汇率形成机制与做市商制度:动因、成本分析

Exchange Rate Mechanism and Market Maker Rule:Driver and Cost

人民币汇率形成机制问题成为近年来国际经济事务中的焦点。中国外汇交易中心2005年5月推出8种外汇交易品种以及引入外币间交易做市商制度,这一举措成为观察、试验做市商制度的序曲。本文研究认为,外汇市场引入做市商制度有利于改善人民币汇率形成机制,但是由于我国外汇市场还不完善,引入做市商制度也会带来一定的成本。为了全面推广做市商制度,多方面配套问题尚待解决。

Recently, Exchange rate and mechanism of RMB are focused widely in international economic affairs. The CFETS put forward eight kinds of foreign exchange instruments and introduced marker maker rule among foreign currency in May,2005, which became the sinfonia of testing market marker rule. This paper argues that market maker rule is in favor of improving the formation mechanism of exchange rate. However, market maker rule may produce some negative influence because of imperfect foreign exchange market. In order to spread the system some correlative measures must be solved.