Interest swap: an agreement to exchange floating rate payments for fixed-rate payments in the same currency.

利息掉期：在同一货币中，以浮动利率付息交换固定利率付息的协议。

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To arbitrage the two markets, these companies accept renminbi as payment from Chinese importers, then swap the cash into dollars at the more attractive offshore exchange rate.

为了在两个市场间进行套利，这些公司从中国进口商那里接受人民币付款，然后以更具吸引力的离岸汇率将其兑换成美元。

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The swap market in Hong Kong plays an important role in channelling funds. it is also a highly efficient indicator of confidence in the linked exchange rate.

本港的掉期市场是资金中转的重要渠道，亦是有效反映市场对联系汇率信心的指标。

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The gap between the official exchange rate and the rate in the swap market has widened to nearly 20%.

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In a typical interest-rate swap, one party agrees to exchange a fixed-rate obligation with another that has a floating, or variable, rate exposure.

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If China could swap dollars for SDRs, some exchange-rate risk would be shifted to the other members of the IMF.

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