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Problems and Countermeasures in China's Foreign Exchange Market
Author(s): 
Pages: 62-74
Year: Issue:  1
Journal: China & World Economy

Keyword:  GetLinkList(KeywordFilter('问题与对策:7904中国外汇市场:5897investment:831英文:772establishment:741financial:497banks:461Exchange:417intangible:398competition:312')'kw''CJFQ');
Abstract: The de facto US dollar-pegged exchange rate regime of renminbi has held back thedevelopment of the foreign exchange market. The adoption of the real managed floatingregime in the near future can only be achieved in the process of the development of foreignexchange market. The market development mainly includes the increase of transactionentities, the introduction of a dealer system, the development of the forward market, and theestablishment of an independent settlement and clearing house. The central banksintervention in the market should be reduced dramatically and a level playing field shouldbe created for all market participants to foster competition. To prevent the systemic financialrisks, it is crucial to strengthen information disclosure and improve the policy coordinationof various regulatory authorities. The central bank needs to closely monitor transactionentities as a lender of last resort.
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