Without forward payment, the US dollar received due will be converted into RMB: 20 million *8.2649.

Did forward foreign exchange settlement and sale business, and made a profit of RMB 20 million * (8.3649-8.2649) = 2 million.

(2) One is long-term hedging:

The yen appreciated. After three months, the spot exchange rate was $65,438 +0 = JPY 220, which was in line with expectations. To exercise the option, that is, the price of 240 is converted into 2.4 billion yen, which requires100000 USD.

If long-term hedging is used, it also needs $6.5438+million. Comparatively speaking, option hedging has overpaid the option fee.

The yen remained stable. Three months later, the spot exchange rate was still $65,438 +0 = 240 yen. Give up the option and pay 1000000 USD according to the market buying yen. Like doing forward, the option transaction overpays the option fee.

The yen depreciated, and the spot exchange rate after 3 months was $65438 +0 = JP 260. Giving up options and paying according to the market will cost $2.4 billion/260 = $9,230,769, and long-term hedging will cost $6,543.8+million.

Option trading is flexible, execute when it is beneficial to you and give up when it is unfavorable. Forward transactions lock in future payments, prevent losses, restrain gains, and have credit risks. Option trading requires payment of option fee, which cannot be returned whether it is executed or not.