HEDGING – 考试.net

价格波动风险-Price fluctuation risk

国内国际贸易都有这个风险。This risk exists for both domestic and international trade.

Traders dealing in commodities with volatile market prices are sometimes required to take risky positions. Prices of oil, chemicals, soft commodities (such as sugar, cocoa, cotton and coffee) as well as certain metals (such as steel) are known for their volatility波动.
When concluding a contract, sellers may be confronted面临 with higher than expected prices for commodities that they are required to sell. As a result, the purchase prices of these commodities may be higher than the prices they will receive from their buyers. If prices move in the opposite direction, this will have a similar negative effect on buyers. The increase in prices of raw materials required to manufacture goods may also have a negative impact. This could cause the seller’s profit margin to decrease or even disappear altogether.

降低风险的方法-POSSIBLE MITIGATION METHODS
The following methods are possible:
•讨价还价地位 – 卖方或买方处于较强的讨价还价地位，可能能够谈判其合同中的价格波动条款。但是，这并不总是可能的。
Bargaining position – sellers or buyers in a strong bargaining position might be able to negotiate price fluctuation clauses in their contracts. However, this is not always possible.
•固定价格 – 如果付款是通过跟单信用证协商的，则卖方可以确定货物的固定价格，而不管市场价格的变动如何。由于跟单信用证是不可撤销的，买方必须按合同上规定的价格接受货物。
Fixed price – if payment is negotiated through a documentary credit, a seller can be certain of a fixed price for goods, irrespective of the movement of the market price. Since a documentary credit is irrevocable, the buyer will have to accept the goods at the price specified on the contract.
•对冲 – 商品公司或金融机构提供通过期货或其他衍生品对冲价格波动风险的可能性。
Hedging – commodity houses or financial institutions offer the possibility of hedging price fluctuation risk by means of futures or other derivatives.

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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)