金融英语口语大全第41期:Hedging

New Words

新单词hedging n.套期保值broker n.经纪人purchase v.购买consignment n.一批货物starch n.淀粉futures n.期货Phrases & Expressions短语senior executive高级职员grain exchange谷物交易所anticipatory hedging预期性套期保值cash market现货市场sell short卖空buy long买空CIF (cost, insurance and freight )到岸价L:Excuse me, sir. I come here to meet Mr. Kent.兰：请原谅，先生。我找肯特先生。K:It is me. Are you Mr. Landor?肯：我就是我，您是兰道先生吧？L:Yes, I am Landor.兰：是的，我是兰道。K:Good morning. My secretary told me you would come this morning.肯：早上好，我的秘书对我说你今天早上会来。L:Good morning. I have got something to consult with you.兰：早上好，我有点儿事向您咨询。/K:Yes?肯：什么事？L:Our company is going to purchase 50 000 tons of corn from America on August 20th and the CIF is 15 000 American dollars per ton.兰：我们公司在8月20日将要从美国购买5万吨玉米，它的岸价是每吨15000美元，40 000 of the consignment have been ordered by a feed processing plant and a corn starch plant,其中4万吨已被饲料加工公司和玉米淀粉公司预定了。but we have not yet found a buyer for the rest.但剩下的1万吨还未找到买主。The problem is that the cargo will not arrive here from America until 45 days after the purchasing time.问题是这批货物离开美国后要45天才能到达这里。K:And you are afraid that if the corn price drops in 45 days,肯：你担心如果45天后玉米价下跌的话，you will suffer a loss in selling the remaining 10 000 tons of corn.你们在销售额下的1万吨玉米的时候，会蒙受损失。L:Yes. I heard there is a method against the risk on the futures market.兰：是的。我听说期货市场上有一种方法可以避免这种风险。K:Yes. We call it hedging. There are several kinds of hedging and anticipatory hedging just suits your situation.肯：是的，这种方法就叫套期保值。套期保值有好几种，其中预期性套期保值刚好适合你这种情况。L:How should I do the hedging?兰：我该怎么做这种套期保值呢？K:When you buy the corn the cash market,肯：当你在现货市场上买入玉米时，you can sell short a futures contract of the same amount corn on the futures market in anticipation of the corn price"s falling.你同时在期货的市场上卖出一张同等数量玉米的期货合同，因为你预测玉米价格将会下降。L:Is that what is called "taking a position", selling a parcel for forward delivery but waiting for the price to go down before actual buying.兰：这是不是就是所谓的“买空卖空”的卖空，卖出一张货物合同，然后等待玉米价格下跌时再买入，这时可赚差价?K:Yes. The opposite action is called "buying long".肯：是的，卖空的相反做法是买空。When 45 days later,on October 1st, if corn price actually goes down, say, to 13 000 American dollars per ton,这样45天以后，也就是10月1日，如果玉米价格真的下跌，比如说跌到每吨13000美元，you will get a profit of 2 000 Amercan dollars per ton on the futures market.那么你在期货市场平仓后可得到每吨2 000美元的获利，This will make up your loss on the cash market.这刚好可以弥补你在现货市场上交易的亏空。In this way you can successfully control your risk on the foreign trade.这样，你就成功地控制了你在这宗外贸生意上的风险。L:I see.兰：我明白了。K:Since you have to use American dollars to pay for the corn,肯：因为你必须用美元支付这批玉米。it is also necessary to do a hedging on foreign currencies.所以就涉及到外汇问题，有必要再做外汇套期保值。L:Thank you very much.兰：非常感谢您。K:You are welcome. See you later.肯：不客气，再见。L:See you.兰：再见。