Analysis on the development of China's financial derivative market under the background of financial crisis

摘要

The current financial crisis causes many disputes on whether and how to develop China''s financial derivative market. Financial derivatives are only links in the complex chain of transmission. They should not assume main responsibilities although some researchers described the financial crisis as “derivatives flooding”. By comparative analysis on development stages, market-driven mechanism, product range and market scale and economic base and financial base of financial derivative market, we conclude that China''s financial derivative market is still in the elementary stage. It develops very slowly and still has great development potential. China should develop construction for basic financial derivative markets and establish a multilevel market structure gradually for the financial derivative market. Improve formation mechanism of RMB exchange rate and market RMB interest rate. Establish sound regulatory systems and risk prevention and control systems for the financial derivative market. China''s commercial banks should improve core competitiveness of financial derivatives and enhance management abilities for risks.