Analyze On Foreign Exchange Rate From The Underlying Assets Of Rmb To Exchange Option And The Design Of Theoption Product

Begin with the exchange rate reform in July 2005 as a starting point to March 2015, the appreciation of the RMB against the dollar has reached nearly 32%, meanwhile, the dollar and the RMB exchange rate volatility of two-way floating also began to appear in 2011 for the first time appeared in Hong Kong fully market-oriented non-deliverable offshore yuan against the dollar market, therefore, the risk not only strengthen the yuan’s exchange rate against the dollar and change direction more mysterious. And because of the existence of exchange rate risk, foreign enterprises in China is also facing unprecedented pressure of foreign exchange risk, the traditional forward to written already risk can only be locked in a bit, the only options can be done to keep the exchange rate risk locked within a certain range, so to explore the application of the yuan currency options is very practical value.RMB currency options are 2011 new foreign exchange derivatives in our country, because our country foreign exchange market the development of financial derivatives in the initial stage, so the RMB currency options products development is faced with strong regulation, less product variety, inadequate market, pricing is not fair. Among them, the core of the issues hampering the RMB currency options use is its pricing is not fair, which hindered the hedging of companies will want to use a lot of really. Main methods of this article is based on the analysis of the yuan against the dollar exchange rate fluctuations, will be on July 22, 2005 to March 10, 2015 of the yuan against the dollar exchange rate data, pursuant to the volatility of the policy is different, divided into four time interval, at the same time, the Hong Kong yuan non-deliverable forwards also analyzed according to divide the same way, the synergistic effect of the change rule. In product design, for example, exchange rate risk facing the enterprises in the future, no matter from the breadth and depth, making detailed elaboration, so as to realize in view of the enterprise how to use the derivatives of RMB currency options to achieve the purpose of hedging.