Chapter 1  套息交易的基本概念

套息交易又称息差交易,就是利用两种货币组之间存在的利息差异来赚取利润,套息交易只是套利交易的一种。就外汇而言,套利交易除了套息交易之外,还有三角套利、连动套利、马丁格尔套利等模式,而套息交易大抵是其中最容易了解且简单的套利模式。

套息交易所涉及的息差,并不限于货币与货币之间的高低利息息差交易。所有可用于借贷或出售的低利率金融工具,并将其借贷来的资本用来购买具有更高利率的金融工具均可称之为套息交易。例如,假设你在日本的银行贷款一百万元,其贷款利率是每年1%。然后你将借来的钱,到澳洲去购买同等价值的澳洲债券,而假设澳洲债券年息是5%的话,虽然你没有实际出一毛钱,但却从中套得5%-1%=4%的年息息差,这也叫做套息交易。

同样的,在货币的操作上就是借低利息的货币(卖出)然后存入高利息的货币(买入),高利息减低利息的息差就是套来的利润来源。比如说,当你买入AUD/USD,真正含义是你向美国银行借钱(卖出美元),存入澳洲银行(买进澳元),因为澳元利息较高,美元利息较低,所以你可以获得其中息差利润。不过有个前提,就是从借款到还款这段期间,两国货币的兑换价值都没有产生波动才行。以外汇保证金市场来说,套息交易稳定获利的

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