Foreign exchange ______ operate in their own interest, without a need or obligation to ensure a continuous market. ______, on the other hand, are even willing to take a loss, as long as doing so will benefit the interests of their citizens. Choose all that apply.

Select one or more:

a.arbitragers; central banks

b.treasuries; arbitragers

c.central banks; treasuries

d.speculators; treasuries

Suppose the quotation between the U.S. dollar and the Chinese yuan is USD/CNY7.0949. What can we infer from this quote? Choose all that apply.

Select one or more:

a.It is the direct quote for a U.S. investor demanding for Chinese yuan.

b.The pips of the indirect quote for a Chinese investor for U.S. dollars are 49.

c.The base currency is the U.S. dollar, and the counter currency is the Chinese yuan.

d.It is a price in European terms, where the U.S. dollar is priced in terms of the Chinese yuan.