First, an overview of the exchange rate risk
一、匯價(jià)風(fēng)險(xiǎn)的大略敘述

Exchange rate risk , also known as foreign exchange risk. Refers to the use of foreign economic entities holding or economic activities . Suffered losses due to exchange rate movements possibility . As the international division of labor exists. Trade and financial dealings between countries will become inevitable. Promote their economic development and become an important driving force. Fluctuations in foreign exchange rates , will engage in international trade and investors a huge risk.
匯價(jià)風(fēng)險(xiǎn)又叫作外匯風(fēng)險(xiǎn)．指經(jīng)濟(jì)主體保有或使用外匯的商業(yè)中．因匯價(jià)變化而遭受虧損的有可能性。因?yàn)閲H分工的存在．國與國之間商業(yè)活動(dòng)和金融往來便變成定然．況且變成增進(jìn)本國經(jīng)濟(jì)進(jìn)展的關(guān)緊推動(dòng)力。

Exchange rate risk mainly in three aspects . Namely, trading risk , currency risk , economic risk . Transaction exchange rate risk, is the use of foreign currency -denominated payment transactions , the economic agents to changes in foreign exchange rates suffer possibilities.
折算匯價(jià)風(fēng)險(xiǎn)．又叫作會(huì)計(jì)風(fēng)險(xiǎn)．指經(jīng)濟(jì)主體對(duì)資產(chǎn)背債表的會(huì)計(jì)處置中，將功能金錢改換成記賬金錢時(shí)．因匯價(jià)變化而造成賬面虧損的有可能性。經(jīng)濟(jì)匯價(jià)風(fēng)險(xiǎn)，又叫作打理風(fēng)險(xiǎn)，指意料以外的匯價(jià)變化經(jīng)過影響公司的出產(chǎn)銷行數(shù)目、價(jià)錢、成本．引動(dòng)公司未來一定時(shí)期收入或現(xiàn)金流量減損的一種潛伏虧損。

Exchange rate risks. Also known as the accounting risks. Refers to economic entities on the balance sheet of the accounting process, the functional currency into the reporting currency at . Due to exchange rate losses resulting from changes in the carrying possibilities . Economic exchange rate risk, also known as business risk, refers to the unexpected changes in exchange rates by affecting the production sales volume , price, cost . Cause a certain period of the company's future earnings or cash flow to reduce a potential loss .
匯價(jià)風(fēng)險(xiǎn)主要表如今三個(gè)方面．作別是買賣商品風(fēng)險(xiǎn)、折算風(fēng)險(xiǎn)、經(jīng)濟(jì)風(fēng)險(xiǎn)。買賣商品匯價(jià)風(fēng)險(xiǎn)，是使用外幣施行計(jì)算價(jià)錢收付的買賣商品中，經(jīng)濟(jì)主體因外匯匯價(jià)的變化而遭受虧損的有可能性。

Second, the United Kingdom and the RMB exchange rate regime exchange rate risk status
二　、英國的匯率制度及人民幣匯率風(fēng)險(xiǎn)的現(xiàn)狀

July 21, 2005 . By the State Council for approval. The People's Bank in the United Kingdom adhere to the " initiative, controllability and gradual " three principles of the issued "on improving the RMB exchange rate formation mechanism reform announcement " declared the British to give up a single dollar peg exchange rate regime , began to implement the " market supply and demand with reference to a basket of currencies, a managed floating exchange rate regime . Britain "managed floating exchange rate mechanism" can be broadly divided into two stages: the first stage is from July 2005 to July 2008 , during this period. appreciation T21%; 200897 ~ so far for the second stage , during which the exchange rate to maintain 6.83 yuan .

Exchange rate reform . RMB exchange rate reform in the expected direction towards the realization of the two-way volatility . Now the RMB exchange rate has begun to reflect market supply and demand levels . Exchange rate volatility than before the reform there is a clear growth. Especially in recent years . With the deepening integration of the world economy and the UK economy steady and rapid development , the RMB in the world economic arena play an increasingly important role , and similarly, the RMB exchange rate is also facing increasing pressure . April 15, 2010 . More than 130 Members of the U.S. Congress signed a petition to the British included in the " currency manipulator ." And attempts to trigger trade sanctions against the United Kingdom . British Foreign Exchange Trade Center's latest data show . April 16 RMB against the U.S. dollar at 6.8261 . One basis point drop the previous day . Exchange rate movements will generate some industries and export trade impact should not be overlooked . In the textile industry, for example . British textile industry export enterprises meager profit margins of 2% to 3% , the Renminbi , " was appreciated." Part of the SMEs will not be able to face international competition , and may even further into trouble for these business loans banks. Although the United States is now a preliminary agreement . British foreign trade and economic policies remained basically stable. RMB exchange rate basically stable, but the RMB appreciation pressure faced and possible consequent fluctuations in exchange rates of foreign trade enterprises to bring new haze after the financial crisis .

Therefore, in a managed floating exchange rate regime with reference to a basket of foreign trade enterprises can not rely on the subjective sense of RMB appreciation and depreciation jump to conclusions . The appreciation of the renminbi devaluation should constantly adapt to fluctuations . Mastered the ability to avoid risks . In order to ensure the sound operation of enterprises .

Third, the exchange rate risk on the impact of foreign trade enterprises

( one ) Price risk and settlement risk
Engaged in foreign trade enterprises in the business process . To always offer to partners , we face a choice I Pro currency question: What is the currency used as currency, and after the tender offer price for trade settlement and payment issues tender documents will normally require bidders can use to carry out an international currency tender offer . However, in some industries in the tender documents provides landlords tender offer bidders only in countries where the owners expressed in local currency or by two kinds of currency. If the currency selected in the process. Because it is not appropriate to grasp the changes in exchange rates in the tender offer little decrease in the selected currency . Once the bid, the contract price may be undertaken, the risk of devaluation . For batches to the settlement enterprise . If you encounter during the performance of the contract caused by the exchange rate fluctuations in the value of the currency . Enable enterprises suffered losses in convertible currencies .

( Two ) business exchange risk
Import and export trade, contract , open letters of credit , the trial license to change the card and then shipped delivery. And subsequent negotiation. Each process is bound to experience some time. In such a long period of time, if the exchange rate changes , companies may have to bear foreign exchange loss. When the exchange rate rises . If the imported goods , the payment to be more established foreign currency , the importer will suffer economic loss : When the decline in foreign exchange rates . If the exported goods . Established after the settlement of foreign exchange income obtained fewer local currency , exporters will suffer losses.

( Three ) business translation exposure
British foreign trade enterprises carrying assets are generally from RMB assets and foreign assets constitute . However, the consolidated financial statements of assets and liabilities must be unified with the Renminbi . The RMB exchange rate movements . Will be a corresponding impact on the balance sheet value of some items changed. Current UK regulations RMB against the U.S. dollar exchange rate fluctuations at non-US dollar exchange rate is far less than the daily fluctuations in currency exchange rates , the impact of this provision , the final financial results for the Renminbi in British businesses . If they use non-dollar currencies settled . Its exposure to exchange rate risk is much higher than with the dollar-denominated settlement .

( Four ) affect corporate profits. Leading enterprises in the international market share decline
In the economic globalization today . Foreign trade is very common. Many businesses are more dependent on foreign exchange rate changes on the survival of international trade-related businesses operating conditions and deep impact on corporate profits . When the RMB appreciation , it means that in order to be able to buy the same foreign currency British exports decreased. UK exports relative prices. Then . Foreign companies import quotas for British products will decline. British companies out of 13 the number of products will be dropped out of El . Which led to the loss of market share in export enterprises . Decrease in revenue . And when the devaluation of the Renminbi . Dependent on imports of raw materials for processing enterprises in terms . Raw materials imported from abroad and other products of the relative prices. Production costs will increase . Stable development of enterprises is also very unfavorable .

Fouth , coping strategies and measures of exchange rate risk

( one ) enterprises should establish awareness of the exchange rate risk , exchange rate risk management to establish a working mechanism
Changing international financial environment . Enterprises must fully understand the exchange rate impact on the business . Only master to avoid exchange rate risk. Exchange rate movements on the fundamentals of a comprehensive scientific analysis to the foreign exchange risk to minimize the impact on businesses engaged in foreign trade enterprises is necessary to foreign exchange risk management as the company is an important work of El regular schedule . Establish and improve the foreign exchange risk management system, strengthen the foreign exchange risk identification, risk limits are set to enhance the detection and prediction of changes in exchange rates , to adapt to the risk of exchange rate fluctuations .

    ( Two ) the correct choice Denomination Currency
As said before . Correct choice denominated currency exchange rate risk aversion is very important. Denominated currency and the amount will go directly to offset the risk of the object . So what kind of import and export commodities with foreign currency risk is to make up the key enterprises in the signing of the contract . Receipt and payment of funds can refer to the following principles: win export contracts denominated in hard currency . Import contracts denominated in soft : Select future debt servicing foreign loans becoming soft currency. Foreign investment choices in the future to receive principal and interest becoming hard currency , in general , foreign trade enterprises in the export of goods, services or business valuation of assets , the use of the exchange rate tends to go up to fight for money . The import of goods or services denominated external liabilities , the fight with the exchange rate tends to fall currency.

( Three ) and select the appropriate contract price settlement . Appropriately distributed transaction risk
For exchange rate instability and the timing of the process of international trade . Import and export enterprises should be based on the trend of exchange rate movements and a large international economic backgrounds select the appropriate contract price settlement. A reasonable spread trading risks . British exports to contract with foreign companies in the process . If the settlement currency depreciation trend presents , may be appropriate to raise the lE price . Or by a certain percentage and importers agreed share exchange losses : If settlement currency may appreciate. British import enterprises may require foreign exporters lower commodity prices into a 1:1 trade enterprises can also advance or delay the settlement time to avoid exchange rate risk businesses can choose settlement currency exchange rate movements in advance or postpone the settlement . If the predicted settlement currency relative to the currency devaluation . England imported into El businesses can postpone or request deferred payment . While export enterprises can export contracts signed as soon as possible to receive payment. On the contrary . Import enterprises can import or advance payment . Export enterprises can allow importers to postpone the delivery or deferred payment .

( Four ) effective use of trade financing instruments to avoid risks.
1 . Export credit export credit is an international credit. It is a country governments to support and expand their exports of large equipment and other products to enhance the international competitiveness of export products to interest subsidies , to provide export credit insurance and credit guarantee. Encourage national banks or non- bank financial institutions to the country's exporters or foreign providers into VI lower interest rate loans. To encourage the development of industry in the country 's export enterprises may consider adopting such a way to avoid exchange rate risk.

2 . Forfaiting business package to buy from the exporter without recourse, there has been acceptance of the purchase , and are usually located by the importer 's bank guarantees forward draft or cashier 's business is called the package to buy tickets. Transliterated as forfeiting . Also known as bills buyout. Commonly used equipment, shipbuilding, construction materials and other capital goods and large scale projects transactions , financing terms generally l a five-year export enterprises will be sold to the banks after the bill . Currency exchange costs can be obtained in order to avoid currency exchange risk capital goods for business transactions and large projects for foreign trade enterprises . After all, a way to avoid exchange rate risks .

3 . Export financing export bill is presented to the bank letter of credit in favor of documents under a credit negotiates . Negotiating bank based enterprise applications. With full set of documents submitted by the enterprise as a pledge document matches the audit , review and correct . Reference to the face amount of the money advanced to the enterprise. Then to the issuing bank to send a single cable exchange . Bills to companies charge interest and bank charges and retain recourse to a short-term export financing .

4 . Factoring Factoring short . Refers to the Bank purchased from the hands of exporters indicated on the invoice the importer receivables. And is responsible to the exporter importer credit , payment collection, debt guarantees and financing projects such as comprehensive financial services. Means for international settlement credit exporters will be transferred to accounts receivable factoring business after export . Get most of the money in advance . Thus avoiding the exchange rate risk.

( Five ) use financial derivatives to guard against exchange rate risk
When both companies have foreign currency foreign currency revenue expenditure . Both foreign currency assets and liabilities in foreign currencies is another . To use derivative financial instruments to hedge , as far as possible to avoid risks.

1 . Forward foreign exchange forward foreign exchange transactions , also known as forex trading , refers to the parties to the transaction after the transaction does not immediately apply for settlement , but the pre-agreed currency , amount, exchange rate, delivery time and other trading conditions , expired before the actual delivery Forex trading is the world's most commonly used to avoid foreign exchange risk, fixed foreign exchange costs. Through the appropriate use of forward foreign exchange transactions . Exporters or importers can lock the exchange rate. Avoid possible risks of exchange rate fluctuations

2 . Using forex swap swap foreign exchange transactions in foreign exchange traders to buy or sell one kind of term , a certain amount of a certain currency at the same time . Sell ??or buy another term , the same amount in the same currency in foreign exchange trading . Such financial derivative instruments. Is currently used to circumvent the exchange rate due to changes in external borrowing and financial risk to the enterprise as a principal means.

3 . Currency futures . Forex futures are trading the two sides agreed at a future time . Now according to the agreed ratio. To exchange one currency for another currency trading standardized contracts . Refers to the exchange rate of the subject matter of the futures contracts. To avoid exchange rate risk. Principles and currency futures to hedge foreign exchange forward contracts are similar. Is the actual or anticipated foreign currency positions against the adverse effects of exchange rate . Conduct and spot foreign exchange futures positions in the opposite direction

4 . Also known as FX Options FX Options currency options . Means the contract purchaser must pay to the seller of option premium . The obtained agreed date in the future , or a certain time . In accordance with the provisions of exchange to buy or sell a certain amount of foreign assets foreign currency option contract option holder can choose whether to exercise . Advantages of foreign exchange options business lockable future exchange rate , foreign exchange hedging . Customers have better flexibility selectivity, favorable exchange rate movements in the direction of development , they can derive profit opportunities for those contracts have not been finalized and export business has a good store of value .