Reading 28. Currency Risk Management: An Introduction
　　The candidate should be able to:
　　a. analyze the effects of currency movements on portfolio risk and return;
　　b. discuss strategic choices in currency management;
　　c. formulate an appropriate currency management program given market facts and client objectives and constraints;
　　d. compare active currency trading strategies (fundamental, technical,carry, and volatility- based);
　　e. describe how changes in the factors underlying active trading strategies affect tactical trading decisions;
　　f. describe how forward contracts and FX swaps are used to adjust hedge ratios;
　　g. describe trading strategies used to reduce hedging costs and modify the risk–return characteristics of a foreign-  currency portfolio;
　　h. describe the use of cross- hedges, macro- hedges, and minimum-variance- hedge ratios in portfolios exposed to multiple foreign currencies;
　　i. discuss special considerations for managing emerging market currency exposures.
　　
　　　　
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