Ouchuang takes you to master the financial news: exchange rate hedging

时间:2022-09-08 09:21:13 浏览:52

Financial news agency, June 9 (reporter Xu Chuan) Standard Chartered Bank (China) (hk:2888) announced today that it has completed several transactions of RMB Asian options and portfolio products with two Chinese enterprises, and Standard Chartered China has become the first foreign bank in China to implement the RMB Asian options foreign exchange management program.

On May 20 this year, the administration of foreign exchange issued the notice on measures to further promote the foreign exchange market to serve the real economy, proposing to add RMB to foreign exchange ordinary American options, Asian options and their portfolio products in the inter-bank foreign exchange market. After the release of the new deal, China CITIC Bank Hangzhou Branch reached the first RMB foreign exchange American option business with customers in the domestic market. Since then, many branches of the bank have successively completed three American options and two Asian options businesses.

In the view of insiders, in the face of two-way fluctuations in exchange rates, Asian options and American options are regarded as new "sharp tools" for foreign trade enterprises' foreign exchange hedging, which helps to enrich the optional foreign exchange hedging tools and channels. Specifically, Asian options are different from European and American options. The option settlement or exercise price depends on the average value of observations in a certain period of time during the validity of the hedging contract.

"From the perspective of the product characteristics of Asian options, it plays a good role in smoothing the fluctuations in the maturity profits and losses of foreign exchange hedging contracts, reducing the extreme profits or losses that may occur on the maturity date of the contract, and better serving the needs of enterprises for foreign exchange neutral hedging." Yang Jing, vice president of Standard Chartered China and general manager of the financial market department, analyzed that in addition, compared with European and American options, the option fee of Asian options is lower, which reduces the cost of foreign exchange hedging for enterprises.

It is understood that Zheshang Zhongtuo Group Co., Ltd. hedged through the Asian option portfolio scheme provided by Standard Chartered China. Liu Yang, general manager of the financial market department of the company, believes that the future profit and loss fluctuations of Asian option contracts will be relatively low because they are determined by the average exchange rate of the agreed time period.

Wang Zhiyi, President of the cross border Financial Research Institute, told the associated press that because the settlement price or exercise price of Asian options can be the average value in a certain period of time, it can hedge the cash flow over a period of time. In this way, it is more in line with the hedging of the collection / payment of trading enterprises with a stable accounting period over a period of time, and it can also meet the hedging needs of the enterprise's balance sheet at the end of each quarter.

Yang Jing further said that with the normalization of two-way fluctuations in the RMB, Asian options and their portfolio products will better meet the flexible and diversified foreign exchange hedging needs of enterprises and become a powerful starting point for enterprises to effectively manage exchange rate risks.

Recently, the RMB exchange rate against the US dollar has stopped falling and rebounded. Since this week, the spot exchange rate of the US dollar against the RMB has fallen slightly to the range of 6.65-6.70, showing two-way fluctuations.

Looking forward to the follow-up trend, the Mingming bond research team of CITIC Securities pointed out that in the short term, under the interaction of long and short factors, the RMB volatility may intensify, or continue to maintain a wide range of volatility pattern; In the medium and long term, the RMB will return to the dominance of fundamental factors. With the significant recovery of economic fundamentals, the RMB has no basis for trend depreciation.