套汇率

Much of that rise follows the unwinding of the yen-funded carry trade, although there is also logic in a huge creditor nation having currency strength at a time of global credit rationing.

这一升幅有相当大一部分是在日元套利交易大量解除后发生的，尽管在全球信贷紧缺之际，一个庞大的债权国拥有强劲汇率也是符合逻辑的。

In most businesses, of course, insolvent companies run out of cash. Insurance is different: you can be broke but flush. Since cash comes in at the inception of an insurance policy and losses are paid much later, insolvent insurers donnot run out of cash until long after they have run out of net worth. In fact, these 搘 alking dead often redouble their efforts to write business, accepting almost any price or risk, simply to keep the cash flowing in. With an attitude like that of an embezzler who has gambled away his purloined funds, these companies hope that somehow they can get lucky on the next batch of business and thereby cover up earlier shortfalls. Even if they donnot get lucky, the penalty to managers is usually no greater for a $100 million shortfall than one of $10 million; in the meantime, while the losses mount, the managers keep their jobs and perquisites.

我们对于长期债券没有兴趣的原因在于对于未来十几年通货膨胀可能再度肆虐的潜在恐惧，长期而言，汇率的演变将取决于立法诸公的态度，这会威胁到汇率的稳定，进而影响到长期债券投资人的利益，我们持续将资金运用在套利之上，然而不像其它套利客，每年从事几十个案子，我们只锁定在少数几个个案，我们限制自己只专注在几个已经公布消息的大案子，避开尚未明朗化的，虽然这样会让我们的获利空间减小，但相对的只要运气不要太差，我们预期落空的机率也会减少许多。

Considering transaction cost, Hedger's attitude to risk, variance of foreign exchange rate , with Von Neumann Morgenstern utility function and Bernoulli principle, this paper analyses optimal hedging of the foreign exchange risk during the import/export with forward/future contracts, and the influence of the above mentioned factors on the optimal hedge rate.

本文在前人研究基础上，考虑交易费用，决策人对风险的态度，汇率相对风险大小等因素，用Von Neumann- Morgenstern效用函数和 Bernoulli决策法则建立了研究利用远期/期货和约做外汇套期保值问题的一般模型，然后具体分析了一种典型情况下的最优套期保值率的性质。

Hedging Strategies Indicatively, transaction risk is often hedged tactically or strategically to preserve cash flows and earnings, depending on the firm's treasury view on the future movements of the currencies involved.

在确定汇率风险的类型和测量相关的风险，公司需要决定是否进行套期保值或不这些风险。在国际金融，适当的策略，以管理问题汇率风险的不同类型，仍有待解决（希拉克，1996）。

In this way, when the firm's currency view entails a perception of volatility, options generate a better or similar effective hedge rate at lower uncertainty than the unhedged position.

以这样的方法，当企业的外汇汇率观必然伴有对波动性的认知时，期权就行产生比未套期保值状况更好的或类似的有效套期保值率。

Basted on analyzed results, it is urgent affairs to set up a new system to manage the foreign exchange risk.

基于上述实证分析的结果，构建一套完整的人民币汇率风险管理体系已成当务之急。

It further disserts that the efficiency of exchange rate risk managed by financial engineering implement can be measured by hedge rate.

论文进一步论述了金融工程工具管理汇率风险的效率可以用套期保值率来衡量。

The currency and maturity composition of a firm's debt determines the susceptibility of its net equity and earnings to exchange rate changes.

为使货币附属公司的价值风险的翻译，这是标准的做法进行套期保值的净资产负债表风险，即净资产（总资产减去负债可能受到不利的汇率变化影响的子公司）。

The rise in the yen – which hit Y93.78 against the dollar and reached a six year high of Y116.21 to the euro – came as investors continued to pull money out of emerging markets and high yielding advanced economies such as Australia, in a reversal of the once-popular "Yen carry trade", playing havoc with equity markets on both ends of the trade.

日元走强（美元兑日元汇率触及93.78日元，欧元兑日元汇率降至6年低位116.21日元之际，投资者持续将资金撤出新兴市场和澳大利亚等高息发达经济体，一度风行的&日元套息交易&发生逆转，给交易两端的股票市场都带来沉重打击。

On the other hand, the more important thing is because the urban housing is a kind of heterogeneity products.

另一方面，更重要的是由于城市住房是一种异质性产品。

Climate histogram is the fall that collects place measure calm value, cent serves as cross axle for a few equal interval, the area that the frequency that the value appears according to place is accumulated and becomes will be determined inside each interval, discharge the graph that rise with post, also be called histogram.

气候直方图是将所收集的降水量测定值，分为几个相等的区间作为横轴，并将各区间内所测定值依所出现的次数累积而成的面积，用柱子排起来的图形，也叫做柱状图。