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随着中国经济进入增速换挡期,宏观经济进入新常态,信用事件逐步增多,市场对相应衍生工具需求再起。同时,监管环境逐步成熟,金融机构内控体系和市场化经营能力明显提高,为信用衍生工具的进一步发展奠定了坚实的基础。本文将从市场基础、监管规定以及合约标准化的角度,探讨中国版CDS在CRMA基础上的承袭和发展。
As China’s economy enters a period of increasing speed and changing gears, the macroeconomy has entered a new normal, credit events have gradually increased, and the demand for corresponding derivatives in the market has resumed. At the same time, the regulatory environment has gradually matured. The internal control system and market-oriented management ability of financial institutions have been significantly improved, laying a solid foundation for the further development of credit derivatives. This article will explore the inheritance and development of China CDS on the basis of CRMA from the perspectives of market fundamentals, regulatory requirements and contractual standardization.