RMB Derivatives (Volume 1 and Volume 2)

Author: Zhang Guangping
Publisher:
Publish Date: 2006-05-01
Features: The first part of this book systematically reviews the major achievements in China's economic and financial system reforms over the past 27 years and explores existing issues, enabling readers to further familiarize themselves with the basic market of the RMB and understand the reasons behind the pressure on its appreciation. The second part is dedicated to introducing and analyzing the main onshore and offshore foreign exchange derivative products prevalent in the international foreign exchange market, laying the foundation for subsequent research on domestic and offshore RMB derivative products. Additionally, the product knowledge in this section holds direct reference value for professionals engaged in financial practice, trade operations, and teaching in China. The third part briefly introduces the role of foreign exchange derivative products during the Asian Financial Crisis. Before and after the Asian Financial Crisis, a significant amount of foreign exchange derivative trading was based on expectations of Asian currency depreciation. These products play a crucial role in helping us understand RMB products under exchange rate appreciation expectations. At the same time, analyzing foreign exchange derivative transactions during the Asian Financial Crisis can provide valuable references for risk management. The fourth part is the core of the book, offering a detailed and systematic analysis of domestic RMB forward exchange and sales, RMB forward transactions, offshore RMB non-deliverable forward (NDF), RMB non-deliverable option (NDO), RMB non-deliverable swap, structured notes, structured savings, and other products, as well as the domestic and international political, economic, and financial factors influencing these products. The fifth part primarily introduces and analyzes the relationship between onshore and offshore products, the implementation of the RMB exchange rate formation mechanism, the market's reaction to the new RMB exchange rate formation mechanism, and the development prospects of product innovation in China's foreign exchange market and the entire financial market.