交易量稳步增长 市场产品日益丰富——2018年上半年境内外汇衍生品市场回顾与展望

Trading Volume Grew Steadily and Product Varieties were Increasingly Endched ---FX Derivatives Market Review and Outlook in the First Half of 2018

2018年上半年，境内美元资金池规模保持稳定，境内外汇掉期市场交投活跃，价格主要跟随货币政策边际变化及人民币流动性状况波动，较为充分地发挥了外汇掉期作为本外币负债转换工具的纽带作用；伴随着人民币汇率起伏，人民币外汇期权市场交投活跃，波动率呈现出上涨后回落的态势，反映出市场对于汇率走势和波动的预期。

In the first half of 2018, the US dollar liquidity pool in China maintained stable, and the trading in the FX swap market remained active. The FX swap prices fluctuated mainly following the marginal adjustments in monetary policy and the changes in RMB market liquidity, which fully demonstrated the function of FX swaps in bridging the conversion between RMB and foreign currency debts. The RMB FX options market has been actively trading along with the fluctuation of the RMB exchange rate, and the option volatility rate rose first and then declined, reflecting the market＇s expectations on the movements and fluctuations of the exchange rate.