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问题如下：

Distinguish the discretionary hedging approach from active currency management.

选项：

解释：

Answer:

The two approaches have different emphases:

With active currency management approach, the portfolio manager is supposed to take currency risks and manage them for profit with the primary goal of adding alpha to the portfolio through successful trading.

For the discretionary hedging approach, the primary goal is to protect the portfolio from currency risk while secondarily seeking alpha within limited bounds.

There the difference between discretionary hedging and active currency management is more of emphasis than degree. The primary duty of the discretionary hedger is to protect the portfolio from currency risk. While active currency management is supposed to take currency risks and manage them for profit.

中文解析：

本题需要区分两种外汇管理两种方法：active currency management & discretionary hedging。

二者的主要区别在于侧重点不同：

在active currency management方法下，主要目标是通过管理外汇风险来获取超额回报。

对于discretionary hedging方法，主要目标是保护投资组合免受货币风险，其次才是在有限的范围内寻求alpha。

因此可自由决定的对冲方法和主动管理的方法之间的区别更多的是重点而不是程度。

可自由决定的套期保值者的主要职责是保护投资组合免受货币风险的影响。

而主动管理应该是承担货币风险，并以盈利为目的进行管理。