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On 30th Nov.2011，when the Euro debt crisis was in its worst time，the European Central Bank，the U.S.Federal Reserve，the central banks of Canada，Japan，Britain and the Swiss National Bank provided global financial markets with additional liquidity to support the real economy.The central banks agreed to lower the cost of dollar currency swaps by 50 basis points to come into effect on 5th December 2011.They also agreed to provide each other with abundant liquidity to make sure that commercial banks stay liquid in other currencies.
The above support took effect in the foreign exchange market，through which the money of one country is exchanged for that of another country，the rate of exchange between currencies is determined and foreign exchange transactions are physically completed.
This chapter is going to
• Give an overview of the foreign exchange market by explaining its concept，analyzing its features，and introducing basic mechanics of currency trading；
• Provide some suggestions for individuals to participate in the foreign exchange market；
• Introduce China's foreign exchange market and its evolution.