There are two forms of financial instruments, one is forward and the other is insurance. Rmb option is actually a kind of insurance, which can guarantee the lowest income and lock in the highest payment cost only by paying a premium. There is a price to pay for RMB options, just like buying a house at home requires insurance. When we use tools, there is a very important difference between financial instruments. All financial instruments can basically be divided into two categories, one is called original instruments, and the other is called derivative instruments. Why am I saying this? In fact, the exchange rate risk we are facing now is the price fluctuation of primary tools. The so-called first-class price means that its influence is influenced by thousands of factors, not one or two. For example, it is difficult to predict the exchange rate or interest rate in advance with statistical models. If you can predict the exchange rate with 95% accuracy, you don't need to do any work, but no one in the world has successfully predicted the price. Only one Buffett can make money by predicting the stock price as a portfolio, and it is difficult for others. Even Soros has lost a lot now, which proves that the primary price is difficult to predict. The stock price, exchange rate, oil price, metal and coal we are studying now are all first-class prices, which are difficult to predict accurately, so we need another tool to avoid its risks, and the efficient way is derivatives. There are actually only two kinds of forwards, futures, options and swaps. One is forward, futures and swaps, which are actually the same. Forward and futures are just two market transactions, both of which determine today's future transaction prices, but the markets are different. Swap is also the swap of two forward cash flows with the same nature. It's just that the options are different from theirs. Options are insurance. There are basically two kinds of derivatives, one is forward and the other is option. With a first-class instrument and a derivative instrument, other financial products can be combined, that is, a large number of structured products made by commercial banks now. It is not a pure financial instrument, but a combined financial instrument.