# 金融英语例题讲解：三角套利 Triangular Arbitrage

Assume that a bank has quoted the British pound (£) at \$1.60, the Malaysian ringgit (MYR) at \$.20, and the cross exchange rate at £1 = MYR8.1. Your first task is to use the pound value in U.S. dollars and Malaysian ringgit value in U.S. dollars to develop the cross exchange rate that should exist between the pound and the Malaysian ringgit. The cross rate formula in the previous example reveals that the pound should be worth MYR8.0.

When quoting a cross exchange rate of £1 = MYR8.1, the bank is exchanging too many ringgit for a pound and is asking for too many ringgit in exchange for a pound. Based on this information, you can engage in triangular arbitrage by purchasing pounds with dollars, converting the pounds to ringgit, and then exchanging the ringgit for dollars. If you have \$10,000, how many dollars will you end up with if you implement this triangular arbitrage strategy? To answer the question, consider the following steps illustrated in Exhibit 7.3: 1. Determine the number of pounds received for your dollars: \$10,000 = £6,250, based on the bank’s quote of \$1.60 per pound.

2. Determine how many ringgit you will receive in exchange for pounds: £6,250 = MYR50,625, based on the bank’s quote of 8.1 ringgit per pound.

3. Determine how many U.S. dollars you will receive in exchange for the ringgit: MYR50,625 = \$10,125 based on the bank’s quote of \$.20 per ringgit (5 ringgit to the dollar). The triangular arbitrage strategy generates \$10,125, which is \$125 more than you started with.

1. 根据中间货币计算另外两个货币的蕴含交叉汇率

2. 比较实际报价交叉货币和蕴含报价的交叉货币，确定哪个币种被高估

3. 中间货币兑换成高估货币开始三角套利

4. 计算三角套利利润

5. 核对计算结果

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### 最后编辑于：2021/12/25 拔丝英语网 