摘要
人民币外汇货币掉期业务自2007年底开办以来，作为境内人民币外汇衍生品市场的新生力量和重要补充，近几年无论是从市场交易量还是市场参与者范围来看，均获得了快速的发展，在客户的保值产品选择中也开始占据越来越重要的位置。与此同时，离岸人民币货币掉期市场在过去几年间点心债发行迅猛增长的大背景下积累了较为成熟的经验，为境内人民币货币掉期的持续发展提供了广泛的借鉴。此外，作为人民币国际化进程的重要步骤，境内债券一二级市场和境内外汇市场的稳步开放为境内人民币货币掉期的深度发展提供了良好的契机。文章着重分析境内人民币货币掉期的现状和机遇，比较境内外市场运行差异，并就该业务未来的发展前景进行展望。
In recent years, the CNY/FX cross-currency swap market, as a newly emerging market and an important supplement to the onshore forex market, has been developing quickly both in terms of trading volume and market participants. It has become a more and more important choice for the investors to hedge their portfolios. This essay analyzes the present situation and opportunities of the onshore cross-currency swap transaction, compares the operation of the onshore market with that of the offshore market, and offers an outlook of the future development of the business.
出处
《中国货币市场》
北大核心
2017年第3期25-29,共5页
China Money
