歐元兌人民幣期權交易激增

Rising renminbi trade settlement and a sliding euro are fuelling a surge in hedging between the two currencies by both multinationals and investors.

日益擴大的人民幣貿易結算和不斷下跌的歐元，導致跨國企業和投資者在這個貨幣對上的對衝操作急劇增多。

Daily trading volume in euro-renminbi options has risen from about 100m at the start of the year to at least 300m, according to estimates from HSBC, as European corporate clients and fund managers increasingly look to manage their exposure to the Chinese currency. On busy days, that figure could rise as high as 600m, the bank said.

匯豐(HSBC)估計，隨着歐洲企業客戶和基金經理越來越多地考慮管理其人民幣敞口，歐元/人民幣期權的日交易額已從今年初的約1億歐元增至至少3億歐元。該行表示，在繁忙的交易日，這一數字可能高達6億歐元。

While estimates vary on the size of the market, those involved agree that it has Grown significantly this year, driven largely by demand from European companies.

儘管人們對該市場規模的估計各不相同，但市場參與者認爲，其規模今年已大幅擴大，這在很大程度上是受歐洲企業需求的推動。

“As more and more corporates have trade settlement in renminbi, they don’t necessarily want to go through the dollar. They want the direct conversion,” said Andrew Sharkey, head of FX options trading in Asia for HSBC, one of the biggest participants in the market.

匯豐亞洲外匯期權交易主管安德魯•夏基(Andrew Sharkey)表示：“越來越多的企業用人民幣進行貿易結算，它們未必想通過美元兌換。它們想直接兌換。”匯豐是該市場最大的參與者之一。

Growing turnover in renminbi options trading this year – particularly against the euro – had been “phenomenal”, he added.

他補充稱，今年人民幣期權（尤其是歐元/人民幣期權）交易額的不斷增長是“驚人”的。

FX options products allow companies to reduce risk by buying the right to buy or sell a currency during a fixed period and at an agreed price. These contracts typically run for six to 12 months in the offshore renminbi market.

外匯期權產品使得企業能夠通過購買在固定期限內以約定價格買入或賣出一種貨幣的權利，來降低風險。在離岸人民幣市場，這些合約的期限通常是6至12個月。

The pick-up in hedging coincides with an increase in two-way volatility in the renminbi. This year the renminbi experienced a sharp slide, during which it lost as much as 3.8 per cent against the US dollar in a few weeks.

對衝操作增多的同時，人民幣的雙向波動也有所增多。今年，人民幣匯率曾大幅下跌，人民幣兌美元曾在幾周內最多下跌3.8%。

Though small compared with other emerging market currency drops, the move was the biggest for the renminbi in years, and caught many investors and companies off-guard after years of a slow but steady climb for the Chinese currency.

儘管相對於其他新興市場貨幣的跌幅，人民幣的跌幅較小，但它卻是多年來人民幣匯率出現的最大幅度的下跌。在經歷多年緩慢但穩定的升值之後，人民幣的這輪貶值讓很多投資者和企業措手不及。

More recently the renminbi has been bouncing back, while the euro has been weakening significantly as the European Central Bank has taken steps to ease policy in the currency bloc.

最近，人民幣匯率有所反彈，歐元匯率卻大幅下跌，原因是歐洲央行(ECB)已採取措施放鬆歐元區的貨幣政策。

The rise of euro-renminbi options trading follows a steady increase in the use of the currency to settle goods traded with China, especially within the eurozone.

在歐元/人民幣期權交易增多之前，各國在對華貿易中使用人民幣結算的勢頭穩步增強，歐元區國家尤其如此。

European companies with large sales in China have been among the most active in hedging their exposure to the renminbi.

在華擁有很大銷售額的歐洲企業，一直在對衝人民幣敞口方面表現得最爲積極。

Charles Feng, head of FX, rates and credit trading for Greater China at Standard Chartered, said interest from European companies in using renminbi to settle trade was “growing rapidly”, fuelling activity in the options market.

渣打(Standard Chartered)大中華區外匯、利率和信用交易主管馮思果(Charles Feng)表示，歐洲企業使用人民幣進行貿易結算的興趣“迅速升溫”，對期權市場的活動起到了推波助瀾的作用。

“The weaker euro has attracted corporate clients to speed up their hedging,” he said. “As corporates become more aware of the depth and the liquidity in the offshore renminbi market, they are using it more frequently and in greater size.”

“歐元走軟促使企業客戶加快了對衝的腳步，”他表示，“隨着企業對離岸人民幣市場的深度和流動性有了更清楚的認識，它們正在更頻繁地使用人民幣，涉及的金額也更大。”

Options trading against the renminbi in other currencies – such as the Japanese yen and sterling – has also been rising, prompted in part by the steep sell-off in the Chinese currency this year but also by the strength of the US dollar.

其他幣種（例如日元和英鎊）兌人民幣的期權交易也在增多，這一方面是受人民幣今年遭大幅拋售推動，另一方面是受美元勢頭強勁推動。