【摘要】This paper.According to the logic thoughts of the international popular risk management tool-VaR model,constructs the risk losses function of international interest rates debtor countries will face when they borrow one foreign currency at the fixed rates at the beginning of the loan duration,and gives the resolution expression of VaR.The measurement formula set up in this paper will provide a new approach for the host nations to calculate the risks of intemational interest rates accurately,and then avoid or reduce the risks of international interest rates effectively.