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一、引言在发达国家,市场结构正在快速演化。本文将回顾衍生品市场发展过程中几个关键性趋势,然后讨论当前市场结构如何向未来市场结构转变。和其他市场一样,外汇市场中的这种转变非常重要,这让我联想到中国外汇交易中心在人民币市场发展中的目标。显然,中国外汇交易中心的发展目标不会仅仅只是简单地将目前发达国家的市场结构进行调整以适应中国的情况。在选择人民币市场进一步发展的方向之前,应该分析一下全球主要货币市场的未来发展,我称之为“移动目标效应”。
I. Introduction In the developed countries, the market structure is rapidly evolving. This article will review several key trends in the development of the derivatives market and then discuss how the current market structure shifts to a future market structure. Like other markets, this shift in the Forex market is very important, reminding me of the goal of China Forex Center in the RMB market. Obviously, the goal of China’s foreign exchange trading center’s development will not be simply to adjust the market structure of the developed countries to adapt to China’s situation. Before we choose the direction of further development of the RMB market, we should analyze the future development of major global money markets. I call this the “moving target effect.”