| 中国外汇市场的微观结构 |
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| 引用本文： | 杨荣,徐涛.中国外汇市场的微观结构[J].世界经济研究,2009(3). |
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| 作者姓名： | 杨荣 徐涛 |
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| 作者单位： | 中央财经大学金融学院 |
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| 摘 要： | 本文从外汇市场微观结构理论出发来分析中国外汇市场微观结构的变迁和特征。2006年年初,中国在人民币外汇市场引入了做市商制度,做市商是市场的定价中心,中国外汇市场具备了市场的微观结构。做市商在人民币汇率形成和决定中发挥着重要的作用,但是中国外汇市场以银行间市场为主,交易量相对较小,客户结构单一,这些都限制了汇率基本面信息的传递。
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| 关 键 词： | 外汇市场微观结构理论 做市商制度 人民币汇率 |
The Microstructure of RMB Foreign Exchange Market |
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| Yang Rong,Xu Tao.The Microstructure of RMB Foreign Exchange Market[J].World Economy Study,2009(3). |
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| Authors: | Yang Rong Xu Tao |
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| Abstract: | The paper uses the microstructure theory of foreign exchange market to analyze the change and the characters of microstructure in China's foreign exchange market. At the beginning of 2006, the system of market maker was introduced into the RMB foreign enchange market by China, and it became the pricing center of the foreign exchange market in China. So, the foreign exchange market in China starts to have the market microstructure. Market maker plays an important role in RMB exchange rate's formation and dec... |
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