Rising renminbi trade settlement and a sliding euro are fuelling a surge in hedging between the two currencies by both multinationals and investors.
日益扩大的人民币贸易结算和不断下跌的欧元，导致跨国企业和投资者在这个货币对上的对冲操作急剧增多。
Daily trading volume in euro-renminbi options has risen from about 100m at the start of the year to at least 300m, according to estimates from HSBC, as European corporate clients and fund managers increasingly look to manage their exposure to the Chinese currency. On busy days, that figure could rise as high as 600m, the bank said.
汇丰(HSBC)估计，随着欧洲企业客户和基金经理越来越多地考虑管理其人民币敞口，欧元/人民币期权的日交易额已从今年初的约1亿欧元增至至少3亿欧元。该行表示，在繁忙的交易日，这一数字可能高达6亿欧元。

While estimates vary on the size of the market, those involved agree that it has grown significantly this year, driven largely by demand from European companies.
尽管人们对该市场规模的估计各不相同，但市场参与者认为，其规模今年已大幅扩大，这在很大程度上是受欧洲企业需求的推动。
“As more and more corporates have trade settlement in renminbi, they don’t necessarily want to go through the dollar. They want the direct conversion,” said Andrew Sharkey, head of FX options trading in Asia for HSBC, one of the biggest participants in the market.
汇丰亚洲外汇期权交易主管安德鲁•夏基(Andrew Sharkey)表示：“越来越多的企业用人民币进行贸易结算，它们未必想通过美元兑换。它们想直接兑换。”汇丰是该市场最大的参与者之一。
Growing turnover in renminbi options trading this year – particularly against the euro – had been “phenomenal”, he added.
他补充称，今年人民币期权（尤其是欧元/人民币期权）交易额的不断增长是“惊人”的。
FX options products allow companies to reduce risk by buying the right to buy or sell a currency during a fixed period and at an agreed price. These contracts typically run for six to 12 months in the offshore renminbi market.
外汇期权产品使得企业能够通过购买在固定期限内以约定价格买入或卖出一种货币的权利，来降低风险。在离岸人民币市场，这些合约的期限通常是6至12个月。
The pick-up in hedging coincides with an increase in two-way volatility in the renminbi. This year the renminbi experienced a sharp slide, during which it lost as much as 3.8 per cent against the US dollar in a few weeks.
对冲操作增多的同时，人民币的双向波动也有所增多。今年，人民币汇率曾大幅下跌，人民币兑美元曾在几周内最多下跌3.8%。
Though small compared with other emerging market currency drops, the move was the biggest for the renminbi in years, and caught many investors and companies off-guard after years of a slow but steady climb for the Chinese currency.
尽管相对于其他新兴市场货币的跌幅，人民币的跌幅较小，但它却是多年来人民币汇率出现的最大幅度的下跌。在经历多年缓慢但稳定的升值之后，人民币的这轮贬值让很多投资者和企业措手不及。
More recently the renminbi has been bouncing back, while the euro has been weakening significantly as the European Central Bank has taken steps to ease policy in the currency bloc.
最近，人民币汇率有所反弹，欧元汇率却大幅下跌，原因是欧洲央行(ECB)已采取措施放松欧元区的货币政策。
The rise of euro-renminbi options trading follows a steady increase in the use of the currency to settle goods traded with China, especially within the eurozone.
在欧元/人民币期权交易增多之前，各国在对华贸易中使用人民币结算的势头稳步增强，欧元区国家尤其如此。
European companies with large sales in China have been among the most active in hedging their exposure to the renminbi.
在华拥有很大销售额的欧洲企业，一直在对冲人民币敞口方面表现得最为积极。
Charles Feng, head of FX, rates and credit trading for Greater China at Standard Chartered, said interest from European companies in using renminbi to settle trade was “growing rapidly”, fuelling activity in the options market.
渣打(Standard Chartered)大中华区外汇、利率和信用交易主管冯思果(Charles Feng)表示，欧洲企业使用人民币进行贸易结算的兴趣“迅速升温”，对期权市场的活动起到了推波助澜的作用。
“The weaker euro has attracted corporate clients to speed up their hedging,” he said. “As corporates become more aware of the depth and the liquidity in the offshore renminbi market, they are using it more frequently and in greater size.”
“欧元走软促使企业客户加快了对冲的脚步，”他表示，“随着企业对离岸人民币市场的深度和流动性有了更清楚的认识，它们正在更频繁地使用人民币，涉及的金额也更大。”
Options trading against the renminbi in other currencies – such as the Japanese yen and sterling – has also been rising, prompted in part by the steep sell-off in the Chinese currency this year but also by the strength of the US dollar.
其他币种（例如日元和英镑）兑人民币的期权交易也在增多，这一方面是受人民币今年遭大幅抛售推动，另一方面是受美元势头强劲推动。