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近年来,我国个人外汇收支顺差已经达到几百亿美元。在美元走软,人民币走强的大趋势中,居民个人和中小企业等外汇持有者存在着强烈的避险和保值需求。黄金的保值功能在后经济危机时代显得更为突出,特别是美元汇率与黄金价格走势呈反比关系的存在,使黄金成为规避汇率风险的一个选择。被称为纸黄金的黄金宝产品因其自身的特点、市场功能、作用机制为中小投资者提供了应对汇率损失的一种沽空机制。黄金宝买入投机、单向获利的表象,难掩其汇率风险分配机制和外汇远期的本质。本文分析了该产品的市场风险和币种不同所带来的风险差异。
In recent years, China’s personal foreign exchange balance of payments has reached tens of billions of dollars. In a weakening dollar and a stronger renminbi, there is a strong demand for hedging and hedging among foreign exchange holders such as resident individuals and small and medium-sized enterprises. The hedging function of gold appears to be more prominent in the post-crisis era. In particular, the relationship between the exchange rate of the U.S. dollar and the gold price is inversely proportional to each other, making gold an option to evade the exchange rate risk. Gold bullion products, known as paper gold, provide a short and long-term mechanism for small and medium-sized investors to deal with exchange rate losses because of their own characteristics, market functions and mechanism of action. Gold Po buy speculation, the one-way profit appearance, it is difficult to hide its exchange rate risk allocation mechanism and the nature of the long-term foreign exchange. This article analyzes the product of the market risk and currency differences brought about by the differences in risk.