1.2.

19941985100012601019951994110019941600

Forreign Exchenge Market

1

1. 1 2

2

2.1 232080

3

3. 1 2Running BrokerDiscount House

4

4.

4-1

19761932Exchange Equalization Account1934Exchange Stabilization Account19988

5 5.market market leaderorganizer200

1. 2.

1.2.3.4.

4-1

1994

2005572USD/HKD USD/JPY GBP/USD USD/CHF USD/CAD EUR/USD EUR/JPY

11.

(2

2.

1.1232.123

3dealticket

4-1

Price MarketMaintain a Market

GBP/USD 1.8956/1.8966/

4-1 /117.56/68117.50/62 1. 2.

561EUR/USD1.2919/1.2929USD/JPY108.10/201001591.01AUD/USD0.7784/0.77890.7784/89

562USD/CAD 1.1719/23USD/CHF 1.2345/49USD/JPY 117.29/33USD/HKD 7.7792/05GBP/USD 1.9313/16EUR/USD 1.3116/22AUD/USD 0.7803/06117.29117.33AUD/USD0.78030.7806

4-2

111 USD/CAD 1.1251/751 USD/JPY 108.86/021 USD/CHF 1.2514/38

2SDR1 GBP/USD 1.8178/961 AUD/USD 0.7691/071 EUR/USD 1.2485/01

11.1052.

4-2 4-2

21=1.35481.355850551.35481.35501.35581.3555

4-3/1.3548/584560

Big FigureSmall FigureEUR/USD1.3451/1.34571.345157USD/JPY119.59/119.891195989

one dollar10010010010010001000Good Amount100Small Amount25Tiny Amount

mineyoursix yours600three mine300

1.2.3.4.

4-1USD/CAD 1.3251/75/

1.2. 3. 4.5.6.7.568.

(1)

1.short positionlong position2.3.4.

(2)5.Price MarketMaintain a Market6.7.8.9.110. SDR

1.2.3.

1. 2. 3. 4.USD/JPY 118.98/08,118.08 5.

1. A. B.C. D.2.A. B.C. D.3.A. B.C. D.4.;1.2987/91,9 A.1.2978/82 B.1.2897/81C.1.2996/00 D.1.2897/015.1.9022/281.925/31 A. B.C. D.

1.2.20061125AUD/USD 0.7784/89EUR/USD 1.3096/02USD/CAD 1.1345/55USD/JPY 115.83/85USD/HKD 7.7789/08

1 200199510199319948199320%199473000225199488888225

21995116223100019952242002257061/32/31%7000

319953413200