摘要
在分析人民币无本金交割远期汇率、平价汇率与在岸远期汇率的关系后发现,虽然利率平价机制在远期汇率决定中发挥的作用已经显现,但是离岸的人民币无本金交割远期(NDF)市场依然削弱着中国的人民币远期汇率的定价能力。为增强人民币远期定价权,中国需要确立利率市场化改革为基础、外汇管理体制改革为核心,金融体系创新为依托的三位一体思路,同时还应加快社会经济体制的综合改革。
After analyzing the relationship among RMB non-deliverable forward exchange rate,interest rate parity and onshore forward exchange rate,it is found that the existence of offshore RMB non-deliverable forward（NDF） market weaken the pricing power of RMB forward rate,although interest rate parity system has some effects on the forward rate. To strengthen internal RMB pricing power, China should not only reform the interest rate and foreign exchange system but also encourage the finance innovation.
出处
《财经理论与实践》
CSSCI
北大核心
2011年第6期8-13,共6页
The Theory and Practice of Finance and Economics
基金
教育部中央高校基本科研业务费专项资金(2011JS061)
关键词
民币远期汇率
定价权
人民币NDF利率平价
汇率制度改革
Forward exchange rate of RMB
Pricing power
RMB NDF
Interest rate parity
Exchange system reform
