金融衍生产品发展与中国的对策

Development of Financial Derivatives and Means of China

金融衍生产品的设立是以解决金融业务中的风险为目的的,其主要功能是规避和管理系统性金融风险,增强金融体系整体抗风险能力和提高经济效率。自20世纪80年代以来,国际金融衍生产品市场飞速发展,而金融衍生工具在我国虽然实际上已有近十年的历史,但是,除了国债期货曾一度有所发展外,其他衍生工具的交易在我国都未形成较大规模。未来我国金融衍生产品的开发至少应该在股票指数期货、人民币利率掉期、银行间外汇市场发展等方面有所突破。

Establishment of financial derivatives is for the purpose of solving risk of financial transactions, the main function of which is to prevent and manage systmatic financial risks and to strengthen overall risk-prevention ability of financial system and to improve economic efficiency. Since 1980＇s, international financial derivative market has gained a greatly rapid development, and there is a history of financial derivative for about ten years in China, however, dealings of other derivatives except bond and futures which have ever gained a short time of development in China have never gotten to a big development. It is compulsory for China to have a breakthrough in the developing of such financial derivatives as stock index futures, Renminbi interest rate swaps, development of foreign exchange market, etc.