挂钩美元指数理财产品设计的实证研究——基于人民币汇率双向浮动的背景  

The Empirical Research on the Design of Financial Products Linked with US Dollar Index

作　　者：王月溪[1] 陈宏宇[1] 戴婉妮[1] 

机构地区：[1]东北财经大学金融学院,辽宁大连116025

出　　处：《郑州航空工业管理学院学报》2012年第4期132-136,共5页Journal of Zhengzhou University of Aeronautics

摘　　要：中国人民银行决定自2012年4月16日起,扩大外汇市场人民币兑美元汇率浮动幅度。这意味着人民币汇率将告别单向升值走势,走向双向浮动时代。在此背景下商业银行理财产品的设计,应结合我国目前宏观经济、金融形势并根据投资者的风险偏好,更多考虑基础资产的趋势判断及资产配置问题。为此我们设计一款挂钩于美元指数与美元指数期货的理财产品,在市场普遍不看好美元的情况下看多美元指数,并采用美元指数期货进行套期保值的方式降低产品的风险。该产品预期收益率高于当期的通货膨胀率且本金损失的可能性很小,主要针对我国风险承受能力较强的高净值人群所设计。The People＇s Bank of China decided to expand the floating range of the foreign exchange market a- gainst U.S. dollar since April 16,2012, which means that the one- way appreciation trand is ending, and usher in a two - way floating exchange rate regime. In this context, when commercial banke design their finan- cial products, not only investors＇risk preference, but also China＇s current macro -economic and financial situ- ation should be concerned,making a tendency judgment on underlying assets and assets allocation. At the mo- ment, it is not optimistic about U.S. dollar in the market. Therefore, we introduced a financial product linked with U.S. dollar index and U.S. dollar index futures, taking a long position in U.S. dollar index, hedging with U.S. dollar index futures to reduce the risk level. The product is expected to yield higher than the current inflation rate and the possibility of loss of principal is very small. This product is mainly designed for the peo- pie who has higher net worth and would like to take an extra risk.

关 键 词：人民币汇率双向浮动 美元指数 资产配置 理财产品设计 

分 类 号：F830.59[经济管理—金融学]