国际外汇市场参与者解析与启示

international FX market participant structure and implications

典型的场外市场参与者众多，往往没有集中统一的市场组织者，系统化的场外市场研究并不多见。而我国外汇市场是有组织形态的，近些年市场机制和环境正在发生变化。与国际市场的联系和互动增强。该文从市场参与者的角度，尝试对国际外汇市场主体进行分门别类的解析，研究各类机构的市场作用和表现，进而结合我国外汇市场参与者现状，探索新形势下发展外汇市场的举措。

There are numerous participants in a typical over-the-counter （OTC） market, usually with no centralized organizer. So far, there are few systematic studies on OTC market. It is an institutional FX market in China. The changes to the market mechanism and environment in recent years have strengthened the connection and interaction with the international market. From the perspective of market participants, the article intends to analyze the international FX market participant structure and observe different institutions＇ functions and performances. In light of the status quo of participants in the domestic FX market, measures are explored to further develop the FX market under a new environment.