由流动性看人民币外汇期权市场发展现状及展望

A look at the development status and prospect of RMB FX options market from the perspective of liquidity

人民币外汇期权市场经过6年来的发展，市场交易量快速提升，已成为除外汇掉期之外市场又一主要汇率避险产品。然而，从交易价差、市场深度和交易处理速度等硬指标来观察，国内外汇期权的流动性水平与成熟市场仍存在差距。这既有期权业务的个性因素，也与我国当前所处的外汇市场发展阶段有关。相信在市场各方的积极努力下，随着市场基础建设的深入推进，市场流动性将逐步改善，外汇期权业务必将显现出更大交易价值。

After six years of development, the trading volume of the RMB FX options market has been increasing rapidly, and FX options have become another important instrument for exchange-rate risk hedging in addition to FX swaps.However, in terms of liquidity indices like quoting spreads, market depth and transaction processing speed, there is still a gap to reach in the domestic FX options market as compared to the developed markets. This we can attribute partly to the product characteristics of FX options, yet it is also related to the development stage of FX market in China. The author believes that, with the efforts of all participants in the market and with the further advancement of the market infrastructure construction, the liquidity in the market will gradually be improved, and FX options will gain greater value as a trading product.