建设我国外汇期货市场的思考与探索

Some Considerations and Suggestions on the Establishment of China's Foreign Exchange Futures Market

我国现有外汇衍生品不能满足外贸企业汇率避险需求,境内中小企业普遍面临外汇"避险难、避险贵"问题;企业外汇避险不到位,汇兑损失巨大;汇率制度改革加剧汇率波动和外汇风险,刺激了境内企业的外汇避险需求。外部形势和内在需求决定了我国应当建设境内外汇期货市场,充分发挥其功能,帮助企业等主体有效规避外汇风险,促进外贸投资稳定增长,推动"一带一路"及相关战略实施。目前来看,可以分两条产品线择机推出外汇期货产品,建设境内统一的外汇期货市场。首先推出现金交割的交叉汇率期货,以此为突破口建立境内交叉汇率期货市场,然后紧密跟踪人民币汇率形成机制与外汇管理制度改革进程以及自贸区政策变化,面向自贸区试点人民币外汇期货。

The existing foreign exchange derivatives in China can not meet the requirement of foreign trade enterprises in terms of currency hedging;most of the domestic small and medium enterprises are facing the problems of“difficulty in hedging and the high cost in hedging”,which leads to significant loss in foreign exchange.Reform in foreign exchange system intensified the fluctuation in foreign exchange and increased the risk of that,and stimulated the requirement of domestic enterprises in terms of currency hedging.The external situation and internal requirement determines that we should establish our domestic foreign exchange futures market,give full play to the role of this market,help such main players as enterprises to effectively avoid risk involved in foreign exchange,promote the stable increase in foreign trade investment,and promote the implementation of the Belt and Road Initiative and relate strategies.First,we should launch the inter-currency futures with cash settlement and establish the domestic inter-currency futures market;and then,we should promote the pilot project of RMB futures in FTZs.