改善银行间外汇市场衍生品流动性的初步设想

A proposal on improving interbank FX derivatives liquidity

随着金融市场的深入发展，我国外汇衍生品市场发展迅速，外汇衍生品的品种逐渐丰富。在银行间市场上，有些较为复杂的外汇衍生品现阶段流动性不高。文章以货币掉期和外汇期权这两种流动性尚不充分的衍生品为样本，通过对其交易情况和市场参与情况的分析，归纳出流动性不高的表现和产生原因。最后从市场组织方的角度提出改善银行间外汇市场衍生品流动性的初步设想。

The financial market＇s development gives rise to the rapid development of China＇s FX derivatives market with more types of derivatives. On the interbank market, the liquidity of some complex FX derivatives is low currently. The article makes reference to currency swap and FX option, two types of derivatives with insufficient liquidity, to give an analysis on the trading and market participation conditions of such derivatives and consolidates the reasons behind the low liquidity. Finally, preliminary views are given on improving interbank FX derivatives liquidity from the perspective of market organizer.