First, is the derivative instrument that then makes you realize, oh, shit.

首先，是那种衍生工具，会让你突然意识到，天啊。

You see it in almost every type of instrument, like a derivative instrument that's based on a model.

你几乎能在每一种金融工具中看到这种情，基于模型衍生工具。

Or you may have a modeled value, think of like some type of derivative instrument, where all of the inputs to that model are observable.

或者， 你可能拥有一个模型估值， 可将其视为某种衍生工具，该模型所有输入参数都是可。

Li Daokui, he’s a former advisor to the PBOC, he expects minimal spill over to the financial system, and that’s because there aren’t derivative instruments built on the

李稻奎，他是中国人民银行前顾问， 他预计对金融体系溢出效应最小，这是因为没有建立在金融体系之上衍生工具。

Therefore, the change in interest rate differentials has made it more cost-effective now to use derivative instruments like cross-currency swaps to transform a portion of that debt into their local currencies, in this example, their Asian currencies.

因此，利率差变化使得现在使用衍生工具货币互换来将部分债务转换为当地货币（在这个例子中，即亚洲货币）更具成本效益。