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附錄一:東亞國家對居民與非居民參與債券、集合投資證券及衍生品市場之規範

非 經 投 資 專 用

衍 生 品 交 易 許

單 一 非 居 民 投

幣 資 產 投 資 上 限規範。

涉 及 本 幣 之 外 匯 衍 生 品 合 約 受 本 幣 輸 出 入 規範限制。

資料來源:Annual Report on Exchange Arrangements and Exchange Restrictions 2011, IMF.

備註:

(1) 保險公司海外投資總額不得超過其上一季總資產 15%。QDIIs 投資海內外無擔 保公司債及海內外投資組合基金之上限分別為其上季總資產之20%和 15%。

(2) 市場參與者從事恆生指數(HSI)和恆生中國企業指數(HSCEI)之期貨與選擇權 交易分別不得超過10,000 及 12,000 筆合約,但經證券與期貨委員會批准可提 高上限50%。

(3) 2010 年 8 月 1 日起,企業為避險進行衍生品交易,交易上限由基礎交易額 125%

降至100%。2011 年 6 月 1 日起,國內銀行及外國銀行分行之外匯衍生品合約 總額上限,分別由上月銀行資本50%及 250%降為 40%及 200%。

(4) 外幣借款上限為林吉特(ringgit)價值 1 億元。單一企業使用林吉特購匯進行海 外投資者,每年上限5 千萬林吉特,單一居民年度上限則為 1 百萬林吉特。

(5) 2010 年 4 月 2 日起,居民獲准以特定匯率經本地期貨經紀商向非居民支付海外 進行之衍生品交易,該交易若為避險目的則無交易上限,若非為避險目的,則 負有林吉特債務之單一企業年度交易上限為1 千萬林吉特,單一個人年度交易 上限為1 百萬林吉特。

(6) 國內銀行之期貨、互換合約及權證交易涉及對手為非居民且標的為外幣兌印尼

盾者,單一銀行或單一消費者之交易上限為1 百萬美元,為 3 月期內之投資相 關交易及商品進出口所進行之避險不在此限。

(7) 2010 年 11 月 24 日起,居民獲准購匯投資海外債券、集合投資證券,單一企業 年度投資上限為6 千萬美元,超過此限須經央行批准。

附錄二:中國金融市場開放進程2003-2012(第二季)

時間 開放內容

2003.4.22 開始於銀行間債券市場連續滾動發行人民銀行票據。

2004.5.20 推出銀行間債券市場買斷式回購業務。

2004.7.23

人民銀行批准招商銀行等6 家金融機構為銀行間債券市場造市機 構。(招商銀行、中國民生銀行、上海銀行、杭州市商業銀行、國 泰君安證券有限公司、中信證券股份有限公司)

2004.8.16

人民銀行與中國證監會聯合發表《貨幣市場基金管理暫行規範》, 保護基金投資人合法權益。

2004.11.1

發布《證券公司短期融資券管理辦法》,允許符合條件的證券公司 向合格機構投資人發行短期融資券。

2004.12.7

發布《全國銀行間債券市場交易流通審核規則》,便利公司債券大 量進入銀行間債券市場。

2005.2.18

發布《國際開發機構人民幣債券發行管理暫行辦法》,允許符合條 件之國際開發機構在中國境內發行人民幣債券。

2005.4.6

中國人民銀行、中國銀監會及中國證監會,確定中國工商銀行、中 國建設銀行及交通銀行為首批直接投資設立基金管理公司試點銀 行。

2005.4.20

頒布《信貸資產證券化試點管理辦法》,規範信貸資產證券化試點,

保護投資人合法權益,提高信貸資產流動性,豐富證券種類。

2005.4.30

批准「泛亞債券指數基金」(PAIF)進入銀行間債券市場,為該市場 第一家境外機構投資人。

2005.5.18

批准銀行間外匯市場正式開辦外幣交易,中國外匯交易中心並推出 8 對外幣交易(美元兌歐元、日圓、港元、英鎊、瑞郎、澳元、加元,

以及歐元兌日圓)業務,增加投資與避險選項。

2005.5.24

實施《短期融資管理辦法》,增加企業直接融資管道,並規範短期 融資券發行與交易。

2005.6.1

實施《全國銀行間債券市場金融債券發行管理辦法》,規範金融債 券發行,增加金融機構直接融資管道。

2005.6.15

實施《全國銀行間債券市場債券遠期交易管理規定》,規範債券遠 期交易,促進市場價格發展,題高市場流動性。

2005.6.16

發布《資產支持證券信息披露規則》,促進銀行間債券市場資訊揭 露。

2005.7.21

人民幣匯率開始採行參考一籃子貨幣,不再盯住單一美元;人民幣

2005.10.9

批准IFC 和 ADB 分別在全國銀行間債券市場發行人民幣 11.9 億和 10 億元債券,為中國債券市場首次引入外資機構為發行主體。

2005.11.24

發布《銀行間外匯市場做市商指引(暫行)》,在銀行間外匯市場引入 造市商制度。

2005.12.8

批准國家開發銀行、中國建設銀行在銀行間債券市場發行首批資產 支持證券,擴大直接融資比重,並提高金融機構信貸資產流動性。

2005.12.13

發布《公司債進入銀行間債券市場交易流通的有關事項公告》,簡 化市場審核程序、擴大投資主體範圍、提升市場透明度和定價能 力,促進公司債券市場發展。

2006.1.24

發布實施《關於開展人民幣利率互換交易試點有關事宜的通知》, 展開利率互換交易試點,豐富銀行間債券市場投資者風險管理及資

產負債管理工具,解決資產負債結構錯配問題,加快利率市場化進 程。

2006.2.22

授權全國銀行同業拆借中心公佈銀行間債券市場回購定盤利率,強 化市場利率指標建設,增強銀行間債券市場價格發現功能,完善市 場收益率曲線和推動金融衍生品發展。

2006.3.10

人民銀行批准,中國外匯交易中心與芝加哥商業交易所(CME)簽署 國際貨幣產品交易合作協議,引入CME 的相關金融商品,促進中 國金融機構進行國際貨幣匯率與利率風險管理,並提高自主定價和 風險管理能力。

2006.4.18

人民銀行、銀監會、國家外匯管理局共同發布《商業銀行開辦代客 境外理財業務管理暫行辦法》,允許境內機構和居民委託境內商業 銀行在境外進行金融產品投資。

2006.12.29

人民銀行批准,中國外匯交易中心成立獨立清算所,控制清算風 險,提高清算效率和場流動性。

人民銀行批准,中國外匯交易中心成立獨立清算所,控制清算風 險,提高清算效率和場流動性。