全球外汇市场交易规模下降的成因及影响

Downsized FX markets： causes and implicatio

2016年12月，国际清算银行（BIS）发布第四季度报告，其中一篇题为《外汇市场交易规模下降的成因及影响》（DownsizedFXmarkets：causesandimplications）的专题报告指出，2014-2016年外汇市场交易较2011—2013年萎缩，日均交易量从5．475亿美元下降至5．1万亿美元。新兴市场经济体货币的市场份额大幅上升，其中人民币市场份额为4％，居全球第八位。该报告从市场主体、交易工具、流动性提供、交易方式等角度深入分析了近三年全球外汇市场交易的变化情况、原因及对市场运行造成的潜在影响。

In December 2016, the BIS released a special feature article entitled ＇Downsized FX markets： causes and implications＇ in its quarterly review, which points out that FX trading volume contracted between 2014-16 as compared with that of 2011-13, and the average daily trading volume dropped from US$ 5.4 trillion to US$ 5.1 trillion. A number of emerging market economy （EME） currencies gained market share, most notably the RMB, which has reached 4% of global FX turnover and ranks the eighth most traded currency in the world. From the perspectives of market participants, FX instruments, liquidity provision and trading patterns, this article explores the evolution of FX trading volumes over the past three years, the causes for the market changes and the implications for market functioning.