After the exchange reform, the development of China's foreign exchange market has accelerated, the subject and scope of RMB forward transactions have been improved and expanded, and financial derivatives such as foreign exchange swaps have been introduced. At the same time, a series of supporting measures have been taken in foreign exchange management, which has broadened the financial hedging channels of exchange rates for enterprises. The survey shows that the proportion of enterprises using financial derivatives in 2005 increased by about 1 percentage point compared with the same period in 2004.

At present, the main characteristics of enterprises using financial derivatives are as follows: First, they use more forward foreign exchange settlement and sale tools. After the exchange reform, the business scope and transaction subjects of forward settlement and sale of foreign exchange have expanded, and the inter-bank RMB exchange rate forward transaction has been launched. Commercial banks have expanded their exchange rate hedging services for enterprises, which has greatly facilitated the forward settlement and sale of foreign exchange by enterprises and further met the hedging needs of enterprises. The survey shows that the use of forward foreign exchange settlement and sale instruments accounts for 9 1% of financial derivatives. Second, some enterprises use foreign exchange swaps and overseas non-deliverable forwards (NDF) tools.

Since the introduction of foreign exchange swap business after the exchange reform, some enterprises in Fujian, Guangdong, Jiangsu, Shandong, Tianjin and other places have begun to try to use this new financial derivative. Although the current business volume accounts for a relatively small proportion, the development momentum is good. Some foreign-funded enterprises and Chinese-funded enterprises with branches or partners abroad also hedge their exchange rates through overseas RMB NDF tools.