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.
出处
《广东金融学院学报》
CSSCI
2008年第4期81-88,共8页
Journal of Guangdong University of Finance
关键词
人民币衍生品
无本金交割远期
远期汇率
RMB derivatives, Non-Deliverable Forwards, long-term exchange rate
