境外人民币衍生品的发展及其对我国的影响

近年来,境外金融市场相继推出人民币衍生品,如场外人民币无本金交割远期（NDF）、美国芝加哥商品交易所（CME）人民币期货和期货期权产品等。文章介绍了境内外人民币远期产品的交易情况,并利用近一年的交易数据对三个市场价格的相关性、拟合程度以及相互引导关系进行了深入分析,认为境内外人民币衍生品市场的互动性较强,国内银行间外汇市场对境外市场价格具有一定的引导作用,人民币汇率定价权并未如部分人士认为的那样旁落境外。

Offshore RMB derivatives: Development and implications for China

Over the past years, offshore financial markets have launched RMB derivatives, including OTC RMB non-deliverable forward (NDF) contracts and the RMB futures and options on futures offered by the Chicago Mercantile Exchange (CME). With an introduction to the performance of RMB forwards in both onshore and offshore markets, this paper uses statistics in a one-year period and makes a thorough analysis of the correlation, degree of fitting and causal relation between prices in the three markets. The findings of...