请教各位，央行货币互换的意义

我理解双边的互换是，中、韩各弄一个对方货币的池子，专供中韩贸易结算使用，这个汇率就和美元等的波动没大的关系了。
有利于双方汇率的稳定和贸易的开展。

双边货币互换一般发生在经贸往来比较多的国家之间，用来规避汇率波动造成的风险。

jctj001 发表于 2009-8-7 08:41
我理解双边的互换是，中、韩各弄一个对方货币的池子，专供中韩贸易结算使用，这个汇率就和美元等的波动没大的关系了。
有利于双方汇率的稳定和贸易的开展。

You are right. That is one purpose of swap line. The domestic exporters can borrow foreign currency from their central banks instead of open market. Thus, reduces the exchange rate risk.

Another purpose of swap line is to help stablize the currency. If speclators want to hack the Korean Won, they will keep shorting Won abd buying USD from KCB. Korean Central Bank (KCB) has to keep buying Won and supplying the USD to keep Won's value. But if KCB did not have swap line with US Fed. Reserve and KCB's USD reserve is limited, KCB have to stop supporting Won actions, 'cause it runs out of USD. With the help of swap line, KCB can continue without the worry of running out USD.  Thus, KCB can beat the speclators. Don't forget the spector's capacity is also limited.

That's why Hong Kong beated Soross's hack in 1997 crisis. China central back provided the USD in support.

楼上，好好地，干嘛不写中文呢

减小对美元的依赖！是不敢对美元说不的变通处理办法，