Research On The Supervision Of Stock Market Based On The Protection The Interests Of Medium And Small Investors

Promoting the RMB internationalization,accelerating the regional monetary cooperation in East Asia and advocating the reform of the international monetary system are the three levels of China's participation in international finance.After 2008,the RMB cross-border trade settlement and development of offshore RMB market are the two main channels to promote the RMB internationalization in mainland China.As a result,two RMB markets,two interest rates and two exchange rates emerged.With the development of offshore RMB market,RMB pricing power has become an important topic in academic circles.Based on the relevant literatures and theories,this paper establishes a theoretical model of the exchange rate relationship between the two markets,then explores the mechanism of interaction between them.Based on theoretical model,using CNY and CNH data from May 1st 2012 to December 24 th 2017,the factors influencing the exchange rate relationship between the two markets are analyzed respectively,and the Granger causality test and DCC-GARCH model are applied.This paper analyzes the ownership of RMB pricing power in different periods and the degree of relevant connections between the two markets.The main conclusion of this paper is that RMB pricing power is a process of market competition and is related to the formation mechanism of RMB exchange rate in mainland market.In 2015,after the "8 / 11" exchange rate reform,there was a loss of RMB pricing power,but this was mainly due to the devaluation of the RMB exchange rate after the exchange rate reform,and the central bank's intervention in the foreign exchange market,which disrupted the normal flow of information between the two markets.After the central bank gradually withdrew from foreign market intervention,it regained some pricing power in onshore market.At present,the two markets are still in the process of competing for RMB pricing power,and no market has fully grasped the RMB pricing power.In the future,in order to maintain the onshore market dominance over the RMB exchange rate and maintain the onshore market financial stability,it is necessary for the central bank to reduce its intervention in the foreign market,to promote the free floating of the RMB,and at the same time to promote the diversification of the onshore foreign exchange market,thus widening the channels of connection between the two markets and finally achieving the integration of the two markets.