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2008年金融危机的发生,境外主要经济体(美国等)进入降息周期,境外美元借款相对于境内人民币借款具有借款利率低、借款期限长等优势,航运集团企业纷纷进行境外美元借款,随着美国经济的逐步好转,2015年美联储开始加息,人民币逐步贬值,境外美元借款的优势丧失,针对航运集团企业的境外美元借款,应采取主动积累美元资产以对冲汇率风险,择机置换美元借款为本位币借款,“自然对冲”以降低汇率风险,通过外汇掉期锁定汇率变动风险等措施最大程度降低人民币贬值对航运集团企业境外美元借款的负面影响。
In the wake of the financial crisis in 2008, the major foreign economies (the United States) entered the interest rate cut cycle. Compared with domestic RMB loans, overseas dollar borrowings have the following advantages: low borrowing rates and long loan maturities. Shipping group companies successively borrowed overseas dollars. As the United States The gradual improvement of the economy, the Fed began to raise interest rates in 2015, the gradual devaluation of the renminbi, the loss of the advantages of overseas dollar loans, offshore shipping companies in the United States for the dollar loans should take the initiative to accumulate dollar assets to hedge against exchange rate risk, the option of replacing the dollar as the standard currency Borrowing, “natural hedging” to minimize the risk of exchange rate risks and to lock in the risk of exchange rate fluctuations through foreign exchange swaps and other measures to minimize the negative impact of devaluation of RMB on the foreign dollar loans offshore of the shipping group enterprises.