In a bond swap, you buy one bond on one market and sell it at the same time on another. This is called arbitrage.
在债券互换交易中,你可在一个市场上购买一种债券,同时又在另一个市场上卖出,这叫套利。
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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.