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随着国际外汇市场上各种货币频繁的波动,国际经济活动中的汇率风险已日益为人们所瞩目。我国在对外贸易中,因思想认识不足及缺乏经验,已多次发生不应有的汇率损失。中外合资经营企业的汇率风险,除了具有对外贸易中的一般汇率风险外,还具有一种潜在的、特殊的汇率风险,即在解散、清理中面临的汇率风险。这种风险是由于合资经营企业的期限都很长,一般为10～30年,有些可达40～50年,合营时选定何种货币作为投入资本的结算依据,双方都很难作出准确的测算,因此,理所当然的选用国际结算中常用的货币,如美元、日元、西德马克等。从近十年情况看,美元持续对日元、西德马克贬值,而人民币对美元的比价,也是降低的趋势。这种汇率风险,已经在短期结算业务中表现出来。例如,某中日合资经营企业,在合营合同中对日方工作人员工资规定每月以日元支付固定工资J￥100,000,1984年8月13日日元对人民币的比价为J￥100,000:￥971.33,即J￥102.95:￥1(按
With the frequent volatility of various currencies in the international foreign exchange market, exchange rate risks in international economic activities have become increasingly prominent. In the foreign trade of our country, owing to the lack of ideological knowledge and lack of experience, undue exchange rate losses have occurred. The foreign exchange risk of Sino-foreign joint ventures, in addition to the general exchange rate risk in foreign trade, also has a potential and special exchange rate risk, that is, exchange rate risks faced in dissolution and liquidation. This risk is due to the fact that the duration of the joint venture companies is very long, generally 10 to 30 years, some up to 40 to 50 years, and the choice of currency for joint ventures as the basis for the settlement of investment capital makes it difficult for both parties to make accurate The calculations, therefore, of course, choose the currencies commonly used in international settlement, such as the US dollar, Japanese yen, and West German mark. From the past decade, the U.S. dollar continued to depreciate against the Japanese yen and West German mark, and the renminbi’s exchange rate against the U.S. dollar is also a downward trend. This exchange rate risk has already appeared in the short-term settlement business. For example, a Sino-Japanese joint venture company, in the joint venture contract, pays fixed wage of JPY100,000 to Japanese workers in monthly salary in Japanese Yen, and JPY100,000 to Yen in August 13, 1984. 971.33, which is J¥102.95:¥1 (by