发展我国外汇衍生品市场的理论分析与政策思考

A Study on Development of Foreign Exchange Derivatives Market in China

随着经济开放度的不断提升,人民币汇改的持续推进,我国企业面临的汇率风险日益突出,外汇衍生品是企业管理汇率风险的有效工具,发展我国外汇衍生品市场具有重大的现实意义和战略价值。本文首先构建了一个在开放经济条件下企业最优汇率风险对冲的理论模型,揭示出发展外汇衍生品市场的微观基础,然后对我国外汇衍生品市场的演进历程以及存在的问题进行剖析,最后提出了包括推出外汇期货合约、扩大市场对内开放、健全参与者内控体系以及加强政府对市场监管等对策建议。

With the openness of China's economy and reform of RMB regime,the exchange rate risk faced by Chinese companies becomes increasingly prominent.Because the foreign exchange derivatives are the effective tools for companies to manage exchange rate risks,the development of China's foreign exchange derivatives market has significant meanings and strategic value.Firstly,the paper structures the model to analyze the company's optimal behavior for foreign exchange rate risk hedging in the open economy.Then,it analyzes the evolution path and problems of foreign exchange derivatives markets in China.Finally,it puts forward the policy recommendations on development of this market in the future.