Asset Benchmark Research Bank of Communications
Treasury in Practice
Introduction

Doing business can be fraught with risks and even more so in emerging markets where opportunities abound. FX volatility is foremost among the concerns of CFOs and treasurers in the region in view of the divergent policies of the central banks and other factors such as fluctuating commodity prices and a stronger US dollar.

In Asia, much of the focus on FX volatility during the past year was on the renminbi following the surprise devaluation of the currency on August 11 2015 amid Beijing’s shift to a more flexible exchange rate regime. In an unexpected move, China’s central bank, the People’s Bank of China (PBoC), abolished the way it had fixed the renminbi exchange rate for years, moving to a more market-oriented scheme that takes cues from movements in many other currencies. The immediate aftermath in the form of a near 2% devaluation within just one day (and an additional 2% in the weeks that followed) rattled corporates, irrespective of how market-oriented the decision was.

司库实践
引言

有生意自然有风险,尤其是在生机勃勃、满地机遇的新兴市场。鉴于各央行的政策有别,再加上商品价格波动、美元走强等因素,亚洲地区的CFO和财务主管最为担心外汇波动的风险。

过去一年,中国政府转而采用更为灵活的汇率机制。以15年8月11日人民币的大幅贬值为标志性事件,亚洲市场普遍提高了对人民币波动的关注程度。虽然废除沿用多年的固定汇率制度,启用紧跟一篮子货币的市场汇率机制,是中国人民银行迈出的惊人一步。但是,不管这一决定多么“以市场为导向”,其带来的直接后果是,人民币在一天之内狂泻2%,且在接下来的数周里,继续贬值了2%,这无疑显现了企业在这场“地震”面前的惊慌无措。