On March 20th, the American importer signed a contract with the British exporter. Goods worth 6.5438+0.25 million pounds were imported from Britain, and it was agreed to pick up the goods in pounds six months later. Time spot market Futures market exchange rate on March 20th 1 = USD 1.6200 1 = USD1.6300 September 20th 1 = USD 1.6325/KLOC-. On March 20th, I bought 20 GBP futures contracts (62,500 GBP each, totaling 1.25 million) without any transaction. On September 20th, I bought 654.38+0.25 million pounds and sold a futures contract of 20 pounds. Results In the spot market, my loss exceeded my expectation:1.6325 *125-65438+. In the futures market, the profit from hedging is1.6425 *1.6300 *1.25 =1.5625 million USD; Losses and profits offset each other, and exchange rate risks can be transferred.