1. Transaction risk: Is the risk of adverse exchange rate movements between the date the price is agreed and the date cash is received /paid ,arising during normal international trade. 交易风险：由于约定价格日 VS 收付款日之间的汇率的不利波 动的风险。
2. Translation risk: Is the risk that the organization will make exchange losses when the accounting results of its foreigh branches or subsidiaries are translated into the home currency. 折算风险：将国外分部的资产、负债折算成本币时，账面上的损 失。但实际不产生现金流，但会导致财务报表不好看，影响股价，或者股东对公 司的看法。
3. Economic risk: Is the risk that the present value of a company’s future cash flow might be reduced by adverse exchange rate movements. 经济风险：是公司的未来 现金流的 PV 值会因为汇率的不利不动而减少。
补充：PPP 购买力平价理论认为，两国汇率波动受两国的通胀率的影响。在市场 有效的情况下，因为通胀导致的汇率损失会被售价上涨所弥补。但长此以往，这 个国家的货币会失去竞争力 competitive position。 自此，该货币的定价权‘law of one price’ 将不在持续。比如，历史上的 USA 崛起&UK 的衰弱。所以，如果一国 货币长期处于相对较弱的经济形势中，很可能会面临经济风险，因为从长期来看， 未来现金流的价值会 decline.
