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Foreign Exchange Risk 文章翻译

Foreign Exchange Risk

Have the big U.S. bank holding companies exposed themselves to excessive foreign exchange risk? Has their use of foreign exchange contracts contributed to their exposure? And what about the big Japanese banks --- are they similarly exposed? In the wake of new international agreements to regulate the banks' risks, these questions have become increasingly important. This Economic Letter addresses these questions by considering the sources of foreign exchange exposure and the appropriate methods for measuring it. Drawing on the results of a formal study of these issues, it concludes that U.S. and Japanese banking institutions, by and large, have insulated themselves against excessive foreign exchange risk.

Sources of foreign exchange risk

Foreign exchange rate fluctuations affect banks both directly and indirectly. The direct effect comes from banks' holdings of assets (or liabilities) with net payment streams denominated in a foreign currency. Foreign exchange rate fluctuations alter the domestic currency values of such assets. This explicit source of foreign exchange risk is the easiest to identify, and it is the most easily hedged.

The indirect sources of risk are more subtle but just as important. A bank without assets or liabilities can be exposed to currency risk because the exchange rate can affect the profitability of its domestic banking

operations. For example, consider the value of a bank's loan to a U.S. exporter. An appreciation of the dollar might make it more difficult for the U.S. exporter to compete against foreign firms. If the appreciation thereby diminishes the exporter's profitability, it also diminishes the probability of timely loan repayment and, correspondingly, the profitability of the bank. In this case, the bank is "short" dollars against foreign currency. Any time the value of the exchange rate is linked to foreign competition, to the demand for loans, or to other aspects of banking conditions, it will affect even "domestic" banks.

Foreign exchange risk also may be linked to other types of market risk, such as interest rate risk. Interest rates and exchange rates often move simultaneously. So, a bank's interest rate position indirectly affects its overall foreign exchange exposure. The foreign exchange rate sensitivity of a bank with an open interest rate position typically will differ from that of a bank with no interest rate exposure, even if the two banks have the same actual holdings of assets denominated in foreign currencies. Again, the vulnerability of the bank as a whole to foreign exchange fluctuations depends on more than just its holdings of foreign exchange.

Measures of foreign exchange risk

The direct sources of foreign exchange risk can be gauged by tallying up the net position on a bank's assets and liabilities that are

denominated in foreign currencies. By itself, this gauge of direct exposure can provide only a narrow assessment of the bank's exchange rate sensitivity since ---as described above--- the value of the bank's domestic assets also will vary with the exchange rate. Narrow as it is, this gauge provides the "standardized method" for assessing a bank's overall foreign exchange exposure; specifically, under the aegis of the Basel Committee on Banking Supervision, central banks from Europe, Japan, and North America proposed in 1993 the use of such methods in assessing the exposure to a variety of market risks, including foreign exchange risk.

The example of the bank's loan to the exporter shows the limitations of the narrow, standardized method most clearly. While the exporter’s loan by itself leaves the bank short in dollars, the standardized method captures none of this indirect exposure. Further, if the bank were to use the foreign currency market to hedge the short dollar position, then the standardized method, having missed the original exposure, would mistakenly treat the hedge as if added to exposure. In general, if a bank chooses its foreign exchange holdings to offset open positions arising from its other activities, then its holdings serve to reduce its overall foreign exchange risk. Under such circumstances, treating the bank’s foreign exchange holding as though they contribute to risk --- as the standardized approach does --- is inappropriate.

Responding in part to such limitations, the Basle Committee

ultimately allowed for a more flexible approach to evaluating foreign exchange and other market risks (Basle Committee 1996). By 1997, bank regulators in all of the represented countries may choose to assess exposure (against which they must hold a cushion of capital) either by using the standardized method or by using banks’ own proprietary

in-house models. Use of the latter option, known as the “internal model” approach, is subject to several requirement for produce, transparency and consistency. When used appropriately, it can provide a significant improvement over the standardized method.

The internal models approach enables banks to take a broader view of their foreign exchange risk than does the standardized method.As described in the Basle Committee’s “Amendment to the Capital Accord to Incorporate Market Risk,” released in January of this year, the internal mo dels approach focuses on evaluating the risks arising from banks’ trading activities. The approach is well-suited to incorporating the correlation between, say, the value of interest rate instruments and the value of foreign exchange. In principle, the internal models approach allows each bank to gauge its exposure carefully enough to incorporate the relationships among even its non-trading operations. However, even at its best, the internal models approach is limited in its range of coverage.

An even broader approach to assessing banks’ foreign exchang e

risks can be obtained from an analysis of banks’ equity returns. Equity returns reflect changes in the value of the firm as a whole. So, if the value of a bank as a whole is sensitive to changes in the exchange rate, the bank’s equ ity returns will mirror that sensitivity. Whether from direct or indirect sources, foreign exchange exposure will be reflected in the behavior of returns. Thus, the exchange rate sensitivity of a bank’s equity returns provides a comprehensive measure of its foreign exchange exposure.

One drawback of this equity approach is that it is not useful for evaluating the riskiness of a particular action. The approach is not linked to an explicit model of the determinants of foreign exchange exposure, so it cannot be used to trace out the implications of specific decisions. However, the approach is useful for bankers and regulations as a tool to evaluate the success of past management of foreign exchange risk. It is especially suitable for comparing the exposure of an assortment of banks because it can be applied consistently across banks and because it does not require access to their detailed internal models. Moreover, its comprehensiveness makes it a good benchmark for evaluating other gauges of exposure.

Open Questions

1.What are the effects of foreign exchange rate fluctuations to banks?

2.What’s the relationship between the foreign exchange risk and interest

rate risk?

https://www.wendangku.net/doc/fa12137863.html,e your own words to explain the “inter n al models” approach?

4.What’s the broader approach to assessing banks’ foreign exchange risk?

Its advantages and disadvantages?

外汇风险

美国的大银行控股公司曾经暴露自己拥有过多的外汇风险吗？他们曾经因为使用外汇合约而暴露自己拥有过多的外汇风险吗？同样的，日本的大银行暴露过他们拥有过多的外汇风险吗？在由新的国际协定来规范银行的风险后，这些问题已经变得越来越重要。在考虑外汇风险的来源后，新的国际协定给出适当解决这些问题的方法。从对这些政策的正式研究结果可以得出结论，美国和日本的银行机构能够很大程度规避自身的外汇风险。

外汇风险的来源

外汇汇率波动直接和间接地对银行产生影响。直接影响来自银行持有的以外币计价的资产（或负债）。汇率波动改变了国内的此类资产的货币价值。这种明确的外汇风险源是最容易识别，同时它也最容易被对冲。

风险的间接来源更加微妙，但同样重要。一个没有资产或负债的银行可以承受货币风险，因为汇率可能会影响其国内银行业务的盈利能力。例如，你在考虑银行向美国出口商所提供贷款的价值时。美元升值可能使美国出口商与外国公司的竞争时处境变得更加困难。如果美元升值，从而降低了出口商的盈利能力，这削弱了美国出口商及时偿还贷款的可能性，相应地，这也降低了银行的盈利能力。在这种情况下，银行是用较少的美元换较多外国货币。任何时刻汇率的价值都与国外的竞争、贷款的需求或银行经营环境的其他方面相关联，它甚至会影响“国内银行”。

外汇风险也可能与其他类型的市场风险相关，如利率风险，市场风险。因此，银行的利率间接影响其整体的外汇风险。一个有开放的收益利率的外汇利率敏感性银行与一个没有利率风险的银行通常会有所不同，即使这两家银行实际持有相同的的以外币计价的资产。再次，作为一个受外汇波动影响的整体，银行脆弱性更多的取决于其持有的外汇储备。

外汇风险的管理

外汇风险的直接来源可以用银行持有的以外币计价的资产和负债的净头寸来衡量。就其本身而言，这种直接暴露头寸的衡量，可以提供一个窄口径的关于银行汇率敏感性的评估，正如上面所述---银行国内的资产价值也将随汇率相应变化。这种衡量的口径是十分窄的。这个衡量提供一种评估银行的整体外汇暴露的“标准化方法”。1993年，在巴塞尔银行监管委员会的主持下，欧洲、日本和北美的中央银行提出使用这种方法评估各种市场风险，包括外汇风险暴露。

以银行向出口商提供的贷款例，能够最清楚地显示出这种狭窄的规范化的方法的局限性。当出口商的贷款本身留下一个短缺美元的银行，标准化方法根本不能捕获这种间接的头寸暴露。此外，如果银行使用外汇市场以对冲美元的短缺，那么错过根源性曝露的标准化方法，会错误地对待的貌似增加风险的对冲。在一

般情况下，如果银行选择其外汇储备，以抵消由其他活动所产生的未平仓合约，然后其持有的外汇储备将有助于降低其整体的外汇风险。在这种情况下，像标准化方法那样，处理貌似能引起风险的银行外汇储备是不适当的。

应对这些限制中的一部分，巴塞尔委员会最终允许以更灵活的方式评估外汇和其他市场风险（1996年巴塞尔委员会）。到1997年，在所有的代表国家的银行监管机构可能会选择通过使用标准化的方法，或使用自己的专有银行内部模型，以评估头寸暴露（对他们必须持有的资本缓冲）。选择后者的，也就是被称为“内部模型”的方法，是能够保证生产、透明度和连贯性的若干规定。如果使用得当，它可以提供一个被显著改善标准化方法。

与标准化方法相比，内部模型的方法能够使银行对外汇风险的发现采取一个更广阔的视野。正如巴塞尔委员会的“相关市场风险资本协议修订，”在今年1月公布的资本协议修订中描述的那样，内部模型方法侧重于评估银行的交易活动而产生的风险。这种方法非常适合彼此之间的相关结合，也就是说，利率工具的价值和外汇的价值相关。原则上，内部模型方法让每家银行足够仔细地了解其相关结合的暴露，即使它们彼此之间没有交易关系。然而，即使在最好的情况下，内部模型方法在其覆盖范围是有限的。

从银行的股票回报率的分析，我们可以得到口径更宽的方式来评估银行的外汇风险。股权回报率反映了公司作为一个整体的价值的变化。所以，作为一个整体,如果银行的价值是对汇率变化敏感，银行的股本回报将像一面镜子一样反映灵敏度。无论是直接或间接来源，外汇风险，将在回报行为中反映。因此，银行的股本回报汇率敏感度提供了一个全面衡量其外汇风险的方式。

本次股权方式评估的一个缺点是，它不是适于评估某一特定行动的风险。这种方法不适用与明确的外汇风险的决定因素模型，所以它不能被用来跟踪具体决定的影响。然而，作为一种成功评价过去的外汇风险管理的工具，对于银行家和法规。它是特别适合进行比较琳琅满目的银行暴露，因为它可以跨银行贯彻应用会计，而且并不需要获取信息来丰富内部模型。此外，它的全面性使它成为其他暴露评估的基准。

开放式的问题

1。什么是向银行的外汇汇率波动的影响？

2。外汇风险和利率风险之间的关系是什么？

3。用自己的话来解释“内部模型”的方法呢？

4。什么方式能更广泛地来评估银行的外汇风险？它的优点和缺点是什么？

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英文翻译成中文

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韶关学院期末考核报告科目：专业英语学生姓名：学号：同组人：院系：专业班级：考核时间：2012年10月9日—2012年11月1 日评阅教师：评分：

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第1章英文阅读材料翻译 Mechanization and Automation Processes of mechanization have been developing and becoming more complex ever since the beginning of the Industrial Revolution at the end of the 18th century. The current developments of automatic processes are, however, different from the old ones. The “automation” of the 20th century is distinct from the mechanization of the 18th and 19th centuries inasmuch as mechanization was applied to individual operations, wherea s “automation” is concerned with the operation and control of a complete producing unit. And in many, though not all, instances the element of control is so great that whereas mechanization displaces muscle, “automation”displaces brain as well. The distinction between the mechanization of the past and what is happening now is, however, not a sharp one. At one extreme we have the electronic computer with its quite remarkable capacity for discrimination and control, while at the other end of the scale are “ transfer machines” , as they are now called, which may be as simple as a conveyor belt to another. An automatic mechanism is one which has a capacity for self-regulation; that is, it can regulate or control the system or process without the need for constant human attention or adjustment. Now people often talk about “feedback” as begin an essential factor of the new industrial techniques, upon which is base an automatic self-regulating system and by virtue of which any deviation in the system from desired condition can be detected, measured, reported and corrected. when “feedback” is applied to the process by which a large digital computer runs at the immense speed through a long series of sums, constantly rejecting the answers until it finds one to fit a complex set of facts which have been put to it, it is perhaps different in degree from what we have previously been accustomed to machines. But “feedback”, as such, is a familiar mechanical conception. The old-fashioned steam engine was fitted with a centrifugal governor, two balls on levers spinning round and round an upright shaft. If the steam pressure rose and the engine started to go too fast, the increased speed of the spinning governor caused it to rise up the vertical rod and shut down a valve. This cut off some of the steam and thus the engine brought itself back to its proper speed. The mechanization, which was introduced with the Industrial Revolution, because it was limited to individual processes, required the employment of human labor to control each machine as well as to load and unload materials and transfer them from one place to another. Only in a few instances were processes automatically linked together and was production organized as a continuous flow. In general, however, although modern industry has been highly mechanized ever since the 1920s, the mechanized parts have not as a rule been linked together. Electric-light bulbs, bottles and the components of innumerable mass-produced

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Reading makes a full man, conference a ready man and writing an exact man. 读书使人充实，讨论使人机敏，写作使人严谨。 Reserve one meter sunshine and put them in atrium. Elated wind, tap my heart window. 预定一米阳光，装进心房。欢畅的风，轻敲我的心窗。 Don't be afraid of change, you may lose out on something good, but you might gain something even better. 不要害怕改变，尽管你可能会因此失去一些好的东西，但你也可能会得到一些更好的东西。

Growing in wisdom can be measured by the decrease in bitterness. 智慧的增长可用痛苦的减少来衡量。 Where there is no struggle, there is no strength. -- Oprah Winfrey 没有奋斗，就没有力量。——奥普拉?温弗瑞 No matter how far you may fly, never forget where you come from. 无论你能飞多远，都别忘了你来自何方。

Never interrupt your enemy when he is making a mistake. --Napoleon Bonaparte 当你的敌人犯错的时候，千万不要去打扰他。--拿破伦?波拿巴 The life's battle is never won by the fastest or the strongest, but by the man who thinks he can. 人生之战的胜利并不取决于最快或最强，而是你认为自己能不能。 Do not say that opportunities never come. It did come but you just weren’t willing to give up what you had. 不要说机会从未出现；它曾经来过，只是你舍不得放下已拥有的。

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经典美文中英文翻译-赢的意志 If you think you are beaten, you are. 如果你认为自己会被打败，那么你一定会被打败． If you think you dare not, you don’t. 如果你认为自己不敢，那你就确实不敢． If you'd like to win, but you think you can’t, it's almost a cinch you won’t. 如果你想赢，但又认为自己赢不了，那么能够肯定你必输无疑． If you think you'll lose, you've lost, for out in the world we find success begins with a fellow's will. 如果你觉得回输，那么你已经输了，因为在这个世界上，成功源自于信念． It's all in the state of the mind. 一切取决于内心． If you think you're outclassed, you are. 相信自己是一流的，你就是一流的． You've got to think high to rise. 你必须胸怀大志． You've got to be sure of yourself before you can ever win a prize. 首先必须相信自己，然后才能最终胜利．

Life's battles won't always go to the stronger or the faster man. 身体壮，奔跑最迅速的人并不永远都是生命之战的胜者． But, sooner or later, the person who wins is the person who thinks he can 但，迟早，胜者正是相信自己能胜的人． PS：＂我能够！＂这句话只有三个字，但是其中饱含了着多少心酸的泪水，需要多么坚定的信念，或许只有坚持到最后成功一刻的人才能够体会。成功首先来自内心的坚定，要永远相信自己是能够的。

英语翻译学习资料(含中英文解释)

例1.Winners do not dedicate their lives to a concept of what they imagine they should be, rather, they are themselves and as such do not use their energy putting on a performance, maintaining pretence and manipulating（操纵） others . They are aware that there is a difference between being loved and acting loving, between being stupid and acting stupid, between being knowledgeable and acting knowledgeable. Winners do not need to hide behind a mask. 1.dedicate to 把时间，精力用于 2.pretence 虚伪，虚假 6 ．1 斤斤于字比句次，措辞生硬例2.Solitude is an excellent laboratory in which to observe the extent to which manners and habits are conditioned by others. My table manners are atrocious( 丑恶)—in this respect I've slipped back hundreds of years in fact, I have no manners whatsoever（完全，全然）. If I feel like it, I eat with my fingers, or out of a can, or standing up —in other words, whichever is easiest. 孤独是很好的实验室，正好适合观察一个人的举止和习惯在多大程度上受人制约。如今我吃东西的举止十分粗野；这方面一放松就倒退了几百年，实在是一点礼貌也没有。我高兴就用手抓来吃，（eat out of a can）开个罐头端着吃，站着吃；反正怎么省事就怎么吃。 3.Whatsoever 完全，全然 1.Be conditioned by 受……制约 2.Atrocious 丑恶 6 ．2 结构松散，表达过于口语化例3．有一次，在拥挤的车厢门口，我听见一位男乘客客客气气地问他前面的一位女乘客：“您下车吗？”女乘客没理他。“您下车吗？”他又问了一遍。女乘客还是没理他。他耐不住了，放大声问：“下车吗？”，那女乘客依然没反应。“你是聋子，还是哑巴？”他急了，捅了一下那女乘客，也引起了车厢里的人都往这里看。女乘客这时也急了，瞪起一双眼睛，回手给了男乘客一拳。（庄绎传，英汉翻译教程，1999 ：练习 3 ）译文1：Once at the crowded door of the bus, I heard a man passenger asked politely a woman passenger before him: “Are you getting off?” The woman made no