analysis of chinas foreign exchange market the introduction of market-maker system dynamics（分析中国外汇市场引入做市商系统动力学）.docVIP

Analysis of China’s foreign exchange market the introduction of market-maker system dynamics Paper Keywords: foreign exchange market; maker system; motivation Abstract: At present, China’s foreign exchange market has closed, monopoly, lack of vitality and mobility characteristics of poor, to improve the foreign exchange market and improve transaction efficiency, need to introduce market-maker system, which will not only help to improve the RMB exchange rate formation mechanism, and can be active in foreign exchange transactions, increase foreign exchange market liquidity, price formation to maintain the stability of the system in order to fully promote the market-maker, also need to adopt a variety of supporting measures that improve the foreign exchange market mechanism, strengthen the capital and current management, establish a multi- level and rich foreign exchange market system tools. Quote-driven market-maker system, also known as the trading system, securities trading is the trading price is given by market makers, buyers and sellers of the commission does not directly match the transaction, but from the hands of market makers on the market to buy or sell securities. In other words, market makers quote in its position on the acceptance of investors trading requirements, will sell its own securities held by the buyer, or to use its own funds from the seller bought the securities market, the basic characteristics of market makers trading price of securities by the decision makers, investors either buy or sell securities, which are merely trading with the market maker, has nothing to do with the other investors. the introduction of the foreign exchange market maker system is the most important function and role of active foreign exchange trading, increase foreign exchange market liquidity. First, the status of China’s foreign exchange market 1 The market has closed. At present, China has implemented mandatory exchange settlement system, exce