金融衍生产品发展及其有效管理

随着我国金融自由化及汇率、利率改革,金融衍生产品发展步伐日益加快。在国内金融衍生产品市场存在基础性缺陷的条件下,金融衍生产品的内在风险因素将有可能转化为系统风险,故要在“有节制发展”的指导思想下对金融衍生产品进行有效管理。

Development and Effective Management of Financial Derivatives

Along with financial libertization and reform of currency and interest rate regime, the derivative market in China has been growing substantially. However the development of domestic derivative market is still at the early stage and there exist fundamental weaknesses. Under such market condition, the intrinsic risks embedded in derivatives are likely to trigger systematic risk in the entire financial market. Consequently, China should develop its derivative market in a measured and conservative manner and keep it under sound regulation.