| In 2015,the people's bank of China set up the "closing rate + one basket currency exchange rate change" mechanism,and the RMB exchange rate formation mechanism was further improved.The previous unilateral appreciation exchange rate mechanism withdrew from the historical stage,and the RMB exchange rate formation mechanism began to adopt the two-way fluctuation mode.In May 2017,in order to moderately ease the pro-cyclical fluctuations of the market,the people's bank of China's foreign exchange market followed the market-oriented principle and adjusted the quotation model of the RMB exchange rate against the us dollar to become "closing price + exchange rate fluctuations of a basket of currencies + counter-cyclical factors".In January 2018,as China's cross-border capital flows and foreign exchange supply and demand gradually reach the equilibrium state of the international market,the quote bank of the central parity rate of the RMB against the us dollar adjusted the "counter-cyclical factor" to be neutral in time to adapt to the transactions in the foreign exchange market.In the second half of 2018,the foreign exchange market was affected by factors such as the us dollar index and trade friction,and there was a pro-cyclical behavior again.According to the judgment of the market situation,the quoted Banks actively adjust the "counter-cyclical coefficient" to keep the RMB exchange rate at a reasonable and balanced level.In such a foreign exchange environment,the possibility of listed companies suffering losses due to exchange rate fluctuations increases,especially for the operation of multinational companies.This makes the domestic enterprises,especially some frequent international trade enterprises must pay attention to such factors as the foreign exchange rate changes at any time,to guard against foreign exchange risk,combining the practical enterprise itself take certain measures to improve the foreign exchange risk management system,improve the ability of enterprises to guard against foreign exchange risk.The reason why Y company is selected as the research object is that,on the one hand,in recent years,Y company has been actively expanding its overseas business and constantly entering the international market,at the same time,it also faces great foreign exchange risks.Exchange rate fluctuations have also brought a lot of impact on the company's earnings,expanding the possibility of company losses.In particular,the exchange losses of companies in the same industry have increased significantly for three consecutive years,which leads to people's concern about the company's foreign exchange risk management ability.On the other hand,as a private company,company Y has grown from a small communications company to a large listed company with a global business.Compared with other companies in the same industry,some of its strategic plans formulated and implemented in recent years are typical and conform to the development environment of One Belt And One Road.Y company seized this opportunity to vigorously develop overseas business.For this reason,it has become one of the important tasks for the company to deal with the increasing foreign exchange risks.Starting from the current foreign exchange market environment of the company,this paper briefly introduces the basic situation of Y company.Then,starting from the management structure set up by Y company and the measures taken to deal with foreign exchange risks,it analyzes the foreign exchange risk management situation of the company in detail.From the perspective of operational strategy and financial strategy,the risk assessment of the company's foreign exchange risk and the effect evaluation of the implementation strategy are carried out,and the transaction risk,accounting risk and economic risk of company Y are mainly analyzed.Based on the above analysis,this paper summarizes the effective means and deficiencies of Y company in foreign exchange risk management when conducting overseas business,and finally puts forward some feasible Suggestions. |
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