1. Hard currency preservation. This approach is to state in the contract that the price is denominated in hard currency and the payment is in soft currency, and the exchange rate of the two currencies at that time is indicated. If the exchange rate of soft currency drops when making future payments, appropriate adjustments will need to be made so that the amount can still be exchanged for the amount of hard currency in the contract. For example, the payment for goods in an export contract of an enterprise is 50 million yen, and the other party is stipulated to pay in U.S. dollars. At that time, the exchange rate between yen and U.S. dollars is 250:1, which is converted into 200,000 U.S. dollars; when the payment is made, the exchange rate between yen and U.S. dollars is 200:l, which means adjusting the US$200,000 in the original contract to US$250,000, which can still be exchanged for 50 million yen. Obviously, hard currency hedging means fixing the amount of hard currency that should be received and not being affected by changes in the exchange rate of the payment currency. Therefore, there is no loss to the creditor, but the debtor has an increased burden.
2. "Baseline" currency preservation. A "basket" of currencies refers to a variety of currencies, including various freely convertible currencies, Special Drawing Rights and European Monetary Units. To use this method, you must first determine. Which currencies make up the "basket" of currencies, and determine the proportion of each currency, and then determine the exchange rate between the payment currency and the "basket" of hedging currencies when entering into the contract. This method of hedging is basically the same as the principle of hard currency hedging. Consistent. However, since the exchange rates of a "package" of several hedging currencies rise and fall, exchange rate risks are dispersed and foreign exchange risks can be effectively avoided. Currently, in international payments, especially in some long-term contracts, "Special Drawing Rights" are used. The method of hedging the value of a "basket" of currencies such as the European Monetary Unit and the European Monetary Unit is widely used.
3. Use export credit. If an enterprise has a foreign exchange export account receivable, it can borrow a loan from the bank in the same currency, amount, and term as the forward foreign exchange income, and sell the loan on spot in the foreign exchange market. , use the money paid by the other party to repay the bank loan. Because for export enterprises, foreign exchange receivables and foreign exchange liabilities are equal, even if the exchange rate changes in the future, losses and gains will always be equal and will not be affected by exchange rate risks.
Another type of export credit is a forfaiting transaction. It is a large-scale equipment transaction with deferred payment. The exporter transfers the half-term payment accepted by the importer.A financing method in which forward drafts of more than 10 years are discounted without recourse to the bank where the exporter is located to obtain cash in advance. The so-called non-forced right of demand means that the exporter has nothing to do with the non-payment of the bill in the future, and the bill discounted by the exporter is a kind of buyout. In this way, the risk of non-payment of the bill (that is, the credit risk of the debtor) and the exchange rate risk are transferred to the bank that discounts the bill.
4. Exchange currencies or interest rates. Currency swap is when two independent fundraisers exchange debts of equal value and same maturity that they have raised, but with different currencies and interest rates, or different currencies with the same interest rates. The purpose is to avoid currency exchange rate risks in financing. , and also to meet the actual needs of fundraisers for currencies.
Currency exchange is generally led by banks. Because it is easy for banks to find the people who need to exchange currencies, and it is easy for banks to understand the credibility of both parties and the exchange rate trends of various currencies. To exchange currencies, two currency swap contracts are generally signed, one is a spot swap contract. The other is a forward swap contract. Through a spot swap contract, both parties obtain the currency they require. Through a forward swap contract, the currency is exchanged back so that both parties can repay their debts. The term of a forward swap contract is generally consistent with the debt repayment term.
The so-called interest rate swap means that two fundraisers borrow the same currency, quantity and term, but different interest calculation methods according to their respective financing channels. refers to the difference between fixed interest rates and floating interest rates), and then exchanges the interest rates directly through an intermediary or both parties to obtain a lower fixed interest rate type. The two parties involved in interest rate exchange generally refer to banks and enterprises, banks and banks, or enterprises and enterprises. For example, a company raises a sum of Japanese yen funds from Japan with a term of 3 years. The interest rate is calculated on a monthly basis and is the Japanese interbank offered rate. In order to fix financing costs and prevent interest rate risks, the company entered into a three-year interest rate swap contract with a bank: the bank paid the company monthly interest based on one month's Japan Interbank Offered Rate, and the company An interest rate of 15% is paid to the bank every month. In this way, the company's borrowing interest rate is fixed at a monthly interest rate of 15%, and the risk of fluctuations in the Japanese interbank offered rate is borne by that bank.
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