2. The principle of management diversification. The business scope, business characteristics and management style of each economic entity are different, so each economic entity should find the foreign exchange risk tactics and specific management methods that are most suitable for its own risk situation and management needs. In fact, no foreign exchange risk management method can completely eliminate foreign exchange risk. Therefore, when choosing risk management methods, we need to consider many factors such as enterprise development strategy, relevant foreign exchange management policies, and the scale structure of risk positions. It is not appropriate to adopt only one risk management method for a long time.
3. The principle of maximizing income. Under the premise of ensuring the realization of risk management objectives, the starting point and the end result of risk management is to pursue maximum benefits at the lowest cost. Therefore, the economic subject must choose the method with the best effect and the lowest cost according to the actual situation and its own financial affordability. 1. Strengthen account management and actively adjust assets and liabilities. Assets and liabilities expressed in foreign currencies are easily affected by exchange rate fluctuations. Asset-liability adjustment is to rearrange or convert these accounts into currencies that are most likely to maintain their own value or even increase their value.
2. 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.
3. Add currency hedging clauses to the contract. There are many kinds of currency hedging clauses, and there is no fixed model. But no matter what hedging method is adopted, as long as both parties agree, the purpose of hedging can be achieved. The main ways of currency preservation are gold preservation, hard currency preservation and "basket" currency preservation, and most of the contracts use hard currency preservation clauses.
4. Share risks through agreement. According to the signed agreement, both parties to the transaction can determine the basic price and exchange rate of the product, determine the range of exchange rate change and the proportion of exchange rate change risk shared by both parties, and adjust the basic price of the product through consultation as appropriate.
5. 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. Therefore, we should be good at grasping the opportunity and flexibly grasp the time of receipt and payment according to the actual situation. 1. Application of financial derivatives
(1) Reasonable application of forward foreign exchange transactions. Forward foreign exchange contracts are usually irrevocable, which is a tool to protect income and cash flow. The key to adopting this hedging tool is the expectation of future exchange rate. If the actual exchange rate changes are inconsistent with expectations, it will lock in the risk, but it will also lose its due income. Therefore, this hedging tool is often used in conservative management strategies.
(2) Rational use of foreign exchange futures. Forex futures trading's choice also depends on exchange rate expectation and credit risk, but futures has a unique margin system, which is the lever of gains and losses, and neither limits risks nor gains.
(3) Reasonable use of foreign exchange options trading. From the perspective of avoiding foreign exchange risks, foreign exchange options are an extension of foreign exchange forward contracts and foreign exchange futures. The difference is that they have the option, and the option buyer can give up the performance, so as to obtain unlimited income with the change of market conditions. Considering that foreign exchange delivery is usually carried out under extremely unfavorable circumstances, banks will increase transaction costs accordingly. Therefore, when trading options, the uncertain time in the future should be shortened as much as possible to obtain a more favorable forward exchange rate.
(4) Reasonable use of swap transactions. In currency swap transactions, because the exchange rate is predetermined, traders do not have to bear the risk of exchange rate fluctuations, so they can play a hedging role. The exchange rate of currency swap is agreed by both parties, and the term of swap transaction is often longer, so it is more concise than futures and forward contracts in avoiding forward foreign exchange risks. Swap trading is one of the most effective financial tools to reduce long-term financing costs and prevent interest rate and exchange rate risks.
2. The use of derivative financial instruments to avoid risks should adhere to the principle of prudence. Various hedging measures have their own advantages and disadvantages, and economic entities should carefully choose hedging tools according to their own business needs.
First of all, avoiding the risk of foreign exchange trading requires corresponding management costs. Therefore, the relationship among management cost, risk reward and risk loss should be accurately accounted. Secondly, it should be considered comprehensively to reduce or eliminate the risk of foreign exchange trading by offsetting the exposure of monetary funds under different projects as much as possible. Finally, there are many ways to prevent foreign exchange trading risks, and the effects are different. Economic entities should choose a reasonable hedging scheme according to their own conditions.