我国外汇市场微观组织结构选择研究

本文从外汇市场微观组织结构理论角度,通过对外汇市场流动性和透明度关系的理论文献研究,对我国外汇市场微观组织结构选择提出设想。具体包括在银行间即期外汇交易中也应引入询价交易方式;尽快建立做市商制度;转变外汇交易中心的官办性质;针对不同外汇衍生品选择不同微观市场组织结构,以满足不同交易主体的需求等。

The Study on the Microstructure of China's Foreign Exchange Markets

From the perspective of the theory of microstructure of foreign exchange markets, this paper designs the microstructures of China's foreign exchange markets through the research on the relationship between liquidity and transparency. It includes: introducing the enquiring trade mode in the inter-bank spot foreign exchange trades, establishing market-maker system as soon as possible, shifting the position of China Foreign Exchange Trading System from state-operation to private-operation, and choosing different microstructures according to different foreign exchange derivatives to meet different investors' needs.