人民币外汇衍生品市场新进展、意义与影响  

New Developments and Their Implications in the Offshore and Onshore Foreign Exchange DerivativesMarkets

作　　者：周景彤[1] 吴丹 ZHOU Jingtong;WU Dan(Bank of China Head Ofice Research Institute)

机构地区：[1]中国银行研究院

出　　处：《金融市场研究》2023年第10期58-71,共14页Financial Market Research

摘　　要：外汇衍生品市场一直是我国金融市场改革发展的重点领域。近年来,我国汇率市场化改革已取得显著成效,人民币汇率双边波动态势凸显,市场寻求外汇衍生业务规避交易风险的需求不断上升。在此背景下,我国外汇衍生品市场发展迅速,实现了许多新突破,并迎来了许多新机遇。对境内外人民币外汇衍生品市场发展情况与新进展进行梳理,分析了外汇衍生品业务在价格发现、规避风险和助力服务实体经济等方面的市场功能与影响。最后,对我国外汇衍生品市场的未来发展提出了相关政策建议。The foreign exchange derivatives market has been a key focus of our financial market reform and development.In recent years,China's market-oriented reform of the exchange rate has achieved remarkable results.The two-way fluctuations of the RMB exchange rate are prominent,and market demand is increasing for foreign exchange derivatives to avoid transaction risks.In this context,China's foreign exchange derivatives market is developing rapidly,achieving many new breakthroughs and ushering in new opportunities.This paper introduces the main business types and functions of China's foreign exchange derivatives market,and analyzes the domestic and foreign RMB foreign exchange derivatives market conditions and new developments.It also reviews the market functions and influences of foreign exchange derivatives in price discovery,risk avoidance and service to the real economy.Lastly,the paper makes policy suggestions for the future development of the foreign exchange derivatives market.

关 键 词：衍生品 外汇掉期 外汇远期 外汇期权 隐含波动率 

分 类 号：F832.6[经济管理—金融学]