中国银行间市场开创卢布交易业务完善市场功能

China interbank market integrated CNY/RUB trading to strengthen market functions

1994年人民币汇率形成机制改革以来,中国银行间外汇市场挂牌了美元、欧元、日元、英镑和港币等五种国际储备货币。本轮国际金融危机以来,主要货币汇率波动加大,微观主体出于节约汇兑成本的需要,对人民币与新兴市场货币兑换交易的需求不断上升。为满足经济主体的需求,中国人民银行积极探索在银行间外汇市场挂牌人民币对新兴市场货币交易。2010年11月22日,中国银行间外汇市场挂牌人民币对卢布交易。挂牌以来,中国银行间外汇市场人民币对新兴市场货币交易健康发展,报价日益活跃,成交快速增长。截至2011年9月末,银行间外汇市场人民币对卢布成交53.10亿元人民币,2011年下半年以来的交易量也已超过了人民币对英镑的交易量。在我国银行间市场挂牌人民币对卢布交易一周年之际,本刊特推出四家人民币对卢布做市商相关经验与感想的专题文章,供市场参考。

Since the reform of the RMB exchange rate formation mechanism in 1994,China's interbank FX market has offered the trading of five international reserve currencies including USD,EUR,JPY,GBP and HKD.After the outbreak of the current international financial crisis,the exchange rate fluctuations of major currencies have increased and micro entities have a growing demand for trading between RMB and emerging market currencies so as to save currency conversion costs. In order to cope with economic entities' demand,the People's Bank of China has actively explored the listing of RMB against emerging market currencies on the interbank FX market.On November 22,2010,China's interbank FX market launched CNY/ RUB trading.Since then,the trading of RMB against emerging market currencies on China's interbank FX market has been progressing healthily with increasingly active quotation and rapidly growing trading volume.As of the end of September 2011, CNY RUB trading volume reached 3.31 billon yuan on the interbank FX market.Its trading volume during the second half of 2011 has exceeded GBP/CNY trading volume.On the first anniversary of Cina's interbank CNY/RUB trading,CHINAMONEY provides the feature articles from four CNY/RUB market-makers on their experiences and reflections to serve as market reference.