FRM中如果遇到外幣換算咋辦?

　　外幣×匯率=本幣

　　今天我們講有關(guān)外幣與本幣之間的轉(zhuǎn)換

　　A US company expects to have to pay 1 million Canadian dollars in six months.Explain how the exchange rate risk can be hedged using (a) a forward contract (b) an option .

　　一家美國公司得知在將來的6個月要支付100萬加元。分別解釋用遠(yuǎn)期和期權(quán)產(chǎn)品來對沖匯率風(fēng)險

　　因此加幣作為外幣為固定的值，美國公司作為投資者，希望拿出的本幣在將來的6個月可以盡可能少，因此希望匯率下降，擔(dān)心匯率上升。

　　使用遠(yuǎn)期合約的時候即要鎖定在將來6個月時支付的100萬加元：

　　The company could enter into a long forward contract to buy 1 million Canadian dollars in six months.This would have the effect of looking in an exchange rate equal to the current forward exchange rate.

　　使用期權(quán)的時候，因擔(dān)心匯率上升，所以應(yīng)該買一個看漲期權(quán)：

　　Alternatively the company could buy a call option giving it the right (but not the obligation) to purchase 1 million Canadian dollars at a certain exchange rate in six months.This would provide insurance against a stronge Canadian dollar in six months while still allowing the company to benefit from a weak Canadian dollar at that time.

　　A trader enters into a short forward contract on 100 million yen. The forward exchange rate is $0.0080 per yen. How much does the trader gain or lose if the exchange rate at the end of the contract is (a) $0.0074 per yen; (b) $0.0091 per yen?

　　這個問題的意思就是某交易員進(jìn)入一個面值為1億日元期貨的短頭寸。遠(yuǎn)期利率為0.0080(美元/日元)，在合約到期，匯率分別為0.0074和0.0091時，交易員的損益是什么?

　　(a) The trader sells 100 million yen for $0.0080 per yen when the exchange rate is $0.0074 per yen. The gain is 100×0.0006 million of dollars or $60,000.

　　當(dāng)匯率為$0.0074時，trader以$0.0080將1億日元賣出。

　　(b) The trader sells 100 million yen for $0.0080 per yen when the exchange rate is $0.0091 per yen. The loss is 100×0.0011 million of dollars or $110,000.

　　當(dāng)匯率為$0.0091時，trader以$0.0080將1億日元賣出。

　　×0.0011 million of dollars or $110,000.

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