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2007年,美国次货危机爆发之后,金融衍生品已经成为众矢之的。2008年,投资境外金融衍生品更是导致中信泰富豪赌澳元外汇交易巨亏、江西铜业商品期货持多单亏损等一大批国内知名企业泥潭深陷。顷刻,究竟衍生品是否能发挥套期保值的功能再次引起人们的争议。但是,从这些国企海外投资所持头寸品种、方向、规模不难发现,其投机的目的远远大于套期保值。
In 2007, after the outbreak of the U.S. subprime crisis, financial derivatives have become the target of public criticism. In 2008, investing in offshore financial derivatives led to the collapse of a large number of well-known domestic enterprises such as the huge loss of the Australian dollar from the trading of Citic Pacific, the loss of more than one loss from Jiangxi Copper Commodity Futures. Immediately, whether the function of derivatives can hedged once again aroused controversy. However, it is not difficult to find out the positions, scales and scale of the overseas investments held by these state-owned enterprises. The purpose of speculation is far greater than that of hedging.