近幾年人民幣匯率單邊的升值走勢，使得以人民幣計價和相關連結的人民幣商品日趨複雜，投資人在做相關投資時對於匯率變動所產生的巨大風險往往忽略低估。本研究以投資人角度與發行商的角度分析DKO商品與TRF商品對投資人與發行商的利弊，使雙方在對於承做商品時有不同角度來判斷商品的好壞。 ;The article begin with explaining the background and purpose, then to TRF events background, punishment and improvement after the incident. Banks become more rigorous for the sale of derivative products. And then chapter describes the development of derivative products, definition of commodity derivatives, types of financial institutions for the management of derivative products. For the research method part is using Monte Carlo method to simulate and estimate volatility for nearly million times in order to evaluate the advantages and disadvantage of DKO and TRF products.
In recent year, the trend of the RMB exchange rate appreciation unilateral, so the RMB related investment become complicate. Hence people do tend to ignore or underestimate the enormous risk of changes in exchange rates arising. Using the perspective of investors and issues to evaluate the pros and cons of the DKO and TRF products. So they can judge the products with different viewpoints when done deals.
