Floating exchange rate system. Over the past year, a series of reform measures have been introduced one after another, the RMB exchange rate formation mechanism has been continuously improved, and the foreign exchange market has been greatly improved. After the reform of the exchange rate mechanism, the RMB exchange rate remained stable and rose slightly.
The value and flexibility of the situation are gradually enhanced. Participants in the foreign exchange market are constantly expanding, new products are emerging one after another, and the trading volume is enlarged.
First, the foreign exchange market system design and reform ideas
After the exchange rate reform, the foreign exchange market system design focused on improving market fairness and efficiency, and built a flexible, in-depth and broad platform for finding a balanced exchange rate of RMB. The exchange rate mechanism and foreign exchange market reform have highlighted the following ideas:
(A) to further highlight the market orientation
The reform of exchange rate mechanism and foreign exchange market fully embodies the direction of market-oriented reform. First of all, the RMB exchange rate is no longer pegged to the US dollar, but adjusted with reference to a basket of currencies based on market supply and demand. The exchange rate has risen and fallen.
Depreciation and two-way floating reduce arbitrage opportunities, maintain the stability of multilateral exchange rates and help maintain international competitiveness. On the whole, the RMB exchange rate shows an appreciation trend with the market supply and demand relationship, which more truly reflects the market supply and demand relationship.
Bureau, the spread between China and foreign countries and market expectations, gradually restore flexibility and improve the marketization of exchange rate formation.
Secondly, the relaxation of the exchange rate in the inter-bank foreign exchange market, the spread between the bank's US dollar spot exchange and the spot exchange, and the abolition of the price limit of non-US dollar currencies have enhanced the pricing autonomy of banks and provided institutional guarantee for enhancing exchange rate flexibility. After the exchange rate reform, the exchange rate pricing mechanism of banks tends to be rational, and the listed exchange rates change synchronously, but they all make differentiated quotations according to their own capital positions.
Thirdly, the prices of forward and swap businesses are not regulated, and the central bank does not intervene in the market, which is completely determined by the market according to the relationship between supply and demand of local and foreign currencies, thus reducing market distortions. Banks are gradually benefiting from RMB forward and foreign exchange swap business.
As the basis of pricing, the trend and level of forward and swap prices of banks gradually tend to be consistent. This shows that with the continuous improvement of market supporting measures and the maturity of banks, the spot, forward and futures prices of RMB foreign exchange have all dropped.
The marketization degree of power grid construction has gradually improved.
Fourth, after raising the upper limit of the comprehensive position of the bank's foreign exchange settlement and sale, the quantitative control of the bank's local and foreign currency conversion is relaxed, giving the bank greater autonomy and flexibility in the scheduling of local and foreign currency funds.
(2) Focus on expanding the scale of the foreign exchange market and improving operational efficiency.
Reduce foreign exchange transaction fees and activate foreign exchange market transactions. The handling fee charged by China Foreign Exchange Trading Center for market makers' bidding transactions will be reduced from 3/10000 to 1/10000, especially for inquiry transactions.
Significantly reduced to1100000, greatly reducing the cost and risk of foreign exchange transactions, reducing the market-making costs of market makers in the bidding market and inquiry market, and helping market members to take advantage of price fluctuations to sell high and suck low and smooth foreign exchange.
The trend of interest rate has changed the pattern of unilateral market to some extent.
Introduce foreign currency into the inter-bank market for foreign currency trading, provide a public product, introduce large foreign exchange dealers at home and abroad as market makers through bidding, and provide direct channels for domestic small and medium-sized banks to enter the international foreign exchange market.
Change the standard delivery time of spot foreign exchange transactions to T+2. Before the reform, the delivery time of China Foreign Exchange Trading Center was T+ 1, but the international delivery time of foreign exchange transactions was T+2 (except Canadian dollars). because
Therefore, the RMB exchange rate of T+ 1 settlement cannot be directly compared with the international exchange rate. Moreover, after banks buy and sell non-US dollar currencies in the interbank market, they often close their positions in the international market, thus forming a T+2 position. this
T+2 USD position needs to be exchanged for T+ 1 USD position. Therefore, in order to improve market efficiency, from 1 month in 2006,
On the 4th, according to the international practice, the clearing speed of T+2 was unified into the industry practice as the designated delivery time in the bidding market and the default delivery time in the inquiry system. But at the same time, counterparties are allowed to use inquiry method.
Adopt a flexible way to change the clearing and delivery speed to T+0 or T+ 1 according to the agreement of both parties.
Extend the trading hours appropriately, and the opening date is in line with international standards. Extend the transaction time of the inquiry system to
17: 30, so that members can still make up their positions after the closing of the auction market 15: 30, and avoid exchange rate risks every other day. Make it clear that all Saturdays and Sundays, including the weeks before and after the "Golden Week", are changed to working days.
On Sunday, the inter-bank foreign exchange market was closed. This is because overseas foreign exchange markets and banks are closed, and funds cannot be replenished and delivered.
In order to standardize the trading order, the foreign exchange bureau decided to transfer all inter-bank foreign exchange
The idea that derivatives transactions are governed by the master agreement, so as to unify the trading behavior and reduce the risk exposure of banks. To this end, the foreign exchange bureau takes the lead in organizing China Foreign Exchange Trading Center and all inter-bank forward members to establish inter-bank institutions.
Master agreement for RMB foreign exchange forward transactions. At the same time, in view of the fact that swaps and forwards belong to the same kind of foreign exchange derivatives, the inter-bank market swap transactions are no longer filed, and the forward transaction subject agreement is extended to the private sector after appropriate modifications.
Currency foreign exchange swap transactions enable banks to freely combine and arbitrage between spot, forward and swap, improving efficiency and scale.
(3) Pursuing the principle of fairness in the foreign exchange market
Exchange rate machine
The principle of non-discrimination has always been implemented in the reform of the system and foreign exchange market. For example, the annual spot foreign exchange settlement and sale business volume of the applicant bank must meet the requirements.
The access standard of $20 billion will expand the qualification of forward foreign exchange settlement and sale business from seven banks to all eligible banks, regardless of the size of Chinese banks or foreign banks, as long as they have the qualification of foreign exchange settlement and sale business.
And meet the basic requirements of risk management and internal control system of forward settlement and sale of foreign exchange, you can apply to the foreign exchange bureau for filing this business. This market access principle also applies to the bidding of banks to customers.
Qualified for RMB and foreign currency swap transactions, and qualified for forward and swap transactions in the inter-bank foreign exchange market. The above measures make domestic and foreign banks and banks of different sizes stand on the same starting line in foreign exchange derivatives services. Another example is that,
Since September 22, the comprehensive position reform of foreign exchange settlement and sale has been implemented, and Chinese and foreign banks have unified management policies and quota approval standards to achieve fair competition among market participants.
(4) Promoting the diversified development pattern of the foreign exchange market.
First, establish multi-level market players. Before the exchange reform, the wholesale market was dominated by banks. After the exchange reform, the members of the inter-bank foreign exchange market expanded to non-bank institutions and large non-finance, which expanded the market participants and enhanced the competitiveness of the foreign exchange market.
Second, improve the flexibility of transactions. There are three main trading methods in the international foreign exchange market: instruction-driven, price-driven and brokerage. The bidding market is instruction-driven, and the price is determined by the trading rules. In the past, it was outside the interbank market.
In the foreign exchange market, banks conduct centralized bidding transactions through the inter-bank foreign exchange market bidding system and centralized clearing through the China Foreign Exchange Trading Center. The liquidation risk is borne by the trading center, and the transaction cost is high. After the exchange reform, in order to mention
Trading flexibility is high, and the inter-bank forward and spot foreign exchange markets increase inquiry trading methods. Market members choose counterparties and customize the price, amount, term and other elements of foreign exchange transactions according to their own needs and the characteristics of counterparties.
It is conducive to the formation of diversified foreign exchange supply and demand, further enriching the level of foreign exchange market and activating foreign exchange market transactions, which is in line with the development direction of international foreign exchange market transactions.
Thirdly, the pricing of forward settlement and sale of foreign exchange has also gone through the stage from one price to multiple prices. Before the exchange rate reform, seven banks adopted the pricing method of consultation and mutual defense. After the exchange reform, the principle of agreement pricing was abolished, and banks decided the price of forward foreign exchange settlement and sale business independently. Banks should rely on capital cost, pricing ability and risk management ability to win customers and earn reasonable profits.
(5) Pay attention to the choice of reform order.
Relaxing the floating range of exchange rate has adopted a step-by-step reform idea. The first step, since the exchange rate reform on July 22, 2005, the fluctuation management of non-US dollar currencies has changed symmetrically from the original central parity.
Instead, it implements bid-ask spread management, so that banks will one day charge more fees for customers' settlement and sale of foreign exchange. The second step, from
Since September 24, 2005, the floating range of non-US dollar currencies in the interbank market has been expanded from 1% after the exchange rate reform to 3%. At the same time, the fluctuation range of the US dollar exchange rate has been maintained.
0.3% unchanged; On the other hand, the price difference limit of the listed exchange rate of the bank's foreign exchange settlement and sale business for customers was cancelled. The third step is to expand the fluctuation range of the US dollar in the interbank market. Governor Zhou Xiaochuan once said that this initiative will be held in China in the future.
Launched when international conditions are ripe.
The market access management of forward settlement and sale of foreign exchange is also a step of gradual opening up. First, the Bank of China was selected to carry out the pilot business of forward settlement and sale of foreign exchange, then it was transferred to a large bank with rich experience in settlement and sale of foreign exchange, broad customer base and easy to hedge risks, and finally it was expanded to all banks with foreign exchange settlement and sale business qualifications and sound internal control qualifications of derivatives.
From the evolution of the position management policy of foreign exchange settlement and sale, we can also see the road of gradual reform. After the exchange reform from 65438 to 0994, the turnover position management of foreign exchange settlement and sale was implemented, mainly for spot valet business positions. Forward settlement and sale of foreign exchange shall be carried out in cash.
System management, that is, forward settlement and sale of foreign exchange can only be included in the position when it is fulfilled. The lower limit of the turnover position limit management interval of foreign exchange settlement and sale is zero, and the upper limit is the limit approved by the foreign exchange bureau (that is, the dollar cannot be short-sold). Future settlement and sale of foreign exchange by banks.
When signing a contract, it is not included in the position and it is impossible to close the position in the spot market. After the exchange reform, the demand for long-term foreign exchange settlement and sale business of enterprises increased sharply, and banks strongly demanded to expand the position limit of foreign exchange settlement and sale. To this end,
After September 23, 2005, the concept of revolving position of foreign exchange settlement and sale was changed to comprehensive position of foreign exchange settlement and sale, and the coverage was extended to bank agents, self-and forward foreign exchange settlement and sale, and inter-bank forward transactions. Because banks are far away from customers.
The forward settlement and sale of foreign exchange can not achieve its own balance, so banks urgently require that they can go to the spot market at the same time when signing the forward settlement and sale of foreign exchange to avoid exchange rate risks. Therefore, from June 65438+1 October1day, 2006, market makers began to exercise their rights.
Responsibility-based position management allows banks to record the risk exposure after signing forward foreign exchange settlement and sale contracts with customers and conducting forward foreign exchange transactions in the interbank market, that is, they can go to the spot market when signing forward contracts.
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(six) pay attention to the principle of risk prevention first.
The exchange rate mechanism and the reform of the foreign exchange market pay special attention to preventing the market from violent oscillation. Allow non-bank financial institutions and non-financial enterprises to enter.
City, but the provisions of the internal control system and the conditions of traders. The long-term settlement and sale of foreign exchange and the membership of the inter-bank long-term foreign exchange market need to obtain the qualification of financial derivatives in advance, as well as perfect internal control system and management. With people
With the deepening of the reform of the RMB exchange rate formation mechanism and the continuous expansion of the foreign exchange market, the RMB exchange rate has great volatility. These reforms and changes not only bring opportunities to market players, but also bring greater challenges.
It is necessary for market players to combine changes in market conditions and use their own flexible adjustment ability to cope with changes. For enterprises, they should change their fear of floating exchange rate, reasonably predict the trend of exchange rate, and make efforts in financial management, product development and marketing.
Marketing and other aspects should be adjusted as soon as possible, not just focusing on the spot exchange rate, but planning and operating around the future exchange rate. Enterprises and individuals should shop around for foreign exchange business in banks. For banks, the foreign exchange market
After the reform of market exchange rate management, banks' pricing autonomy has increased, which makes the pricing difference between banks increase, that is to say, whoever has a reasonable pricing level will win customers. It is necessary to improve the management level and effectively control risks. Inquiry transaction
The fees are low, but through bilateral clearing, banks are required to strengthen bilateral credit management and effectively control risks.
Second, the performance of the foreign exchange market after the exchange reform
(1) Spot foreign exchange transactions
In the first half of 2005, the exchange rate of RMB against the US dollar remained stable. The daily weighted average price of the US dollar against the RMB has remained at
8.2765 RMB/USD). On July 2, 2005, the central parity of the US dollar against RMB was adjusted to 8. 1 1, and the RMB appreciated by 2.05%. After that, the RMB went up and down.
Descending, two-way floating. The lowest closing price of USD against RMB reached 8.00040.
(April 2006 10), with a maximum of 8.1128 (July 27, 2005). The fluctuation range reaches 1088 basis points. During this period, the trend of RMB is divided into two stages. Since July 2005
22 nd to
16 On February 30th, the price of USD against RMB fluctuated slightly, with ups and downs, and remained stable and slightly appreciated. The closing price of RMB announced by the People's Bank of China rose slightly from 8. 1 1 to the end of the year.
8.0702。 In the whole year, the RMB appreciated by 398 basis points against the US dollar, with an increase of 2.56% and an average daily appreciation of 3.5 basis points. In 2006, the pace of RMB appreciation accelerated. April 2, 20061person
The currency exchange rate rose to 8.02 10, with an appreciation of 492 basis points, or 0.6 1%, with an average daily appreciation of 6.7 basis points.
At the same time, the volatility of RMB exchange rate is also increasing.
From July 22, 2005 to April 2, 2006, the daily average amplitude was 2 1 .3 basis points. From July 22, 2005 to February 30, 2005, the average daily fluctuation of exchange rate was 16.7.
A base point; From June 4, 2006 to April 4, 2006, the average daily fluctuation range of exchange rate was 28.7 basis points, which was larger than that in the second half of 2005.
72%。 On March 6, 2006, the exchange rate of RMB was 8.0350, which exceeded 3% for the first time compared with 8.2765 before the exchange rate reform.
Market since 2006
Judging from the situation of the exchange, the inter-bank spot foreign exchange market basically operates well, and the trading volume has increased significantly compared with the end of 2005. The inquiry transaction is active and the transaction volume exceeds the bidding transaction. The ratio of inquiry transaction volume to bidding transaction volume is about
9: 1。 Large and medium-sized financial institutions are the main participants in inquiry transactions. At the same time, bidding transactions have also maintained a certain scale, and some small and medium-sized members, such as city commercial banks and credit cooperatives, mainly pay in the bidding market because of lack of credit.
Simple, market makers provide liquidity for it.
Judging from the trading situation since 2006, market makers are all inquiry and bidding transactions and bilateral quotation transactions. The total trading volume of market makers accounts for about the market.
Three quarters of the market turnover. The average turnover of market makers is $6,543,800,000, which is much higher than that of ordinary members. The quotation of market makers is generally better than that of ordinary members. In the inquiry market, all market makers buy and sell bilateral quotations in US dollars.
With the accumulation of market-making experience, the spread has gradually decreased and is currently within 10 basis point. All these fully show that the market maker system has enlivened foreign exchange market transactions, improved the liquidity of the foreign exchange market and enhanced the flexibility of central bank regulation.
The marketization of RMB exchange rate formation has been further improved, and the basic role of the market in resource allocation has been better played.
(2) Forward foreign exchange transactions in the interbank market.
On August 5, 2005, the RMB forward foreign exchange trading business in the inter-bank market was officially launched. Annual USD/RMB transactions 1 week, 1 month, 2 months, 3 months, 6 months, 9 months and.
There are 7 varieties in 1 year, and 4 varieties in yen/RMB 1 period, 1 month, 2-month and 3-month. There are two delivery methods, complete delivery and differential delivery. Trend of USD 1 year forward quotation.
Look, the forward price of the dollar is falling steadily. 1 year US dollar forward quotation rose first and then stabilized at the beginning of business launch, returned to the initial price at the end of August, and then remained stable for a long time, and gradually linked to the overseas NDF price.
It's near. The quotation in 165438+ 10 shows a step-by-step downward trend. The decline ended in 65438+February, and rose sharply at the end of the month, but then quickly fell back and closed at the lowest point of 7.7500. After 2006, because market makers were allowed to sign contracts,
After the end of the contract, the spot market will level off, the forward quotation will rebound sharply, return to interest rate parity, and gradually widen the distance from overseas NDF, with a difference of more than 1000 basis points. February 9, 2006 reached the highest point of the year.
7.8370, and then fell. It closed at 7.7920 on April 24th (see Figure 3).
Third, the prospect of foreign exchange market reform.
With the smooth development of inter-bank RMB foreign exchange swap business, the first-stage policy of exchange rate mechanism and foreign exchange market reform has ended. After the exchange rate reform, the flexibility of RMB exchange rate was enhanced and the foreign exchange market was greatly improved. But the pressure of appreciation
It has not been eliminated, and the task of foreign exchange market reform is still very heavy. The experience of international foreign exchange market development shows that a developed foreign exchange market can not be separated from efficient trading system and clearing arrangements, diversified and specialized market entities and rich exchanges.
Easy to change and transparent market. From a broader perspective, currency convertibility is the basis of supply and demand in the foreign exchange market, exchange rate system arrangement and interest rate marketization are the keys to an active and mature foreign exchange market, and strengthening risk supervision is the level of the foreign exchange market.
Guarantee of stable operation. Therefore, it is necessary to further reform and improve the foreign exchange market from the following aspects:
(1) Further expand the main body and varieties of the foreign exchange market.
Expand drag and drop
Market access of futures trading. Reduce the threshold for non-bank financial institutions to enter the spot market. Judging from the situation of Sinochem Corporation, the first non-financial enterprise to enter the market, in just two weeks, the transaction volume has exceeded 20 million US dollars, which shows that,
It has improved the enterprise's strong risk control ability. This is mainly because it has obtained the qualification of overseas commodity futures trading, and the internal control system and risk prevention mechanism required by futures trading and foreign exchange exchanges are similar.
So is the test. Therefore, it is suggested to expand the members of spot and forward foreign exchange markets to non-financial enterprises with the qualification of overseas commodity futures trading issued by CSRC and SAFE. Reduce the market access of swap transactions. Current forward foreign exchange trading standards
Access conditions require banks to obtain the qualification of financial derivatives, but the CBRC has strict access control on the qualification of financial derivatives, so it is difficult for small and medium-sized banks to obtain the qualification. In view of the fact that foreign exchange swap transactions are similar to repurchase transactions, it is generally believed internationally.
As a money market tool, it only involves interest rate risk, not exchange rate risk. The market and liquidation risks faced by banks are far less than those of forward transactions (in international practice, the risk weight of swap transactions is only 4% of forward transactions).
Small and medium-sized banks provide channels to avoid exchange rate risks. It is suggested to modify the relevant market access conditions, so that banks are no longer required to have six-month forward trading qualifications before applying for swap qualifications, and small and medium-sized banks are allowed to apply for swap qualifications directly.
Enrich the variety of market transactions. At present, although forward foreign exchange settlement and swap business has been launched, among the two major types of foreign exchange derivatives, the above two products belong to forward derivatives and there are no option derivatives.
Moreover, these two products are not standardized products, the quotations of different banks are far from each other, the market is in a state of differentiation, the liquidity is poor, and there are certain credit risks and liquidation risks. We should create conditions to relax the exchange rate in a timely manner.
Hedging and hedging tools, introducing foreign exchange futures and options trading, and appropriately opening up the space for financial innovation.
(2) Improve the infrastructure construction of the foreign exchange market.
Timely expansion of inter-bank foreign exchange market transactions
The daily fluctuation limit of the easy exchange rate. Recently, the volatility of major currencies in the international foreign exchange market has increased. After the appreciation of the US dollar in 2005, it has shown signs of fatigue, and its recent depreciation has intensified. Theoretically, RMB is a basket of currencies.
Line adjustment, the fluctuation range will also expand with the increase of exchange rate fluctuation in the international market. At present, the flexibility of the central parity of RMB exchange rate has been enhanced, reaching a maximum of 0. 16% on March 28th. , more than half the allowable amplitude. Inter-bank market transaction
The daily fluctuation of the exchange rate is also increasing. The fluctuation of RMB exchange rate should not wait until it reaches the upper limit of 0.3%, but should expand when the fluctuation is still a certain distance from the boundary.
Extend the trading time. After the inter-bank spot inquiry transaction was launched in 2006, the time was extended to 17: 30. This greatly facilitates bank counter transactions and risk control. However, the bidding market is still closed at 15: 30.
City, resulting in the inconsistency between the two markets, objectively lacking credit in the inquiry market, and unfair to small and medium-sized banks that rely on the bidding market. In addition, due to the closure of the 17: 30 inquiry market, banking institutions in Xinjiang and Tibet are still
However, it needs to be opened until 19: 30, which leads to the overnight risk of bank counter foreign exchange settlement and sale positions in Xinjiang and Tibet. In 2006, the central parity of RMB exchange rate was changed from the closing price of the interbank market the previous day to the quotation of the market maker that day.
After the weighted average price, overnight exchange rate risk becomes the biggest foreign exchange risk faced by banks. In order to reduce the overnight exchange rate risk of banks, trading hours should be extended. In this regard, we should first extend the closing time of the bidding market to 17: 30,
In order to unify the deadline of inquiry and bidding cities. This is because the clearing time of spot bidding and inquiry transactions has been changed to "T+2", so the technical problems of clearing and delivery preparation time no longer exist. Secondly, you can refer to the interbank.
The foreign currency to foreign currency trading market will be closed at 19: 00, and the inquiry and bidding market will be extended to 19: 00 as appropriate.
Further improve the trading methods. Introducing a trading platform combining voice and brokerage,
Facilitate the instant communication of information between traders and reduce market asymmetry. Realize the seamless connection between the domestic foreign exchange market and the overseas trading market platform. Banks are allowed to conduct direct bilateral transactions after the closing of the inquiry market, and make up afterwards.
Easy to systematize. In addition, bank agents are encouraged to enter the market and form diversified trading needs.
Gradually reduce transaction costs. At present, the bidding transaction still uses the surplus transaction before the exchange rate mechanism reform.
The handling fee is charged at three ten thousandths of the amount, and the round-trip handling fee for one purchase and one sale is as high as 0.6 percentage points, far exceeding the standard of about eight parts per million in the international foreign exchange market, which is not conducive to the development of the bidding market. In fact, competition
The price market is being marginalized. At present, the ratio of bidding volume to inquiry volume is about 2: 8. Moreover, the share of bidding transactions is gradually shrinking. On the other hand, the difference in handling fees between inquiry transactions and bidding transactions is too large, which also causes the inquiry market.
The main reasons for the systematic deviation between market price and bidding market price. Therefore, we should further rationalize the foreign exchange market charging system and reduce the bidding transaction costs in a timely manner.
Promote the modernization and internationalization of the foreign exchange clearing system and introduce competition. The introduction of clearing house can eliminate the situation that the central bank bears the final liquidation risk, reduce the liquidation risk of bidding transactions, indirectly lay the foundation for reducing the handling fee of bidding transactions, and provide institutional guarantee for accelerating the development of options and futures markets.
(3) Improve relevant systems and improve the transparency of the foreign exchange market.
Amend relevant laws to reduce the legal and liquidation risks of foreign exchange transactions. In order to reduce the risk of foreign exchange trading positions, net settlement and liquidation are widely adopted internationally to minimize the credit and liquidation risks. For example, the international decline.
Period and derivative products association (hereinafter referred to as
ISDA) stipulates that all transactions between the two parties shall be netted. According to the survey conducted by the Bank for International Settlements in 2004, global OTC finance has developed.
The nominal amount of raw products is US$ 220.65438 +0 trillion, and the market value of the transaction is reduced to US$ 65438 +0.5 trillion through the net settlement method, and the risk exposure is reduced by 99.3%. Therefore, we should demand that the bankruptcy law of China be amended.
The relevant provisions, clear rolling principle.
Improve the transparency of the foreign exchange market. At present, fund companies, securities companies, insurance companies and other market entities have the intention to enter the market, but their purpose of entering the market is often investment.
Due to the nature of funds, market transactions are often conducted through models, so it is urgent to know the transaction volume data and volume. After the reform of exchange rate formation mechanism was introduced for a period of time, the foreign exchange market operated smoothly. Due to the increase in addition to bidding
In the inquiry market, the market behavior is completely different from the past. Moreover, the central bank has basically not intervened in the two cities, and it is recommended to announce the trading volume in due course. First of all, we can start by publishing last year's data, because the data of foreign exchange reserves have been published. then
Gradually resume publishing quarterly, monthly, weekly and daily specific data in sequence.
(4) Strengthen the supervision and self-discipline of the foreign exchange market and reduce systemic risks.
Strengthen the self-discipline management of the foreign exchange market and establish a code of conduct for market members. It is suggested to establish dealers' association and formulate trading behavior norms and industry practices. Further standardize market operation procedures and information reporting system to prevent market fraud and ensure fair market order.
Strengthen prudential supervision of the foreign exchange market. Strengthen market risk monitoring and gradually establish a market monitoring index system. Master abnormal transaction information and supervise the compliance of transactions. Due to the opening of inter-bank swap transactions, the foreign exchange market
The relationship with the money market is closer, so the problem of cross-market risk begins to stand out. Establish a cross-market supervision framework to prevent the impact of unstable capital flows and prevent the spread of cross-market systemic risks.
(5) Pay attention to supporting policies and gradually promote various reforms.
Make overall plans and strengthen the coordination of various reforms. The foreign exchange market is closely related to currency convertibility and exchange rate system. On the one hand, the degree of currency convertibility determines the supply and demand basis of the entire foreign exchange market and is the basis for ensuring the foreign exchange market.
The premise of freedom of supply and demand. On the other hand, under different exchange rate systems, the degree of government intervention in the exchange rate is different, and the impact on the development of the foreign exchange market is also different. Therefore, the construction and opening up of the foreign exchange market should be related to foreign exchange management, RMB form
This mechanism should be coordinated with the reform of the financial system and gradually improve the price formation and risk avoidance mechanism in the foreign exchange market. We will steadily and orderly promote the process of RMB convertibility and broaden the channels of capital outflow. At the same time, the direct management mode is changed to
Indirect management means, change the transaction supervision mode into the main supervision mode. First of all, we should change the principle of the real needs of enterprises and individuals in foreign exchange transactions. In view of the pressure of RMB appreciation, we can start with the purchase of foreign exchange, according to the credit rating of enterprises
Enterprises are allowed to directly purchase a certain amount of foreign exchange according to the business plan within a certain period of time, or conduct forward settlement and sale of foreign exchange with banks according to the cash flow of the previous year. In addition, enterprises and individuals are allowed to buy foreign exchange from banks for margin payment.
False trading of foreign exchange against foreign currency can reduce hedging cost, standardize foreign exchange market behavior and crack down on illegal foreign exchange trading and speculation.
You can also go to the corresponding website to check. For example, Huitong has an exchange rate inquiry section. You can learn the corresponding knowledge.