Define and Explain the use of Foreign Currency Derivatives and Currency trading

You need to order US $100,000 reams of paper from China to complete an order from an important commercial customer in 30 days. The current rate of exchange is USD/CNY 6.5766. Ignoring other transaction expenses associated with the order, how many Yuan would you need to pay the Chinese supplier? Define the meaning of Foreign Exchange. Assuming that you have a choice in paying immediately, or in 30 days, define and describe, providing examples of how you may use the following in the completing the transaction:

  • Define and Explain the use of Foreign Currency Derivatives 
  • Spot, Forward, and Futures Currency contracts 
  • Bid/Ask spreads 
  • Definition and use of Currency Options 

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