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日益擴(kuò)大的人民幣貿(mào)易結(jié)算和不斷下跌的歐元，導(dǎo)致跨國(guó)企業(yè)和投資者在這個(gè)貨幣對(duì)上的對(duì)沖操作急劇增多,。
匯豐(HSBC)估計(jì),，隨著歐洲企業(yè)客戶和基金經(jīng)理越來越多地考慮管理其人民幣敞口,，歐元/人民幣期權(quán)的日交易額已從今年初的約1億歐元增至至少3億歐元。該行表示,，在繁忙的交易日,，這一數(shù)字可能高達(dá)6億歐元。
盡管人們對(duì)該市場(chǎng)規(guī)模的估計(jì)各不相同,，但市場(chǎng)參與者認(rèn)為,，其規(guī)模今年已大幅擴(kuò)大，這在很大程度上是受歐洲企業(yè)需求的推動(dòng),。
匯豐亞洲外匯期權(quán)交易主管安德魯•夏基(Andrew Sharkey)表示：“越來越多的企業(yè)用人民幣進(jìn)行貿(mào)易結(jié)算，它們未必想通過美元兌換。它們想直接兌換,。”匯豐是該市場(chǎng)最大的參與者之一,。
他補(bǔ)充稱，今年人民幣期權(quán)（尤其是歐元/人民幣期權(quán)）交易額的不斷增長(zhǎng)是“驚人”的,。
外匯期權(quán)產(chǎn)品使得企業(yè)能夠通過購(gòu)買在固定期限內(nèi)以約定價(jià)格買入或賣出一種貨幣的權(quán)利,，來降低風(fēng)險(xiǎn)。在離岸人民幣市場(chǎng),，這些合約的期限通常是6至12個(gè)月,。
對(duì)沖操作增多的同時(shí)，人民幣的雙向波動(dòng)也有所增多,。今年,，人民幣匯率曾大幅下跌，人民幣兌美元曾在幾周內(nèi)最多下跌3.8%,。
盡管相對(duì)于其他新興市場(chǎng)貨幣的跌幅,，人民幣的跌幅較小，但它卻是多年來人民幣匯率出現(xiàn)的最大幅度的下跌,。在經(jīng)歷多年緩慢但穩(wěn)定的升值之后,，人民幣的這輪貶值讓很多投資者和企業(yè)措手不及。
最近,，人民幣匯率有所反彈,，歐元匯率卻大幅下跌，原因是歐洲央行(ECB)已采取措施放松歐元區(qū)的貨幣政策,。
在歐元/人民幣期權(quán)交易增多之前,，各國(guó)在對(duì)華貿(mào)易中使用人民幣結(jié)算的勢(shì)頭穩(wěn)步增強(qiáng)，歐元區(qū)國(guó)家尤其如此,。
在華擁有很大銷售額的歐洲企業(yè),，一直在對(duì)沖人民幣敞口方面表現(xiàn)得最為積極。
渣打(Standard Chartered)大中華區(qū)外匯,、利率和信用交易主管馮思果(Charles Feng)表示,，歐洲企業(yè)使用人民幣進(jìn)行貿(mào)易結(jié)算的興趣“迅速升溫”，對(duì)期權(quán)市場(chǎng)的活動(dòng)起到了推波助瀾的作用,。
“歐元走軟促使企業(yè)客戶加快了對(duì)沖的腳步,，”他表示，“隨著企業(yè)對(duì)離岸人民幣市場(chǎng)的深度和流動(dòng)性有了更清楚的認(rèn)識(shí),，它們正在更頻繁地使用人民幣,，涉及的金額也更大。”
其他幣種（例如日元和英鎊）兌人民幣的期權(quán)交易也在增多,，這一方面是受人民幣今年遭大幅拋售推動(dòng),，另一方面是受美元?jiǎng)蓊^強(qiáng)勁推動(dòng)。(更多精彩資訊請(qǐng)點(diǎn)擊中國(guó)進(jìn)出口網(wǎng)）
Rising renminbi trade settlement and a sliding euro are fuelling a surge in hedging between the two currencies by both multinationals and investors.
Daily trading volume in euro-renminbi options has risen from about 100m at the start of the year to at least 300m, according to estimates from HSBC, as European corporate clients and fund managers increasingly look to manage their exposure to the Chinese currency. On busy days, that figure could rise as high as 600m, the bank said.
While estimates vary on the size of the market, those involved agree that it has grown significantly this year, driven largely by demand from European companies.
“As more and more corporates have trade settlement in renminbi, they don’t necessarily want to go through the dollar. They want the direct conversion,” said Andrew Sharkey, head of FX options trading in Asia for HSBC, one of the biggest participants in the market.
Growing turnover in renminbi options trading this year – particularly against the euro – had been “phenomenal”, he added.
FX options products allow companies to reduce risk by buying the right to buy or sell a currency during a fixed period and at an agreed price. These contracts typically run for six to 12 months in the offshore renminbi market.
The pick-up in hedging coincides with an increase in two-way volatility in the renminbi. This year the renminbi experienced a sharp slide, during which it lost as much as 3.8 per cent against the US dollar in a few weeks.
Though small compared with other emerging market currency drops, the move was the biggest for the renminbi in years, and caught many investors and companies off-guard after years of a slow but steady climb for the Chinese currency.
More recently the renminbi has been bouncing back, while the euro has been weakening significantly as the European Central Bank has taken steps to ease policy in the currency bloc.
The rise of euro-renminbi options trading follows a steady increase in the use of the currency to settle goods traded with China, especially within the eurozone.
European companies with large sales in China have been among the most active in hedging their exposure to the renminbi.
Charles Feng, head of FX, rates and credit trading for Greater China at Standard Chartered, said interest from European companies in using renminbi to settle trade was “growing rapidly”, fuelling activity in the options market.
“The weaker euro has attracted corporate clients to speed up their hedging,” he said. “As corporates become more aware of the depth and the liquidity in the offshore renminbi market, they are using it more frequently and in greater size.”
Options trading against the renminbi in other currencies – such as the Japanese yen and sterling – has also been rising, prompted in part by the steep sell-off in the Chinese currency this year but also by the strength of the US dollar.
匯豐(HSBC)估計(jì),，隨著歐洲企業(yè)客戶和基金經(jīng)理越來越多地考慮管理其人民幣敞口,，歐元/人民幣期權(quán)的日交易額已從今年初的約1億歐元增至至少3億歐元。該行表示,，在繁忙的交易日,，這一數(shù)字可能高達(dá)6億歐元。
盡管人們對(duì)該市場(chǎng)規(guī)模的估計(jì)各不相同,，但市場(chǎng)參與者認(rèn)為,，其規(guī)模今年已大幅擴(kuò)大，這在很大程度上是受歐洲企業(yè)需求的推動(dòng),。
匯豐亞洲外匯期權(quán)交易主管安德魯•夏基(Andrew Sharkey)表示：“越來越多的企業(yè)用人民幣進(jìn)行貿(mào)易結(jié)算，它們未必想通過美元兌換。它們想直接兌換,。”匯豐是該市場(chǎng)最大的參與者之一,。
他補(bǔ)充稱，今年人民幣期權(quán)（尤其是歐元/人民幣期權(quán)）交易額的不斷增長(zhǎng)是“驚人”的,。
外匯期權(quán)產(chǎn)品使得企業(yè)能夠通過購(gòu)買在固定期限內(nèi)以約定價(jià)格買入或賣出一種貨幣的權(quán)利,，來降低風(fēng)險(xiǎn)。在離岸人民幣市場(chǎng),，這些合約的期限通常是6至12個(gè)月,。
對(duì)沖操作增多的同時(shí)，人民幣的雙向波動(dòng)也有所增多,。今年,，人民幣匯率曾大幅下跌，人民幣兌美元曾在幾周內(nèi)最多下跌3.8%,。
盡管相對(duì)于其他新興市場(chǎng)貨幣的跌幅,，人民幣的跌幅較小，但它卻是多年來人民幣匯率出現(xiàn)的最大幅度的下跌,。在經(jīng)歷多年緩慢但穩(wěn)定的升值之后,，人民幣的這輪貶值讓很多投資者和企業(yè)措手不及。
最近,，人民幣匯率有所反彈,，歐元匯率卻大幅下跌，原因是歐洲央行(ECB)已采取措施放松歐元區(qū)的貨幣政策,。
在歐元/人民幣期權(quán)交易增多之前,，各國(guó)在對(duì)華貿(mào)易中使用人民幣結(jié)算的勢(shì)頭穩(wěn)步增強(qiáng)，歐元區(qū)國(guó)家尤其如此,。
在華擁有很大銷售額的歐洲企業(yè),，一直在對(duì)沖人民幣敞口方面表現(xiàn)得最為積極。
渣打(Standard Chartered)大中華區(qū)外匯,、利率和信用交易主管馮思果(Charles Feng)表示,，歐洲企業(yè)使用人民幣進(jìn)行貿(mào)易結(jié)算的興趣“迅速升溫”，對(duì)期權(quán)市場(chǎng)的活動(dòng)起到了推波助瀾的作用,。
“歐元走軟促使企業(yè)客戶加快了對(duì)沖的腳步,，”他表示，“隨著企業(yè)對(duì)離岸人民幣市場(chǎng)的深度和流動(dòng)性有了更清楚的認(rèn)識(shí),，它們正在更頻繁地使用人民幣,，涉及的金額也更大。”
其他幣種（例如日元和英鎊）兌人民幣的期權(quán)交易也在增多,，這一方面是受人民幣今年遭大幅拋售推動(dòng),，另一方面是受美元?jiǎng)蓊^強(qiáng)勁推動(dòng)。(更多精彩資訊請(qǐng)點(diǎn)擊中國(guó)進(jìn)出口網(wǎng)）
Rising renminbi trade settlement and a sliding euro are fuelling a surge in hedging between the two currencies by both multinationals and investors.
Daily trading volume in euro-renminbi options has risen from about 100m at the start of the year to at least 300m, according to estimates from HSBC, as European corporate clients and fund managers increasingly look to manage their exposure to the Chinese currency. On busy days, that figure could rise as high as 600m, the bank said.
While estimates vary on the size of the market, those involved agree that it has grown significantly this year, driven largely by demand from European companies.
“As more and more corporates have trade settlement in renminbi, they don’t necessarily want to go through the dollar. They want the direct conversion,” said Andrew Sharkey, head of FX options trading in Asia for HSBC, one of the biggest participants in the market.
Growing turnover in renminbi options trading this year – particularly against the euro – had been “phenomenal”, he added.
FX options products allow companies to reduce risk by buying the right to buy or sell a currency during a fixed period and at an agreed price. These contracts typically run for six to 12 months in the offshore renminbi market.
The pick-up in hedging coincides with an increase in two-way volatility in the renminbi. This year the renminbi experienced a sharp slide, during which it lost as much as 3.8 per cent against the US dollar in a few weeks.
Though small compared with other emerging market currency drops, the move was the biggest for the renminbi in years, and caught many investors and companies off-guard after years of a slow but steady climb for the Chinese currency.
More recently the renminbi has been bouncing back, while the euro has been weakening significantly as the European Central Bank has taken steps to ease policy in the currency bloc.
The rise of euro-renminbi options trading follows a steady increase in the use of the currency to settle goods traded with China, especially within the eurozone.
European companies with large sales in China have been among the most active in hedging their exposure to the renminbi.
Charles Feng, head of FX, rates and credit trading for Greater China at Standard Chartered, said interest from European companies in using renminbi to settle trade was “growing rapidly”, fuelling activity in the options market.
“The weaker euro has attracted corporate clients to speed up their hedging,” he said. “As corporates become more aware of the depth and the liquidity in the offshore renminbi market, they are using it more frequently and in greater size.”
Options trading against the renminbi in other currencies – such as the Japanese yen and sterling – has also been rising, prompted in part by the steep sell-off in the Chinese currency this year but also by the strength of the US dollar.
