人民幣外匯期貨發(fā)展研究——兼論人民幣匯率定價權問題.pdf

1、對外經濟貿易大學碩士學位論文人民幣外匯期貨發(fā)展研究——兼論人民幣匯率定價權問題姓名：李超申請學位級別：碩士專業(yè)：金融學指導教師：張紅地丁志杰20080401IIIIAbstractChicagoMercantileExchange(CME)intheAugust2006launchedoftheRMBfuturesfuturesoptions.Feignexchangefuturesnotonlyhavehedgingfunctionb

2、utalsoapricediscoveryfunction.Thepriceoffeignexchangefuturestosomeextentisthefwardexchangerate.Fwardexchangerateisthefuturespotexchangerateexpectation.Thepriceoffeignexchangefuturesisboundtoimpactthedomesticspotexchanger

3、ate.TherefethelaunchoftheRMBfeignexchangefutureschallengetothepricingoftheRMBexchangerate.AsthereareverystrictfeignexchangecontrolsinourcountrythedomesticenterprisescannotparticipateintheRMBfeignexchangefuturesinCMERMBfe

4、ignexchangeinCMEonlyhasapricebutthevolume.HoweverChinacancelsfeignexchangecontrolswhichcouldmakethedomesticmoneymovetotheCMEffeignexchangehedging.ThepricingpowerofRMBmaybelost.RMBnondeliverablefward(NDF)markethasdevelope

5、dfmanyyearsmanymultinationalcpationsfinancialinstitutionsparticipateintheRMBNDFmarkettransactions.NDFfwardexchangerateofRMBhasanimpactonfwardpriceonthedomestic.ThedevelopmentsofdomesticRMBfeignexchangederivativemarketast

6、hemaintransactionsareseparatedsothepriceoffeignexchangederivativesfoundincomplete.DevelopmentsoftheRMBfeignexchangederivativeproductsoverseashadmechanismofafcetodomestic.ThelaunchofRMBexchangefuturesintimecanbefirmlygras

7、pedthepricingpowerofRMBexchangerateinourcountry.Chinahadlaunchedthefeignexchangefuturesin1992buttheyareclosedbecauseofexcessivespeculation.Thespeculationoffeignexchangederivativeproductsmaydisttthepriceofthespotfeignexch

8、angemarket.TheRMBwillgraduallyopenupitsparticipatsinfeignexchangefuturestrading.ThelaunchofRMBfeignexchangefuturesneedsRMBexchangeratemarketientedinterestratesmarketientedasapremise.ThedevelopmentofRMBfeignexchangefuture

9、salsoneedsinfrastructureconstructionrelatedlawsregulations.AtthesametimeastheRMBexchangefuturesmaytriggerthesystemicrisksthenecessaryregulatymeasureshavetoguardagainst.Keywds:Feignexchangefuture，ThepricingpowerofRMB，RMBf