Is a credit derivative used for speculation or to hedge risk?

人们用信贷衍生品进行投机仍然对冲风险？

There is no real forward market for the yuan, making it hard to hedge risk, and it is not accepted by most other countries.

人民币没有真正的长远市场，因而很难对抗对冲风险，而且不被其他大多数国家所接受。

If Banks or other investors lose faith in their ability to hedge risks, they will be tempted to cut back on risk or demand higher yields.

如果银行或其他投资者对自己对抗风险的能力失去信心，他们将试图降低风险，或要求更高的收益率。

Many believe that a conglomerate does not provide added value, nor can it successfully hedge risk, in turn, will only cause overall devaluation.

多数观点认为，多元化并不会为企业创造额外的竞争优势，也不能增强企业的抗风险能力，反而会损害企业的价值。

However, more and more domestic companies make a loss though hedging because of less in knowledge of hedge risk and the limitation in hedge risk valuation and management.

然而，近年来屡屡出现的套期保值高额亏损事件，表明国内企业对于基差的风险认识不足，在基差风险评估与管理制度方面存在缺陷。