1. Hard currency hedging. This practice is clearly stipulated in the contract that it is denominated in hard currency and paid in soft currency, and the exchange rates of the two currencies at that time are indicated. If the exchange rate of soft currency falls in the future payment, it needs to be adjusted appropriately so that its amount can still be converted into hard currency in the contract. For example, in an export contract of an enterprise, the payment for goods is 50 million yen, and it is agreed that the other party will pay in US dollars. At that time, the exchange rate of Japanese yen against the US dollar was 250: 1, which was converted into US$ 200,000. At the time of payment, the exchange rate between Japanese yen and US dollar was 200: L, so the original contract of $200,000 was adjusted to $250,000, and it was still changed to 50 million yen. Obviously, the preservation of hard currency is to fix the amount of hard currency that should be received, which is not affected by the exchange rate changes of the payment currency. Therefore, the creditor has not suffered, but the debtor has increased the burden.

2. A basket of currencies. A "basket" of currencies is a variety of currencies, including various freely convertible currencies, special drawing rights and European monetary units. To adopt this method, we must first determine. How many currencies are a "basket" currency, and determine the proportion of each currency, and then determine the exchange rate between the payment currency and the "basket" currency when concluding the contract. This hedging method basically conforms to the principle of hard currency hedging. However, due to the fluctuation of several "basket" currencies, the exchange rate risk is dispersed and the foreign exchange risk can be effectively avoided. At present, special drawing rights are used in international payment, especially in some long-term contracts. And European monetary units. , is widely used.

3. Use export credit. If an enterprise has foreign exchange receivable for export, it can borrow a loan with the same currency, amount and term as the forward foreign exchange income from the bank, immediately sell it in the foreign exchange market, and repay the bank loan with the money paid by the other party. Because for export enterprises, foreign exchange accounts receivable and foreign exchange liabilities are equivalent, even if the exchange rate changes in the future, losses and gains will always be equivalent, and will not be affected by exchange rate risks.

Another export credit is forfaiting transaction. It is a financing method that the exporter discounts the time draft accepted by the importer with a term of more than half a year to the bank where the exporter is located without recourse in order to obtain cash in advance in the large-scale equipment transaction with deferred payment. The so-called no coercive power, the upcoming bill refund has nothing to do with the exporter, and the bill discounted by the exporter is a buyout behavior. In this way, the risk of bill dishonor (that is, the debtor's credit risk) and exchange rate risk are passed on to the bank that discounted the bill.

4. Exchange currency or interest rate. Currency exchange means that two independent fundraisers exchange debts with the same value and the same term, but with different currencies and interest rates or the same interest rate. The purpose is to avoid the risk of currency exchange rate in fund-raising and meet the actual demand of fund-raisers for currency.

Currency exchange is generally dominated by banks. Because it is easy for banks to find the objects that need to be exchanged, it is also easy to know the credibility of both parties and the exchange rates of various currencies. Generally, two currency swap contracts are signed for currency swap, one is spot swap contract. The other is a forward swap contract. Through spot swap contracts, each party obtains the required currency. Through the forward swap contract, the currency will be exchanged back, so that both parties can repay their debts separately. The term of a forward swap contract usually coincides with the debt repayment period.

The so-called interest rate swap means that two fund raisers borrow loans with the same currency, quantity and term according to their respective financing channels, but the interest-bearing methods are different, generally referring to the difference between the fixed interest rate and the floating interest rate, and then exchange interest rates directly through an intermediary or both parties to obtain a lower fixed interest rate. The two sides of interest rate swap generally refer to banks and enterprises, banks and banks or enterprises and enterprises. For example, an enterprise raises a sum of Japanese yen funds from Japan for a period of three years, and its interest rate is calculated on a monthly basis, that is, the Japanese interbank lending rate. In order to fix the financing cost and prevent interest rate risk, the enterprise signed a three-year interest rate swap contract with a bank: the bank paid the enterprise one month's interest at the Japanese Interbank Offered Rate, and the enterprise paid the bank at the rate of 15% every month. In this way, the loan interest rate of the enterprise is fixed at the monthly interest rate 15%, and the risk of fluctuation of the interbank lending rate in Japan is borne by that bank.