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1973年布雷顿森林体系崩溃后,国际货币体系进入浮动汇率阶段,主要国际货币波动的幅度逐步加大。由于国际贸易和国际资金流动规模正处于日渐扩大的阶段,跨国公司和金融机构面临着如何规避未来汇率不确定性的风险问题。在这种背景下,汇率衍生品进入了快速发展阶段。汇率衍生品交易的动机主要来自三个方面:一是具有经常性外汇现金流的跨国公司为规避汇率风险进行的汇率衍生品交易;二是市场投机者为牟取投机利润对衍生品交易的需求;三是为交易双方提供中介服务的金融中介机构。
After the collapse of the Bretton Woods system in 1973, the international monetary system entered a floating exchange rate phase and the major fluctuations in international currencies gradually increased. As international trade and the scale of international financial flows are in a phase of increasing expansion, multinational corporations and financial institutions are faced with the question of how to sidestep the risk of future exchange rate uncertainty. In this context, the exchange rate derivatives have entered a phase of rapid development. The motivation of exchange rate derivatives trading mainly comes from three aspects: First, the exchange rate derivatives transactions of multinational corporations with regular foreign exchange cash flow to avoid exchange rate risk; second, market speculators demand for derivative transactions in order to reap speculative profits; The third is to provide intermediary services for both parties to the transaction of financial intermediaries.