远期外汇交易

无本金交割远期外汇交易（Non-deliverableForwards，简称NDF）本质上是一种对未来价值进行定价的衍生品合约。

Non-deliverable forwards – or NDFs – are essentially a derivatives contract pricing future values .

就目前而言，投资者可以通过在岸无本金交割远期外汇交易投资人民币。这种交易的优势在于流动性非常充足。

Currently , investors can gain access through onshore non-deliverable FX forwards , which have the advantage of being very liquid .

包括单纯远期及外汇掉期交易。

Includes outright forwards and foreign exchange swaps .

不能执行远期或掉期外汇交易，则可能增加它们对冲汇率风险的难度。

An inability to execute swaps and forwards could make it harder for them to hedge currency risks .

在引入基本的出口模型之后，假设出口商可以进入远期外汇市场进行交易。

After introducing the basic exporting model , I will assume that the exporters can hedge currency risk in the forward exchange market .

2005年5月17日，我国在银行间债券市场推出了第一个场外金融衍生产品&债券远期交易，下半年还将推出银行间远期外汇交易、人民币对外币掉期等金融衍生产品。

On May 17,2005 , China launched the first over-the-counter financial derivative vehicle , bond forward trading , in the inter-bank bond market . The RMB-foreign currency swap , an inter-bank forward foreign exchange product , is also expected to be launched in the 2nd half of this year .