Research Of Enterprises To Evade Exchange Rate Risk After Exchange Rate Reform

For the economic globalization,the aggravation of the two-way fluctuation of RMB exchange rate makes it more difficult to predict the exchange rate of foreign-related enterprises and increase the exchange rate risk of foreign-related enterprises.How to avoid the exchange rate risk effectively and reduce the impact of exchange rate fluctuation on their production and operation is significant for the sustainable development of foreign-related enterprises.Before the exchange rate reform,many enterprises have to adapt to the appreciation of the RMB gradually and take a variety of measures to avoid exchange rate risks.After the exchange rate reform,due to the increasing in the two-way fluctuation of the RMB exchange rate,there are some new risks,challenges and tools.This research mainly investigates the specific cases of Z company in how to avoid exchange rate risk,and also combines the relevant theoretical knowledge of economics,international trade and international finance.Comparing the purpose and effect of different means of avoidance which used by Z company before and after the exchange rate reform to evaluate the effect of derivatives tools used by Z company.After comparing and analyzing forward lock-in,import collateral,lock-in under different exchange rate risks and the feasibility and effect of foreign exchange options and foreign exchange swapsand forward,which are used by foreign-related enterprises.Through empirical analysis,it is found that exchange rate fluctuations have a significant impact on exchange gains and losses.Foreign enterprises can choose a more appropriate means of circumvention through comparative analysis.