NDF市场对境内人民币汇率的影响  

Study of the Effect of the NDF Market on the Onshore RMB Exchange Rate

作　　者：吴先智[1] 

机构地区：[1]华东师范大学商学院,上海200241

出　　处：《广东金融学院学报》2008年第4期81-88,共8页Journal of Guangdong University of Finance

摘　　要：境内即期汇率与NDF汇率之间有较强的引导作用,且境内即期汇率占主导地位;1年期的NDF汇率与境内远期相互引导,而其他期限品种只存在境内远期汇率对NDF汇率的引导作用。国内市场应进一步放开对于衍生品交易的限制。加大非银行金融机构和非金融企业的引入力度,会扩展市场的容量,促进参与主体间的竞争。The domestic spot exchange rate and the NDF exchange rate have a fairly strong influence on each other and the domestic spot exchange rate is predominant. The one-year NDF exchange rate and the domestic long-term exchange rate impact each other, while with other term products the domestic long-term exchange rate only has a guiding effect on the NDF exchange rate. More restrictions should be lifted on the domestic market for derivative transactions. Increasing the participation of non-banking financial institutions and non-financial enterprises would increase the volume of the market and promote more competition among traders in the market.

关 键 词：人民币衍生品 无本金交割远期 远期汇率 

分 类 号：F830.9[经济管理—金融学]