Welcome to the China CITIC Bank International.

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Foreign Exchange

  • FX Forward Contract
  • Foreign Exchange Option
  • RMB Non-Deliverable Forward (NDF)
  • FX Derivatives
  • Ratio Par Forward
  • RMB Capped Forward

FX Forward Contract

A contract to buy or sell a specified amount of one currency for a specified amount of another currency at an agreed rate of exchange for delivery on a specific or optional dates, normally up to one year but could be extended to five years.

Foreign Exchange Option

A contract that grants the holder the right, but not the obligation, to buy or sell currency at a specified exchange rate during a specified period of time. Currency options are one of the best ways for corporations or individuals to hedge against fluctuation in exchange rates. Investors can hedge against foreign currency risk by purchasing/selling a currency option put or call.

RMB Non-Deliverable Forward (NDF)

The mechanism of a RMB NDF contract is similar to any foreign exchange forward market. There is no actual delivery of currencies at maturity; the difference in value of the contract and spot price is settled in cash.

FX Derivatives

For a more favorable rate, customer can choose FX derivatives which embed additional optionality to a vanilla FX contract. Below are some examples:

Ratio Par Forward

Ratio Par Forward allows a customer to hedge his foreign currency exposure. Under this structure, customer is allowed to buy or sell a currency on a regular fixed period at a rate better than FX Forward rate for a specified amount if the Spot FX rate lies above the contract forward rate. If the Spot FX rate lies below the contract forward rate, customer buys or sells the currency for a larger pre-specified amount. Features such as Knock-Out, can be added to further protect the customer from excessive volatility.

RMB Capped Forward

For investor who wants to sell a currency, if the Fixing Rate is higher than the Reference Rate, investor will sell the currency at the pre-agreed Upper Forward Rate (better than Reference Rate). Otherwise, investor will sell the currency at Fixing Rate plus the Bonus Rate. Features such as Target Redemption and leverage can be added.

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