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Changes in Exchange rates 汇率的变化

A floating exchange rate can move up or down. An upward movement can be called an appreciation or revaluation. 一个浮动汇率可以向上或向下移动。向上移动可称为升值或重估。

- Revaluation 重估 – Over a short amount of time, or moved up by the government. 在短时间内，或由政府上移

- Appreciation 升值 – Changed by supply and demand 由供应和需求改变

A downward movement can be called a depreciation or devaluation. 下降的运动可称为贬值或贬值

- Devaluation 贬值 - Over a short amount of time, or moved up by the government. 在很短的时间内，或由政府调高

- Depreciation 贬值 - Changed by supply and demand. 由供应和需求改变

Causes of an appreciation or revaluation升值或贬值的原因

- Increase in demand for UK exports. 对英国出口的需求增加

-Decrease in UK demand for imports. 英国对进口的需求减少

(↑ r/e) → (x = Expensive) → (m = cheaper) → (X↓/M↑ = current account deficit) → (AD = C+I+G+(X-M)) → AD shifts left

Causes of an depreciation or devaluation–

- Decrease in demand for UK exports. 对英国出口的需求减少

-Increase in UK demand for imports. 英国对进口的需求增加

(↓ r/e) → (x = Cheaper) → (m = expensive) → (X ↑/M↓ = current account surplus) → (AD = C+I+G+(X-M)) → AD shifts right

The manipulation of interest rates is not only done by monetary policy but is also done on the AD curve. To increase economic growth via monetary policy you would decrease interest rates to get AD to shift to the right. The secondary effect of this is to shift AD curve even further to the right. This is because of exchange rates and interest rates. To control interest rates you can increase exchange rates.

对利率的操纵不仅是通过货币政策进行的，而且也是在AD曲线上进行的。为了通过货币政策提高经济增长，你将降低利率，使AD向右移动。这样做的次要效果是使AD曲线进一步向右移动。这是因为汇率和利率的原因。为了控制利率，你可以提高汇率。

Relationship between interest and exchange rates 利率和汇率之间的关系

There is a direct relationship between interest rates and exchange rates – the balance of payments. This is done through what is known as the financial account within the balance of payments. 利率和汇率--国际收支之间存在着直接的关系。这是通过国际收支中所谓的金融账户来实现的。

·Financial account 金融账户

Long term investment – FDI 长期投资--外国直接投资

Short term investment – Flows of “Hot Money” 短期投资--"热钱 "的流动

↑i/r → ↑r/e

↓i/r → ↓r/e

If interest rates in a country go up then you would want to invest in there but you would need to exchange currencies therefore exchange rates increase. The demand for pounds is provided for by those foreigners who wish to buy UK goods and therefore exchange their currency for UK pounds.

如果一个国家的利率上升，那么你会想在那里投资，但你需要兑换货币，因此汇率上升。对英镑的需求是由那些希望购买英国商品的外国人提供的，因此他们将自己的货币兑换成英国英镑。

Relationship between inflation and interest rates 通货膨胀和利率之间的关系

If domestic inflation is higher than other countries. UK goods/exports are now more expensive. Increase the amount of imports as they are cheaper. Exports decrease. The demand for pounds would decrease due to less exports. A depreciation would occur. If the domestic rate of inflation is lower than other countries then UK exports are cheaper and imports will decrease and exports increase. An appreciation will occur.

如果国内通货膨胀率高于其他国家。英国商品/出口现在更昂贵。增加进口的数量，因为它们更便宜。出口减少。由于出口减少，对英镑的需求会减少。会出现贬值。如果国内的通货膨胀率低于其他国家，那么英国的出口更便宜，进口将减少，出口增加。将会发生升值。

【微语】你踏上异国的土地, 追寻梦想的翅膀在风中展开, 每一步都是成长的印记。