評(píng)論
打印
New Words
新單詞
hedging n.
套期保值
broker n.
經(jīng)紀(jì)人
purchase v.
購(gòu)買
consignment n.
一批貨物
starch n.
淀粉
futures n.
期貨
Phrases & Expressions
短語(yǔ)
senior executive
高級(jí)職員
grain exchange
谷物交易所
anticipatory hedging
預(yù)期性套期保值
cash market
現(xiàn)貨市場(chǎng)
sell short
賣空
buy long
買空
CIF (cost, insurance and freight )
到岸價(jià)
L:Excuse me, sir. I come here to meet Mr. Kent.
蘭：請(qǐng)?jiān)彛壬Ｎ艺铱咸叵壬?/div>
K:It is me. Are you Mr. Landor?
肯：我就是我，您是蘭道先生吧？
L:Yes, I am Landor.
蘭：是的，我是蘭道。
K:Good morning. My secretary told me you would come this morning.
肯：早上好，我的秘書(shū)對(duì)我說(shuō)你今天早上會(huì)來(lái)。
L:Good morning. I have got something to consult with you.
蘭：早上好，我有點(diǎn)兒事向您咨詢。/
K:Yes?
肯：什么事？
L:Our company is going to purchase 50 000 tons of corn from America on August 20th and the CIF is 15 000 American dollars per ton.
蘭：我們公司在8月20日將要從美國(guó)購(gòu)買5萬(wàn)噸玉米，它的岸價(jià)是每噸15000美元，
40 000 of the consignment have been ordered by a feed processing plant and a corn starch plant,
其中4萬(wàn)噸已被飼料加工公司和玉米淀粉公司預(yù)定了。
but we have not yet found a buyer for the rest.
但剩下的1萬(wàn)噸還未找到買主。
The problem is that the cargo will not arrive here from America until 45 days after the purchasing time.
問(wèn)題是這批貨物離開(kāi)美國(guó)后要45天才能到達(dá)這里。
K:And you are afraid that if the corn price drops in 45 days,
肯：你擔(dān)心如果45天后玉米價(jià)下跌的話，
you will suffer a loss in selling the remaining 10 000 tons of corn.
你們?cè)阡N售額下的1萬(wàn)噸玉米的時(shí)候，會(huì)蒙受損失。
L:Yes. I heard there is a method against the risk on the futures market.
蘭：是的。我聽(tīng)說(shuō)期貨市場(chǎng)上有一種方法可以避免這種風(fēng)險(xiǎn)。
K:Yes. We call it hedging. There are several kinds of hedging and anticipatory hedging just suits your situation.
肯：是的，這種方法就叫套期保值。套期保值有好幾種，其中預(yù)期性套期保值剛好適合你這種情況。
L:How should I do the hedging?
蘭：我該怎么做這種套期保值呢？
K:When you buy the corn the cash market,
肯：當(dāng)你在現(xiàn)貨市場(chǎng)上買入玉米時(shí)，
you can sell short a futures contract of the same amount corn on the futures market in anticipation of the corn price's falling.
你同時(shí)在期貨的市場(chǎng)上賣出一張同等數(shù)量玉米的期貨合同，因?yàn)槟泐A(yù)測(cè)玉米價(jià)格將會(huì)下降。
L:Is that what is called "taking a position", selling a parcel for forward delivery but waiting for the price to go down before actual buying.
蘭：這是不是就是所謂的“買空賣空”的賣空，賣出一張貨物合同，然后等待玉米價(jià)格下跌時(shí)再買入，這時(shí)可賺差價(jià)?
K:Yes. The opposite action is called "buying long".
肯：是的，賣空的相反做法是買空。
When 45 days later,on October 1st, if corn price actually goes down, say, to 13 000 American dollars per ton,
這樣45天以后，也就是10月1日，如果玉米價(jià)格真的下跌，比如說(shuō)跌到每噸13000美元，
you will get a profit of 2 000 Amercan dollars per ton on the futures market.
那么你在期貨市場(chǎng)平倉(cāng)后可得到每噸2 000美元的獲利，
This will make up your loss on the cash market.
這剛好可以彌補(bǔ)你在現(xiàn)貨市場(chǎng)上交易的虧空。
In this way you can successfully control your risk on the foreign trade.
這樣，你就成功地控制了你在這宗外貿(mào)生意上的風(fēng)險(xiǎn)。
L:I see.
蘭：我明白了。
K:Since you have to use American dollars to pay for the corn,
肯：因?yàn)槟惚仨氂妹涝Ц哆@批玉米。
it is also necessary to do a hedging on foreign currencies.
所以就涉及到外匯問(wèn)題，有必要再做外匯套期保值。
L:Thank you very much.
蘭：非常感謝您。
K:You are welcome. See you later.
肯：不客氣，再見(jiàn)。
L:See you.
蘭：再見(jiàn)。
