According to Securities Daily, in the three years of exchange gains and losses, Bank of China suffered the most losses, with losses as high as 9.356 billion yuan, while Agricultural Bank of China made a profit of 5.7 billion yuan, China Construction Bank made a profit of 3.033 billion yuan, and Bank of Communications made a profit. 3.062 billion yuan, and ICBC’s profit was 7.896 billion yuan.
In recent years, the exchange rate of RMB against the US dollar has continued to reach new highs. Since the beginning of 2010, the RMB has appreciated against the U.S. dollar by 11.3%. The appreciation of the RMB has also disturbed the exchange gains and losses of domestic banks.
Recently, based on the data disclosed in the annual reports of the five major banks, a reporter from "Securities Daily" sorted out the data of Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, and Bank of Communications in the past three years (January 1, 2010 to 2013 As of March 31, 2019, the profit from exchange gains and losses was 10.335 billion yuan. The exchange gains and losses can be described as "two worlds".
Comparative data shows that in the three years of exchange gains and losses, Bank of China suffered the most losses, with losses as high as 9.356 billion yuan, while Agricultural Bank of China made a profit of 5.7 billion yuan, China Construction Bank made a profit of 3.033 billion yuan, and Bank of Communications made a profit of 3.062 billion yuan. billion, and ICBC’s profit was 7.896 billion yuan.
In fact, not only the banking industry, but also most listed companies, import and export companies, etc. have exchange losses and face ubiquitous risks in the exchange rate market. Relevant experts said that enterprises urgently need relevant tools to control exchange rate market risks, and my country's foreign exchange futures should be launched in due course.
In fact, since the exchange rate reform in 2005, the RMB has generally experienced a sharp appreciation trend, and the fluctuation range has also been increasing. Judging from the current situation, it is very likely that the RMB will continue to appreciate in the future. At the same time, the daily two-way fluctuation range of the RMB-USD transaction price in the inter-bank spot foreign exchange market has expanded from 0.5% in April 2012 to 1%, and the exchange rate risks faced by enterprises are constantly increasing.
This newspaper has previously reported that 1,050 listed companies suffered exchange losses last year, with total losses as high as 2.472 billion yuan, and nearly 60% of companies faced exchange rate risks. Exchange rate fluctuations have been reflected in huge exchange losses, which have directly affected the operating conditions of listed companies. Especially since September last year, the RMB has appreciated significantly. Processing listed companies that own a large number of foreign currency monetary assets or export a large number of products have experienced Huge exchange losses.
China Railway Construction's exchange losses for the whole year of 2012 were as high as 193 million yuan, and MCC's exchange losses were as high as 166 million yuan. Home appliance companies that export a large number of products, such as Qingdao Haier and Midea, both suffered exchange losses of more than 50 million yuan. . However, correspondingly, some listed companies in my country have also obtained large exchange gains. The appreciation of the RMB has significantly reduced the purchase costs of imported items such as aircraft and aviation fuel. At the same time, a large amount of foreign debt denominated in US dollars will be significantly reduced. Therefore, aviation The company benefits greatly. According to the 2012 annual report, China Southern Airlines' net exchange income was 256 million yuan, Air China's net income was 119 million yuan, and China Eastern Airlines' net income was 148 million yuan.
It is reported that the current main hedging tool for enterprises is forward foreign exchange settlement and sales. At present, the foreign exchange forward trading volume in my country's inter-bank market is very small, and non-standard contracts, inquiry trading mechanisms and bilateral clearing The OTC market lacks sufficient liquidity. As the RMB exchange rate becomes more volatile, this may be difficult to meet the growing needs of enterprises for foreign exchange risk management.
Before launching risk instruments, you need to understand what exchange gains and losses are. To put it simply, exchange gains and losses are the result of exchange rate fluctuations, also known as exchange differences. When an enterprise conducts foreign currency transactions, exchange business, end-of-period account adjustments and foreign currency statement conversions, the difference is caused by using different currencies or different exchange rates of the same currency and converting them into the recording currency. Simply put, exchange gains and losses are the differences in accounting standard currency amounts caused by the adoption of different exchange rates during the accounting processing of various foreign currency businesses.
Foreign exchange futures implement matching transactions and central counterparty clearing, and adopt standardized contracts, which help to accumulate market liquidity and increase the depth of the foreign exchange derivatives market, thus serving the risk management needs of enterprises and promoting Unified interconnection and coordinated development of the on-site and off-site foreign exchange markets.