做市商制度与中国外汇市场的微观运行

Market-maker System and Operation of China's FX Market

内容交易制度对金融市场的运行质量会产生直接的影响。本文通过对实施做市商制度前后我国外汇市场运行的分析,发现实行做市商制度后,我国外汇市场的流动性和市场效率都有所提高,美元/人民币的即期汇率波动虽然较以前增大,但依然处于比较稳定的状态,适应增强人民币汇率弹性的要求。

Trading mechanism is a fundamental factor, which determines the micro-quality of financial markets. As an important trading mechanism, market maker system has a direct effect on the quality of foreign exchange market. This paper analyzed the quality of foreign exchange market of China before and after implementation of foreign exchange market maker system, and concluded that the liquidity and market efficiency have been significantly improved, while the volatility of USD/ CNY spot exchange rate have increased, it is still in a relative stable state and seasoned with the newly adapted exchange regime.