| 摘要: |
| 本文首先分析了中国（上海）自由贸易试验区建设的背景、核心、自贸区建设关键因
素及相互关系，指出：渐进式改革是中国（上海）自由贸易试验区的必然选择，发展
离岸金融是上海跨越区域金融中心的重要一步，在上海自贸试验区建设离岸人民币中
心并由上海清算所实现双向人民币资金池统一清算、结算、交割，同时监管银行离岸
市场和在岸市场头寸，动态调整渗透程度；此外，上海清算所还可以在自贸区试点以
大宗商品场外交易为核心的OTC市场作为国内期货市场配对交易、现货市场创新交
易、规避风险的完善和补充，使各交易主体打通基于国内外金融衍生全品种的风险管
理体系，更有效的管理和控制风险、发现价格。 |
| 关键词: 自贸区 金融创新 资金池 OTC市场 |
| DOI： |
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| 基金项目:国家自然科学基金项目（No：71173145）、上海市教育委员会和上海市教育发展基金会“曙光计划”（项目
编号：11SG53）、上海市高校人文社会科学重点研究基地上海对外经贸大学国际经济贸易研究所及上海对外
经贸大学085工程项目（项目编号：Z08512604）、上海市教委重点学科（项目编号：J51201）。 |
|
| A Research on Finance Innovation in China (Shanghai) Pilot Free Trade Zone |
| YANG Ju,TANG Ying |
|
| Abstract: |
| This paper, analyzes the background and core of China (Shanghai) Free Trade Area and key factor and
its relationship in the FTA. Progressive reform is an inevitable choice for China (Shanghai) Free Trade Zone. The
development of offshore financial in Shanghai is an important step and Shanghai Clearing House can construct twoway
unified pool of RMB funds clearing, settlement, delivery, and supervision of banks in the offshore market and
the onshore market position, dynamic adjustment penetration. Shanghai Clearing House can also try commodities
OTC market to improve and complement risk aversion, each transaction subject open on all varieties of domestic
and foreign financial derivatives risk management system with more effective risk management. |
| Key words: FTA financial innovation funding pool OTC market |
