外汇衍生产品

外汇衍生产品具有套期保值、防范风险和发现价格的功能，在对外贸易和金融业务中发挥着重要作用，成为企业和金融机构最重要、最有效的风险管理工具与投资工具之一。

Hedging , risk management and price discovery are the main functions of foreign exchange derivatives , which play an important role in foreign trade and financial business , and it is one of the most important and efficient risk management and investment tools .

加速推进境内外汇衍生产品业务的创新，尤其是要积极建立境内人民币期货市场，培育有效率有吸引力的境内市场，这对于未来人民币汇率定价权的掌握具有极为深远的意义。

The government should accelerate the domestic foreign exchange derivatives products business innovation ; in particular , build up the futures market in domestic . Foster an efficient , attractive domestic market , which is very important to master the pricing power of RMB in the future .

发展品种多样、交易灵活的人民币外汇衍生产品对人民币汇率的市场形成机制有重要的作用。

It is of vital importance for such a system to be formed to produce various easy-deal products derived from RMB exchange .

积极培育外汇衍生产品市场，可以促进市场机制在汇率形成中发挥作用。

It is necessary to develop the derivatives market of foreign exchange actively , to promote the function of market mechanism in the form of exchange rate .

面对外资银行丰富的外汇衍生产品业务经验，我国应根据自己的实际情况，适时、合理地推出自己的外汇衍生产品业务，逐步完善和丰富其品种，以增强自身竞争力。

Facing rich operational experience on foreign exchange derivative instruments of foreign banks , we should come up with timely and reasonable foreign exchange derivative instruments , according to actual situations of our country , gradually better and enrich its varieties to improve its competition .

发展外汇衍生类产品业务问题的思考

On developing foreign exchange derivatives business

大力发展外汇衍生类产品业务是我国商业银行和涉外企业的战略选择。

It is a strategy for the commercial banks and companies concerning foreign affairs to develop the foreign derivative business .

上述议定书由“国际外汇交易与衍生产品协会”（isda）主持制定，以求在不透明的信用衍生产品市场上让投资者更容易知道，如果发生债务违约，他们持有的合约将会怎样。

The protocol , created under the auspices of International Swaps & Derivatives Association , is intended to make it easier for investors in the opaque market for credit derivatives to know what will happen to their contracts if debt defaults occur .

在一个像伦敦这样的地方，他们也有很多关于外汇交易和衍生产品的的东西要学习，尤其是当人民币国际化时。

They also have lots to learn in a place like London about foreign-exchange trading and derivatives , especially as the yuan internationalises .

正是基于以上原因，本文将研究金融衍生产品在外汇风险管理中的应用并探索如何发展我国外汇衍生产品市场。

From this prospective , the paper will explore how to protect against losses from fluctuation of foreign exchange rate and how to develop financial derivatives market in China .