关于建立我国人民币外汇期货市场的思考——兼论境外人民币外汇期货市场的演进

人民币汇率作为一种基础性的经济资源和金融资产价格,日益成为影响经济和金融的重要因子,因而在境外金融市场上人民币外汇期货合约可谓是风生水起,但是国内的外汇期货市场建设却严重滞后。以境外金融市场为切入点,系统分析了在这些市场上交易的人民币外汇期货的演进历程与合约特征;阐述我国推出人民币外汇期货合约的重大现实意义与战略价值,提出了在上海自贸区开展外汇期货试点、人民币外汇期货的合约要素设计、健全市场参与者的风险管控体系、加强政府对期货市场的监管力度等政策建议。

Thinking for the Establishment of RMB Foreign Currency Futures Market in China：With a Discussion on the Evolution of Offshore RMB Foreign Currency Futures Market

As one of the basically economic resources and financial asset prices, RMB exchange rate is becoming an important factor affecting the economy and finance. While RMB foreign currency futures contracts, in the offshore financial markets, develop quickly, the market construction in China lags behind seriously. This paper systematically analyzes the evolving paths and contract features of RMB currency futures in the offshore financial markets. Then, it expounds the great practical significance and strategic values of launching RMB foreign curcurrency futures, perfecting the risk-monitoring system of the market participator, and strengthening the administrative supervision of futures market and so on.