银行外汇衍生品业务实需管理方法研究

Research on the Management Method of Bank’s Foreign Exchange Derivatives Business Demand

目前,我国银行办理外汇衍生品业务主要遵循的是实需管理原则。实需原则能够保证具有真实避险业务的主体办理套保业务,促进了我国外汇市场健康有序发展,但随着市场的不断深化、资本项目可兑换和人民币国际化进程的持续推进,当前严格的实需管理以及银行的过度把握一定程度上限制了外汇衍生品市场的发展。本文借鉴印度外汇衍生品市场发展经验,从微观及宏观两个方面梳理当前实需管理现状下存在的问题,力求对我国银行外汇衍生品业务实需管理方法做出有效探索。

At present, China’s banks mainly follow the principle of real demand management in dealing with foreign exchange derivatives business. The principle of real demand can ensure that the main body with real hedging business can handle hedging business and promote the healthy and orderly development of China’s foreign exchange market.However, with the deepening of the market, the convertibility of capital account and the continuous advancement of the process of RMB internationalization, the current strict real demand management and excessive control of banks have limited the development of foreign exchange derivatives market to a certain extent. Based on the development experience of India’s foreign exchange derivatives market, this paper combs the problems existing in the current demand management situation from both micro and macro aspects, and tries to make an effective exploration of the real demand management methods of China’s banks’ foreign exchange derivatives business.