摘要
本文分析了人民币外汇市场微观结构的变迁和特征,而且结合外汇市场微观结构理论提出了完善人民币汇率形成机制的具体政策建议。2006年年初,中国在人民币外汇市场引入了做市商制度,人民币外汇市场成为了一个混合型市场,做市商在人民币汇率决定中处于核心地位。但是中国外汇市场以场内市场为主,交易量相对较小,客户结构单一,限制了基本面信息的传递。文中提出了完善人民币外汇市场微观结构的具体政策建议。
The paper analyzes the history and characteristics of RMB market microstructure, and brings out policy suggestions aimed at improving RMB exchange rate formation mechanism. At the beginning of 2006, foreign market began to introduce market maker. The foreign exchange market thus becomes a mixed market with market makers playing key roles in exchange rate formation. However, China＇s foreign exchange market is still defect in some aspects. Finally, the article gives out specific suggestions on improving the foreign market microstructure.
出处
《上海金融》
CSSCI
北大核心
2009年第3期76-80,共5页
Shanghai Finance
关键词
外汇市场微观结构理论
做市商制度
人民币汇率
Foreign Exchange Market Microstructure Theory
Market Marker
RMB Exchange Rate
