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以汇改为契机,中央银行连连推出系列举措,使外汇市场建设在一年间“突飞猛进”。市场深化:当即期汇率随着市场供求变化而变化时,人们对远期外汇市场的需求随之产生。随着人民币汇率形成机制改革,银行间远期外汇市场将会有广阔的发展前景。交易方式:询价交易机制,是外汇场外交易的典型特征之一。询价交易的正式启动,改变了长期以来集中撮合交易一统天下的市场格局,较大幅度地降低了机构的交易成本,活跃了人民币对外币的资金交易。交易制度:在询价交易模式下,做市商的交易制度是推动市场运行和价格形成的根本动力,因而被称之为“报价驱动”机制。在新的市场框架下,做市商将成为银行间外汇市场流动性的主要提供者和市场风险分散的主渠道。交易主体:允许部分实力较强、风险管理机制较完善的非银行金融机构进入银行间外汇市场,这对活跃外汇市场交易,促进公平竞争具有积极意义。业务范围:人民币汇率形成机制的更加市场化,是外汇衍生品发展的现实基础。在继远期结售汇业务两次扩大试点后,人民币与外币掉期业务也开始走入人们的视野,这必将从供需两方面促进外汇衍生市场的发展。外汇市场向广度和深度的拓展,使人民币汇率的市场化进程日益加快。
Taking exchange reform as an opportunity, the Central Bank launched a series of measures one after another to make the construction of the foreign exchange market “by leaps and bounds” in a year. Market Deepen: When the spot exchange rate changes with the market supply and demand changes, the demand for forward foreign exchange market will follow. With the reform of the RMB exchange rate formation mechanism, the long-term inter-bank foreign exchange market will have broad prospects for development. Trading methods: inquiry trading mechanism, is one of the typical characteristics of foreign exchange over the counter. The formal start of inquiry trading has changed the pattern of market dominated by centralized matching transactions over a long period of time, greatly reduced the transaction costs of the institutions and activated the capital transactions of RMB against foreign currencies. Trading System: Under the inquiry trading mode, the market maker’s trading system is the fundamental driving force for the market operation and price formation, so it is called the “quotation-driven” mechanism. Under the new market framework, market makers will become the main providers of liquidity in the inter-bank foreign exchange market and the main channel with diversified market risks. Main body of the transaction: Allowing some non-bank financial institutions with stronger strength and better risk management mechanism to enter the inter-bank foreign exchange market has positive significance for trading in the active foreign exchange market and promoting fair competition. Scope of business: The more market-oriented RMB exchange rate formation mechanism is the realistic basis for the development of foreign exchange derivatives. Following the expansion of the pilot foreign exchange sales and exchange business twice, the renminbi and foreign currency swap business has begun to take people’s perspectives, which will surely promote the development of the foreign exchange derivative market from both supply and demand. The expansion of the foreign exchange market to its breadth and depth has allowed the marketization of the RMB exchange rate to accelerate.