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在整个外汇市场的发展过程中,中国外汇交易中心究竟应当如何定位、承担什么职能,直接影响到下一步外汇交易中心本身的发展,也影响到下一步外汇市场的发展。从市场的交易竞争程度看,中央银行应当逐步降低大规模的持续直接市场干预,着手提高外汇市场的市场竞争程度。从市场功能定位看,应当推动当前的外汇市场从以实需为基础的结售汇头寸的平补市场,逐步转化为同时覆盖实需交易和金融性交易的外汇市场。有关国际经验表明,只要有现实的避险交易的需求,就必然会产生相应的避险交易的品种,只不过在不同的管制条件下,这些新品种究竟是在在岸的市场,还是在离岸的市场而已。
In the development of the entire foreign exchange market, how China Foreign Exchange Trade Center should position and assume what functions have a direct impact on the next development of the foreign exchange trading center, and also affect the development of the foreign exchange market in the next step. Judging from the degree of competition in the market, the central bank should gradually reduce large-scale continuous direct market intervention and start to raise market competition in the foreign exchange market. Judging from the functional positioning of the market, the current foreign exchange market should be gradually transformed from a supplemented market of real-sale-and-exchange-based positions to a foreign exchange market that covers both real-needed transactions and financial transactions. Relevant international experience shows that as long as there is a realistic demand for hedging transactions, it will inevitably produce a variety of hedging transactions, but under different regulatory conditions, whether these new varieties are onshore markets or Shore market only.