The Future Will Promote The Formation Of A Global RMB Market.

Wang Xiaoyi, deputy director of the State Administration of foreign exchange, attended the International Symposium on the reform and mechanism innovation of the OTC market after the crisis in Shanghai and the 2014 annual CCP12 special session. In the meantime, he made a comprehensive summary of the 20 years of reform in China's foreign exchange market, especially in the past ten years. Wang Xiaoyi said that China's foreign exchange market will continue to adhere to market-oriented reforms in the future. There will be new changes in the market oriented reform. With the further acceleration of the RMB exchange process, the State Administration of foreign exchange will promote the formation of the global RMB market in the reform of the foreign exchange market.

　　 Ten years' leap forward development of foreign exchange market

Looking back at the reform of China's foreign exchange market, its major reform can be traced back to 1994. At that time, the system of bank selling and foreign exchange was adopted, and a single managed floating exchange rate system based on market supply and demand was established to establish a unified foreign exchange market. Wang Xiaoyi said that the reform and development of China's foreign exchange market in the past ten years is particularly important. Since July 2005, the reform of relevant systems in the foreign exchange market has been further improved so that China's foreign exchange market has achieved "Leaping" development.

The first ten years of the leap forward development are as follows: first, in terms of innovative trading tools, before 2005, China's foreign exchange market had only two products, namely spot and forward products, and has expanded to spot, forward, foreign exchange swap, currency swap and options. It has the basic product system of international market. Secondly, the mode of electronic centralized bidding is adopted in 2005. The current trading mode has become very rich, forming a variety of trading modes such as electronic centralized bidding, electronic bilateral inquiry and market maker system. On the basis of infrastructure, the China foreign exchange trading center as the trading platform and pricing center, the Shanghai clearing house has become increasingly mature as the central rival's centralized clearing agency's specialized service function. China's foreign exchange market " Based on the consideration of risk control, China's interbank foreign exchange market is practicing a centralized liquidation system. Thirdly, the data in recent years can prove its achievements in the development of market depth. From 2005 to 2013, the volume of China's foreign exchange market increased by 33.1% annually. In 2013, China's foreign exchange market made a total turnover of 11 trillion and 200 billion US dollars, an increase of 10.7 times than that in 2004.

　　 The way of future reform

"At present, China's economic and financial system is still undergoing reform, and the world economic and financial structure is also undergoing transformation. This determines that China's foreign exchange market will still be in a new stage of development in the coming period or for a longer period." Wang Xiaoyi said so.

Since the foreign exchange market is international, its reform has attracted worldwide attention. After the financial crisis in 2008, people saw challenges in the operation mechanism and supervision mode of the international financial market, and reform became a common issue faced by developed and developing countries. Wang Xiaoyi said that China's interbank foreign exchange market has the nature of organized trading platform since its inception, and its existing trading and liquidation organization methods are highly consistent with the latest changes in international regulation after the crisis. Because of the diversity of financial market structure in different countries, there are differences and differences in the understanding of regulatory reform. Therefore, the formation of a broader consensus reform is very important for the sustainable development of the global financial system.

In the future reform of China's foreign exchange market, the internationalization of RMB is undoubtedly an important protagonist. Wang Xiaoyi said that along with the gradual globalization process of China's economy, the acceleration of reform and transformation, and the improvement of the level of opening up, especially the further acceleration of the RMB exchange process, will push the scale of China's balance of payments transactions to grow steadily. At the same time, with the deepening of the RMB exchange rate market reform, market awareness of banks and enterprises and other economic entities Management level Constantly improving how to effectively distribute the assets and liabilities of foreign currencies and prevent them exchange rate Risk raises higher requirements for the development of foreign exchange market.

It is unavoidable that there are common problems and problems in emerging markets in China's foreign exchange market, such as the inflexible trading mechanism, the single type of market players, the degree of opening up to the outside world, and the lack of infrastructure.

　　 Wang Xiao Yi The trading tools will improve the market function of the forward, swap and option foreign exchange derivatives, and better meet the diversified trading needs of various trading entities. Two, we should gradually increase the main body of the transaction, expand the opening of the foreign exchange market, and guide the institutions with different foreign exchange demand to participate in the foreign exchange market in an orderly manner, allowing the eligible domestic and overseas institutions to participate in the offshore and offshore RMB foreign exchange market and promote the formation of the global RMB market; three, improve the infrastructure, ensure the effective operation of the market, co-ordinate the interbank foreign exchange market bidding and inquiry trading mode, establish a hierarchical and inclusive trading platform, continue to promote the central rival's liquidation business, and enhance the transparency of the market; four, change the regulatory mode, enhance the market innovation ability, decentralization and decentralization, and standardize the professional ethics of the foreign exchange market. The State Administration of foreign exchange will continue to adhere to market-oriented reform of the foreign exchange market. There will be new changes in the following aspects: the first step is to gradually relax trade control and enrich the foreign exchange market.