2. 外语
  3. Besides a current or spot price for currencies (or monies) and spot markets, there are futures markets, where futures ( or forwa

Besides a current or spot price for currencies (or monies) and spot markets, there are futures markets, where futures ( or forwa

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问题     Besides a current or spot price for currencies (or monies) and spot markets, there are futures markets, where futures ( or forward) prices are determined by buying and selling futures contracts. Also, a large volume of forward contracts is made directly between participants in the foreign exchange markets. Spot transactions require the exchange of deposits by two days after the date of the contract. Forward transactions require an exchange of deposits at specified longer maturities on the forward contract. There are standardized maturities of three months, six months, and one year, and on major currencies, longer contracts are sometimes available. Banks, acting as financial intermediaries, make available forward contracts tailored exactly to their customers needs, such as 46-day maturity.
    If the spot price is below the forward price, the currency is said to be at a forward premium. If the spot price is above the forward price, the currency is said to be at a forward discount.
    Both spot and forward markets for currencies are subject to control and intervention by governments. The governments may step in to support their domestic currency by buying it. They may impose exchange controls on the repatriation of profits or interest payments. The risk of loss in forward contracts because of these latter controls can be called sovereign risk. Thus spot and forward markets can suffer from imperfections.
    The evidence, however, generally tends to support the hypothesis that these markets are approximately efficient, especially the offshore foreign exchange markets that are free of government controls.
The payments for either spot transactions or forward transactions must be made by transferring deposits.
选项 A、Right
B、Wrong
C、Doesn’t say
答案A
解析 从文中第三句Spot transactions require the exchange of deposits…，第四句Forward transactions require an exchange of deposits…可以推导出，句中的exchange即题中的transfer，是在两者之间转换的意思。
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