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为提高整个外汇市场的信息效率,需要一种综合性信息工具和对冲工具。参考美元指数和欧元指数,结合中国的实际情况,本文提出并构造了人民币指数,分析了人民币指数的平稳性,认为人民币指数的信息价值包括:对宏观经济提供外汇市场的综合信号,通过开发人民币指数衍生产品为投资者提供对冲工具,并有效促进金融市场的信息效率。
To improve the efficiency of information throughout the foreign exchange market, a comprehensive information tool and hedging tool are needed. With reference to the US dollar index and the Euro index, combined with the actual situation in China, this paper proposes and constructs the RMB index and analyzes the stability of the RMB index. The information value of the RMB index includes comprehensive signals on the macro economy provided by the foreign exchange market, Index Derivatives provide investors with hedging instruments and effectively promote information efficiency in financial markets.