The World Bank pioneered currency swaps, and USES swaps to protect against foreign exchange and interest rate risk.

世界银行率先使用货币掉期，用以抵御外汇和利率风险。

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In the presence of exchange controls, it would also be difficult for companies to hedge foreign currency risk.

在存在外汇管制的情况下，公司也将难以回避外汇风险。

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The combination of concerns about competitiveness with risk aversion over foreign currency debt does much to explain Asian exchange-rate policies.

对失去竞争力以及对规避外币债务风险的关注，这两个因素加在一起，很大程度上可以解释亚洲国家的汇率政策。

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And how long will Asian countries continue to spend money building up foreign-exchange reserves that earn next to nothing and carry the risk of currency losses, rather than use the money to invest in their own region, which seems set to grow an awful lot in coming years.

ECONOMIST: Buttonwood: Dollar dilemma | The