金融专业英语考试相关阅读指导(十九)

China announced a further move to reform its exchange rate forming mechanism¹ yesterday, introducing an internationally prevalent price-finding mechanism in the interbank foreign exchange market.
　　China announced a further move to reform its exchange rate forming mechanism yesterday, introducing an internationally prevalent price-finding mechanism in the interbank foreign exchange market.
　　The introduction of OTC (over-the-counter) transactions will improve the exchange rate transmission mechanism and help meet businesses' risk-hedging needs.
　　But it will not broaden fluctuations² of the renminbi exchange rate, the central bank said.
　　"With a view to improving the managed floating exchange rate regime based on market supply and demand with reference to a basket of currencies, promoting development of the foreign exchange market, diversifying³ the mode of foreign exchange transactions, and strengthening the pricing capability⁴ of the financial institutions, OTC transactions will be introduced in the interbank spot forex market starting today," the People's Bank of China (PBOC) said in a statement.
　　Participants in the interbank forex market now will be able to engage in forex transactions either based on centralized credit authorization⁵ and price bidding, or the new OTC market, which is based on bilateral⁶ credit authorization and settlement.
　　The system of market makers⁷ that are obliged to quote both selling and buying prices are introduced at the same time to provide liquidity⁸.
　　The new OTC market will deepen the forex market so as to lay a solid foundation for improving the formation mechanism of the renminbi exchange rate, and enhance the representativeness of the central parity⁹ of the Chinese currency in the new market structure.