What is the role of the foreign exchange market in the global financial market?

At the current state of globalization, every country is internationally connected. What do you know about global integration of the financial market?

Define 'balance on current account' and 'basic balance' in international balance of payments.

Which of the following transactions would increase a current deficit?
(i) An increase in foreign travels
(ii) More long term borrowing by government
(iii) A decrease in export
(iv) A decrease in import
(v) An increase in remittance abroad.