RMB Exchange Rate Hedging Strategy After Exchange Rate Reform In 2015

After "811 exchange reform",the RMB exchange rate trend mutation,the unilateral strengthening of the RMB market which lasting ten years ended.In the new situation,the RMB exchange rate has not only entered a two-way fluctuation trend,but also began to be affected by foreign economic and political conditions.In order to avoid the risks caused by exchange rate fluctuations,the concept of value preservation and the strategy of maintaining the value of enterprise customers need to change accordingly.This article begins with the introduction of exchange rate system evolution,combined with previous research on exchange rate hedging,discusses the current situation of exchange rate and prospects of enterprise customers,laying the groundwork for the design of hedging strategy.In the design part of the hedging strategy,this paper presents the current situation of domestic commercial banks commonly used hedging strategy,and theoretically analyses the characteristics and applicable scope of various hedging strategies,then measures the historical price of these hedging strategies using the historical price data from Thomson Reuters.By comparing the market price of different strategies at maturity,we compare the profit and loss situation of different strategies,and analyze the optimal hedging strategies under different exchange rates.Through data analysis,we can find that different hedging strategies are applicable to different market environments.A reasonable choice of hedging strategy can allow enterprises to avoid the risk of exposure,and through the judgment of the market,to obtain better value for inflation.Even if the judgment mistake,the enterprise pays the maintenance cost is also very limited,will not experience the unbearable loss,finally achieves the proof value the effect.At present,the domestic exchange rate maintenance is at the initial stage.Because of the immaturity of the concept of value preservation,China has gone through some detours on this issue.At present,China still has a lot of room for development in the field of foreign exchange protection,and we believe that under the guidance of the government,it will become increasingly mature.