貨幣貶值使這些國家更便宜

英國退出歐盟導致許多投資者對英國和歐盟的經濟前景產生擔憂。此外，離開歐盟的過程至少需要兩年，這將為事件對全球經濟和外匯市場的影響帶來更大的不確定性。到目前為止,距離6月23日英國公投約1個月的，英鎊、歐元、人民幣都出現貶值，而美元開始升值，使美國公民的國外旅遊更加便宜。

美元的上漲

英國退出歐盟進一步加強了已經很強勢的美元，因為投資者都把資金投放到低風險資產上。美元指數是一個美元相對於瑞典、瑞士、歐盟、日本、加拿大和英國等六個貿易伙伴貨幣的測量方式。在這些貨幣中，歐元占的比重為58%，隨後是日圓的14%。自從2011年5月達到72.7的低點後，美元就進入了上升階段並且從2014年開始飆升，在2015年12月達到了100.51的高點，漲幅達38%。考慮到美元是世界的主要儲備貨幣，美元的升值導致全球許多貨幣貶值，尤其是歐元和人民幣，此外還有英鎊。

英鎊貶值

在過去兩年美元的牛市中，英鎊兌美元的匯率暴跌了24.6%。截止到7月18日，英鎊/美元已經下跌10%，從1.474跌到1.326，使英鎊成為今年下跌幅度最大的貨幣。雖然很多因素影響貨幣的市場定價，英國退出歐盟的影響是最主要的。在退歐公投之後，英鎊下跌11%達到31年最低點。

歐元貶值

此外，歐元在英國退歐公投之後還經歷了強烈的後續影響，在6月27日下跌3.4%，從1.138跌到1.099的低點。從2011年起，歐元/美元的匯率已經經歷了巨大壓力，因為歐盟從當時起開始實行量化寬鬆政策。從2011年4月1.481的高點到2015年3月1.049的低點，歐元/美元匯率下跌了29%。英國最近的舉動加劇了歐元的下跌，因為投資者擔心歐盟和歐元區的穩定。因此，歐盟理事會主席唐納德正在竭盡努力減輕對其餘27個國家的擔憂。

人民幣貶值

在歐洲大陸之外，英國離開歐盟的決定加劇了世界第二大經濟體的貨幣人民幣開始貶值。中國人民銀行在2015年5月將外匯儲備從3.56萬億美元減少到939億美元之後，離岸人民幣/美元在10個月內下跌5.6%，平均每月跌幅為0.56%。然而，在2016年7月中，即英國退歐公投之後的一個月，離岸人民幣/美元跌到了0.149的五年最低點，從英國退歐公投之後下跌2%。隨著美元在英國退歐公投之後的升值，中國和亞洲經濟學家認為中國將被迫對人民幣進行更快的貶值以維持中國在出口行業的競爭力。

國外旅遊

雖然相對強勢的美元損害國際貿易，但是卻能大大降低美國公民國外旅遊的成本。與幾年前相比，美元分別對人民幣、歐元和英鎊升值了8%、18%和22%。希望這個成本的大幅降低能夠刺激美國公民進行國外旅遊，刺激國際旅遊的發展。

These Countries Are Cheap Thanks to Declining Currency

By Chase Carmichael | August 13, 2016 — 11:00 AM EDT

Leaving the European Union has resulted in much concern among investors about both the fate of Britain’s and the EU’s economies. In addition, the process of exiting the EU is expected to take at least two years, which brings further uncertainty to how the situation may influence the global economy and currency markets. Thus far, about a month after the June 23, 2016 Brexit decision, the British pound, euro and Chinese yuan have depreciated, while the U.S. dollar has strengthened, making travel more affordable for American citizens.

Bull Market in the U.S. Dollar

Brexit has had the effect of further strengthening an already robust greenback as investors begin to park their capital in low-risk assets. The U.S. dollar index (NYBOT: USDX) is a measure of the dollar’s value relative to a basket of currencies consisting of the United States' six most important trading partners: Sweden, Switzerland, the European Union, Japan, Britain and Canada. Within this basket, the euro holds the most weight at 58%, followed by the yen at 14%. Since bottoming out in May 2011 at 72.7, the USD has entered into a bull market that took off in 2014 before peaking at 100.51 in December 2015, resulting in a gain of 38%. Considering that the U.S. dollar is the world’s primary reserve currency, the strength in the greenback has had the effect of depreciating the value of many other currencies around the world, most notably the euro and Chinese yuan, in addition to the British pound.

A Falling British Pound

Over the past two years of the dollar’s bull market, the British pound-to-USD ratio (GBP/USD) has plunged 24.6% from peak to trough. As of July 18, the GBP/USD had fallen 10% from 1.474 to 1.326, year-to-date (YTD), making the pound the most depreciated currency this year. While a countless number of factors go into the market pricing of currencies, the result of the Brexit decision is widely regarded as the most significant. After the vote to leave the EU, the pound fell 11% to a 31-year low.

Value of the Euro Depreciating

Furthermore, the euro has also faced significant backlash following the Brexit vote, dropping 3.4% from 1.138 to a low of 1.099 on June 27. The EUR/USD exchange rate has already been under pressure since 2011, when the EU started to ramp up its quantitative easingprogram. From its April 2011 peak of 1.481 to its March 2015 trough of 1.049, the EUR/USD dropped 29%. The recent move by Britain adds fuel to the euro’s bear market as investors’ concerns about the stability of the EU and the eurozone mount. As a result, the president of the European Council, Donald Tusk, is making a sincere effort to calm worries surrounding the unity of the remaining 27 member nations.

Devaluing the Chinese Yuan

Outside of the European continent, the U.K.’s decision to leave the EU has aided the depreciation of the world’s second-largest economy’s currency, the Chinese yuan renminbi (CNY). After the People’s Bank of China (PBOC) reduced its foreign-exchange reserves from $3.56 trillion to $93.9 billion in August 2015, the CNY/USD dropped 5.6% over the course of 10 months, averaging a 0.56% decline per month. However, over the course of July 2016, the month following the Brexit vote, the CNY/USD has already hit a five-year low of 0.149, a 2% drop since Britain’s decision. As the value of the dollar has gained following Brexit, China and Asia economist for the Bank of America Corporation (NYSE: BAC) Helen Qiao believes that the PBOC might be forced to allow quicker depreciation of the CNY/USD to maintain competitiveness within the export industry.

Traveling Abroad

While a relatively strong dollar hurts international trade, it significantly lowers the cost of traveling abroad for U.S. citizens. Compared to two years ago, the dollar now goes 8%, 18% and 22% farther in China, the EU and Britain, respectively. There is hope that this considerable cost savings could spur Americans to travel abroad, boosting tourism internationally.

本文翻譯由兄弟財經提供

文章來源：http://www.investopedia.com/articles/forex-currencies/081316/these-countries-are-cheap-thanks-declining-currency.asp