Under external pressure and internal pressure, the management should be cautious about the continuous appreciation of RMB, the continuous scramble for funds by overseas institutions and the full opening of finance. Under the external pressure of RMB's continuous appreciation and overseas institutions' continuous rush to raise funds, the development of RMB derivatives has attracted increasing attention after the five-year protection period expires. The management is also very concerned about this, and the policies and measures introduced in a few days ago have shown this point. However, under the consideration of preventing risks, the management has always been quite cautious. Therefore, although China began to engage in RMB forward settlement and sale business from 1997, it has made slow progress for many years. The trading of RMB derivatives not only lags far behind overseas markets, but also is out of proportion to the level of economic and trade development in China. In this case, how to coordinate the relationship between development speed and market demand has become a problem that the development of RMB derivatives market has to face. The management is very cautious. The overseas foreign exchange futures fraud incident and the "327 Treasury bond futures" incident more than ten years ago have scared people to death. The previous vicious incidents such as Cao and State Reserve Bureau copper futures have highlighted the risks of derivatives trading. Therefore, for the sake of risk prevention, the management department has always been cautious about developing the financial derivatives market. A few days ago, the State Administration of Foreign Exchange issued the Notice on Foreign Exchange Management Issues Concerning Forward Settlement and Sale of Foreign Exchange to Customers by Designated Foreign Exchange Banks and RMB-foreign Currency Swaps, stipulating that domestic institutions and individuals are not allowed to participate in overseas RMB-foreign exchange derivatives transactions in any form without the approval of the State Administration of Foreign Exchange, and it is also clear that the performance mode of forward settlement and sale of foreign exchange should be "full principal delivery" rather than differential delivery (NDF). According to the analysis of insiders, the document regulation of the foreign exchange bureau is a signal to "draw a clear line" for NDF transactions in the "gray zone". Due to the active overseas RMB derivatives trading market, many designated foreign exchange banks engage in NDF business outside the regulations, which has brought an impact on the domestic derivatives trading market that cannot be ignored. From the perspective of risk prevention, the management's attitude towards the current development of RMB derivatives trading is undoubtedly a safe choice. Foreign institutions seized this opportunity. However, "although the management's concern about the risk of derivatives trading is not unreasonable, the risk brought by not developing the derivatives market may be even greater." A foreign banker familiar with derivatives trading said. In fact, with the increase of RMB exchange rate fluctuation and the promotion of interest rate marketization, it is very realistic for domestic economic entities to hedge and obtain income through financial derivatives trading. At the 2006 China Financial Derivatives Conference held not long ago, relevant persons of the CBRC pointed out that there is still a big gap between the development of RMB derivatives in China and the development of China's economy and trade, and there is still a lot of room for the development of RMB derivatives. At the same time, foreign-funded institutions have also seen the huge business opportunities contained in the China market, scrambling to develop products related to China stock index and RMB exchange rate, trying to seize the opportunity. On June 24th this year, Chicago Mercantile Exchange (CME) announced that it would officially launch RMB futures and its options products on August 28th. Once the news was released, it caused strong repercussions in China. Ding Zhijie, vice president of university of international business and economics Institute of Finance, believes that in today's financial globalization, the domestic and international markets are increasingly closely linked and the competition is increasingly fierce. Once the relevant overseas markets are mature, it is difficult to reverse the backward situation of the domestic market, and it is passive in terms of rules and standards and market management. Ding Zhijie pointed out that the management methods and concepts of domestic market management departments need to be adjusted urgently. In the process of cultivating and developing China's financial market, the government plays an irreplaceable role, and the foreign exchange market is no exception. However, some management methods and ideas of the government are debatable, especially how to coordinate the relationship between the government and the market. Relevant departments often unconsciously put management above the market. In addition, analysts believe that due to separate operations, various financial markets in China are seriously divided, and each market belongs to different regulatory authorities, which is obviously not conducive to promoting the development of the derivatives market. In fact, in the process of promoting financial derivatives, departmental conflicts of interest often bring great obstacles to product launch. However, it is gratifying that the foundation necessary for the development of RMB derivatives has gradually improved. Wu Xiaoling, deputy governor of the People's Bank of China, said at the previous financial derivatives conference in China that the central bank is steadily promoting the marketization of interest rates, improving the exchange rate formation mechanism according to the principle of "three natures" and constantly improving the market infrastructure, which will lay the foundation for the development of RMB derivatives, and plans to launch foreign exchange futures pilot projects on its own initiative. According to the information released by the State Administration of Foreign Exchange, as of the end of September 2006, 53 domestic banks have obtained the qualification of long-term settlement and sale of foreign exchange to customers, of which 265,438+0 banks have obtained the qualification of swap business to customers. In addition, there are currently two money brokerage companies in China that can engage in related businesses, one of which opened at the end of last year and the second one will be born soon. Shanghai Guoli Money Brokerage Co., Ltd. opened in 65438 on February 20th last year, and was jointly established by Deli Wanbang Co., Ltd., a wholly-owned subsidiary of British Guo Hui Group, and Shanghai International Trust and Investment Co., Ltd. It is the first Sino-foreign joint venture brokerage company after the promulgation of the Administrative Measures for Pilot Currency Brokerage Companies in China, and also the first currency brokerage company in China. At present, with the approval of China Banking Regulatory Commission, the second money brokerage company, Shanghai International Money Brokerage Co., Ltd., has also been approved to be established. The company will be jointly sponsored by China Foreign Exchange Trading Center, National Interbank Funding Center and ICAP Group, the world's largest money brokerage company.