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220928 ||| eng |
| 020 |
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|a 9781513584843
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| 100 |
1 |
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|a Jin, Zhongxia
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| 245 |
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0 |
|a Establishing a Foreign Exchange Futures Market in China
|c Zhongxia Jin, Yue Zhao, Haobin Wang
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2021
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| 300 |
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|a 22 pages
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| 651 |
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4 |
|a China, People's Republic of
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
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|a Economics
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| 653 |
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|a Finance
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| 653 |
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|a Financial crises
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| 653 |
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|a Economics: General
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| 653 |
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|a Over-the-counter markets
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| 653 |
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|a Informal sector
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| 653 |
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|a Financial Institutions and Services: Government Policy and Regulation
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Economics of specific sectors
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| 653 |
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|a International Financial Markets
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| 653 |
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|a Currency markets
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| 653 |
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|a Derivative securities
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a Currency crises
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| 653 |
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|a Financial markets
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| 653 |
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|a Financial instruments
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Derivative markets
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| 653 |
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|a Futures markets
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| 653 |
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|a Foreign exchange market
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| 653 |
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|a Financial Risk Management
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| 653 |
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|a Finance: General
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| 653 |
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|a Financial Crises
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| 700 |
1 |
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|a Wang, Haobin
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| 700 |
1 |
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|a Zhao, Yue
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781513584843.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2021/268/001.2021.issue-268-en.xml?cid=462372-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
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|a 330
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| 520 |
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|a During China’s transition toward a more flexible exchange rate, it is essential to further develop its foreign exchange (FX) derivatives markets to meet the growing hedging needs associated with greater exchange rate fluctuations. Although over-the-counter (OTC) FX derivatives markets already exist in China, it lacks a FX futures market that offers critical complementarities. With standardized products, greater transparency and centralized oversight, a FX futures market can better satisfy the hedging needs of small and medium-sized enterprises and enhance regulatory efficiency. To address concerns regarding whether FX futures market will amplify the volatility of spot exchange rates, this paper analyzes the impact of establishing FX futures markets on spot market volatility using data from major emerging market economies. The result shows that FX futures market is not empirically associated with an increase in spot market volatility; in some cases, it is even associated with a decrease in spot market volatility. This paper further suggests that for a well-functioning FX futures market to be established, it is essential for China to substitute the inefficient documentation requirement of underlying exposures with a new set of market-oriented measures for the purpose of prudent regulation
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