外汇及利率波动风险-Foreign exchange and interest rate fluctuation risk
议价能力-Bargaining power
谁的议价能力强，就由谁决定使用其货币。（The choice of currency used is largely determined by the relative bargaining power or by customs and practice. If the seller is in a strong bargaining position, payment is likely to be made in the seller’s currency. The opposite will apply if the buyer is in a strong bargaining position.）
以美元计价的商品-Commodities denominated in US dollars
一些商品，如石油，无论买方或卖方位于何种地位，总是以美元计价。Some commodities, such as oil, are always denominated in US dollars regardless of where the buyer or seller is based. Both parties will, therefore, inevitably不可避免地 face foreign exchange risk.
利率波动-Interest rate fluctuation
与汇率波动一样，利率变动会影响融资成本，导致意外的损失或利润。As with fluctuations in exchange rates, interest rate movements can affect the cost of financing, resulting in an unexpected loss or profit. It is beyond the scope of this qualification to explain interest rate fluctuation in more detail.
一些降低风险的方法-POSSIBLE MITIGATION METHODS
1.买卖方可能会在合同中加入随利率、汇率波动的价格条款。If the buyer or the seller is in a strong bargaining position, they will be able to include price fluctuation clauses in their contracts. The price of the goods will then fluctuate according to the movement of exchange rates or interest rates.
2.银行可以提供产品来降低货币兑换和利率波动风险。Banks can offer products to mitigate currency exchange and interest rate fluctuation risk.
• 远期交易合约-Forward exchange contracts – these are used to fix future currency exchange rates.
• 货币兑换期权-Currency exchange options – buyers of options are protected against exchange rate fluctuations that are to their disadvantage.
• 远期费率协议-Forward rate agreements – buyers or sellers can mitigate interest rate fluctuation risk through forward rate agreements or various other interest rate options.
对冲-HEDGING
企业或投资者通过采取倾向于相互抵消的头寸来限制风险的做法。“The practice by which a business or investor limits risk by taking positions that tend to offset each other.” (Dictionary.com, 2021)
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