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本文通过运用产业组织理论对我国的外汇市场结构的特征进行了分析。在对我国外汇市场集中度进行实证的基础上,得出我国外汇市场结构呈现出“买方较高垄断,卖方较高寡占”的总体特征判断。这样的市场结构决定了人民币汇率在较长时期内缺乏弹性,造成资源的非效率配置,应通过增加多层次的市场主体、培育外汇经纪人以及降低外汇市场进入壁垒来改善外汇市场结构。
This paper analyzes the characteristics of China’s foreign exchange market structure through the use of industrial organization theory. Based on the empirical analysis of the concentration of China’s foreign exchange market, it is concluded that the structure of the foreign exchange market in our country shows an overall characteristic judgment of “higher monopoly of buyer and higher oligopoly of seller”. Such a market structure determines that the RMB exchange rate lacks flexibility for a long period of time, resulting in the inefficient allocation of resources. The foreign exchange market structure should be improved by increasing the number of market players, fostering foreign exchange brokers and lowering barriers to entry in the foreign exchange market.