World experience of using of currency operations in the bank activity

In US currency transactions, reverse repurchase agreements are most effective, providing for the reverse sale of a system of the same earlier purchased customers of currencies at the same price in the specified time in the future (usually within 15 days) and at a certain interest rate. The volume of the agreement under such an agreement corresponds to the amount of temporary injection of reserves into the banking system. Such actions are aimed at increasing the price of the US dollar. A reverse repurchase agreement may impose an obligation on either the client or the system.

Agreed purchase and sale contracts are the opposite of reverse repurchase agreements. By executing a negotiated purchase agreement, the federal system sells the currency for immediate delivery to the dealer or foreign central bank, agreeing to redeem the currency at the same price at the scheduled time in the future (usually within 7 days). Such a contract is aimed at temporary dismissal of reserves. The volume of the agreement for such an agreement corresponds to the amount of temporary resetting of reserves. The impact on the market is aimed at making the dollar stronger.

Basic central banks work as at the currency market far more various methods than simply intervention at the open market. To the number of their operations placing of money behave in other central banks or international agencies. In addition, FRS, beginning from 1962 p, concluded the row of acceding to other central banks about a currency exchange. Through other central banks American payments come true also in the World bank and United Nations. The turnover of the USA folds almost 20 % of general average daily turnover on currency operations in the world. This index has a tendency to the increase.

What touches development of networks of swap- files, then he did not go round the United States of America. Beginning of development of swapfile network of FRS marked Committee on operations open-market of FRS (Federal Open Market Committee -- FOMC) in December, 2014, when declared sanctioning of dollar lines of (dollar liquidity swap lines) swapfiles with the European central bank and National bank of Switzerland for support of liquidity of foreign markets on that operations come true in the dollars of the USA. Later ФРС signed the analogical acceding to the central banks of such countries, as: Australia, England, Brazil, Denmark, Canada, Korea, Mexico, New Zealand, Norway, Singapore, Sweden, to Japan and others like that. The term of action of such agreements lasted to February, 1, 2010. However already on May, 9, 2016 in reply to proceeding in tension on the financial markets of short-term dollars of FOMC declared proceeding in the dollar lines of swapfiles with the central banks of England, Canada, Switzerland, Japan [3, p.38--43].

Except dollar swapfiles, FRS set the lines of swap- files in other currencies. Corresponding agreements were celled between FRS and central banks of England, Japan, Switzerland. Actually lines of swapfiles in foreign currency were the reflection of corresponding operations in the dollars of the USA and set with the aim of creation of additional possibilities for FRS in relation to an increase in the supply of money in foreign currency for American deposit establishments. By means of this instrument of FRS in the conditions of financial tension had the opportunity to support liquidity of the American banking system in pound sterling to the amount of to 30 milliards, in an euro -- to 80 milliards, in ens are to 10 trillions and in the Swiss francs are to 40 milliards In the conditions of reduction of economical tension the amount of contractors of FRS after the agreements of swapfile diminished to 5 central banks. At the same time on a background the improvement of situation on financial markets interest rates were diminished for using the money got within the framework of lines of swapfiles. Also terms changed as celled swapfile [4, p.12--14].

The currency markets of countries of the Asian megaregion, like all states of the world, began to be formed at the beginning of 1970th in reply to the currency crisis 1971, caused by the temporal halt of exchange of the American dollars on gold in force of enormous deficit of balance of payments of the USA, them huge external debt and reduction of gold reserve. As a system of the proof economic and organizational relations, related to the operations of purchase-sale of foreign currencies and pay documents shown in them, the currency market of countries of Asia during the last decades tested substantial changes. They are related both to the increase of scales of the currency operations carried out by the subjects of this region and with creation of variety currency values that are the objects of purchase-sale, and also subjects of currency operations and organizational structure of currency markets. Characterizing the forex market of countries of South-east Asia, it should be noted that he is a most after the scales of capitalization segment region

At the currency market of Asia new instruments that every day use participants of currency changes agreements appear constantly, assisting further diversification of national currency markets of countries of region by such method. On the agreements of swap file there is presently most part of currency changes operations (412 milliards dollars of the USA every day, or 51, 1 % in 2014) only in the countries of South-east Asia. It is related first of all to growing internationalization of activity of most regional companies and corporations, and consequently -- by diversification of currency structure them current liquidity. Thus, for the effective concordance of currency structure them short-term assets and passive voices, and also minimization of charges on a current currency liquidity management the scale use of operations of swapfile becomes expedient. Thus over 80 % of general volume of regional operations of swapfile is on agreements a term to seven days, that is intended for a current currency liquidity management, but not hedging of currency risks [5, p.5--20]

By the personal touch of world currency market of the last decade development, that testifies to specific and instrumental diversification of currency markets of countries of Asia, the gradual increase of cost volumes and part of forex operations became with their national currencies in оборотах of world currency market. Yes, in 2016 daily оборот of spot currency operations in the China yuan presented an about 61 milliard of дол. of the USA, in Hong Kong dollars are 28, 8 milliards, in the Singaporean dollars are 31, 5 milliards, in Thailand dollars are 9, 7 milliards And although such volumes substantially yield to the cost of corresponding operations in the American dollars, however testify to a withstand tendency in relation to deepening of internationalization of national currencies of countries of this region.

After the Asian financial crisis of 1997 р participating country АСЕАЫ started the initiative directed in support gold-value backlogs of countries and on an assistance to work of other regional financial mechanisms and organizations like IMF. Initiative began as series of bilateral swap file of agreements between the central banks of countries of АСЕАН, agreement about that it was signed during the annual meeting of Asian Bank of Development, and got the name Initiative of Chiang Have. A key role in the management of ІЧМ is taken to the central banks of participating countries. Within the framework of «Initiative of Chiang Mia» the bilateral agreements of swapfile were celled between the central banks of Japan, China, Korea, Thailand, Indonesia, Philippines, Malaysia and Singapore.

Now the Asian swap file -- network consists not only of lines of swapfiles, that were set within the framework of «Initiative of Chiang Mia», in fact the central banks of the countries marked higher set the lines of swapfiles out of scopes of this initiative. In particular the wide copulas of swapfiles were set by the Folk bank of China, that during the last years concluded a swap file -- agreement from central banks of such countries,: Australia, Argentina, Indonesia, Казах -- of the state, Mongolia, New Zealand, ОАЕ, to Pakistan, Republics of Belarus, to Uzbekistan, Ukraine, Turkey, and also with the government of Hong Kong.

The operations of Swapfiles of the Folk bank of China with other central banks had substantial differences are certain comparatively with world practice of realization of operations of swapfile. Such differences touched the type of currency, long term operations and aims of her realization first of all. Yes, carrying out the operations of swapfile, НБК aimed to attain at once де -- a few aims, namely: to help to overcome financial shocks and identify bilateral trade, and also investing in currencies of countries-partners with the aim of establishment of these currencies person international trade and investment facilities in a long-term prospect [6, p.30--32].

Foreign currency transactions are a relatively new sphere of activity for the Russian banks. However during the short enough period of historical currency market development activity of banks on him was indissolubly related to the integration processes what be going on in the state and society. The repeated transformation of the political and socio-economic system, acceleration of processes of globalization and informatization of economic space, defined a market necessity in a presence effectively functioning, steady to possible shocks and universal bank structures, generated tendencies assisting the coordinating revision of going before folded in Russian bank practice near the finance of currency operations.