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，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种情况，比如基于模型的衍生工具。

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，该模型的所有输入参数都是可观测的。

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，他是中国人民银行的前顾问， 他预计对金融体系的溢出效应最小，是因为没有建立在金融体系之上的衍生工具。

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，利率差的变化使得现在使用衍生工具如货币互换来将部债务转换为当地货币（在个例子中，即亚洲货币）更具成本效益。