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      如何解释货币互换操作以及如何将受益鲍凯斯PLC。

      Explain how a currency SWAP financial operates and how it will benefit Boakes plc.

      货币掉期是指对另一种货币的本金和利息的本金和利息的支付，交流，交易双方交换的未来现金流。在一个货币互换协议，委托人必须在一个规定的货币和金额，主要是用在开始。在交换生活，兴趣相关的现金流的交换，通过交换原理是相反的协议结束。和交换结束。通常，校长的原始交换和反互换是当初的约定，而本金都有相等的值在初始即期汇率。（watsham，1998）。货币互换分为两种类型：固定/固定的互换和固定/浮动掉期。

      A currency swap refers to exchanges of principal and interest payments in one currency for principal and interest payments in another, for counterparties swapping future cash flows. In a currency swap agreement, the principal are required to be specified in each of the two currencies, and the actual amount of principal is swapped at the beginning. During the life of swap, the interest-related cash flows are exchanged, and by the end of the agreement the swapped principals are reversed.  and the end of the swap. Frequently, the original swap of principals and the reversed swap are agreed at the outset, and that the principal amounts are of equal value at the initial spot exchange rate. (Watsham, 1998). The currency SWAP consists of two types: fixed/fixed swaps and fixed/floating swaps.

      以鲍凯斯PLC为例，固定/浮动货币互换机制如下：鲍凯斯PLC目前能够在英镑的国内债券市场借款，但需要借入美元的固定汇率，美国。与美国对手可以借由美国国内市场却需要英镑金融在浮动汇率。

      Take Boakes plc as an example, the mechanism of fixed/floating currency SWAP is as follows: Boakes plc currently is able to borrow in the Sterling domestic bond market, but needs to borrow dollars at a fixed rate in US. And an American counterparty can borrow from US domestic market but needs Sterling finance at float rate.

      The mechanics are for the American company to issue a bond in the US market and the Boakes borrows from UK market. The amount issued will be such that, at the current spot rate on Jan 1st , the principals will represent equal value , $400million. In the ten years SWAP agreement, at the ￡/$ exchanhttps://www.51lunwen.org/jrfx/ ge rate of 1.9914, the American counterparty issues a ten-year bond at par for $400 million, paying 4% p.a. in six-monthly coupons. In response, the Boakes borrows an amount of ￡200.86million in the UK market with the same maturity, paying at the rate of labor+1.5%. As a result, unver the agreement, the American counterparty receives the proceeds from the Boakes’ borrowing and pays for the servicing costs. In return, the Boakes receives the proceeds from the counterparty’s American bond issue and pays all the servicing costs. Eventually, at the end of swap, they exchange initial principals and return to the market using the original spot rate.