The Study About The Derivatives' Market Of RMB In The Theories And Realities

In this essays we study the necessity of the derivatives of RMB in the conditions of the open of capital market and the change of the regime of the exchange rate in the micro and macro areas.After the reform of the exchange rate in 2005,the float of the exchange rate of RMB to US dollar is becoming more and more fiercely. It can explain the impossibility of begging to the US dollar. In the conditions of that, we analyze the experience of some countries and we get the conclusion that we must develop the derivatives of the exchange rate of RMB. We analyze the road for the derivatives of exchange rate to avoid the risk in the micro areas and the macro areas. In the micro areas, the unconfirmed of the cost and the benefits is the biggest risk by the floating of the exchange rate of RMB for the financial and non-financial enterprises. In the macro areas, we analyze the risk for the cost of the government policy and the control for the exchange rate of RMB. From the analysis we can get the conclusion that the derivatives can keep the policies of the government independently, find the price of itself and lower the cost of the policies. It's necessary to develop the derivatives'market of RMB. At last we analyze the market of derivatives of RMB in China ,and also we analyze the road of developing the derivatives of exchange rate of RMB. According to the analysis to the market of derivatives of exchange rate of RMB, we should develop the market of derivatives of RMB in the principles of the lowest risk and cost. The market of forwards of RMB should be developed first, and then develop the market of futures of RMB. Though the development, we should emphasize the supervision to the international capitals.From the analysis above, we just want to give some thoughts to the development of the derivatives of RMB and some suggestions to the question how to develop the market of derivatives of RMB.