A few months ago, Fortescue Metalsplaced a $100m order in China for railway cars to transport iron ore from its Australian mines – except that the order was in renminbi, at the request of the Chinese exporter. Fortescue then turned to Australian bank ANZ to provide a hedge to protect against adverse currency moves between the Chinese currency and the Australian dollar. Because the Aussie dollar moves less against the renminbi than it does against the US dollar, the hedge was cheaper than if the sale was in greenbacks.
几个月前，澳大利亚矿商Fortescue Metals在manbetx3.0 下了一笔1亿美元的订单采购载货列车，其澳大利亚矿场生产的铁矿石要靠这些列车运出。这笔订单的不寻常之处在于，应manbetx3.0 出口商的要求，这笔贸易要以人民币计价。随后，Fortescue要求澳大利亚澳新银行(ANZ)提供一个对冲，防范澳元兑人民币汇率出现不利于己的变动。由于澳元兑人民币的汇率波动幅度小于澳元兑美元，因此，这一对冲的成本要低于以美元计价的贸易的对冲成本。