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.
幾個月前，澳洲礦商Fortescue Metals在中國下了一筆1億美元的訂單採購載貨列車，其澳洲礦場生產的鐵礦石要靠這些列車運出。這筆訂單的不尋常之處在於，應中國出口商的要求，這筆貿易要以人民幣計價。隨後，Fortescue要求澳洲澳新銀行(ANZ)提供一個對沖，防範澳元兌人民幣匯率出現不利於己的變動。由於澳元兌人民幣的匯率波動幅度小於澳元兌美元，因此，這一對沖的成本要低於以美元計價的貿易的對沖成本。
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