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互换 - Huhuan
指交易双方为了抵消利率或货币风险，及使其资产与负债相平衡而交换现金流量 。例如，某公司可能有必须以瑞士法郎支付的支出，但其收入是以美元计值。而另一家公司的情形正好相反。这时，银行为了赚取手续费可安排一项能满足双方要求的货币互换（换汇交易）。利率互换的情形也一样，这种互换允许双方以固定利率取代浮动利率的风险，从而使双方获益。关键是参与互换的双方没有交换本金，即数量固定的债务，而只交换现金流量，即利息。
Swap
An exchange of cash flows between two counterparties designed to offset interest rate or currency risk and to match their assets to their liabilities. For example, a company may have costs which it must pay in Swiss francs while its revenues are in US dollars. Another company may have the opposite requirement. A bank, in exchange for a fee, arranges a currency swap which meets both requirements. The same is true of interest rate swaps, which allow two parties to exchange fixed rate for floating rate risk to their mutual advantage. A key point is that parties to a swap do not exchange principal, or the underlying fixed amount of debt, but just cash flow, or the interest payments.
