摘要
随着新兴市场外汇自由化进程的加快,境外投资对冲外汇风险的愿望强烈,源于外汇管制的无本金交割远期(NDF)在岸化成为必然选择。NDF开放表明这对境内外汇市场波动性和经济基本面的影响不大,但会使NDF与境内市场关联性加强,投机性增加而导致宏观调控难度加大,新兴市场当局加大了对NDF交易的调控以及场内期货交易的发展。上述经验对人民币NDF开放有很重要的启示作用。
With foreign exchange liberalization process accelerating and desire for hedging foreign exchange risk, opening up of non-deliverable forward （NDF） , which is the result of stringent regulation, is an inevitable choice. Opening up of NDF market had little influence on volatility of currency market and economic development, but tightened the relationship between NDF and onshore market, and increased speculation which harmed efficiency of macro controlling measures. Emerging markets took measures to regulate the NDF market and introduced the foreign currency futures. Their experience is valuable to RMB NDF＇s opening up.
出处
《国际金融研究》
CSSCI
北大核心
2007年第3期68-73,共6页
Studies of International Finance
基金
国家自然科学基金主任项目<境外交易衍生品对中国金融资产定价的影响>(NO.70541001)
关键词
NDF开放
外汇自由化
规避风险
NDF＇s Opening up
Foreign Currency Liberalization
Risk Hedge.
