The foreign exchange management for the machinery manufacturing industry –Based on the exchange rate of USD/CNY

The purpose of this paper is to construct a foreign exchange management plan for the machinery manufacturing industry. This paper concentrated on the exchange of USD/CNY and the foreign trade of machinery products between China and the United States. Basically, the paper can be separated into two parts. Firstly, the paper calculated the net foreign exposure to the whole industry. The paper used the export and import volume of machinery manufacturing industry from 2014 to 2019 to forecast the net volume in the following one year. In the forecasting part, the appropriate ARIMA models were selected for these variables. Then it also forecasted the exchange rate based on the appropriate ARIMA model. The forecasting results presented in the paper. According to the result of the first part, the second part of this paper focused on designing customized foreign exchange management. The foreign exchange management considered how the change of the exchange rate in the future and the characteristics of financial instruments. Furthermore, in the management plan, the hedging proportion of the net exposure will be determined by the risk preference according to the fuzzy logic theory. The flow charts are given below to show the whole procedure of foreign exchange management

The foreign exchange management for the machinery manufacturing industry –Based on the exchange rate of USD/CNY

The purpose of this paper is to construct a foreign exchange management plan for the machinery manufacturing industry. This paper concentrated on the exchange of USD/CNY and the foreign trade of machinery products between China and the United States. Basically, the paper can be separated into two parts. Firstly, the paper calculated the net foreign exposure to the whole industry. The paper used the export and import volume of machinery manufacturing industry from 2014 to 2019 to forecast the net volume in the following one year. In the forecasting part, the appropriate ARIMA models were selected for these variables. Then it also forecasted the exchange rate based on the appropriate ARIMA model. The forecasting results presented in the paper. According to the result of the first part, the second part of this paper focused on designing customized foreign exchange management. The foreign exchange management considered how the change of the exchange rate in the future and the characteristics of financial instruments. Furthermore, in the management plan, the hedging proportion of the net exposure will be determined by the risk preference according to the fuzzy logic theory. The flow charts are given below to show the whole procedure of foreign exchange management

Chinese Herbal Extracts Mitigate Ammonia Generation in the Cecum of Laying Hens: An In Vitro Study

The objectives of the study were to screen one or several Chinese herbal extracts with good ammonia emission reduction effects using an in vitro gas production study. The study consisted of a control (without Chinese herbal extract), and 11 experimental groups with added cinnamon extract (CE), Osmanthus extract (OE), tangerine peel extract (TPE), dandelion extract (DE), Coptis chinensis extract (CCE), honeysuckle extract (HE), Pulsatilla root extract (PRE), yucca extract (YE), licorice extract (LE), Ginkgo biloba extract (GBE), or astragalus extract (AE). The results showed that HE, PRE, YE, LE, GBE, and AE significantly reduced ammonia production (p ≤ 0.05). The most significant ammonia inhibition was achieved via AE, resulting in a 26.76% reduction. In all treatments, Chinese herbal extracts had no significant effect on pH, conductivity, or uric acid, urea, and nitrate-nitrogen concentrations (p > 0.05). However, AE significantly reduced urease activity and the relative activity of uricase (p ≤ 0.05). AE significantly increased the relative abundance of Bacteroides and decreased the relative abundance of Clostridium, Desulfovibrio, and Prevotell (p ≤ 0.05). Astragalus extract inhibited ammonia emission from laying hens by changing the gut microbial community structure, reducing the relative abundance of ammonia-producing bacteria, and reducing microorganisms’ uricase and urease activities