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
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Đề tài :
 !"#$%&'#()
*#!+,-
Sinh viên thực hiện ./0123456"3/
Mã sinh viên .789:;8
Lớp .<=3>64?3478
Giảng viên hướng dẫn. .@ABC3BD3//01E3
4A@<>3/FGH34
>3I6J:8K:
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1n+#<QVvn+wxp+^^ypz{|w+nxp}HG
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"#$HP':KDJ’8:U#<gZ#D$Zl?K?jZm88‘<?IŒT•G
h#<Hh#<•W8gZhDFM$"#$1nPpDFK?jZm88O<?IŒT•G
h#<H!\?‚MJ7#$ DFR$Y#`:o8M$"#$1nPpDF1¡¡ŒT•[
h#<HG\?‚MJ7#$$?XZC#<189=#<M$"#$1nPpDF1¡¡ŒT•[
"#$H[•?‚MJ7#$Œ9gZo—o9D$=D$Zl?R$Y#`:8>=s›?M$"#$1nPp!^
"#$H+^':KDJ’8:U#<gZ#D$Zl?K?jZm88‘<?I!+
h#<HP\W8gZhD$>VM$"#$1n+pDFD$Zl?K?jZm88O<?I!+
"#$H++':KDJ’8:U#<gZ#DFD$Zl?s"#$R$:U#<R$Y#`:!
h#<H[\W8gZhD$>VM$"#$1n+v+pDFD$Zl?K?jZm88O<?I!
"#$H+':KDJ’8:U#<gZ#DFD$Zl?R$Y#`:`=M$"#$9D$n+v+p!H
h#<H+^\?‚MJ7#$]#$`q#<DFR$Y#`:o8¡1¡s¡!H
"#$H+H\?‚MJ7#$Œ9gZo—o9D$=D$Zl?R$Y#`:o8¡1¡s¡!_
H_T$S#]D$%Qj=jI#$•W8gZh:kD:K#<1DF`#$MaDuR8qK?jZm8DID8‘<?I

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+++7#$#<$A%B8$789:;#<#<=>?$@?+!
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++HIDJ@?8:K#<D$L#$8$M<?89N#8$789:;#<#<=>?$@?+G
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Nguyn Th Giang Ton Ti Chnh 50
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++7#$#<$A%QR$S#=>?8O<?I$@?J=I?+P
+T$:U#<R$IRVW88O<?I%QD$N#$XD$8O<?I
+H$789:;#<#<=>?$@?<?=#<V
R!
!
"#$++YZ#<=>?$@?!
"#$+Z#<#<=>?$@?G
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+HYZ8:8O<?I89N#8$789:;#<#<=>?$@??X8M[
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+H\$I?#?XMR$S#]D$%QJYZ8:%B8O<?IH^
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h#<HG\?‚MJ7#$$?XZC#<189=#<M$"#$1nPpDF1¡¡ŒT•[
"#$H[•?‚MJ7#$Œ9gZo—o9D$=D$Zl?R$Y#`:8>=s›?M$"#$1nPp!^
"#$H+^':KDJ’8:U#<gZ#D$Zl?K?jZm88‘<?I!+
h#<HP\W8gZhD$>VM$"#$1n+pDFD$Zl?K?jZm88O<?I!+
"#$H++':KDJ’8:U#<gZ#DFD$Zl?s"#$R$:U#<R$Y#`:!
h#<H[\W8gZhD$>VM$"#$1n+v+pDFD$Zl?K?jZm88O<?I!

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1%=F@.46LFM4F.N%OEP.N.QR<8S
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<F4B\.9].2=3.NO.QR<=F=6.V
EF.^7[?LF6%OEP.<5834;E_<8S
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_.CO18.F.4.?.VEF./M.6.F.[.`.
.V.N.F.:C./78/5%a34
4LFB./5%a34LF.:D.F=9>.F.==F=.Qab
G7$2M1*G$24F^18/5%D./56CQ
G7\.V.:F=9>.F.==F=V4Fc%DQ`.S34
G[P.V6 0/5?D.`.S34Q4R71
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-C*.:.P=8.3GP76XO%_.h7*.` 3/
WX3/Y4Z[3/Y4=Y!"\B<3/]0T3^?B_6B<\`/6=4a6b<=6\BE3\45\BZc3/\`/6=
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/M.C8/M.1F.6F?4[.3.F.%47D.TF.?S
.F.1F./X4/C%+.3?061$.Q0D=<?SEM 7
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n?04M.Q.`.@V9>B
nk.P=.F..$.>.4.F.18*.`^=I;34M
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.`.BX4;>.V.*6.F.MDG4/F2<F*?
0<CG$2%.49I4..C^S.F.?=B
kF.MDQ<4 
- Cc ngân hng:
pkF.A:8.F. QGI[.`.6
1^E4F67G[??04MB
pkF.   G .F. :   G- >.
V.1946..P=9?.G>.41F.S$-B
- Cc nh môi giới:%.3^4.F.49?.*?0B
- Cc doanh nghiệp: .F.94  =    .3  C8  %  .F.94
=TP+=1ZBhG;%.3^.:46G;%.3^.4B
Nguyn Th Giang Ton Ti Chnh 50
+P


nkF.c nhân, cc nh kinh doanh:<4 .F..$94G4
.Q.:G<F4B
- Cc tổ chức ti chnh phi ngân hng.

kF.1F*C7=5FSEM1V.1F..3LFM
4FB#4Q6.Q^S1F[/FLFM4Ffu4XtT.X
eXCtT.XeXg%F.5.3G?7 C^<cEM%D
G?7 1F.B
++ 4g3^<H6
a. Tỷ giá mua vào và tỷ giá bán ra:
*?04M%*6.F.0*C8LF
.7LFGLF<FBv.\=LFD.C8%*/8mMF.6Q
%C8Ffw4<1gGYFfk%%<1gB
C8F%_.*C8LFGLF<FxYF%
%*G-C8F^YF68.P=+2Y
FEU849?.B-.F.C8F.76*?04M0
0/C LFD.h.fCG8g D.h%LF6LFD.
h.fCG8gE%LF<FBLF%LFQC8FEy
EG4 7C8FBLF<F%LFQC8FEy
E<F 7C8FB
YFEU8.F.49?.D.%G-.F.C8
FB8C8F!"#2YF<F!"#68
C8F<F!"#2YF!"#BLF%$%$YLF
<FBk*%.RLFG-LF<Fh%"=X96C.N%%OS=
D..3.F.1944MBk*%.RLFGLF<F
1$=5%SL%.M?.4P.5.F. 7G.4h49?.94
/C%+?078Bk*%.C=>S.G4.F.C8MEM%D4
449?.6:.zCV.3.F..VB
b.Tỷ giá giao ngay và tỷ giá kì hạn
- Tỷ gi giao ngay (Spot rate):%LFD..F.49?.Y+61a
18A0^f$Cg.QCF?4GImC%G.
EC1a18D= BkQb%4GImC%G.EC1a18D=
 P?LF6.F.<*EU847.4B4_.86G.
4F09lG4C%G.`mEC1a18D= B04

R 74 G- 7 4
nTỷ gi hối đoi thực (real foreign exchange rate)%LF.Q=5F
/F.5QR 6D.VX4%47.3S4 QB
k$`.VLFM4F_.
Nguyn Th Giang Ton Ti Chnh 50
+

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f
P
eP
4QX
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LF_.8
XLF9b
(.dEMF4
(
s
.dEMF 4
LF/5%%S 4=5FE_C[.3S 
7G-SY 71F..QV-hEMBLFCD.TC9_c
TXTKRF.S.3LFR 7.3/M.2G-Y74
1F.6.`1$.d.Q9CPS%474M/.3
 2B
g. Tỷ giá chéo
nLF.K4%LFR 7D.VX4 7`<B
KA:AKA9=G1h0\aT344Zi3/\j6\`/6=4a6b<=6

/M.8B
n22TP+=1Z.3P G?-=F^E5TP1
946X4--4C-S.3718B
nkF.=`.6.$.>7.d6.=.3 B
nkF..jE4.11861&+6TOSG.F./C84F%-.3
4%bG_.186.V67B*.`G7LF1$^TX
TK.F.C8M*A9<%+=6AFb.:TXTK4[^
MP6AFSGM//%R.F./M.4<M.5
T-/M.8Q64.:Q0EM18C.@GEE€.6
P%4%bG_..V67B_.86.F.C8MC=>S.%H6v
C8M%18/5.3%4/F2F.1F.BI6=`.6
.0SF.S.3;C8M%=>S.G4$064.5.>^A
v GC[X4;4=F^B
LFM4FG-.F.%%4F/hPG%4P%F.
SD.%G4.F.C8MO4QGF.S8E_=F^.3.V
M4Q*GF.SG4=F^.3718Q.B
iBmBm(=F=C8LFG.*%.LF
C.F./M.*8-7.Q 7*.32fSgB#4
Q.F. 71F.f4gEUQGI%S%4Q\.<4
Nguyn Th Giang Ton Ti Chnh 50
H


M/G- SBkVG2G+C8TK;F.S/M.2F.5 
4.Q^D.C8X4m.F.
n)8LF_.8=•C8F 48_.8=B
n)8LFF8=nC8F 4F8=B
1.2.2.1 Phương pháp yết trực tiếp
(=F=C8F_.8=f==F=C8F 4<c 
Sg%==F=C8LFE4.4F.3SG?4D.C8_.

VX
i
%LFG4B
X
m
%LF<FB
kj.Qm.F.^4%0E_.*%.CQ%
+ Tnh theo số tuyệt đối :
"=X9~Xm•Xi
V dụ…FG4G<F.3 i!"#†D.49?.C
mo†{o†m{im*?0%*%:%D%m{B‡ˆ{Gm{B‰ˆ{B+CE=X9~
m{B‰ˆ{nm{B‡ˆ{~{BiB`.%.*%.LFGF<F%{Bi^B
+ Tnh theo số tương đối :
"=X9~
Ši{{
m
mi
e
ee
−
V dụ :X4GV9>*.Q"=X9M~
Š‹ƒƒB{Ši{{
m{B‰ˆ{
m{B‰ˆ{m{B‡ˆ{
=
−
b. Kinh doanh chênh lệch tỷ giá ( Nghiệp vụ Arbitrage trên thị trường ngoại
hối)
Giả thiết th trường
p*?01$.Q.=V49?.6G.d.Q9CPS%4LF

iBmBo?04M4C
KA:A9AKkG\BZ3/G_"\45\BZc3/3/<H64a6/6"<3/"1
 ?04M4C%?0Q.F.49?.6
<FG4FR.F. 71F.9l 0GC.]S
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