Budget exchange rates provide firms with a reference exchange rate level (Madura, 1989). Setting budget exchange rates is often linked to the firm's sensitivities and benchmarking priorities. After deciding on the budget rate, the corporate treasury will have to secure an appropriate hedge rate and ensure that there is minimal deviation from that hedge rate. This process will determine the frequency and instruments to be used in hedging. It should be further pointed out that persistent moves relative to the numeraire (functional) currency should be reflected in the budget rates, or strategic positioning and hedging should be considered.
Firms have different practices in setting budget exchange rates (Lam, 2003). Many corporate treasurers of multinational firms prefer to use PPP rates as budget exchange rates, often with the understanding that tactical hedging may be needed over the short-term where the forecasting performance of the PPP model is usually poor（2）. However, other multinational firms prefer to set the budget rate in accordance with their sales calendar and, in turn, with their hedging strategy. For example, if a firm has a quarterly sales calendar, it may decide to hedge its next year's quarterly foreign currency cash flow in such a way that they do not differ by more than a certain percentage from the cash flow in the same quarter of last year. Accordingly, this will necessitate four hedges per year, each of one-year tenor, with hedging being done at the end of the period, using the end-of-period exchange rate as its budget rate.
Alternatively, a firm may decide to set its budget exchange rate at the daily average exchange rate over the previous fiscal year (Barton, Shenkir, and Walker, 2002). In such case, the firm would need to use one hedge through, perhaps, an average-based instrument like an option or a synthetic forward. This hedging operation will usually be executed on the last day of the previous fiscal year, with starting day the first day of the new fiscal year. Furthermore, a firm may also use passive currency hedging, such as hedging the average value of a foreign currency cash flow over a specified time period, relative to a previous period, through option structures available in the market. This type of hedging strategy is fairly simple and easier to monitor.
2 The relative version of the PPP theory states that bilateral exchange rates would adjust to the relative price differentials of the same good traded in the two countries.
Setting budget exchange rates is also crucial for a firm's pricing strategy, in addition to their importance for defining the benchmark hedging performance and tenor of a hedge (as the latter generally match cash flow hedging requirements).
翻譯：長套期保值和預算價格
預算匯率提供了參考匯率水平（馬都拉，1989）公司。確定預算匯率往往與企業的敏感性和基準的優先事項。經過對預算匯率決定，該公司資金必須確保壹個適當的套期保值率，確保有從對沖率最小偏差。這壹進程將確定的頻率和手段，在對沖使用。應該進壹步指出，持續的行動相對於計量單位（功能）的貨幣應在預算分攤比率，或戰略定位和對沖反映應該加以考慮。
企業在確定預算匯率（林，2003年）不同的做法。跨國公司的許多公司的財務主管喜歡用購買力平價匯率預算率，往往與套期保值的戰術可能會在短期那裏的購買力平價模型預測性能通常是窮人（2）必要的了解。但是，其他跨國公司傾向於建立與他們的銷售日歷按照預算匯率，並反過來，他們的對沖戰略。例如，如果壹家公司有壹個日歷季度銷售，它可以決定其明年對沖季度外幣以這樣壹種方式的現金流，他們不相差超過從同季的現金流量的某壹個百分比上年。因此，這將需要每年四次對沖，壹年期男高音與對沖，每次都工作在這壹時期結束時，使用-期末作為其預算匯率匯率。
或者，公司可能決定定在每天比上壹財年的平均匯率的預算匯率（巴頓，Shenkir，和Walker，2002）。在這種情況下，企業將需要使用通過，或許有對沖平均基於這樣壹個選項或合成前進的工具。這對沖操作通常會在執行上壹財政年度的最後壹天，開始壹天的新財年的第壹天。此外，企業還可以使用，例如對沖外國貨幣在特定時期的現金流，相對於前壹段時間的選擇結構，通過在市場上，平均價值被動的貨幣對沖。這種對沖策略是相當簡單，更容易的監視器類型。
2購買力平價理論認為，雙邊匯率將調整的相對價格差異相對版本相同的好這兩個國家進行交易。
確定預算匯率也是很重要的公司的定價策略，除了他們的重要性，確定基準對沖性能和對沖男高音（因為後者壹般匹配的現金流量對沖的要求）。
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