本文简要介绍外汇市场微观结构理论,重点探究外汇市场微观结构理论相较于宏观决定理论研究方法的重要差别。引入微观结构理论模型中核心变量——指令流(orderflow),通过建立指令流作用框架诠释外汇市场微观结构,从而分析私有信息的存在、投资者异质性、外汇市场机制三个重要因素在指令流作用的外汇微观结构框架中对汇率波动的影响。 This article briefly introduces the foreign exchange market microstructure theory, focusing on the foreign exchange market microstructure theory compared with the macroscopic decision theory research methods important difference. By introducing the core variable of order structure in microstructure theory model and interpreting the microstructure of foreign exchange market by establishing the framework of instruction flow, this paper analyzes the existence of private information, the heterogeneity of investors and the mechanism of foreign exchange market. The Effect of Exchange Rate Fluctuation in the Framework of Foreign Exchange Microstructure.