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郑建明教授谈全球外汇市场格局,人民币汇率特征与外汇风险管理

编辑:方娇娇 黄会  摄影:覃露   时间:2016-05-17  点击数:

5月12日上午,对外经济贸易大学国际商学院教授、博士生导师郑建明在国际教育综合楼420室作题为“全球外汇市场格局,人民币汇率特征与外汇风险管理”讲座,ky棋牌娱乐官网常务副院长廖东声教授主持讲座。学院部分学生和商学院全体研究生聆听讲座。

On May 12th, professor and PhD supervisor of Business School of University of International Business and Economics Zheng Jianming made a lecture on Global Foreign Exchange Situation, Features of RMB Rate and Management of Foreign Rate Risk in Room 420 in International Education Complex Building. The Executive Dean of the College Liao Dongsheng presided over the lecture. Students of the College and all postgraduates of College of Business attended the lecture.

 

 

郑建明教授从时局判断进行导入,指出2015年为货币战开战之年,表现为瑞士法郎突涨、日币连跌、人民币突贬等;从市场微观结构、交易结构、币种结构、其他区分货币国际化程度的指标四个方面分析全球外汇市场格局。

Professor Zheng Jianming began his lecture with judgement of current situation, and made a point that the year 2015 was a year of currency war, in this year, price of the Swiss franc had a sudden increase, Japanese yen continously fell, and price of Chinese RMB had a sudden fall. He made analysis of global foreign exchange situation through microstructure of market, structure of deal, currency structure, and other indexes which discriminated degree of internationalization of currency.

 

郑教授分析指出当今国际货币的主导仍是美金,人民币在世界货币格局中虽比例极小,但有扩大趋势。在这样背景下,人民币的国际化的幕后推手是企业跨国资本运作在推动,企业面临更多外汇风险。他认为,2015年8月人民币突然贬值是传统贸易利益集团和新兴的金融利益集团博弈的结果,并以四大航遭遇“汇兑损失”主业下滑困局为例,从四大航的特征、汇兑亏损或利润减少的“贡献度”,人民币贬值对影响四大行业绩的异质性的角度进行了解读和剖析。

Professor Zheng stated that United States dollar still dominated the current international currency market, and Chinese RMB occupied small portion,but trended toward an expansion.Under this circumstance, it was the operation of international capital that promoted the internationalization of RMB, and corporations would meet more foreign rate risk. He thought that the sudden devaluation of RMB in August of 2015 was the consequence of the competition between traditional trade group and the newly emerging financial group. By taking examples of the Four Banks, Professor Zheng interpreted features of the Four Banks and contrubution of exchange loss and decrease of interest and ananlysed heterogeneity of the influence on achievements of the Four Banks due to devaluation of RMB.

 

郑教授结合实例,分析了外汇风险的类型,分为交易风险、折算风险和经济风险,运用实证分析提出外汇风险两大路径以及对外汇风险管理的适用性,并由此得出上市企业实施跨国经营时使用外汇衍生品能一定程度上降低外汇风险。

Professor Zheng took examples to analyze types of foreign exchange risk, they were deal risk, conversion risk, and economic risk. He proposed two ways of foreign exchange risk and applicability of management of foreign exchange risk, and drew a conclusion that the listed enterprises can use foreign exchange derivative to decrease foreign exchange risk when implementing the multinational management.

 

商学院2015级马克思主义经济理论与应用专业硕士研究生孙李傲同学表示“郑老师结合自己在商务部实战经验为大家讲解了人民币国际化的作用,给我留下深刻的印象”。

Sun Liao, a postgraduate of Collegeof Business said that Zheng’s lecture impressed him much a lot by his interpretation of the internationalization of RMB.

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