In addition , foreign exchange forward transactions ( including outright forwards and foreign exchange swaps ) amounted to us $ 47 . 6 billion per day in april 1998 , or 3 . 9 per cent of the world total 此外，一九九八年四月外汇远期交易（包括单纯远期及外币掉期交易）达到每日476亿美元，占全球总额的3 . 9 % 。
Traditionally , the swap market is where licensed banks with no hong kong dollar deposit base gain access to hong kong dollar funding without having to be overly dependent upon the hong kong dollar interbank market 一直以来，缺乏港元存款基础的持牌银行都会利用掉期交易获取港元资金，避免过度依赖港元同业拆息市场。
Members noted that , following approval by the financial secretary for the use of interest rate swaps to manage the cost of issuing long - dated exchange fund notes , the first such transactions had taken place in mid - june 委员会又获悉，在财政司司长批准利用利率掉期合约以管理发行长期外汇基金债券的成本后，首宗利率掉期交易已于
One way of reducing the cost would be for the hkma to enter into a set of hong kong dollar interest rate swap transactions the maturity of which would correspond to that of the exchange fund notes issued 其中一个减低利息成本的方法就是让金管局进行港元利率掉期交易，而这些掉期合约的期限与已发行外汇基金债券的期限会是一致的。
The swap price is expressed in terms of the differential in the exchange rates of the hong kong dollar against the us dollar when the swap is made spot and when the swap is reversed forward , with one cent being 100 swap pips 市场上的掉期价，是指在掉期交易中以港元换美元的汇率即现汇，与逆向以美元换回港元的汇率即期汇之间的差距，而无论升水或贴水都以100掉期点子代表1港分。
It can be at a premium or a discount . the price of the swap bears a fairly mechanical relationship to the interest rate differential between the two currencies , although the money raised through the swap is not necessarily held as deposits earning interest 虽然人们以掉期交易换入另一种货币后，不一定会把这笔钱存入银行赚取利息，但其实掉期价与该两种货币之间的息差是存在某种惯性的关系。
If the three - month interest rate for the hong kong dollar is higher than that for the us dollar , then whoever , through the swap , is temporarily holding hong kong dollars for three months will earn a higher return than the counterparty temporarily holding us dollars 假设3个月港元存款息率较美元高，任何人透过掉期交易以美元换入一笔期限为3个月的港元的话，他所取得的回报便会比这宗交易中以港元换入美元的对手为高。
But financial innovations can also be driven merely by the goal of creating short - term speculative profits , tax avoidance , or the desire to alter the appearance of balance sheets or avoid regulatory controls the first swaps were , after all , created to avoid uk exchange controls 不过，金融创新的目的，也有可能是纯粹为了在短期内透过投机图利逃税企图改变资产负债表状况，又或者避免监管规定的限制第一批掉期交易的产生，其实不过是为了逃避英国的外汇管制。
Over time , the swap market has gained considerable sophistication and complexity , with market plays developed for different swap periods to take advantage of opportunities for profit , or market anomalies , as perceived by market participants . it has become a very efficient market with a high degree of liquidity 经过长时间逐渐演变，掉期市场发展已相当成熟，掉期交易种类繁多，合约期限长短不一，市场人士大可根据自己对市场表现的分析进行相应的掉期交易，以能从中获利。
