中国外汇衍生品市场发展途径研究.pdfVIP

要 2005 年7 月21 日，中国开始实行参考一篮子货币的有管理的浮动汇率制，可 以毫不夸张地说，这两年相比改革开放的二十几年中的任何时期来说，都是中国 汇率制度改革市场化措施出台最密集、进程最快的两年。而发展 汇衍生品市场 是汇率机制改革的必然要求，随着汇率机制改革的推进,汇率变动的不确定性增 强，如何借鉴国外数十年来 汇衍生市场发展的经验教训，结合我国实际情况摸 索探讨出既与国际接轨又适合我国国情的 汇衍生产品市场发展之路，既是微观 经济主体的客观需要,也是维护国家经济安全、稳定发展的必然要求。 本文首先梳理和研究了 汇衍生品的基本理 及发展，回顾了全球 汇衍生 品的发展历程，以求对衍生市场有一个整体认识；接着对国际 汇衍生市场发展 过程中的一些主要经验教训进行了总结归纳，还对典型几个国家发展 汇衍生市 场过程中可借鉴的因素进行了具体剖析，分析其对我国的借鉴意义；之后对目前 我国 汇市场现 及其问题进行了简要分析总结，从宏观经济条件和微观市场条 件两个方面 证了发展我国 汇衍生品的基本条件已初步具备；最后一部分是是 本文的重点，在对我国实际情况分析的基础上，借鉴发展 汇衍生市场的国际经 验，提出了我国 汇衍生市场的发展次序与框架设计。 关键词： 汇市场衍生产品 汇率改革 发展路径 1 Abstract July 21st 2005 is a meaningful day for China FX history, because reform of exchange rate regime is announced that day. China has moved to a managed float exchange rate regime, with reference to a basket of currencies. it is no exaggeration to say that in the past two years, comparing to any period in the past 20 years of reform and opening up, the introduction of measures about China exchange rate system reform is the most intensive, the fastest. And the development of foreign exchange derivatives markets is an inevitable requirement for the reform of exchange rate mechanism, with the advance of reform of the exchange rate mechanism, exchange rate fluctuations increased uncertainty. So how to develop foreign exchange derivatives markets based upon the state quo of China and couples of years experiences of the global market, and subj ect the exchange rate risk management tools to micro-main in the premise of exchange rate fluctuations, is the obj ective needs for micro-main, but also the necessity requirements to safeguard national economic security, stability. This paper firstly reviews the general theory and development of currency derivatives and rev