泛亚电竞

中金公司详解境内外人民币外汇市场

泛亚电竞 zhongjingongsifabuyanjiubaogaoxiangxijieshaojingneiwairenminbiwaihuishichangdejibenqingkuang。

以下为报告内容:

suizhezhongguojingjizongliangzhanquanqiubizhongbuduanshangsheng，renminbizaiguojimaoyihetouzizhongdeshiyongriyizengjia。shiduonianlai，renminbizaiquanqiuwaihuishichangzhongdediweibuduanpansheng，2013nianrenminbijiaoyiliangzhanquanqiuwaihuijiaoyiliang2.2%，paimingdijiu。zuijinjinianrenminbiguojishiyongbilijinyibushangsheng。genjuhuanqiuyinxingjinrongdianxunxiehui（swift）tongji，jinnian8yuerenminbichaoyueriyuanchengweidisidaquanqiuzhifuhuobi。ciwai，renminbiyijingshiquanqiudierdamaoyirongzihuobi。jinnian11yuerenminbiyouwangnarusdrlanzi，weilairenminbizaiguojihuobitixizhongdediweijiangjinyibutisheng。

2005nianhuigaiyilai，zhongguorenminyinxingduocikuodalerenminbihuilvduizhongjianjiafudongqujian，congzuichudeshangxia0.3%kuodadaomuqiandeshangxia2%，renminbihuilvdedanxingzhubushangsheng。jinnian8yue11ri，yangxingdiaozhenglerenminbiduimeiyuanhuilvzhongjianjiajuedingjizhi，lianggejiaoyirineirenminbihuilvzhongjianjiabianzhi4.4%，jiqihuilvbianzhi3%，weilairenminbihuilvbodongxinghuijinyibuzengjia。wulunshijinrongjigouhaishifeijinrongqiye，doujiangbiyiwanggengjiaguanzhurenminbihuilvhewaihuishichangdefazhan。

泛亚电竞 muqian，zhongguodezibenzhanghumeiyouwanquankaifang，renminbimeiyoushixianziyouduihuan，renminbikuajingliutongrengranshoudaoxianzhi，zheidaozhilejingneiwairenminbiwaihuishichangzhijiandefenge，jingneiwairenminbihuilvyecunzaichabie。renminbizuizaozaixianggangshichangshangchengweikejiaogedehuobi，jinrongjigoucaiyongcnhzuoweixianggangrenminbidefuhao，yiqubieyu（zaian）renminbideisodaimacny。suizhelianrenminbishichangfanweikuoda，cnhchengweigengguangfandelianrenminbidefuhao。chulekejiaogedelianrenminbi（cnh）shichang，jingwaihaiyoubukejiaogederenminbiyuanqi（ndf）shichang。zaicnhshichangxingchengyiqian，ndfshichangweikuaguoqiyeduichongrenminbihuilvfengxianheduichongjijintoujitaolitigonglequdao。jinguanndfshichangdeguimoyijingbeicnhshichangchaoguo，tazaijingwairenminbishichangzhongmuqianrengzhanyouyixizhidi。

境内人民币外汇市场

泛亚电竞 jingneirenminbiwaihuishichangfenweilianggecengci。diyigecengcishiyinxingyukehuzhijiandelingshoushichang，jiaoyishuangfangjinxingjutaishidewaihuimaimai，waihuilingshoushichangfenbuguangfanerqiefensan，qiyehegerenkehuzailingshoushichangbanlijieshouhuiyewu。diergecengcishiyinxingjiandewaihuipifashichang，gejiayinxingtongguozhongguowaihuijiaoyizhongxindejiaoyipingtaijinxingwaihuijiaoyi，xingchengyigexiangduijizhongdewaihuishichang，yinxingzaicipinghengwaihuizijintoucun。lianggeshichangxiangbi，yinxingjianwaihuishichangguimogengda，2014nianguoneiyinxingjianrenminbiwaihuijiaoyiliang8.8wanyimeiyuan，shiyinxingduikehushichangjiaoyiliangdeliangbeiduo。

2005nianhuigaiyiqian，yinxingjianwaihuishichangfazhanxiangduihuanman。fanyadianjingguo1994niangaigelewaihuiguanlitizhi，zaiquanguofanweineixingchengletongyideyinxingjianwaihuishichang。yazhoujinrongweijihouzhidao2005nian7yue21huigaiqian，meiyuanduirenminbihuilvwendingzai8.28deshuiping，yinxingzhinengzaiyangxingzhidingdehuilvxiadiaojiewaihuiyuque，yinxingjianwaihuishichangfazhanxiangduihuanman。1994～2005nian，yinxingjianshichangwaihuichengjiaoliangnianjunzengzhang18%，jibenxiangdangyutongqizhongguoduiwaimaoyizongedezengsu。

泛亚电竞 guoqushinian，yinxingjianwaihuishichangjiaoyiliangdafuzengzhang。2005nianyiqian，yinxingjianshichangjiaoyideshiwaihuixianhuo。2005nian8yueyinxingjianshichangtuichuleyuanqijiaoyiyewu，2006nian4yuetuichudiaoqiyewu，cihouwaihuiyanshengpinjiaoyikuaisuzengzhang。2006niantuichushuangbianxunjiahezuoshishangzhiduyedadatishenglewaihuishichangdeliudongxing。2004～2014nian，yinxingjianshichangjiaoyiliangnianjunzengzhang45%，yuangaoyuqianshiniandezengsu，waihuijiaoyiliangxiangduiyujinchukouguimodebilishangshengleshibei。

银行间外汇市场参与主体

yinxingjianwaihuishichangdecanyuzhezhuyaoshiyinxinghefeiyinxingjinrongjigou，baokuoshangyeyinxing、zhengcexingyinxing、waiziyinxing、jingwaiyinxing、nonglianshe、caiwugongsideng，yixiecongshishewaiyewudeqiyejituanzuoweifeijinrongjigouyekeyijinruyinxingjianwaihuishichang。canyujiqiwaihuijiaoyidejigoushuliangyuanduoyujinxingwaihuiyanshengpinjiaoyidejigoushuliang。jiezhi10yue29ri，yinxingjianwaihuishichangyourenminbiwaihuijiqihuiyuan503jia、yuanqihuiyuan113jia、diaoqihuiyuan112jia、huobidiaoqihuiyuan91jia、qiquanhuiyuan55jia。

泛亚电竞 zhongguorenminyinxingyeshiwaihuishichangdezhongyaocanyuzhe。genju《yinxingjianwaihuishichangguanlizanxingguiding》，zhongguorenminyinxingkeyigenjuhuobizhengcedeyaoqiu，zaiwaihuishichangneimaimaiwaihui，diaojiewaihuigongqiu，pingyiwaihuishichangjiage。yangxingzichanfuzhaibiaozhongwaihuizichandebiandongjibenshangfanyingleyangxingmeigeyuejingmairuhuojingmaichuwaihuideshuliang。

yinxingjianwaihuishichangyijingxiangjingwaiyangxingleijigoukaifang。zhongguorenminyinxing2015nian9yue30rifabugonggao，pizhunjingwaiyangxing（huobidangju）heqitaguanfangchubeiguanlijigou、guojijinrongzuzhi、zhuquancaifujijinjinruzhongguoyinxingjianwaihuishichang。zheixieyangxingleijigoukeyitongguozhongguorenminyinxinghuozhongguoyinxingjianwaihuishichanghuiyuandaili，huozhezhijiechengweizhongguoyinxingjianwaihuishichangjingwaihuiyuan，canyuzhongguoyinxingjianwaihuishichangjiaoyi，bingqiebusheeduxianzhi。

银行间外汇市场交易品种和交易币种

2005nianyilai，yinxingjianshichangyinrulegeleiwaihuiyanshengpinjiaoyi。yinxingjianwaihuishichangzuizaozhinengjinxingjiqijiaoyi。2005nian8yueyinxingjianshichangyinrulerenminbiwaihuiyuanqijiaoyi，2006nian4yuetuichulerenminbiwaihuidiaoqijiaoyi，2007nian8yuetuichulerenminbiwaihuihuobidiaoqijiaoyi；2011nian4qidonglerenminbiwaihuiqiquanjiaoyi。2014nianyinxingjianwaihuishichangyanshengpinjiaoyiliangshoucichaoguojiqijiaoyiliang，dadao4.7wanyimeiyuan。yinxingjianshichangwaihuishichangdiaoqijiaoyizhanyanshengpinjiaoyiliang96%，qizhonggeyediaoqihezhandiaoqijiaoyiliangyibanyishang，qitaqixiandediaoqiheyuebaokuo1zhou、1geyue、3geyue、6geyue、1nianqideng。

泛亚电竞 yinxingjianshichangfugairenminbiduishisangehuobidewaihuijiaoyi。yinxingjianwaihuishichangmuqianzhichirenminbiduishisangewaibidejiqijiaoyi，renminbiduishiyigewaibideyuanqihediaoqijiaoyi，renminbiduiwugewaibidehuobidiaoqiheqiquanjiaoyi。meiyuanshiyinxingjianwaihuishichangjiaoyidezuizhuyaodewaibi，2014nianrenminbiwaihuijiqijiaoyizhong，renminbiduimeiyuanjiaoyiliangzhan94.9%，renminbiduiriyuan、ouyuanjiaoyiliangfenbiezhan1.8%、1.2%，renminbiduiqiyuwaibijiaoyilianghejizhan2%。ciwai，yinxingjianwaihuishichanghaikaizhanlejiuzuwaibiduidejiqi、yuanqihediaoqijiaoyi，baokuomeiyuanduibagewaibiyijiouyuanduiriyuanwaihuijiaoyi。

yuzhuyaowaihuijiaoyizhongxinxiangbi，zhongguokuajingwaihuijiaoyizhanbidi，yuanqiheqiquanjiaoyiliangxiao。genjubisduizhuyaowaihuijiaoyishangdediaocha，zhongguowaihuijiaoyishangdebendiwaihuijiaoyibilichaoguo84%，kuajingwaihuijiaoyijinzhan16%；eryingguo、meiguo、ribenwaihuijiaoyishangkuajingwaihuijiaoyibilidadao60%，xinjiapohexianggangzheiyibiligenggao。zhongguowaihuijiaoyishangduibendijinrongjigouwaihuijiaoyizhong，jiqihewaihuidiaoqizhanbidadao98%，yuanqiheqiquanjiaoyizhanbipiandi；eryingguowaihuijiaoyishangduibendijinrongjigoudeyuanqiheqiquanjiaoyibizhongdadao7%he10%。anzhaofadajinrongshichangdejingyan，suizhezhongguowaihuishichangjinyibufazhan，kuajingwaihuijiaoyiyijiyuanqiheqiquanjiaoyibilijianghuitisheng。

jingneirenminbiqihuochanpinrengzaiyunniangzhong。muqianjingwaiyijingyouduogejiaoyisuotuichulelianrenminbiqihuochanpin，danjingneihaimeiyouzhengshituichurenminbiwaihuiqihuo。juzhongguozhengquanbao5baodao，zhongguojinrongqihuojiaoyisuoshejilebaokuorenminbiwaihuiqihuohefeirenminbidejiaochahuilvqihuodeliangdaleichanpin，bingyijingzaijiaoyisuoneibushangxianfangzhenxitonghekaizhanfangzhenjiaoyi。yuchangwaiwaihuiyanshengpinxiangbi，waihuiqihuojuyouheyuebiaozhunhua、zhongyangduishoufangqingsuan、xinxigongkaitouming、liudongxinggaodengtedian，tuichurenminbiwaihuiqihuoyouzhuyuqiyeyouqishizhongxiaoqiyejiangdiguanliwaihuifengxiandechengben。

银行间外汇市场交易方式

泛亚电竞 yinxingjianwaihuishichangyunxujizhongjingjiayushuangbianxunjialiangzhongjiaoyifangshi。jizhongjingjiazhiduogejiaoyizhutitongshitongguowaihuijiaoyizhongxindejiaoyixitong，anshijianyouxian、jiageyouxiandejingjiaguizejinxingjiaoyi。shuangbianxunjiashilianggewaihuijiaoyizhutizhijiejiusuoyaojiaoyihuobidebizhong、jine、huilvyijiweilaijiaogedeshijianjinxingxunwen、cuoshang，dachengyizhiyijianhouquerenchengjiaodejiaoyifangshi，yejiushichangwaijiaoyi（otc）fangshi。

泛亚电竞 yinxingjianwaihuijiaoyiyoujizhongjingjiazhuanxiangyishuangbianxunjiaweizhu。2006nianyiqian，yinxingjianwaihuishichangcaiqujizhongjingjiadefangshijinxingjiaoyi。2006nian1yue4riyinxingjianwaihuishichangyinrulexunjiajiaoyifangshi。xunjiajiaoyiyouyugengjialinghuo，henkuaizhanjuzhudao。muqian99%dewaihuijiaoyidoushiyishuangbianxunjiadefangshijinxing。

泛亚电竞 jiaoyishangzhidudeyinrutigaoleyinxingjianwaihuishichangliudongxing。2006nian1yue4ri，yinxingjianwaihuishichangzhengshiyinruzuoshishangzhidu。zuoshishangyouyiwuxiangshichangchixutigongwaihuimai、maidebaojia，bingtongguomaimaijiachayingli。yinruzuoshishangweiyinxingjianwaihuishichangtigongleliudongxing，tigaolejiaoyixiaolv。muqiangongyou30jiarenminbiwaihuijiqiwaihuizuoshishanghe27jiarenminbiwaihuiyuanqidiaoqizuoshishang，qizhongbaokuoshiduojiawaiziyinxing。zuoshishangdejiaoyizhanyinxingjianshichangwaihuichengjiaoliangde90%yishang。

银行间外汇市场清算方式

yinxingjianshichangwaihuijiaoyiqingsuananduishoufangbutongfenweijizhongheshuangbianqingsuanmoshi，anzhaojiaogefangshibutongfenweiquaneqingsuanhejingeqingsuanmoshi。jizhongqingsuanzhiwaihuijiaoyiwanchenghou，youjiaoyizhongxinjieru，dandangzhongjianrendejiaose，zuoweizhongyangduishoufangtongjiaoyishuangfangjinxingzijinjiaoge。shuangbianqingsuanshizaijiaoyishuangfangzaijiaoyiwanchenghou，anzhaoyuedingdeyaosujinxingzijinjiaoge。quaneqingsuanshiduiwaihuijiaoyizhubibanlizijinjiaoge，jingeqingsuanshijiangqingsuanhuiyuantongyiqingsuanridewaihuijiaoyianbizhongjinxingyachahoubanlizijinjiaoge。

yinxingjianwaihuishichangqingsuanfangshijinglileyoujizhongxiangshuangbian、zaixiangjizhongdezhuanbian。2006nianyinrushuangbianxunjiajiaoyizhiqian，yinxingjianshichangshixingdeshi“jizhongjiaoyijizhongqingsuan”。2006nianyinruxunjiajiaoyihou，qingsuanjizhiyezhuanbianwei“shuangbianjiaoyishuangbianqingsuan”。2009nian6yue1ri，yinxingjianshichangtuichulerenminbiwaihuijiqixunjiajiaoyidejingeqingsuanyewu，jingeqingsuanjianshaoleqingsuanlianghezijinzhanyongliang，tigaoleqingsuanxiaolv。2011nian7yue，jingeqingsuanfanweikuodazhi1geyueneideyuanqihediaoqijiaoyi。cihou，waihuiqingsuanyewuzhubuyouwaihuijiaoyizhongxinzhuanyizhishanghaiqingsuansuo6。2014nian11yue3ri，shanghaiqingsuansuotuichulerenminbiwaihuijiaoyizhongyangduishouqingsuanyewu，fugaijiqi、yuanqihediaoqijiaoyi，yuanqi、diaoqijiaoyiqingsuanqixianfanweiyou1geyuekuodazhi1nian，zhongxinjianlilewaihuishichangdejizhongqingsuanjizhi。

银行间外汇市场交易时间

泛亚电竞 muqianyinxingjianshichangjiaoyishijianweibeijingshijian9:30-16:30，zhouliu、zhourijifadingjiejiaribukaishi。julutoubaodao，zhongguoyangxingniyanzhangyinxingjianwaihuijiaoyishijianzhi23:30。jiaoyishijianyanzhanghou，jiangfugaiouzhoudenglianrenminbiyewushiqu，fangbianjingwaijigoucanyuguoneiyinxingjianshichangdewaihuijiaoyi。

 

离岸人民币外汇市场

zhongguokaizhankuajingrenminbimaoyijiesuanshidianyilai，lianrenminbiwaihuishichangkuaisukuozhang，renminbiwaihuijiaoyiliangchaoguolejingnei。genjuyangxingfabude《renminbiguojihuabaogao》，2014nianxianggang、xinjiapo、lundundengzhuyaolianshichangrenminbiwaihuirijunjiaoyiliangchaoguo2300yimeiyuan，shijingneishichangrijunjiaoyiliangdesibei。congrenminbiwaihuijiaoyifenbukan，lianrenminbiwaihuijiaoyizhuyaofashengzaixianggang、yingguo、xinjiapo、meiguo、taiwandengdi，xianggangderenminbijiaoyiliangyijingchaoguozhongguoneidi。

泛亚电竞 lianrenminbiwaihuijiaoyianzhaoshifoujiaogekeyifenweilianglei。zuizaochuxianshibukejiaoge（non-deliverable）derenminbiyuanqiwaihuijiaoyi，jiaoyideshiwubenjinjiaogeyuanqi（ndf）heyue。2010nian7yuerenminbizaixianggangchengweikejiaoge（deliverable）dehuobi，lianshichangchuxianlejiqirenminbiwaihuijiaoyihekejiaogederenminbiyanshengpinjiaoyi。youyujianguankuangjiabutong，lianrenminbijiqihuilvyuzaianrenminbijiqihuilvzhijiancunzaichabie。renminbizuizaozaixianggangchengweikejiaogedehuobi，yinciguojishichangcaiyongcnhbiaoshixianggang

renminbi，yiqubieyurenminbideisodaimacny。suizhelianrenminbishichangdekuozhang，cnhchengweigengguangfandelianrenminbidefuhao。suizhejingwairenminbizijinchidebuduanjilei，kejiaogedelianrenminbishichangguimochaoguolendfshichang。

无本金交割远期（NDF）市场

renminbindfjiaoyizuizaozaixinjiapochuxian，danxianggangmuqianyijingfazhanchengweizuidadeshichang。ndfshichang8xingchengyu1990niandai，zuizaochuxianndfjiaoyideshiladingmeizhouhuobi，suizhexinxingshichangjingjidefazhan，yazhouhedongouhuobidendfjiaoyiyezhubuxingqi。1997nianyazhoujinrongweijizhihou，yazhouhuobichuxianbianzhiyuqi，ndfjiaoyidafuzengzhang。ndfjiaoyitongchangshizailianjinrongzhongxinjinxing，bushouhuobifaxingguodewaihuijiaoyixianzhi。youyudiliguanxi，ladingmeizhouhuobidendfjiaoyijizhongzainiuyue，eryazhouhuobidendfjiaoyijizhongxinjiapohexianggang。renminbindfjiaoyizuizao1996nianzaixinjiapochuxian，danshixianggangyinweiyuneidijingjiguanxigengjiamiqie，houlaizhejushang，chengweizuidaderenminbindfshichang。

泛亚电竞 bukejiaogedeyuanqi（ndf）heyueyukejiaogedeyuanqi（df）heyuezhijiandequbiezaiyu，ndfheyuedaoqihoubujinxinghuobijiaoge，jiaoyishuangfangyongxianjinjiesuanyingkui，yibanyongmeiyuanjiesuan。youyushichangwai（otc）jiaoyi，ndfheyuemeiyoutongyibiaozhun。jinguanndfjiaoyifashengzaizhongguojingwai，ndfheyuerengranyijingneirenminbihuilvzaianjiageweijiesuanjiage，yibanyizhongguowaihuijiaoyizhongxinmeitianshangwugongbuderenminbizhongjianjiazuoweijiesuanjiage。chulewubenjinjiaogeyuanqiheyuezhiwai，ndfshichangyeyoushaoliangwubenjinjiaogedediaoqi（nds）heqiquan（ndo）jiaoyi。

renminbiyijingchengweindfshichangzuizhuyaohuobizhiyi。genjuxinxingshichangjiaoyizhexiehui（emta）duindfshichangdediaocha，2003nianrenminbindfjiaoyiliangwei680yimeiyuan（rijunyue2.7yimeiyuan），zhanzhenggendfshichangjiaoyiliangde7%，hanyuanjiaoyiliangyuezhan30%。guojiqingsuanyinxing2013nian4yuedediaochajieguoxianshi，renminbindfrijunjiaoyiliangdadao17yimeiyuan，bi2003nianemtadiaochadejiaoyiliangzengzhang60bei，renminbizhanzhenggendfshichangfeneshangshengzhi14%，jiejinyuhanyuandebizhong。zaixianggangshichangshang，renminbiyijingshindfjiaoyiliangzuidadehuobi，jiaoyiliangzhanbidadao57%。

renminbindfjiaoyicanyuzhezhuyaobaokuojingwaiqiye、yinxingheduichongjijin。ndfshichangweijingwaiqiyetigongleguibirenminbihuilvfengxiandegongju，touzizhongguodekuaguoqiyekeyiliyongndfheyuepinghengrenminbitoucun。yinxingweikehutigongndfjiaoyifanyadianjingkeyiliyongmaimaijiachayingli，bingtongguoheqitayinxingjiaoyichongxiaozishentoucun。duichongjijinyazhurenminbihuilvshengzhihuobianzhi，congzhonghuoli，bingchengdanfengxian。duichongjijindecanyuzengjialendfshichangtoujixing。2006nianwaiguanjufabutongzhi10jinzhilejingneijigouhegerencanyujingwairenminbiduiwaihuiyanshengjiaoyi，guanbilejingneishiticanyundfshichangdehefaqudao，danzhongguoqiyekeyitongguohaiwaizigongsicanyundfshichang。

泛亚电竞 ndfshichangzhububeikejiaogedelianrenminbi（cnh）shichangtidai。genjubis2013niandediaocha，ndfjiaoyiliangzhanquanburenminbiwaihuijiaoyiliangde14%。zuijinjinian，ndfzhanlianrenminbiwaihuijiaoyiliangbizhongjiaojinrongweijihoude2008、2009nianyijingxiajiang。ndfjiaoyitongchangbeiyongyuyijingcanyuguojijingji、tongshizibenzhanghukaifangchengdujiaodijingjitidehuobi。weilaisuizhezhongguozibenzhanghudejinyibukaifang，renminbiguojihuachengdubuduantigao，renminbindfjiaoyijiangzhububeikejiaogederenminbijiaoyitidai。

离岸人民币（CNH）市场的形成

lianrenminbiwaihuishichangdexingchengguochenghelianrenminbiyewudefazhanmibukefen。lianrenminbiyewu2003niandicongxiangganggerenrenminbiyewuqibu；2009nian7yuekaishidekuajingmaoyirenminbijiesuanshidiantuijinlelianrenminbiyewufazhan；2010nian7yuelianrenminbiyewufanweijinyibukuoda，qiyeheqitajigoukeyikaishejingwairenminbizhanghu，yinxingzhijiankeyihuxiangpingpan，lianrenminbishichangkaishixingcheng。

2003niandixianggangtuichugerenrenminbiyewu，kaiqilelianrenminbiyewu。2003nian12yue24ri，zhongguorenminyinxingshouquanzhongguoyinxing（xianggang）youxiangongsizuoweixianggangyinxinggerenrenminbiyewuqingsuanxing。2004nian2yue25ri，zhongyinxianggangzhengshituichurenminbiqingsuanfanyadianjing，wei40jiacanjiabanligerenrenminbiyewudeyinxingtigongcunkuan、duihuan、hehuikuanyewuqingsuananpai，gerentongguocunkuanzhanghumeirenmeitiankeduihuan2wanyuanrenminbi，tigonggouwu、canyin、zhusudenggerenlvyouxiaofeifanyadianjingde“zhidingshanghu”keyijiangrenminbixianchaodanxiangduihuanchenggangbi，kaiqilejingwaiyinxingderenminbiwaihuijutaijiaoyi。2005nian11yue1ri，yangxingkuodaleweixianggangyinxingbanlirenminbiyewutigongpingpanjiqingsuananpaidefanwei，canjiaxingkeyixishouzhidingshanghuderenminbicunkuan，zhidingshanghuxingyefanweikuodazhijiaotong、tongxun、yiliaojijiaoyufanyadianjingdengxingye，danzhidingshanghurengranzhinengjiangrenminbicunkuandanxiangduihuanchenggangyuan。

2009nianqidongkuajingmaoyirenminbijiesuanshidian，cujinlelianrenminbiyewufazhan。2009nian7yue1ri，zhongguorenminyinxingdengliubumenlianhefabu《kuajingmaoyirenminbijiesuanshidianguanlibanfa》，kuajingmaoyirenminbijiesuanzaixianggangqidong，gangaorenminbiqingsuanxingkaishitigongkuajingmaoyirenminbijiesuanheqingsuanfanyadianjing。juyouzhenshimaoyibeijingdeqiyekezaijingwaicanjiaxingkaisherenminbicunkuanzhanghu，bingqiejiyushijimaoyixuyaokebanlihuobiduihuan、huikuan、zhipiao、maoyirongzidengrenminbiyewu。

2010nian7yue，lianrenminbishichangkaishixingcheng。2010nian7yue19ri，zhongguorenminyinxingyuxianggangjinguanjuqianshukuajingmaoyirenminbijiesuanbuchonghezuobeiwanglu，zhongguorenminyinxingyuzhongyinxianggangqiandingxiudinghoude《guanyurenminbiyewudeqingsuanxieyi》，kuodalecanjiaxingderenminbiyewufanwei，yunxuxianggangdeyinxingweiqiyeyuqitajigoukaisherenminbicunkuanzhanghu，butongzhanghuzhijiankeyijinxing（maoyijiesuanyiwai）gezhongyongtudezhuanzhang。xiudinghoudeqingsuanxieyi，jingwairenminbiyewucanjiaxingbujinkeyiyuqingsuanxingpingpan，canjiaxingzhijianyekeyihuxiangpingpan，biaozhizhejingwaiyinxingjianrenminbiwaihuishichangdekaiduan。

离岸人民币资金来源和回流途径

lianshichangrenminbizijinzhuyaolaizikuajingmaoyirenminbijiesuan。xianggangkaishibanligerenrenminbiyewu，jingwairenminbicunkuankaishijilei。kuajingmaoyirenminbijiesuanshidianqidonghou，youyurenminbicunzaishengzhiyuqi，jingwairenminbizijinxuqiudayugongji，jinkourenminbijiesuanyuangaoyuchukourenminbijiesuan，renminbizijintongguokuajingmaoyijiesuanliuchujingwai。2010niankuodakuajingmaoyirenminbijiesuanshidianfanweihou，lianrenminbicunkuanzengzhangjiasu。jiezhi2015nian8yuedi，xianggangrenminbicunkuanyue9790yiyuan。juyangxingtongji，2014niandizhuyaolianshichangrenminbicunkuandadao19867yiyuan。

yangxingqiandingshuangbianhuobihuhuanxieyiweijingwaitigongrenminbiliudongxingzhichi。2009nian1yue，zhongguorenminyinxingyuxianggangjinguanjuqiandingle2000yiyuandeshuangbianhuobihuhuanxieyi。cihou，renminyinxingluxuyugeguoyangxinghehuobidangjuqiandingshuangbianhuobihuhuanxieyi。jiezhi2015nian10yuedi，renminyinxingyijingyu33geguojiahediqudeyangxinghehuobidangjuqiandingleshuangbianhuobihuhuanxieyi，zonge3.3wanyiyuanrenminbi。qiandingshuangbianhuhuanxieyibingmeiyouzengjialianrenminbizijin，danshibiyaoshikeyiweijingwaitigongrenminbiliudongxingzhichi。

泛亚电竞 lianrenminbizijinhuiliutujingbaokuofaxingdianxinzhai、kuajingzhijietouzirenminbijiesuanherqfiidengqudao:

泛亚电竞 2007nian6yue，jingguowuyuanpizhun，zhongguoguojiakaifayinxingzaixianggangfaxingleshouzhilianrenminbizhaiquan。xianggangshichangshang，renminbizhaiquanchengzuo“dianxinzhai”。dianxinzhaihexianggangrenminbicunkuanxiangbi，yougenggaodeshouyilv。2009nian9yuecaizhengbuzaixianggangfaxinglerenminbiguozhai。2010nianqi，lianshichangrenminbizhaiquanfaxingliangdafukuozhang。2014niandixianggangrenminbizhaiquancunliangdadao3805yiyuan。

2010nian10yue，xinjianglvxiankaishikuajingzhijietouzirenminbijiesuanshidian，2011niankuajingzhijietouzirenminbijiesuankuodazhiquanguofanwei。youyuwaishangzhijietouzirenminbijiesuandayuzhongguoduiwaizhijietouzirenminbijiesuan，renminbizijintongguokuajingzhijietouzirenminbijiesuanhuiliujingnei。2014nianrenminbiduiwaizhijietouzi1866yiyuan，waishangzhijietouzi8620yiyuan，jingliuru6755yiyuan。

2011nian12yue，zhongguopizhunlexianggang200yiyuanrenminbihegejingwaijigoutouzizhe（rqfii），jiezhi2015nian6yue，zhongguopizhunle13geguojiahediqu9700yiyuanrqfiizongedu。jiezhijinnian9yue，yijingyou141jiarqfiijigouhuodele4115yiyuantouziedu。

离岸人民币外汇市场交易币种和交易品种

lianshichangrenminbiwaihuijiaoyiyiduimeiyuanjiaoyiweizhu。xianggangshichangrenminbiduimeiyuanwaihuichengjiaoliangzhanrenminbiwaihuijiaoyiliangde98%，duigangbiheqitahuobijiaoyigezhan1%。meiyuanzhiwai，lianzhongxindongdaoguozhuquanhuobiduirenminbiwaihuijiaoyiyezhanyouyidingbizhong。liru，dongjingshichangshang，renminbiduiriyuanjiaoyiliangzhandangdirenminbijiaoyiliangde27%。

lianrenminbiwaihuishichangyanshengpinjiaoyiliangbizhonggaoyujingneishichang。lianrenminbiwaihuijiaoyihejingneishichangyiyangbaokuowaihuijiqi、yuanqi、waihuidiaoqi、huobidiaoqiheqiquanjiaoyi，bijingneizengjialendfjiaoyi。ciwai，lianshichangrenminbijiqijiaoyiliangbizhongdiyujingnei，yanshengpinjiaoyibizhonggenggao。renminbiwaihuiyanshengpinjiaoyizhong，qiquanjiaoyibiligenggao。quanqiurenminbiwaihuijiaoyizhong（baohanzhongguozainei），qiquanjiaoyizhan14%，yuangaoyuzhongguoshichang1%deqiquanjiaoyiliangfene。

离岸人民币结算和清算

泛亚电竞 xianggangrenminbijiaoyitongguojishizhifujiesuan（rtgs）xitongjiesuanheqingsuan。2006nian3yue，xianggangtuichulerenminbijiesuanxitong，2007nian6yuexianggangjinguanjujianggaixitongshengjiweiquanmianderenminbijishizhifujiesuan（rtgs）xitong。renminbirtgsxitongyouxianggangyinxingtongyejiesuanyouxiangongsi（hkicl）fuzeyunzuo，zhongyinxianggangdanrenqingsuanxing。xianggangdertgsxitongfugaigangbi、meiyuan、ouyuanherenminbisizhonghuobi，sizhonghuobizhijiandewaihuijiaoyitongguortgsxitongjinxing。rtgsxitongcaiquzhubijiaoyizhubijiesuandefangshi，erbushijingejiesuan，yibimianyijiayinxingbunenglvyueyinfalianshiweiyuedefengxian。xianggangrenminbirtgsxitongmuqianyou148jiaxianggangbendihuiyuanhe74jiahaiwaihuiyuan。2014nianxianggangrtgsxitongrenminbijiesuanechaoguogangbijiesuanechengweixianggangjiesuanliangzuidadehuobi。

zhongguozaiduogelianrenminbizhongxinshelilejingwairenminbiyewuqingsuanxing。2003nian12yue24ri，zhongguorenminyinxingshouquanzhongguoyinxing（xianggang）youxiangongsidanrenxianggangyinxinggerenrenminbiyewuqingsuanxing，chengweishoujialianrenminbiyewuqingsuanxing。cihou，zhongguozaiaomen、taiwan、xinjiapo、lundundenglianrenminbizhongxinluxushelilerenminbiqingsuanxing。jiezhi2015nian10yuedi，yangxingyijingshouquanzhongguoyinxing、gongshangyinxing、fanyadianjingyinxinghejiaotongyinxingdehaiwaifenzhijigouzaiquanqiu19geguojiahediqudanrenrenminbiyewuqingsuanxing。jingwairenminbiyewuqingsuanxingzaijingneishelizhanghu，jieruzhongguoxiandaihuazhifuxitong（cnaps），tongguoxitongzhongdedaeshishizhifuxitong（hvps）weilianrenminbiyewutigongqingsuanfanyadianjing。

泛亚电竞 kuajingrenminbimaoyikeyicaiqusanzhongbutongdejiesuanheqingsuanfangshi，baokuo:

泛亚电竞 yishitongguojingwairenminbiyewuqingsuanxingjinxingrenminbizijindekuajingjiesuanheqingsuan。jingwairenminbiyewuqingsuanxingjieruzhongguoxiandaihuazhifuxitong（cnaps）tongguodaeshishizhifuxitong（hvps）chulirenminbizijinkuajingjiesuanheqingsuan。

泛亚电竞 ershitongguojingneishangyeyinxingdailijingwaishangyeyinxingjinxingrenminbizijindekuajingjiesuanheqingsuan。renminbizijinkuajingzhuanyitongguohuanqiutongyeyinxingjinrongdianxunxiehui（swift）xitongwancheng。

泛亚电竞 sanshijingwaiqiyezaijingneikaishefeijuminyinxingrenminbijiesuanzhanghu（nra），zhijietongguojingneiyinxingqingsuanxitongjinxingrenminbizijindekuajingjiesuanheqingsuan。

泛亚电竞 renminbikuajingzhifuxitong（cips）shangxianyunxing。renminyinxing2012niankaishijianlicipsxitong，cipsxitongfanyadianjingfenliangqi: yiqicaiyongshishiquanejiesuanfangshi，2015nian10yue8riyijingshangxianyunxing；erqijiangcaiyonggengweijieyueliudongxingdehunhejiesuanfangshi。cipsxitongcaiyongguojitongyongiso20022baowenbiaozhun，zhichizhongyingwenchuanshu，bingqiechongfenkaolvleyuxianxingswiftmtbaowendezhuanhuanyaoqiu，fangbiankuajingyewuzhitongchuli。cipsxitongmuqiandeyewushijianweibeijingshijian9:00-20:00，fugaiyazhou、ouzhou、feizhou、da

yangzhoudengrenminbiyewuzhuyaoshiqu，weilaishishichangxuqiukejinyibuyanzhang。cipsxitongyou2015nian9yue8richenglidekuajingyinxingjianzhifuqingsuan（shanghai）youxianzerengongsifuzeyunying，jieshourenminyinxingdejianduheguanli。shoupizhijiecanyucipsyiqixitongdejigoubaokuo19jiajingneizhongwaiziyinxing，lingwaiyou38jiajingneiyinxinghe138jiajingwaiyinxingjianjiecanyu。

 

境外人民币期货产品

泛亚电竞 jingwaiduogejiaoyisuotuichulerenminbiqihuochanpin。helianrenminbiyuanqiheyueleisi，jingwairenminbiqihuoyebaokuolianglei: yizaianrenminbihuilv（cny）weibiaodedewubenjinjiaogede（non-deliverable）zaianrenminbiqihuo，yilianrenminbihuilv（cnh）weibiaodedekejiaogede（deliverable）lianrenminbiqihuo。

2006nian8yuezhijiagejiaoyisuo（cme）zuizaotuichulewubenjinjiaogederenminbi（cny）qihuochanpin。youyu2006nianjingwaihaimeiyoukejiaogederenminbi，zhijiagejiaoyisuotuichudeshiwubenjinjiaogederenminbiqihuochanpin。zhijiagejiaoyisuoderenminbiqihuodanshouheyue100wanrenminbi，yongmeiyuanbaojia，yijingneirenminbihuilvzhongjianjiaweijiesuanjiage。hendfheyueyiyang，daoqiyimeiyuanjiesuanchae。zhijiagejiaoyisuoderenminbiqihuomeitianjiaoyi23gexiaoshi（meiguozhongbushijianxiawu5:00—diertianxiawu4:00），you13gelianxuyuefenhe8gejiduzhouqiyuefendeheyueshangshijiaoyi。

泛亚电竞 2012nian9yuexianggangjiaoyisuo（hkex）tuichushouzhijinxingshiwujiaogedelianrenminbi（cnh）qihuo。gangjiaosuodelianrenminbiqihuodanshouheyue10wanmeiyuan，yirenminbibaojia，lianrenminbiqihuodaoqihou，anzhaoxianggangcaizigonghui（tma）gongbudecnhjiqidingpanjia，yirenminbijinxingshiwujiaoge。gangjiaosuodelianrenminbiqihuomeitianjiaoyi14gexiaoshi，fenshangwu9:00—xiawu4:15hexiawu5:00—wanshang11:45lianggeshiduan，shangshiheyuefugailianxu4geyuefenhe4gejiduzhouqiyuefen。cihou，zhijiageshangpinjiaoyisuoyetuichulelianrenminbiqihuo，danshouheyuejiazhi10wanmeiyuan，bingtuichuledanshouheyueguimowei1wanmeiyuandeminibanlianrenminbiqihuo。

baxi、nanfei、xinjiapo、mosike、taiwan、hanguoxianhoutuichulerenminbiqihuo。baxishangpinqihuojiaoyisuo（bm&fbovespa）2011nian8yuetuichulerenminbi/baxileiyaerqihuo；nanfeiyuehanneisibaozhengquanjiaoyisuo（jse）2013nian5yuetuichulianrenminbi/lanteqihuo；xinjiapojiaoyisuo（sgx）2014nian10yuetuichuzaianrenminbiqihuohelianrenminbiqihuo；mosikejiaoyisuo2015nian3yuetuichulerenminbi/lubuqihuojiaoyi；taiwanqihuojiaoyisuo（taifex）2015nian7yuetuichulelianrenminbihuilvqihuochanpin；hanguojiaoyisuo（krx）2015nian10yuetuichulelianrenminbi/hanyuanhuilvchanpin。ciwai，zhoujijiaoyisuo（ice）yezhunbeituichuzaianhelianrenminbiqihuochanpin。

xianggang、xinjiapo、taiwanrenminbiqihuojiaoyizuiweihuoyue。jinguanzuizaotuichurenminbiqihuochanpindeshizhijiagejiaoyisuo，houlaituichurenminbiqihuodexianggang、xinjiapohetaiwanyouyuyuzhongguodalujingjiguanxigengjinmi、renminbiyewulianggengda，yincirenminbiqihuojiaoyiyegengjiahuoyue。jinnian8yue11renminbiyiwaibianzhizengjialerenminbihuilvdebuquedingxing，jingwairenminbiqihuojiaoyiliangdafuzengzhang。3jidu，xianggang、xinjiapohetaiwanrenminbiqihuojiaoyiliangzhanjingwairenminbiqihuojiaoyiliang96%。

泛亚电竞 renminbiqihuoweizhongxiaoqiyetigongleguanlihuilvfengxiandegongju。muqiansuoyoulianshichangrenminbiqihuoderijunjiaoyiliangbudao10yimeiyuan，yuandiyuzhenggelianshichangrijun2000duoyiderenminbiwaihuijiaoyiliang。qihuoshibiaozhunhuadeyuanqiheyue，yuyuanqijiaoyixiangbi，qihuodeyoushizaiyuliudongxinghao、nimingjiaoyi、zhongyangduishoufangqingsuandeng；qihuodelieshishicunzaijiaogeri、meishouguimodengfangmiandexianzhi，meiyouyinxingtigongdechangwaiyuanqiheyuelinghuo。duiyudaxingkuaguoqiye，yuyinxingjinxingchangwaijiaoyikeyihuodexiangduiyouhuidejiage，yinciqihuojiaoyidexiyinlibuda；danshiduiyuzhongxiaoqiye，changwaijiaoyichengbengenggao，yincigengqingxiangyujinxingqihuojiaoyi。

 

人民币汇率形成机制

泛亚电竞 youyurenminbimeiyouwanquankeduihuan，jingneiwairenminbiwaihuishichangzhijiancunzaifenge，renminbijiqihuilvcunzailiangzujiage: zaianjiage（cny）helianjiage（cnh）。eryuanqirenminbihuilvxingchengsantiaoquxian: zaianyuanqiquxian、liankejiaoge（df）yuanqiquxianhewubenjinjiaoge（ndf）yuanqiquxian。

在岸人民币汇率（CNY）

renminbijiqihuilvzaianjiagezhuyaobaokuorenminbihuilvzhongjianjiaherenminbihuilvshichangjiage。renminbihuilvzhongjianjiayouwaihuijiaoyizhongxinyumeigejiaoyirishangwu9shi15fengongbu；renminbihuilvshichangjiageshiyinxingjianwaihuishichangrenminbiwaihuijiaoyideshijijiage。

人民币汇率中间价

泛亚电竞 xianxingrenminbihuilvxingchengjizhidejibenkuangjiaxingchengyu1994nian。1994nian1yue1ri，fanyadianjingguogaigelewaihuiguanlitizhi，jiangrenminbihuilvguanfangjiageyuwaihuidiaojijiabinggui，kaishishixingyishichanggongqiuweijichude、danyide、youguanlidefudonghuilvzhidu。zhongguorenminyinxinggenjuqianyiriyinxingjianwaihuijiaoyijiage，gongbumeiyuanduirenminbijiaoyidezhongjianjia。1997nianyazhoujinrongweijihou，zhongguorenminyinxingjiaqianglewaihuishichangganyu。cihou，meiyuanduirenminbihuilvjibenwendingzai8.28deshuiping，yangxingshishishangcaiquledingzhudanyihuobi（meiyuan）degudinghuilvzhengce。2005nian7yue21riqirenminbihuilvbuzaidingzhudanyimeiyuan，xingchenggengfudanxingderenminbihuilvjizhi。zhongguorenminyinxingyumeigegongzuoribishihougongbudangriyinxingjianwaihuishichangrenminbihuilvdeshoupanjia，zuoweixiayigegongzuorigaihuobiduirenminbijiaoyidezhongjianjiage。

泛亚电竞 2006nian1yue4riqi，zhongguorenminyinxingshouquanzhongguowaihuijiaoyizhongxingongbudangrirenminbiduimeiyuanhuilvzhongjianjia。zhongguowaihuijiaoyizhongxinzaimeigejiaoyirizaiyinxingjianwaihuishichangkaipanqianxiangzuoshishangxunjia，qudiaozuigaohezuidibaojiahou，jisuanshengyuzuoshishangbaojiajiaquanpingjun，dedaodangrirenminbiduimeiyuanhuilvzhongjianjia，zuoshishangquanzhonggenjubaojiafangzaiyinxingjianwaihuishichangdejiaoyiliangjibaojiaqingkuangdengzhibiaozonghequeding。zhongjianjiahebodongqujianxianzhilejiqihuilvshichangjiagebodong。danshisuizherenminbihuilvfudongqujiandekuoda，renminbihuilvzhongjianjiayushichangjiagezhijiandepianlizhubujiada。

2015nian8yue11riyangxingdiaozhengrenminbihuilvzhongjianjiabaojiajizhi，xiaochulezhongjianjiayushichangjiapianli。genjuxinderenminbihuilvzhongjianjiabaojiajizhi，“zuoshishangzaimeiriyinxingjianwaihuishichangkaipanqian，cankaoshangriyinxingjianwaihuishichangshoupanhuilv，zonghekaolvwaihuigongqiuqingkuangyijiguojizhuyaohuobihuilvbianhuaxiangzhongguowaihuijiaoyizhongxintigongzhongjianjiabaojia”。xindezhongjianjiajuedingfangshizuidadebutongshi“cankaoshangriyinxingjianwaihuishichangshoupanhuilv”。8yue11riyilai，renminbihuilvzhongjianjiajibenjiejinshangyigejiaoyiriyinxingjianshichangdeshoupanjiashuiping。ciwai，zi2015nian8yue24riqi，waihuijiaoyizhongxinyumeiri10:00、11:00、14:00、15:00he16:00gongbucankaohuilv，cankaohuilvyouwugeshidianqian30miaoneishichangchengjiaojiagejiaquanpingjunjisuanhuode。

泛亚电竞 yinxingjianshichangrenminbihuilvjiaoyijiageshoudaozhongjianjiahefudongqujiandeyueshu。1994nianhuilvzhidugaigeyaoqiuyinxingjianshichangrenminbiwaihuijiaoyijiagebunengchaochuyangxingshedingdeshangxiafuqujian。zuichudefudongfanweishizhongjianjiashangxia0.3%。2005nianhuigaihouyangxingduocikuodalejiaoyijiagedeshangxiafudongfuduxianzhi，2007nian5yue21rifudongfudukuodazhishangxia0.5%，2012nian4yue16rikuodazhishangxia1%，zuijinyicikuodafudongqujianshi2014nian3yue17ri，fudongfanweibeikuodazhishangxia2%。

泛亚电竞 zaishangxiafuqujiandexiandingfanweinei，renminbihuilvshichangjiageyouwaihuiherenminbizijingongqiujueding。yingxiangwaihuigongqiudeyinsuzhuduo，baokuoguojishouzhi、renminbihuilvshengbianzhiyuqi、lilvpingjia、renminbiguojihuadeng，danzhongguoyangxingrengranshiyingxiangrenminbihuilvshichangjiagezuizhongyaodeliliang，yangxingduiyushichanghuilvdeyingxiangyoulianggequdao，yishizhongjianjiahebodongqujianyueshushichangjiage，ershitongguowaihuishichangmaimaiwaihui。

泛亚电竞 zhongjianjiahebodongqujianxianzhishichangjiagedefanwei。zhongjianjiahedangtiandeshichangjiagezhijiancunzaizhengxiangguanxi，pingjuneryan，renminbihuilvzhongjianjiabiandong1gebaifendian，shichangjiagexiangtongfangxiangbiandongyue0.6gebaifendian。danshisuizhebodongqujiandekuoda，zhongjianjiabiandongduishichangjiagedeyingxianglixiajiang。2015nian8yue11riyangxinggaigezhongjianjiaxingchengfangshihou，weilaibuhuizaichuxianzhongjianjiayushichangjiagechixupianlideqingkuang，zhongjianjiaduishichangjiagedeyueshujiangjinxianyurineibodong。

tongguomaimaiwaihuiyingxiangrenminbihuilvdeshichangjiage。yangxingdewaihuijiaoyizaiyangxingzichanfuzhaibiaoshangtixianweiwaihuizichandebianhua。2003nianyilai，yangxingwaihuizichandafuzengjia，shiyinxingjianshichangdewaihuijingmairuzhe，2014nian8yue，yangxingwaihuizichandadao27.2wanyiyuandedingfeng。danshiguoquyinian，yangxingkaishimaichuwaihui，2015nian9yuedi，yangxingwaihuizichanjiangzhi25.8wanyiyuan。

2015nian8yue11rigaigezhongjianjiaxingchengjizhihou，zhongjianjiakaishiyouyigejiaoyirideshoupanjiazhudao，danshiyangxingrengrankeyitongguowaihuishichangmaimaiyingxiangshichangjiage，8yuehe9yueyangxingwaihuizichanfenbiexiajiangle3184yiyuanhe2641yiyuan。

离岸人民币汇率（CNH）

lianrenminbijiqihuilv2010nian7yuezhihoucaikaishixingcheng。2010nian7yueyiqian，jingwairenminbicanjiaxingweigeren、zhidingshanghu、kuajingmaoyiqiyebanlirenminbiyewuerchanshengrenminbizijintoucunhuoxuqiu，zhinengyuqingsuanxingpingpan，qingsuanxingdaoshanghaiwaihuijiaoyizhongxinheyinxingjiantongyechaijieshichangduihuanhechaijierenminbi，xianggangshichangbingmeiyouxingchengduliderenminbihuilv。2010nian7yueyihou，anzhaoxindeqingsuanxieyi，renminbicanjiaxingkeyihuxiangpingpan，lianyinxingjianrenminbiwaihuishichanghelianrenminbihuilvcaikaishixingcheng。

2011nian6yue27ricaizishichanggonghuituichulexianggangrenminbijiqihuilv（cnh）dingpanjia。xianggangcaizishichanggonghuidecnhdingpanjiashicongbaojiayinxingtigongdezhongjianbaojiazhongtichulianggezuigaobaojiahelianggezuidibaojiazhihoujisuanpingjunshuhuode，yuxianggangshijianmeirishangwu11shi15fentongguolutouzhongduanheyemiangongbu。cnhdingpanjiaweilianrenminbihuilvyanshengpintigongledingjiajizhun。yuzaianrenminbihuilvzhongjianjiabutong，cnhdingpanjiabuduilianshichangrenminbihuilvjiaoyijiagezaochengyueshu。

lianrenminbihuilvyuzaianrenminbihuilvcunzaijiacha。youxianggangrenminbishichangyuguoneiyinxingjianshichangzhijiancunzaigelie，cnhhecnyhuilvzhijiancunzaijiacha。danshiruguocnhhecnypianchazugouda，congshikuajingmaoyideqiyekeyiliyongkuajingmaoyirenminbijiesuanjinxingtaoli，taolixingweihuixiaochuliangbiandechajia，yincitongchangqingkuangxiajiachabuchaoguo0.5gebaifendian。

lianrenminbihuilvduizhongguojingjifanyinggengmingan。youyucnhbuxiangcnyneiyangshoudaozhongjianjiahebodongqujianxianzhibingqietongchangbushouzhongguoyangxingguankong，dangzhongguohuowaibujingjihuanjingfashengbiandong，daozhirenminbihuilvchuxianbodongshi，cnhdebianhuafuduwangwanggengda。zongtishang，renminbishengzhiqijianwangwangbansuizhecnhshengshui，errenminbibianzhishicnhyibanbiaoxianweitieshui。

人民币远期曲线: 在岸、离岸DF和NDF

泛亚电竞 jingneiwairenminbiwaihuishichanggongxingchengsantiaoyuanqiquxian: zaianyuanqirenminbi（cny）yuanqiquxian，lianrenminbi（cnh）yuanqiquxianhelianwubenjinjiaogeyuanqi（ndf）quxian。sanleiyuanqiheyuedejiesuanjiagehejiaogefangshicunzaichayi:

泛亚电竞 cnyyuanqiheyueyizaianrenminbijiqihuilvweijiesuanjiage，daoqihoujiaoyishuangfangjinxinghuobijiaoge；cnhyuanqiheyueyilianrenminbijiqihuilvweijiesuanjiage，daoqihoujiaoyishuangfangjinxinghuobijiaoge；ndfyuanqiheyueyijingneirenminbizhongjianjiaweijiesuanjiage，daoqihoubujinxinghuobijiaoge，jinyongxianjinjiesuan，yibanyongmeiyuanjiesuan。

泛亚电竞 lianshichangyuanqiquxianbizaianshichanggengjiadouqiao。lianshichangjiqihuilvbodonggengda，lianyuanqihuilvbiandongfuduyechaoguozaianshichang。dangqianrenminbicunzaiyuanqibianzhiyuqi，1nianqicnhhendfyuanqihuilvshengshuiyaogaoyu1nianqicnyyuanqishengshui。er2011nianchu，renminbicunzaishengzhiyuqishi，1nianqicnhhendfyuanqihuilvtieshuiyechaoguo1nianqicnyyuanqitieshuidefudu。

 

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