摘要
从名义上看,远期外汇交易与非交割远期外汇交易(NDF)的主要区别在于有无本币交割和全额交割、且两者都反映了市场对即期汇率变动的预期。但是,由于在定价模式、银行头寸对冲机制以及交割方式方面的根本差别,这两种交易对非自由兑换货币国家外汇市场的影响方式和程度有着很大的区别。
By definition,the main difference between forward FX and NDF transactions lies in whether there is domestic currency settlement and gross settlement.They both reflect market anticipation of spot rate movement.Due to the fundamental differences in pricing mode,sterilizing mechanism of bank positions and settlement mode,these two ways of transaction distinguish each other greatly in the way and degree of their influences on the FX market of the countries whose currencies are not freely convertible.
出处
《中国货币市场》
2005年第2期40-41,共2页
China Money
