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2005年,中国外汇市场迎来了人民币汇率形成机制的改革。在新的市场机制下,人民币汇率在一定程度上实现了双向波动,人民币即期交易量大幅增长,远期和掉期市场在短短几年内经历了从无到有、飞速发展的过程。这表明,新的市场机制符合目前中国经济发展的需要,满足了市场供求双方的需求。但2008年突然爆发的国际金融危机,给本来就摸着石头过河的中国外汇市场,带来了新的巨大考验。目前,海外人民币市场凭借着人民币国际化的东风蓬勃兴起:香港无本金交割的NDF市场一直非常活跃,且随着海外人民币存量的增长,香港可交割的CNH市场的人民币品种也更加丰富;伦敦
In 2005, China’s foreign exchange market ushered in the reform of the RMB exchange rate formation mechanism. Under the new market mechanism, the RMB exchange rate has achieved a two-way fluctuation to a certain extent. The spot exchange rate of the Renminbi has risen sharply. The forward and swap markets have undergone a process of development from nothing to rapid development within a few years. This shows that the new market mechanism meets the needs of China’s current economic development and meets the needs of both the market supply and demand sides. However, the sudden onset of the international financial crisis in 2008 brought a new and tremendous test to China’s foreign exchange market, where the river has traversed stones. At present, the overseas RMB market is booming thanks to the RMB internationalization: the non-deliverable NDF market in Hong Kong has been very active. As the overseas RMB stock grows, the renminbi variety in the deliverable CNH market in Hong Kong is also richer. London