Electrical appliances to avoid foreign exchange risk to be undertaken by the U.S. derivatives invest

today (April 1) announced that it will conduct foreign exchange derivatives funds business and hedging operations, in which the balance of foreign exchange derivatives business not more than 1.6 billion U.S. dollars, to hedge positions in business, contract amount not more than 1.5 billion yuan.

According to the Shenzhen Stock Exchange on the relevant provisions of derivatives investment, combined with America's electrical requirements and the holding fund management subsidiary of the daily business needs, in 2010 the company intends to carry out foreign exchange business of financial derivatives product range of long-term Results / sale exchange and related business combination, the basic period of less than 1 year. Midea said the foreign exchange business to be carried out primarily by bank guarantee amount, the amount of leverage ratio and transaction multiples usually within 10 days, delivery or balance due by the principal way of delivery. Corresponding to all foreign exchange operations are normal and reasonable import and export business background, and income to match the time of payment will not affect the company's liquidity.

Midea said in 2010 significantly increased the risk of foreign exchange markets, the dollar exchange rate fluctuations, the uncertainty of the global economic situation and the risk of the national debt over the European Union appeared to promote the euro and other currency fluctuations in Africa and the United States constantly increasing, while the RMB is facing a new round of upward pressure.

Midea said the company is to carry out foreign exchange derivatives business goals only reduce the import and export business faces exchange rate risk, foreign exchange derivatives business overall size and scale of the actual volume of import and export business suit, there are no speculative of operation. In 2009, the U.S. appliance business income equivalent to U.S. dollar exports about 20 billion U.S. dollars, accounting for 2009 of about 30% of total revenue, accounting for a greater foreign currency revenue, but constitute a majority of the cost-based currency, income and expenditure result does not match the currency exchange rate fluctuations have a greater influence on the profits, in order to ensure company's continued strong profit growth and the realization of goals, it was necessary funds through foreign exchange derivatives business to avoid exchange rate risk.

In addition, the United States decided to continue to carry out electrical bulk materials futures hedging business, business period of not more than 1 year. Counterparty for the bulk materials manufacturers, arbitrage institutions, speculators, liquidity security arrangements for the 400 million yuan. Companies hedging operations to be carried out mainly using cash, the amount of leverage ratio and transaction multiples generally within 10 days, due by the difference between the way open or physical delivery.

Announcement also revealed that U.S. electrical March 30 the group with the United States signed a three-year "
Financial
Service
Framework Agreement ", Group Finance Co., Ltd. in the United States to achieve" financial license "and" business license ", the U.S. group will encourage financial companies to the United States and the electrical and affiliated companies provide a range of financial services including deposit services, loans, bills discounted services, security services, clearing services and the China Banking Regulatory Commission approved the finance company may engage in other businesses.



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