrencies.()第9題Trueorfalse:PBOCtookonadualroleinfinancialregulationbefore1978.()第10題Trueorfalse:CSRCisinchargeofauthorizingtheestablishment,changes,terminationandbusinessscopeofthebankinginstitutions.()第11題Trueorfalse:Accordingtofinancialrepressiontheory,FinancialTrueorfalse:Accordingtofinancialrepressiontheory,Financialdevelopmentandeconomicgrowthcanformaviciouscycle.()第12題Trueorfalse:In2001ChinaaccessedtoWTO.第13題Trueorfalse:CIRCwassetupin1998toassumeregulatoryresponsibilityfortheinsuranceindustryinChina.第14題Trueorfalse:ConstructionBankofChinaisinchargeofconstructionandinfrastructurefinancing.第15題Trueorfalse:CentralBankingLawsandCommercialBankingLawswerebothenactedin1995.5Exercise第1題Combinedcertificateisastamped()asevidenceofinsureance.AB/LBinvoiceCP/LDsalescontract第2題Whichofthefollowingiscleancollection?()Acollectionoffinancialdocumentsaccompaniedbycommercialdocuments;BcollectionofcommercialdocumentsnotaccompaniedbyfinancialdocumentsCcollectionoffinancialdocumentsnotaccompaniedbycommercialdocuments.DcollectionbyB/L.第3題Whichstatementisn'ttrueabountCIPS?AItisanacronymforChineseCross-BorderInterbankPaymentSystem.BIt'spurposeistosupporttheuseoftherenminbiininternationaltradeandinternationalfinancialmarkets.CCIPSisnotonlyamessagingsystembutalsoofferspaymentclearingandsettlementservices.DCIPSwaslaunchedbythePBOCin2012.第4題Thefunctionofcommercialdocumentsintradesettlementsincludes().Aevidencefortheexportertofulfillthesalecontract.Bevidenceforpayment.Crepresentationofthegoods;Dfinancingmeans正確答案：ACD第5題Acreditcardisgenerallyinvolved()AissuingbankBcardholderCmerchantDpayer正確答案：ABC第6題Atraveler’scheckisgenerallyinvolved()AtheissuerBpayingagentCholderDtransferee正確答案：ABCD第7題Whichisaspecialinvoice?()AconsularinvoiceBsampleinvoiceCproformainvoiceDvisainvoice正確答案：ABCD第8題B/Lis()ArequisiteinformBwrittendocumentCtransferabledocumentDdocumentwithvalue正確答案：ABCD第9題TherapidprogessofSWIFTcanbeduetothefollowingreasons:AcheapexpensesBconvenientandreliablecommunicationCSWIFTmessagescanbetransmittedworldwidewithinsecondsanditsserviceisavailabletomembers24hoursaday.Dausefulweaponinfinancialsanction.正確答案：ABC第10題WhichofthefollowingistrueaboutL/C/?()ATheissuingbanktakesthefirstresponsibilitytopay.BL/Cisatransactionofdocuments.CL/Cisindependentontradecontract.DItisbasedonbankcredit.正確答案：ABCD第11題TheuseoftheSWIFTsystemasaweaponforfinancialsanctionsencouragedthebeingofcompetitorsincluding(

).ASPFSBINSTEXCCIPSDCHIPS正確答案：ABC第12題TrueorFalse:Thedateofissuanceisoptionalforabillofexchangetobevalid.()第13題TrueorFalse:checksarenegotiableinstruments.()第14題TrueorFalse:Cleanbillreferstoabillwithoutshippingdocumentsattachedthereto.()第15題TrueorFalse:acommercialinvoicemustappeartohavebeenissuedbythebeneficiaryandmadeoutinthenameofapplicantinthesamecurrencyasthecredit.()第16題TrueorFalse:Insurancedocumentcanbeissuedbyinsurancebroker.()第17題