套期保值策略與風(fēng)險管理(文件)
【正文】 ve impact on the pany. Future Transaction Risk: Future foreign currency transactions creating assets or liabilities are subject to an unfavorable movement in the foreign currency exchange rate, which would have a negative impact on the pany. Speculative Risk: Management may believe that current foreign currency exchange rates will move in a predictable direction that will have a positive impact on the pany. Under adequate authorization and with an aim to limit the potential loss, certain speculative foreign currency trading may be approved by the Board. 21 保值政策－示例 32 Policies The Board of Directors will approve the following policies for managing foreign currency risk exposure: Balance Sheet Foreign Currency Exposure (existing balance sheet amounts) Management will review at least monthly the current exposure to foreign currencies for assets and liabilities on the balance sheet and determine the exposure. Management will hedge out a minimum of 75% of the foreign exposures (assets less liabilities) on those occasions where the exposure exceeds $50,000 USD [or an amount in the reporting currency]. Anticipated Future Foreign Currency Cash Flows At minimum, management will prepare and update forecasted future foreign currency cash flows (for example, sales to foreign locations or imports). Management will hedge out a minimum of 50% of the highly probable forecasted future foreign currency cash flow, on those occasions where the exposure exceeds at least $200,000 USD [or an amount in the reporting currency]. Speculative Trading Management may determine there are investment opportunities in potentially favorable foreign currency changes, although it must keep in mind that certain risks or certain costs are associated with speculative foreign currency trading. Management may enter into speculative trading such that the maximum cumulative loss that the pany will experience in any financial quarter will not exceed $15,000 USD [or an amount in the reporting currency]. 22 保值政策－示例 33 Reporting Management will prepare quarterly reports for the Board on the foreign currency exposure for balance sheets, anticipated cash flows, and speculative trading. These reports will include a summary of the results of the hedge trading over the quarter. Counterparty Risk (For a US example) USbased counterparties must have either a single A credit rating from a major credit rating agency or a minimum of $50 million in Excess Regulatory Capital, as defined in monthly reports to
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