Impact of trading hours extensions on foreign exchange volatility:intraday evidence from the Moscow exchange

Using transaction-level tick-by-tick data of same-and next-day settlement of the Russian Ruble versus the US Dollar exchange rate(RUB/USD)traded on the Moscow Exchange Market during the period 2005–2013,we analyze the impact of trading hours extensions on volatility.During the sample period,the Moscow Exchange extended trading hours three times for the same-day settlement and two times for the next-day settlement of the RUB/USD rate.To analyze the effect of the implementations,various measures of historical and realized volatility are calculated for 5-and 15-min intraday intervals spanning a period of three months both prior to and following trading hours extensions.Besides historical volatility measures,we also examine volume and spread.We apply an autoregressive moving average-autoregressive conditional heteroscedasticity(ARMA-GARCH)model utilizing realized volatility and a trade classification rule to estimate the probability of informed trading.The extensions of trading hours cause a significant increase in both volatility and volume for further analyzing the reasons behind volatility changes.Volatility changes mostly occur after the opening of the market.The length of the extension has a significant positive effect on realized volatility.The results indicate that informed trading increased substantially after the opening for the rate of same-day settlement,whereas this is not observed for next-day settlement.Although trading hours extensions raise opportunities for more transactions and liquidity in foreign exchange markets,they may also lead to higher volatility in the market.Furthermore,this distortion is more significant at opening and midday.A potential explanation for the increased volatility mostly at the opening is that the trading hours extension attracts informed traders rather than liquidity providers.

Policy Adjustments Required to Balance China's International Payments——A theoretical analysis of China's excess foreign exchange reserves

The paper deals with the rapid growing twin surpluses and surging foreign exchange reserves in China’s international accounts withessed in recent years.It observes the characteristics of the phenomenon against the standard economic theory and empirical experiences.Then it offers explanation factors:the combined effects of processing trade and foreign direct investments,China’s opening development model underpinned by the intra-product specialization of the contemporary globalization era,and the undervalued exchange rate for the Chinese currency.

Nation Needs to Reform Its Foreign Exchange Reserves Management System

This article assesses both the domestic and external reasons for the occurrence of excessive liquidity.To solve the problem of excessive liquidity two different policy options are proposed;firstly the improvement of the structure of national income assignment and secondly the promotion of the structural diversification of foreign exchange assets.

FDI's real impact on foreign exchange reserves:Evidence from China

Most scholars believe that FDI inflow has a direct impact on China’s foreign exchange reserve,while others hold that FDI is mainly invested in the form of physical capital and technology,and therefore does not directly contribute to China’s foreign exchanges reserve accumulation.This paper points out that both effects,direct and indirect,should be considered when assessing FDI’s contribution to foreign exchange reserves.Result shows that from 1986 to 2007,FDI contributed 50%to foreign exchange reserves and the direct effect dominant before 2003 was surpassed by indirect effect after 2001 as the major source of the contribution.

Exchange Rate Risk of China's Foreign Exchange Reserve Assets--An Empirical Study Based on GARCH-VaR Model

As the core economic variable in the process of the integration of world economy,the change of the exchange rate has an important impact on the import and export,foreign exchange reserves,interest rates,capital flows and other macro and microeconomic factors.This paper first analyzes the status quo of RMB exchange rate risk and the advanced experience of exchange rate management of other countries.Then,the empirical method is used to analyze the characteristics of RMB exchange rate fluctuation based on the day-frequency data of USD/RMB,GBP/RMB,EUR/RMB and JPY/RMB from December 2011 to December 2016.This paper also respectively uses the GARCH,TARCH,EGARCH and PARCH model to fit four representative foreign currencies against RMB,and selects the optimal model to calculate VaR value.Finally,validity of the data is verified through the Chi-square distribution test.The empirical results show that the four sequences are non-normal and first-order monotonic sequences.Besides,there is a significantly high-order ARCH effect,and the GARCH family model has a better fitting effect.JPY/RMB is with lower exchange rate risk,while the fluctuation of EUR/RMB is significantly greater than other currencies.According to the international situation of financial market,the status quo of RMB exchange rate and the conclusion of empirical research,this paper puts forward that the marketization and internationalization of RMB exchange rate should be based on improving the financial system and environment.It is also suggested that the government should properly intervene in the foreign exchange market and make good use of the risk measurement model and commercial banks should further develop the financial derivatives to hedge the foreign exchange risk.

Analysis on Chinese Regional Differences in International Tourism Foreign Exchange Earnings with Method of One-way Variance Analysis

Based on data over 31 provinces and cities in China from2006 to 2013,this thesis first divides those 31 provinces and cities into four economic regions including northeastern region,central region,eastern region and western region.Based on data over 31 provinces and cities in China from 2006 to 2013,those 31 provinces and cities were devided into four economic regions in this thesis,including northeastern region,central region,eastern region and western region.Then,it takes international tourism foreign exchange earnings as the dependent variable,the four economic regions as the factor to measure the difference of international tourism foreign exchange earnings in different regions,and finds out the main reasons of it.Through the one-way variance analysis on international tourism foreign exchange earnings,we can know that international tourism foreign exchange earnings have differences in different regions apparently.Besides,significant differences can be found between northeastern and central regions as well as eastern and western regions,while it is not the same case between the central and western regions.

The Impact of Unrealized Foreign Exchange Differences for Accounting and Taxation

The present study is intended to be an analysis of the main Romanian legal provision in what concerns the impact of foreign exchange differences and potential consequences at the level of financial statements for companies. In Romanian legislation, the issue of the foreign exchange differences is treated at a general level： these are recognized as a profit and loss item and as a consequence, they are included in the taxable base when booked in the accounting. Our legislation does not provide for specific treatments depending on the ＇realization momenf＇ of these differences or depending on the conditions for recognizing a gain/loss from foreign exchange differences. For the unrealized exchange differences arising from the application of accounting rules on monthly assessment of foreign currency monetary items, there is not a specific event or transaction to determine income or expenditure. This monthly review depending on the National Bank of Romania [BNR] foreign exchange rate valid on the last day of the month aims to bring closer to reality the financial position of an entity. The exchange rate is a monetary policy item set by the central bank and may be influenced by various factors such as： monetary policy of the BNR; inflation target objectives and rate of exchange stabilization or reduction efforts, as is the case of BNR in the last years to fulfill EU criteria for adoption of the EURO; periodical influences of speculative capitals on the exchange rate level; economic status and especially exports and imports. However, a taxpayer should not be charged unless there is evidence of the ＂economic enrichment＂ thereof. However, this enrichment, seen as a rising economic value of the company, depends on the perspective from which is seen： the owner of the company or the tax authorities. The exchange differences impact also the value of the owners＇ equity for which a minimum level is requested under the commercial company law. In case of negative values, this triggers various risks at the level of the continuity principle or even endangers the existence of the company.

The Influence of Bond Market Opening in Trade Field on RMB Internationalization Foreign Exchange Rate

In order to verify that the open bond market is the most direct choice to promote the internationalization of RMB,the empirical analysis method is used to analyze the impact of bond liberalization on the internationalization of RMB foreign exchange rate.Firstly,the data source processing method of empirical analysis is introduced.Then the dynamic panel data regression model and panel threshold model are built to verify the influence factors of RMB internationalization foreign exchange rate and the influence of debt market opening on RMB foreign exchange rate,respectively.The results show that the opening of the creditor's rights market has a significant positive promoting effect on the internationalization of RMB foreign exchange rate,and the development of the domestic creditor's rights market has a significant promoting effect on the internationalization of RMB foreign exchange rate.The study has a certain role in promoting the status of China's currency in the international community.

DEVELOPMENT OF A FOREIGN EXCHANGE TRANSACTION SYSTEM

This paper presents a new transaction method in terms of which deals are concluded by competitive prices, and indicates its design on multiuser platform, especially the research of synchronization and vieing for powers. The system was programmed with SCO FOXBASE 210, C language and Shell. The result of nearly two year′s use proved that the transaction method and its accomplishments are all practicable.

The Analysis of High Exchange Reserve and High National Saving in China

High resident saving and high foreign exchange reserve are the inevitable products in China during the period from planned economy to market economy, and there is high correlation between them. On the one hand, this kind of economic phenomenon can＇t persist in a long time; on the other hand, to implement relevant fiscal and monetary policy, foreign trade policy, and foreign exchange management policy to change them in view of their negative effects to present economy is one of the present economic tasks.

Accounting of Foreign Currencies： Difference in Exchange Transactions and Relation With Taxation of Indonesia （Case Study in Fishery Company）

Future need of globalization in business is no longer focused on the local transaction; instead, it has involved many countries so as to affect the exchange rate of rupiah against foreign currencies. As a result, differences in the exchange rate will lead to foreign exchange, be it a foreign exchange gain or foreign exchange losses. Exchange rate used at the beginning of the transaction is the exchange rate on the transaction, but in Indonesian currency transactions, what is often used is the exchange rate issued by the Directorate General of Taxation （DGT）. If at the end of the period, a balance of foreign currency still exists, then it will be adjusted using a fixed rate or an exchange rate of Central Bank of Indonesia. The results showed that the treatment of foreign exchange at the fishery company was using both the exchange rate allowed in the accounting and taxation regulations in Indonesia. The balance of transactions is related to export, be it a balance of accounts receivable on the sale of the outstanding balance of exports and export freight carried at the exchange rate adjustment of Central Bank of Indonesia, subsequent transactions relating to the purchase of imports were adjusted to a fixed exchange rate, which means that the balance payable on imports will continue to use the exchange rate at the beginning of the transaction

Regulations on Foreign Exchange System of the People′s RepubliC of China(PartⅡ)

Chapter VI Supervision and Management ●Article 33 The foreign exchange administration agencies shall carry out their responsibilities in accordance with laws and regulations and have the power to take the following measures: (1) Make on-the-spot inspection of financial institutions con- ducting foreign exchange operations;

Ice-breaking of Foreign Exchange Control

The tight foreign exchange control era has gone with ,wind, and foreigncurrency reserve of China now is up to 300 billion US dollars;once"the cuffof overseas investment",the foreign exchange control system will go where?

Enterprises＇ foreign exchange risk management in the floating exchange risk era

Since the foreign exchange reform on July 21^st 2005, the flexibility of RMB exchange rate has becoming big, so has the foreign exchange risk. How to effectively manage foreign exchange risk has become an emergent task to enterprises. This paper introduces the method of foreign exchange forecast which is the base of foreign exchange risk management, and then deeply discusses different measures of managing the risk.

Guangxi NGOs Committed to Promoting People-to-People Exchanges with Foreign Countries

In 2019,Guangxi’s Non-governmental Organizations actively engaged in the Belt and Road Initiative to promote closer people-to-people ties among countries along the Belt and Road.Guangxi NGO Network for International Exchanges(GNIE)and its members have taken solid steps to contribute to the building of the Belt and Road Initiative,China’s neighborhood diplomacy and Guangxi’s economic and social development.

Echell Mobil System in IMF： Foreign Currency Exchange

Echell Mobil is to use third variable in currency system. A criterion for becoming Echell Mobil is trade relations. In Echell Mobil system, Echell Mobil countries print and issue dollar banknote and distribute it to partner country. American Fed implemented Quantity Enlargement Policy during the 2008 crises. Fed directly distributes dollars in quantity enlargement. Echell Mobil is similar to Quantity Enlargement Policy. However, it is different from Quantity Enlargement Policy. There is a third variable in Echell Mobil and this third country issues dollar and distributes to partner country. Iceland may become Echell Mobil of European Union and Jordan may become Echell Mobil of Turkey.

Foreign Exchange Rate Reform

China must expand opening up and develop foreign trade and economic cooperation to make the Chinese and international economies complementary and speed up the modernization drive. The most basic needs are to intensify restructuring of the foreign trade system, set up rules and regulations in line with the

Nanjing’s Cultural Exchanges with Foreign Countries

AS an ancient capital city,Nanj-ing has a long history of cul-tural exchanges with foreigncountries.The ruler of the Kingdom ofEastern Wu(222-280 A.D.)sent en-voys to over 100 states in Hainan andSoutheast Asian islands.Some of thestates paid return visits.For instance,in243 the ruler of Funan(present-dayCambodia)sent a musical group to theEastern Wu King,who then built aFunan Music Hall for court maids tolearn Funan music and dances.Dur-ing the Southem Dynasties(420-589A.D.)exchanges with foreign countriesincreased and Funan sent envoysto Jianye and Jiankang(present-dayNanjing)over 30 times.Ancient SriLanka,which was known as the LionState in ancient China,Tianzhu(an-cient India).Persia,the Korean Penin-

Shanghai Lan Sheng Corp.—First Chinese Foreign Trade Company Listed on Shanghai Stock Exchange

The Shanghai Lan Sheng Corp., which used to be called the Shanghai Stationery and Sporting Goods Import and Export Company, touched off great repercussions in the international mass media and among its counterparts after it was renamed after its general manager Zhang Lansheng and its stocks were listed for transactions on