Transaction risk is the risk of outstanding creditor's rights and debts in foreign exchange settlement after exchange rate changes. These creditor's rights and debts occurred before the exchange rate changes, and were only liquidated after the exchange rate changes.

The management methods of transaction risk mainly include:

1. Choose favorable pricing currency and use soft currency flexibly. The size of foreign exchange risk is closely related to foreign currency, and the foreign exchange risk is different in different payment currencies. In foreign exchange receipts and payments, in principle, we should strive to receive foreign exchange in hard currency and pay foreign exchange in soft currency.

2. Add currency hedging clauses to the contract. The main ways of currency preservation are gold preservation, hard currency preservation and "basket" currency preservation. At present, hard currency preservation clauses are mostly used in contracts.

3. Price adjustment and hedging

Price adjustment and value preservation include price increase and price decrease. In international trade, it is an ideal choice to export and import soft coins. In some cases, exports have to accept soft coins, while imports are forced to use coins. At this time, the method of price adjustment and hedging can be adopted, that is, export price increases and import price decreases.

4. According to the actual situation, flexibly grasp the time of receipt and payment. In the rapidly changing international foreign exchange market, the advance or delay of foreign exchange collection and payment will have different benefits for economic entities.

5. Loan-spot transaction-investment method (BSI). BSI can be used to prevent the risks of foreign exchange accounts receivable and foreign exchange accounts payable, which is a way to completely eliminate foreign exchange risks. The specific operation method is: if an enterprise has foreign currency debt receivable, in order to reduce the losses caused by exchange rate fluctuations, it should first borrow foreign currency equivalent to the foreign currency receivable from the bank to eliminate the time risk, then trade the foreign currency into RMB on spot to eliminate the value risk, and then invest in RMB to balance the loan interest and other expenses with the investment income. Foreign currency receivable should be returned to the bank in the form of foreign exchange upon arrival.

6. Advance payment-spot transaction-investment method (LSI). The basic principle of LSI is basically the same as BSI method, except that the first step is to change from bank loan to advance payment.

7. Forfaiting business. It is a non-recourse export bill discount business, which means that merchants and employers buy accepted long-term bills or promissory notes from exporters without recourse, usually with the guarantee of the importer's bank.

8. Matching method. It refers to the method of creating reverse capital flow in the same currency, amount, term and direction as the risk to offset the currency risk. For example, in the transaction risk case mentioned in the first part, in order to avoid the loss of the depreciation of the US dollar after 6 months, the enterprise can arrange to import a batch of raw materials worth 2 million US dollars after 6 months.

9. Financial Law. Refers to the use of certain foreign exchange transactions to avoid foreign exchange risks.

(1) spot contract law.

Refers to the method by which a company with foreign exchange creditor's rights or debts recently signs a spot contract with a foreign exchange bank to sell or buy foreign exchange, so as to eliminate foreign exchange risks. Spot trading needs to realize the reverse flow of funds and prevent foreign exchange risks. Enterprises should sell the corresponding foreign exchange positions if they have export receipts in the near future; If there is import payment in the near future, the enterprise should purchase the corresponding spot foreign exchange.

(2) Forward Contract Law.

Refers to the method by which companies with foreign exchange claims or debts sign contracts with banks to sell or buy forward foreign exchange to eliminate foreign exchange risks.

The specific method is: after signing the trade contract, the exporter sells the contract amount and currency forward in advance at the then forward exchange rate, and then delivers the goods at the original exchange rate when receiving the payment. The importer purchases the required foreign exchange forward in advance, and the payment is made at the original exchange rate. This method can realize the risk write-off of two currencies within the specified time, and at the same time, it can eliminate the time risk and value risk.

(3) Futures Trading Contract Law.

Refers to the method by which companies holding forward foreign exchange debts or bonds entrust banks or brokers to buy or sell corresponding foreign exchange futures to eliminate foreign exchange risks. This method mainly includes: ① "long hedging"; 2 "short hedging".

(4) Option contract law.

Option contract law can make any choice according to the change of market exchange rate, that is, it can be fulfilled or not. Maximum loss of option fee. The specific ways for importers and exporters to apply option contract law are as follows: ① Importers should buy call options; ② Exporters should buy put options.

(5) Exchange Contract Law.

It refers to a way that a company with forward debt or creditor's rights signs a contract with a bank to sell or buy spot foreign exchange, and then buys or sells the corresponding forward foreign exchange to prevent risks. In swap transactions, the currency and amount of the two foreign exchange transactions are the same, but the transaction direction is opposite and the delivery date is different. This kind of transaction is common in preventing foreign exchange risks in short-term investment or short-term lending business.

(6) Interest rate swap.

There are two forms: one is interest rate swap with different maturities, and the other is interest rate swap in different ways (usually fixed interest rate and floating interest rate). Reduce financing costs and risks through swaps.

(2) translation risk management

The basic idea of eliminating the conversion risk management is to eliminate the conversion risk of the parent company's currency and the transaction risk of the subsidiary's local currency. Generally speaking, the conversion risk is controlled by the ratio of assets to liabilities.

(C) the management of economic risks

Economic risk involves all aspects of the production and operation of enterprises such as raw material supply, production and sales, and the management of economic risk requires the decision-making level to be direct. The following methods can be adopted:

1. The international trade business is diversified. In the international market, it is the basic strategy to prevent foreign exchange risks by distributing goods and importing raw materials through multiple channels. It can offset the risks caused by the difference in commodity prices in different markets when the exchange rate fluctuates.

2. Financial diversification refers to the diversification of financing and investment in different financial markets.