中国（上海）自由贸易试验区金融创新研究

本文首先分析了中国(上海)自由贸易试验区建设的背景、核心、自贸区建设关键因素及相互关系,指出:渐进式改革是中国(上海)自由贸易试验区的必然选择,发展离岸金融是上海跨越区域金融中心的重要一步,在上海自贸试验区建设离岸人民币中心并由上海清算所实现双向人民币资金池统一清算、结算、交割,同时监管银行离岸市场和在岸市场头寸,动态调整渗透程度;此外,上海清算所还可以在自贸区试点以大宗商品场外交易为核心的OTC市场作为国内期货市场配对交易、现货市场创新交易、规避风险的完善和补充,使各交易主体打通基于国内外金融衍生全品种的风险管理体系,更有效的管理和控制风险、发现价格。

A Research on Finance Innovation in China (Shanghai) Pilot Free Trade Zone

This paper, analyzes the background and core of China (Shanghai) Free Trade Area and key factor and its relationship in the FTA. Progressive reform is an inevitable choice for China (Shanghai) Free Trade Zone. The development of offshore financial in Shanghai is an important step and Shanghai Clearing House can construct twoway unified pool of RMB funds clearing, settlement, delivery, and supervision of banks in the offshore market and the onshore market position, dynamic adjustment penetration. Shanghai Clearing House can also try commodities OTC market to improve and complement risk aversion, each transaction subject open on all varieties of domestic and foreign financial derivatives risk management system with more effective risk management.