人民币大升值!你懂做风险规避吗?
时间:2017/09/19
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8月11日,人民币对美元中间价上涨128点,报6.6642。人民币中间价已连续4日调升,创出去年9月22日来新高,本周累计调升490个基点。今年以来累计调升2728个基点,升幅近4%。
On August 11, the middle rate of RMB Yuan against US dollars concluded at 6.6642 which had rised for 128. The middle rate of RMB Yuan had rised for 4 days which had set a new record since December 22 last year. It had been risen for 490 point this week. It had been risen for 2728 point for this year. Its growth rate reached 4 %.  

 

 
 
 
 
 
 
 
 
 
 
在此情况下,外贸企业应该如何操作才能规避汇率波动所带来的风险呢?
Under such circumstances, what can foreign trade enterprises do to avoid the risks caused by exchange fluctiations?
 
 
 
 
 
 
 
 
 

1.将汇率风险纳入成本控制
                     Put exchange rate risk into cost control system

既然汇率的波动现在已经比较频繁了,那不如干脆在核算成本的时候就留有余地,因为在一定的周期内汇率的波动还是有一定的范围的,一般在3%-5%之间,报价时就把这个区间考虑进去。同时也可以和客户约定如果超出这个比例,那么风险共担,由买卖双方共同承担因汇率波动而带来的利润损失。或者约定报价有效期,比如将原来1-3个月报一次价格缩减到了10-15天,甚至每天按照汇率波动更新报价单。

Now that exchange rate fluctuations happen frequently, we’d better calculate it as one of the factors which influence the cost. Because the exchange rate fluctuates among 3 % to 5 %, we’d better consider this when making quotations. Meanwhile, we can promise that we’ll take risks together if the exchange rate goes beyond the proportion. Both the two parties take the loss of profit caused by exchange rate fluctuations. Or we can also set up the period of validity of quotations. For example, we made quotations every one to three months before. Then we can cut it down to 10 to 15 days. We can even renew our price list everyday according to the exchange rate fluctuations.

 

此外,也可以采取同一种产品根据不同付款方式提供不同报价的方式,如信用证付款是一个价格,50%预付是一个价格,100%预付又是另外一个价格,让买家自己选择。
In addition, we can provide different ways of quotations for one identical kind of produjcts according to different terms of payment. For example, the price of L/C is different from 50 % advance before payment and 100 % payment in advance.

 

2.贸易融资
                                                       Trade financing 

 
 
 
贸易融资是目前企业采用最多的避险方式。主要原因包括:
Trade financing is a hedging method which most of the enterprises use. The reasons include: 

 
一是贸易融资可以较好地解决外贸企业资金周转问题。
First, trade financing can better solve capital turnover problems of foreign trade enterprises.
二是贸易融资成本相对较低。在贸易融资方式构成中,进出口押汇使用比重较高(约为80%)。
Secondly, the cost of trade financing is relatively low. The proportion of Bill Purchased is higher (About 80 %).
另外,一些企业还使用福费廷等期限较长的贸易融资方式。
Besides, some enterprises use trade financing methods like Forfeit.


                            3.使用金融衍生产品
                               Use financial derivatives

 
 
 
企业使用金融衍生产品的主要特点如下:
The main features for enterprises to use financial derivatives are as follows: 

 
一是使用远期结售汇工具较多;

First, they use forward purchase tools more.

二是部分企业运用外汇掉期和境外人民币无本金交割远期(NDF)工具。

Secondly, some enterprises use foreign exchange swap and NDF. 

 

4.使用人民币计价结算
                                    Use CNY valuation to close an order

用人民币计价结算可以起到与汇率风险基本隔绝的效果,企业要及时了解有关改革和政策的动向,在政策允许范围内考虑使用人民币。

It can basically prevent us from the risks of exchange rate risks. The enterprises need to know about the tendency of the related reform and policies and use CNY under the political constraints.

 

5.进出口对冲
                                        Import and export hedging

对于进出口公司既可以从事出口业务也可以从事进口业务,那么就可以利用自己既是买者又是卖者的身份来平衡汇率波动造成的价格差异。因为当汇率下跌时,导致出口收汇缩水,同时进口业务支付的实际金额也相应减少,这样一增一减也就使得本公司内的财务指标达到了平衡。

 

 For import and export corporations, they can not only be occupied in export businesses but also in import enterprises so that they can make good use of this to balance the price variance caused by exchange rate fluctuations. When the exchange rate depreciates, the export earnings shrink, meanwhile the actual amount of import businesses reduces correspondingly. With this, the company’s financial index is balanced.

                       6.增强汇率风险管理技
                   
Strengthen the skill of exchange rate risk management 

最后,建议大家养成一个习惯,在每天上班和下班前浏览当天汇率的变动(可查看中国银行的现汇买入价),随时整理出新的对外价格表。另外也可以关注一些时政新闻、国际贸易新闻,从而对趋势有一定的把握。

At last, I suggest that you form a habit that you check the exchange rate movement everyday (You can check spot exchange buying rate on Bank of China) and sort out the outward price lists. Moreover, you can pay attention to political news and international trade news so that you can know about the tendency to some extent.

 

企业可以培养和引进懂专业、懂技术、懂工具的财务人员,加大有关信息的投入,使之能够在外部咨询的基础上对汇率做出独立的判断,能够识别风险点并运用有关工具管理风险。如果一家企业无法承担这项开支的话,可以由多家企业联合共同完成这项工作,同时也资源共享。当然也可以订制商业银行的专门服务,由银行的研究团队提供专业参考意见。

Enterprises can cultivate and bring in financial staffs who are clear of the profession, technologies and instruments and invest more on relevant information so that they can be independent in judgement about exchange rate on the basis of external consulting and they can identify the risks and utilize the related instruments to manage the risk. If an enterprise can’t undertake the expenditure, they can gather with other enterprises to accomplish this task together, meanwhile, they share the resources. Of course, they can order the special services of commercial banks so as to ask the research team to provide professional suggestions.

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