After the signing of the spot trade contract, in order to prevent the risk of devaluation of the pound received three months later, the exporter signed a forward contract with the bank and sold 6,543.8+0,000 pounds (price 654.38+0.96) to lock in future income. If the exchange rate change at maturity is less than the expected 654.38+0.96, the risk of loss is avoided. Of course, if the exchange rate at maturity is greater than 654.38+0.96,