论文部分内容阅读
上榜理由自2005年中以人民币汇率波幅扩大为主要表征的汇改以来,人民币对外币交易的做市商制度已逐渐得到确立。虽然有着种种的局限,但目前中国外汇市场还是基本实现了由做市商驱动的市场机制。中国的银行间人民币外汇交易做市商制度实施不过两年,其间市场运行平稳,汇率还没有出现大的波动,而流动性也少有匮乏的时候。相信做市商银行作为中国外汇市场的核心群体,在中国外汇市场由初级阶段走向成熟市场的过程中必能发挥积极作用。
Rationale for listing The market-maker system of RMB against foreign currency transactions has gradually been established since the exchange rate reform, featuring the expansion of the fluctuation of the RMB exchange rate in mid-2005. Although all kinds of limitations exist, the market mechanism driven by market makers has basically been realized in China’s foreign exchange market. China’s inter-bank renminbi foreign exchange market maker system was implemented for only two years, during which time the market remained stable with no major fluctuations in the exchange rate and few liquidity shortages. It is believed that as a core group in China’s foreign exchange market, market makers’ banks will play an active role in the transition from the initial stage to the mature market in China’s foreign exchange market.