跨市场融合性人民币产品创新研究

结合对新兴市场国家（地区）的发展路径及对目前国内金融市场所存问题的分析，本文认为，市场对四类跨市场融合性人民币产品存在强烈需求，其中，跨资本和期货市场、跨货币和资本市场两类融合性产品的发展前景较为乐观，跨货币和外；12市场融合性产品次之，跨货币和期货市场融合性产品的发展则尚有待于一些条件的成熟。国内商业银行参与跨市场融合性产品创新时应遵循审慎经营原则，近期以跨货币与外汇市场融合性人民币产品为主，长期以跨货币与期货市场融合性人民币产品为目标。从提高信贷资产流动性的迫切程度来看，中小银行可能会成为跨货币与资本市场融合性人民币产品创新的主要推动力。

Innovation of Tram-Market Merging RMB Products

By examining the development path of new market-oriented countries or regions and existing problems in domestic financial market, this paper argues that there is a strong demand for merging RMB products tailed to 4 kinds of markets. Comparatively speaking, prospect of merging products in trans-capital and futures market and trans-monetary and capital market looks better than that in trans-monetary and foreign exchange market, while merging products in trans-monetary and futures market are yet to develop. In principle, domestic commercial banks should be prudent when engaging in product innovation for trans-market; currently they should aim at trans-monetary and foreign exchange market and for long-terms objective, they should target product innovation at trans-monetary and futures market. Pressed to expedite the liquidity of credit assets, small and medium sized banks will become the driving force to innovate merging RMB products for trans-monetary and capital market.