开放经济视角下中国衍生品市场的发展与挑战  

The Development and Challenges of China's Derivatives Market from the Perspective of Open Economy

作　　者：何雨霖 陈宪[3] 蒋一乐 He Yulin;Chen Xian;Jiang Yile(Fudan University,Shanghai,200433,China;Shanghai Gold Exchange,Shanghai,200001,China;Antai School of Economics and Management,Shanghai Jiaotong University,Shanghai,200030,China;Shanghai Head Office of the People's Bank of China,Shanghai,200120,China;China Academy of Financial Research,Shanghai Jiaotong University,Shanghai,200030,China)

机构地区：[1]复旦大学,上海200433 [2]上海黄金交易所,上海200001 [3]上海交通大学安泰经济与管理学院,上海200030 [4]中国人民银行上海总部,上海200120 [5]上海交通大学中国金融研究院,上海200030

出　　处：《上海经济》2023年第3期83-93,共11页Shanghai Economy

基　　金：2022年上海市超级博士后激励计划(项目编号:2022278)。

摘　　要：衍生品基本功能是规避风险。与封闭经济体相比,开放经济体居民和非居民规避风险的需求更加丰富,需要完善发达的衍生品市场予以支持。通过跨国和跨币种比较发现,我国衍生品的国际地位远低于经济的国际地位,人民币衍生品的国际地位与货币的国际地位相当。我国衍生品市场存在市场结构不够平衡、对外开放程度不高、法律体系和制度建设不完善以及金融基础设施质量不优等发展短板,还面临来自离岸市场的竞争以及跨境监管协作的挑战。定性和定量分析显示,开放经济下应防范离岸人民币流动性风险,并警惕人民币汇率定价权旁落境外的问题。建议深化在岸利率汇率市场化改革,完善衍生品产品体系和优化交易制度,推动在岸制度型开放,引领构建全球人民币衍生品监管框架,推出离岸流动性操作工具,以推动开放经济下中国衍生品市场加快健康发展。The basic function of derivatives is to hedge risks.Compared with closed economies,residents and non-residents in open economies have more abundant needs to avoid risks,and need to improve the developed derivatives markets to support them.Through the comparison between transnational and cross-currency,it is found that the international status of China's derivatives is far lower than that of the economy,and the international status of RMB derivatives is equivalent to that of currency.China's derivatives market has some development weaknesses,such as unbalanced market structures,low degree of opening to the outside world,imperfect legal system and institutional construction,and poor quality of financial infrastructure.It also faces challenges from competition in the offshore market and cross-border regulatory cooperation.Qualitative and quantitative analysis shows that under the open economy,we should be aware of the offshore RMB liquidity risk,and that the RMB exchange rate pricing right is left overseas.It is suggested to deepen the market-oriented reform of onshore interest rate and exchange rate,improve the derivatives product system and optimize the trading system,promote the onshore institutional opening,lead the construction of a global regulatory framework for RMB derivatives,and launch offshore liquidity operation tools to accelerate the healthy development of China's derivatives market under the open economy.

关 键 词：衍生品市场 人民币国际化 主权货币 汇率 

分 类 号：F83[经济管理—金融学]