货币挂钩合约

貨幣掛鈎合約

 Currency-Linked Contract

「货币挂钩合约」是一种与货币期权关连的投资组合,该合约与货币走势挂钩,全力为您争取更高的投资回报,以及满足您对投资货币的需要。因应市场走势及个人财务需要,您可以赚取优厚的投资回报

「货币挂钩合约」如何运作?

开立户口之后,您需要从十种货币中挑选一种为基本货币(如港元、美元、欧罗、英镑、加元、日圆、澳元、新西兰元、瑞士法郎及人民币),然后再选择另一种您有机会于到期日收取的挂钩货币。同时,您可以选择一星期、两星期、一个月、两个月、三个月、六个月或一年的投资期。我们将根据市场情况厘定年利率及协议汇价。当合约到期时,我们会将当时之汇价与您开户时厘定的汇价比较,并将投资本金及利息以较弱货币全数支付。

参考例子

基本货币

美元

挂钩货币

澳元

投资额

美元 100,000

交易日

7月11日

生效日

7月13日

结算日

7月18日

到期日

7月20日

投资期

7天

年利率

18.37%

协定汇价

1澳元兑0.7420美元

 

合约结算日

  • 若澳元兑美元的汇价相等或高于0.7420,您将于到期日收取美元本息。
  • 若澳元兑美元的汇价低于0.7420,您将于到期日收取澳元本息。

「货币挂钩合约」之案例

 

(以本金美元100,000投资一星期为例)

存款类别
年利率 2                
结算日的澳元兑美元汇价
到期日的本息
合共
到期日的美元
等值3                    
盈利/(亏损)
高益货币挂钩
定期存款
年利率 18.370%
0.7440
美元100,357.19
美元100,357.19
美元357.19
0.7420
美元100,357.19
美元100,357.19
美元357.19
0.7400
澳元135,252.28
美元100,086.69
美元86.69
0.7380
澳元135,252.28
美元99,816.18
(美元183.82)

  1. 假设投资日的澳元兑美元汇价为0.7420。
  2. 以上利率为2005年7月11日的参考价,并不代表实际回报。
  3. 假设结算日的澳元兑美元汇价与到期日的汇价相同

「货币挂钩合约」回报及风险分析

最低投资金额

「货币挂钩合约」的最低投资金额仅为港元38,000或美元5,000(或其等值外币)。

度身设计投资服务 全面满足理财需要

我们深明每位客户均有不同需要,所以特别提供度身设计的「货币挂钩合约」服务。若您的投资金额达港元200,000、美元30,000(或其等值外币)或以上,您可以自行选择协议汇价、投资期及挂钩货币,我们与您设计出最适合您的投资服务。

透支服务 资金调动更灵活

若您于投资期需要额外的现金,我们可为您提供特别的透支服务,让您赚取丰厚回报的同时,尽享理财灵活之便。

風險披露

  1. 阁下不应只根据本页决定投资货币挂钩合约。您在作出投资决定前,应详阅相关销售文件(包括「重要数据说明」)以了解本产品的性质及风险。
  2. 此乃涉及衍生工具的结构性投资产品。投资决定是由阁下自行作出的,但阁下不应投资于本产品,除非中介人于销售本产品时已向阁下解释经考虑阁下的财政状况、投资经验及目标后,本产品是适合阁下的。
  3. 并非定期存款 – 货币挂钩合约并不等同,亦不应被视为定期存款的代替品。本产品并非受保障存款,不受香港的存款保障计划所保障。
  4. 衍生工具风险 – 货币挂钩合约内含外汇期权。期权交易涉及风险,特别是出售期权。虽然出售期权所收取的期权金为固定,阁下仍可能蒙受超过该期权金的损失,且阁下可能有重大损失。
  5. 潜在收益有限 – 最高潜在收益为利息金额。
  6. 最大潜在亏损 – 货币挂钩合约并非保本产品︰阁下可能会损失阁下的全部投资金额。
  7. 有别于买入挂钩货币 – 投资于货币挂钩合约有别于直接买入挂钩货币。阁下将不能享受挂钩货币的表现。
  8. 市场风险 –货币挂钩合约的回报与基本货币兑挂钩货币的汇率挂钩。汇率的变动可能出乎预料,突如其来而且幅度庞大,并受复杂的政治及经济因素影响。
  9. 流通性风险 – 货币挂钩合约乃为持有至到期而设。阁下无权在到期前要求提早终止本产品。
  10. 银行的信贷风险 – 货币挂钩合约并无以任何抵押品作抵押。当阁下购买本产品,阁下将承担银行的信贷风险。如银行无力偿付或未能履行其于本产品下的责任,阁下只可以银行的无抵押债权人身份提出申索。在最坏情况下,阁下可能损失阁下的全部本金金额。
  11. 货币风险 – 倘基本货币及/或挂钩货币并非阁下的本土货币,而阁下于到期后选择将其兑换成阁下的本土货币,则阁下可能因汇率波动而获得收益或招致亏损。
  12. 银行提早终止的风险 – 银行有权(但无责任)在发生若干事件时终止本产品。如银行提早终止本产品,阁下可能会就本产品蒙受重大损失。
  13. 人民币汇率风险 – 如阁下选择以人民币作为存款货币或挂钩货币,敬请注意以下各项: 
    • 人民币是目前受限制的货币。由于受中华人民共和国政府的管制,兑换或使用人民币必须受到外汇管制和/或限制的影响,所以无法保证人民币不会发生干扰转让、兑换或流动性的情况。因此,阁下可能无法将人民币转换成其他可自由兑换的货币。
    • 阁下应明白本产品之可交付人民币将在香港交收及有别于在中华人民共和国交收,由于目前离岸可交付人民币市场正值发展阶段,亦未有市场标准决定可交付人民币的汇率。因此,阁下须接纳银行真诚厘定的协定转换汇率。银行以真诚作出的所有决定属不可推翻并对阁下具有约束力。
    • 若阁下并没有一个在中华人民共和国(不包括香港及澳门特别行政区及台湾)以外的人民币存款户口,本行将要求阁下开立户口,以收取人民币款项。
    • 若阁下决定将人民币转换回本土货币(反之亦然),阁下应注意外汇波动风险可能会导致亏损。
    • 产品之有关协定汇价、结算汇率及其他有关货币对之汇率将以离岸人民币与另一货币之汇率作报价。

重要声明

以上风险披露声明不能披露所有涉及的风险。投资前应先阅读有关产品发售文件、财务报表及相关的风险声明,并应就本身的财务状况及需要、投资目标及经验,详细考虑并决定该投资是否切合本身特定的投资需要及承受风险的能力。您应于进行交易或投资前寻求独立的财务及专业意见,方可作出有关投资决定。此宣传文件所载资料并非亦不应被视为投资建议,亦不构成招揽任何人投资于本文所述之任何产品。此宣传文件由中国工商银行(亚洲)有限公司(「本行」)刊发,内容未经证券及期货事务监察委员会审阅。



「貨幣掛鈎合約」是一種與貨幣期權關連的投資組合,該合約與貨幣走勢掛鈎,全力為您爭取更高的投資回報,以及滿足您對投資貨幣的需要。因應市場走勢及個人財務需要,您可以賺取優厚的投資回報。

「貨幣掛鈎合約」如何運作?

開立戶口之後,您需要從十種貨幣中挑選一種為基本貨幣(如港元、美元、歐羅、英鎊、加元、日圓、澳元、新西蘭元、瑞士法郎及人民幣),然後再選擇另一種您有機會於到期日收取的掛鈎貨幣。同時,您可以選擇一星期、兩星期、一個月、兩個月、三個月、六個月或一年的投資期。我們將根據市場情況釐定年利率及協定匯價。當合約到期時,我們會將當時之匯價與您開戶時釐定的匯價比較,並將投資本金及利息以較弱貨幣全數支付。

參考例子

基本貨幣

美元

掛鈎貨幣

澳元

投資額

美元 100,000

交易日

7月11日

生效日

7月13日

結算日

7月18日

到期日

7月20日

投資期

7天

年利率

18.37%

協定匯價

1澳元兌0.7420美元

 

合約結算日

  • 若澳元兌美元的匯價相等或高於0.7420,您將於到期日收取美元本息。
  • 若澳元兌美元的匯價低於0.7420,您將於到期日收取澳元本息。

「貨幣掛鈎合約」之案例

 

(以本金美元100,000投資一星期為例)

存款類別
年利率 2                    
結算日的澳元兌美元匯價
到期日的本息
合共
到期日的美元
等值3                        
盈利/(虧損)
高益貨幣掛鈎
定期存款
年利率18.370%
0.7440
美元100,357.19
美元100,357.19
美元357.19
0.7420
美元100,357.19
美元100,357.19
美元357.19
0.7400
澳元135,252.28
美元100,086.69
美元86.69
0.7380
澳元135,252.28
美元99,816.18
(美元183.82)

  1. 假設投資日的澳元兌美元匯價為0.7420。
  2. 以上利率為2005年7月11日的參考價,並不代表實際回報。
  3. 假設結算日的澳元兌美元匯價與到期日的匯價相同。

「貨幣掛鈎合約」回報及風險分析

   

最低投資金額

「貨幣掛鈎合約」的最低投資金額僅為港元38,000或美元5,000(或其等值外幣)。

度身設計投資服務 全面滿足理財需要

我們深明每位客戶均有不同需要,所以特別提供度身設計的「貨幣掛鈎合約」服務。若您的投資金額達港元200,000、美元30,000(或其等值外幣)或以上,您可以自行選擇協定匯價、投資期及掛鈎貨幣,我們與您設計出最適合您的投資服務。

透支服務 資金調動更靈活

若您於投資期需要額外的現金,我們可為您提供特別的透支服務,讓您賺取豐厚回報的同時,盡享理財靈活之便。

風險披露

  1. 閣下不應只根據本頁決定投資貨幣掛鈎合約。您在作出投資決定前,應詳閱相關銷售文件(包括「重要資料說明」)以瞭解本產品的性質及風險。
  2. 此乃涉及衍生工具的結構性投資產品。投資決定是由閣下自行作出的,但閣下不應投資於本產品,除非中介人於銷售本產品時已向閣下解釋經考慮閣下的財政狀況、投資經驗及目標後,本產品是適合閣下的。
  3. 並非定期存款 – 貨幣掛鈎合約並不等同,亦不應被視為定期存款的代替品。本產品並非受保障存款,不受香港的存款保障計劃所保障。
  4. 衍生工具風險 – 貨幣掛鈎合約內含外匯期權。期權交易涉及風險,特別是出售期權。雖然出售期權所收取的期權金為固定,閣下仍可能蒙受超過該期權金的損失,且閣下可能有重大損失。
  5. 潛在收益有限 – 最高潛在收益為利息金額。
  6. 最大潛在虧損 – 貨幣掛鈎合約並非保本產品︰閣下可能會損失閣下的全部投資金額。
  7. 有別於買入掛鈎貨幣 – 投資於貨幣掛鈎合約有別於直接買入掛鈎貨幣。閣下將不能享受掛鈎貨幣的表現。
  8. 市場風險 – 貨幣掛鈎合約的回報與基本貨幣兌掛鈎貨幣的匯率掛鈎。匯率的變動可能出乎預料,突如其來而且幅度龐大,並受複雜的政治及經濟因素影響。
  9. 流通性風險 – 貨幣掛鈎合約乃為持有至到期而設。閣下無權在到期前要求提早終止本產品。
  10. 銀行的信貸風險 – 貨幣掛鈎合約並無以任何抵押品作抵押。當閣下購買本產品,閣下將承擔銀行的信貸風險。如銀行無力償付或未能履行其於本產品下的責任,閣下只可以銀行的無抵押債權人身份提出申索。在最壞情況下,閣下可能損失閣下的全部本金金額。
  11. 貨幣風險 – 倘基本貨幣及/或掛鈎貨幣並非閣下的本土貨幣,而閣下於到期後選擇將其兌換成閣下的本土貨幣,則閣下可能因匯率波動而獲得收益或招致虧損。
  12. 銀行提早終止的風險 – 銀行有權(但無責任)在發生若干事件時終止本產品。如銀行提早終止本產品,閣下可能會就本產品蒙受重大損失。
  13. 人民幣匯率風險 – 如閣下選擇以人民幣作為存款貨幣或掛鈎貨幣,敬請注意以下各項:
    • 人民幣是目前受限制的貨幣。由於受中華人民共和國政府的管制,兌換或使用人民幣必須受到外匯管制和/或限制的影響,所以無法保證人民幣不會發生干擾轉讓、兌換或流動性的情況。因此,閣下可能無法將人民幣轉換成其他可自由兌換的貨幣。
    • 閣下應明白本產品之可交付人民幣將在香港交收及有別於在中華人民共和國交收,由於目前離岸可交付人民幣市場正值發展階段,亦未有市場標準決定可交付人民幣的匯率。因此,閣下須接納銀行真誠釐定的協定轉換匯率。銀行以真誠作出的所有決定屬不可推翻並對閣下具有約束力。
    • 若閣下並沒有一個在中華人民共和國(不包括香港及澳門特別行政區及台灣)以外的人民幣存款戶口,本行將要求閣下開立戶口,以收取人民幣款項。
    • 若閣下決定將人民幣轉換回本土貨幣(反之亦然),閣下應注意外匯波動風險可能會導致虧損。
    • 產品之有關協定匯價、結算匯率及其他有關貨幣對之匯率將以離岸人民幣與另一貨幣之匯率作報價。

重要聲明    

以上風險披露聲明不能披露所有涉及的風險。投資前應先閱讀有關產品發售文件、財務報表及相關的風險聲明,並應就本身的財務狀況及需要、投資目標及經驗,詳細考慮並決定該投資是否切合本身特定的投資需要及承受風險的能力。您應於進行交易或投資前尋求獨立的財務及專業意見,方可作出有關投資決定。此宣傳文件所載資料並非亦不應被視為投資建議,亦不構成招攬任何人投資於本文所述之任何產品。此宣傳文件由中國工商銀行(亞洲)有限公司(「本行」)刊發,內容未經證券及期貨事務監察委員會審閱。



Currency-Linked Contract is a contract linked with a currency option that aims to offer you investment income and meet your financial needs for foreign currencies. Depending on the market situation and your financial needs, you may be able to get better returns.

How does a Currency-Linked Contract work?

Simply select one of ten base currency (e.g. HKD, USD, EUR, GBP, CAD, JPY, AUD, NZD, CHF or CNH, etc.) and a linked currency which you may be paid at maturity. You can choose an investment period of 1 week, 2 weeks, 1 month, 2 months, 3 months, 6 months and 1 year. We will fix an annual interest rate and a strike rate at the time when the deal is made. At maturity, the principal and its earnings will be paid in the Base Currency or Linked Currency whichever has depreciated against the other.

Illustration

Base Currency

USD

Linked Currency

AUD

Investment Amount

USD100,000

Trade Date

11 July

Effective Date

13 July

Determination Date

18 July

Maturity Date

20 July

Investment Period

7 days

Interest Rate

18.37%

Strike Rate

AUD/USD 0.7420

 

On the Determination Date

  • if the AUD/USD exchange rate is equal to or higher than 0.7420, you will receive principal and interest in USD at maturity.
  • if the AUD/USD exchange rate is lower than 0.7420, you will receive principal and interest in AUD at maturity.

Case for the Currency-Linked Contract

 

(for an investment period of 1 week with a principal amount of USD100,000)

Type of Deposit
Interest Rate2                    
AUD/USD Exchange Rate on the Determination  Date
P+I at Maturity
USD Equivalent at Maturity3                    
Profit / (Loss)
High Yield Currency-Linked Deposit
18.370%p.a.
0.7440
USD100,357.19
USD100,357.19
USD357.19
0.7420
USD100,357.19
USD100,357.19
USD357.19
0.7400
AUD135,252.28
USD100,086.69
USD86.69
0.7380
AUD135,252.28
USD99,816.18
(USD183.82)

  1. Assume the exchange rate of AUD/USD is 0.7420 on the investment date.
  2. The interest rate are quoted as of 11 July 2005 and are for reference only. They do not represent the actual returns, if any.
  3. Assume the exchange rate of AUD/USD on the maturity date is the same as that on the determination date.

Currency-Linked Deposit Return & Risk Analysis

   

Minimum Investment Amount

The minimum investment amount for Currency-Linked Contract is just HKD38,000 or USD5,000 (or its equivalent in any other foreign currency).

Tailor-made Contract to Suit Your Needs

We understand that a standard contract may not fit all customers, that's why we also offer tailor-made Currency-Linked Contract. If your investment amount reaches HKD200,000, USD30,000 (or its equivalent in any other foreign currency) or above, you can specify the strike rate, investment period and the currencies that will fit your unique needs.

Greater Flexibility with Overdraft Facility

If you require additional cash during the investment period, we can offer you an overdraft facility that allows you to manage your finances with greater ease and flexibility, and at the same time enjoy higher returns from the contract.

Risk Disclosure

  1. You should not invest in Currency-Linked Contract based on this page alone. Before making any investment decision, you should read the offering documents (including the "Important Facts Statement") to understand the nature and risks of the product.
  2. This is a structured investment product involving derivatives. The investment decision is yours but you should not invest in this product unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation, investment experience and investment objectives.
  3. Not a time deposit – Currency-Linked Contract is NOT equivalent to, nor should it be treated as a substitute for, time deposit. It is NOT a protected deposit and is NOT protected by the Deposit Protection Scheme in Hong Kong.
  4. Derivatives risk – Currency-Linked Contract is embedded with foreign exchange option(s). Option transactions involve risks, especially when selling an option. Although the premium received from selling an option is fixed, you may sustain a loss well in excess of such premium amount, and your loss could be substantial.
  5. Limited potential gain – The maximum potential gain is limited to Interest Amount.
  6. Maximum potential loss – Currency-Linked Contract is not principal protected: you could lose all your investment amount.
  7. Not the same as buying the Linked Currency – Investing in Currency-Linked Contract is not the same as buying the Linked Currency directly. Customers cannot enjoy the performance of the Linked Currency.
  8. Market risk – The return of Currency-Linked Contract is linked to the exchange rates of the Base Currency against the Linked Currency. Movements in exchange rates can be unpredictable, sudden and drastic, and affected by complex political and economic factors.
  9. Liquidity risk – Currency-Linked Contract is designed to be held till maturity. You do not have a right to request early termination of this product before maturity.
  10. Credit risk of the Bank – Currency-Linked Contract is not secured by any collateral. When you invest in this product, you will be relying on the Bank’s creditworthiness. If the Bank becomes insolvent or defaults on its obligations under this product, you can only claim as an unsecured creditor of the Bank. In the worst case, you could suffer a total loss of your Principal Amount.
  11. Currency risk – If the Base Currency and/or Linked Currency is not in your home currency, and you choose to convert it back to your home currency upon maturity, you may make a gain or loss due to exchange rate fluctuations.
  12. Risks of early termination by the Bank – the Bank has the right (but not the obligation) to terminate this product early upon occurrence of certain events. If this product is terminated by the Bank early, such adjustments or early termination events may negatively affect your return or loss under this product.
  13. Renminbi Currency risk – If you choose CNY as a Deposit Currency or a Linked Currency, then you should note the following:
    • The Chinese Renminbi is currently a restricted currency. Due to exchange controls and/or restrictions imposed on the convertibility or utilization of CNY which in turn is affected by, amongst other things, the PRC government’s control, there is no guarantee that disruption in the transferability, convertibility or liquidity of CNY will not occur. There is thus a likelihood that you may not be able to convert the Chinese Renminbi received into other freely convertible currencies.
    • You should understand the product will be settled in CNY deliverable in Hong Kong, which is different from that of CNY deliverable in Mainland China. As the offshore deliverable Chinese Renminbi market is currently in the developing phase, there is no market standard determination of the exchange rate involving deliverable Renminbi. Customer must therefore be comfortable with the Bank’s good faith determination of the Fixing Rate. All determinations made by the Bank in good faith shall be conclusive and binding on you.
    • If you do not have a CNY deposit account outside the People’s Republic of China (which shall exclude the Hong Kong and Macao Special Administrative Regions and Taiwan), you shall be required to open such account with the Bank, in order to receive payment in CNY.
    • Should you decide to convert the Renminbi amount back into his/her home currency or vice versa, you should bear in mind the risk of exchange rate fluctuations that may cause a loss on conversion of Renminbi back into such other currency or vice versa.
    • The Relevant Strike Rate, Fixing Rate and other relevant exchange rate of the relevant currency pair will be quoted in offshore Renminbi (CNH) against alternate currency.

Important Information    

The above risk disclosure statements cannot disclose all the risks involved. Before making investment decision, you should thoroughly study the offering documents, financial reports and relevant risk disclosure statements issued by the issuer of the investment product(s). Further you should consider your own circumstances including financial position, investment experience and objective to ensure the investment is suitable for your particular investment needs and risk tolerance capacity. You should seek independent financial and professional advice before trading or investment. This promotional material does not constitute an offer or solicitation for the purchase or sales of any investment products. This promotional material is issued by Industrial and Commercial Bank of China (Asia) Limited (the “Bank”) and the contents have not been reviewed by Securities and Futures Commission.



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