The Evadable Tactics of Exchange Rate Risk in Large International Construction Projects Based on the Derivative Financial Instruments

摘要

The construction corporations of China undertake more and more large international construction projects.Along with the practicing of the floating rate of exchange system in China,they face huge rate of exchange risks.In this paper,we thoroughly analyze the rate of exchange risks which include the fluctuating risk of exchange rate,the risk of foreign exchange settlement,the transaction risk of exchange rate,the transformation risk of exchange rate,and the risk of foreign exchange control etc.On this foundation,we put forward the evadable tactics of exchange rate risks based on the derivative financial instruments (DFIs) which include the forward foreign exchange transaction,the swap transaction of foreign exchange,the exchange rate option and the selling and purchasing of RMB forward.Using the DFIs to evade the exchange risks of international construction projects is a new application path with which the international engineering corporations deal with the international fmancial risks.So it is very meaningful to reduce the international financial risks for Chinese construction corporations.