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.
　　在外汇市场上进行外汇交易，可能会受到外汇管制。外汇市场是由银行的外汇交易员和经纪人所组成，分为两大部分：即期交易市场和远期交易市场。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。不同的信用工具有不同的汇率，即电汇汇率、信汇汇率和票汇汇率。票汇汇率又分为即期票汇汇率和远期（30天）票汇汇率等。银行卖出外汇的汇率（卖出价）高于买入外汇的汇率（买入价）。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，或低于即期汇率，或与即期汇率相等。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。
　　New Words
　　foreign adj.
　　exchange n.
　　dealing n.
　　subject adj.
　　control n.
　　consist (of) vi.
　　broker n.
　　section n.
　　spot n.
　　transaction n.
　　forward adj.
　　settle vt.
　　promptly adv.
　　instrument n.
　　conclude vt.
　　difference n.
　　premium n.
　　discount n.单词
　　外国的，外来的
　　交换, 调换, 兑换
　　行为, 交易
　　受制于...的, 受...影响的
　　控制, 支配, 管理
　　由...组成
　　掮客, 经纪人
　　部分, 断片, 部件
　　地点, 场所, 现场
　　交易, 事务
　　属于（关于）将来的
　　解决, 支付
　　敏捷地, 迅速地
　　文件；工具
　　缔结, 议定
　　差异, 差别, 差额
　　(货币兑现的)升水
　　折扣；贴水
　　Phrases and Expressions
　　foreign exchange market
　　foreign exchange dealing
　　consist of
　　exchange dealer
　　exchange broker
　　spot market
　　spot transaction
　　forward market
　　forward transaction
　　subject to
　　exchange control
　　exchange rate
　　exchange instrument
　　T/Ts
　　cable rate
　　sight draft
　　demand rate
　　selling rate
　　buying rate
　　spot rate
　　forward rate
　　at par短语与词组
　　外汇市场
　　外汇交易
　　由…组成；由…构成
　　外汇交易商
　　外汇掮客
　　即期市场
　　即期交易
　　远期市场
　　远期交易
　　遵照；服从
　　外汇管制
　　外汇汇率
　　交易工具
　　电汇价
　　电汇比率
　　即期票据
　　即期汇率
　　卖出汇率
　　买入汇率
　　现汇汇率
　　远期汇率
　　平价
　　Notes
　　1.Spot transactions are foreign exchange transactions that have to be settled promptly, forward transactions have to be settled on a agreed future date.
　　(1)此句中的that have to be settled promptly是定语从句。
　　(2)have to:to be obliged to; must:被迫：必须：
　　例：We simply have to get there on time.
　　我们不得不准时赶到那里
　　(3)on a agreed future date在双方约定的将来某个日期
　　agreed是agree的过去分词，做定语，意思是“双方约定的；双方同意的”。
　　2.The price of one currency in terms of another is called rate of exchange or exchange rate.
　　(1)in terms of…:as measured or indicated by; in units of:用…衡量或表示；用…的措辞：
　　例：distances expressed in terms of kilometers as well as miles
　　用公里和英里来表示距离
　　3.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.
　　(1)forward adj.of, relating to, or done in preparation for the future:预付的，期货的：属于（关于）将来的，为将来做准备的
　　例：bidding on forward contracts for corn.
　　为玉米的期货交易叫价
　　(2)spot adj.①made, paid, or delivered immediately立即制定、支付或发送：
　　例：a spot sale
　　即时结清的买卖
　　②of, relating to, or being a market in which payment or delivery is
　　immediate现场交易的：货到时付的或现付的，交易等当时支付现金的与市场相关的或市场的，在此种市场中现金支付和交割即时进行
　　例：the spot market in oil.
　　石油的现场交易市场
　　(3)premium n.the amount at which something is valued above its par or nominal value, as money or
　　securities溢价：某物高于标准价或票面价的价值，如钱或证券
　　(4)discount n.①a reduction from the full or standard amount
　　of a price or debt折扣：从整个或标准的价格或债款的折扣
　　②the act or an instance of discounting a bill of exchange,
　　note, or other commercial paper贴现：对期票、钞票或其他商业票据打折扣的过程或事例