做市商制度、人民币汇率形成机制与中国外汇市场的发展

本文结合现代外汇市场的特征,建立了一个外汇做市商报价模型,从微观金融角度分析了我国汇率形成机制及外汇市场存在的问题,论证了实行做市商制度对人民币汇率形成机制改进和中国外汇市场发展所具备的积极意义,同时提出了相关的政策建议。

This paper constructs a model to explain the spread and exchange rate formation in the perspective of dealer＇s quoting behavior in dealership market. We present a framework to explain the existing problems in China＇s foreign exchange market and the exchange rate formation mechanism of RMB. The market maker system should be introduced in due course to improve market liquidity and deepen the market-oriented reform of the RMB exchange rate formation mechanism.