今年以来，人民币兑美元升值幅度已经超过4%，根据市场普遍预期，今年人民币升值幅度有望达到10%，更有激进者如渣打银行预期全年升幅将达15%。工行的一位外汇交易员表示，现在很多企业不得不学会根据人民币远期汇价对下游采购商报价。

Since this year,The yuan has risen by more than 4% against the dollar,According to the market generally expected,RMB appreciation is expected to reach 10% this year,More activists such as standard chartered bank expected annual increase of 15%.Icbc a foreign exchange traders said,According to the forward exchange rate of RMB) now a lot of enterprises have to learn to downstream buyers offer.

　　同时，更多的企业开始走进银行寻求锁定汇率风险的工具。“现在有些避险要做，一定要做。”一家大型中资银行某支行行长强调说。

At the same time,More enterprises entered bank for locking the tool of exchange rate risk."Now some hedge to do,Must do."A large Chinese bank a branch President stressed.

　　今年以来，由于人民币快速升值，企业的确有强烈的避险需求，多家银行的交易员告诉《第一财经日报》，今年远期结汇交易规模一直比较大。"1月份做远期结汇的很多，2、3月稍微少一点，但是总的来说还是比较多。"从人民币远期报价走势可以看出，今年以来，远期贴水一度扩大至6000点以上，交易员认为这与远期结汇规模上升不无关系。

Since this year,Because the yuan rise more quickly,Enterprises have a strong demand for hedge,Many Banks of traders[First financial daily],Long-term settlement of trade this year has been larger scale."In January to do long-term settlement of the lot,2/March, a little less,But all in all, it is still more."From the forward price movements can be seen,Since this year,A forward discount once extended to more than 6000 points,Traders think this increase obviously with the size of long-term settlement.

　　不过，现在银行可提供的金融衍生品过于单一，几乎完全集中于远期结售汇，也给银行和企业带来了烦恼。由于汇改以来，人民币汇率基本呈单边升值态势，实际上远期结售汇几乎“一边倒”地成了远期结汇。

but,Now the bank may provide the financial derivatives is too single,Almost entirely focused on long-term r epresents,Also to the bank and the enterprise to bring the trouble.Due to since,There has been a unilateral appreciation of the RMB exchange rate basically,In fact the long-term r epresents almost"one-sided"To become the long-term settlement.

　　“银行结汇压力很大，往往有意识地把价格压低。”兴业银行(37.54,0.53,1.43%,吧)一位人士说，有的银行甚至对那些金额较大的、期限较长的远期结汇能不做就不做。他说，一方面企业有需求，另一方面银行结汇压力很大，避险的方式又很单一，肯定存在企业有避险需求得不到满足的情况。

"The bank settlement under a lot of pressure,Often consciously the price down."Industrial bank(37.54,0.53,1.43%,it)One person said,Some Banks even for those large amount/Period longer long-term settlement can not do not do it.He said,On the one hand, the enterprise needs,On the other hand, bank settlement under a lot of pressure,And it's a single hedge,There would have a hedge needs are not being met.

　　令人忧虑的是，能够用远期结售汇来规避汇率风险的企业往往是大中型企业，而大量中小企业无缘通过这一渠道规避风险。

Is worrisome,Can be used to avoid exchange rate risk of the enterprise long-term r epresents are often large and medium-sized enterprises,And a large number of small and medium-sized enterprises out through this channel to avoid risk.

　　上述兴业银行人士告诉《第一财经日报》，他所认识的一位小企业经营者很希望能够通过银行规避风险，但与一些银行包括外资银行接触后发现，银行往往对小客户"爱理不理"，即便理了，做远期结售汇的成本也很高，"做了还不如不做。"

The bank of the above-mentioned persons[First financial daily],He know a small business operators is very hope to be able to avoid risk through the bank,But with some Banks including foreign Banks after contact,Small Banks tend to customers"Love reason disregard",Even if be cut,Do the long-term r epresents cost is also high,"Do not do."

　　这位中资银行人士认为，无论是对上下游企业的议价能力还是对银行的议价能力，大企业都更具优势，转嫁成本和承受风险上的能力更强。另一方面，出口退税下降、银行信贷紧缩，进一步导致中小出口企业融资困难。

The Chinese Banks to think,Whether the bargaining power of upstream and downstream enterprise or of the bargaining power of the bank,Large enterprises have more advantage,Pass on the cost and the ability to bear the risk is stronger.On the other hand,Export tax rebates decline/Bank credit crunch,Further lead to export, small and medium enterprises financing difficulties.

　　根据交通银行的研究，如果人民币实际汇率升值10%，中国出口将下降7%，若汇率升值幅度为20%，则中国出口将下降10.5%；如果美国进口下降10%，中国出口将下降3.5%。

According to the research of the bank of communications,If RMB real exchange rate appreciation of 10%,China's exports will decline by 7%,If the exchange rate appreciation of 20%,Is China's exports will decline by 10.5%;If America imports fell by 10%,China's exports will decline by 3.5%.

　　“以前有20%~25%毛利空间的订单现在都不赚钱了，再加上美国次贷危机的打击，外部经济加速放缓，这些都可能使过去几年加速扩张的企业面临困难。”上述大型中资银行某支行行长说。 

"There used to be 20% ~ 25% of gross profit space order don't make money now,Coupled with the us subprime mortgage crisis,External economy speed slow down,All of these may make the enterprise faced with difficult accelerated expansion over the past few years."The large domestic Banks a branch President said.