1 Some Features of Foreign Exchange Markets in April OKUDA, Hiroshi On September,, BIS and many Central Banks published surveys of foreign exchange activities that occurred in April. By analyzing these surveys, we can point out the following features: The world excess money which has been produced by fiscal policies and monetary policies QE since Lehman Shock and the Euro crisis, has flowed into international financial markets. This situation has increased the trading amount in foreign exchange markets since by thirty-five percentage points. In spite of the Euro crisis triggered by Greek crisis, the trading amount of Euro in foreign exchange markets has not decreased since. And the function of Euro as the vehicle currency in Europe has been sustained. Though the rise of the Renmin Yuan has attracted attention since last BIS Survey in, the Renmin Yuan still follows the Mexican peso in terms of the trading amount of foreign exchange markets, which shows that the Renmin Yuan has not yet acquired the role of international currency. Foreign exchange markets, BIS, Euro, Renmin Yuan, Vehicle currency
2 Non-Deliverable Forwards NDF BIS BIS
3 BIS PTFs
4 ,.,.,......, ,.,.,..., ,.,.,.,.,.,.,.,.,....,.,.,.,.,.,. BIS, Triennial Central Bank Survey: Foreign exchange turnover in April 2013, preliminary global results, Sep., Table BIS
11 ,,, ,,,, n.a. n.a.,,,, Federal Reserve Bank of New York, The Foreign Exchange and Interest Rate Derivatives Markets: Turnover in the United States, April 2010 Sep., April 2013 Sep. Table A A
12 Deutsche Bundesbank, Bank survey of foreign exchange and derivatives market in Germany, Sep., Annex
13 Banca D italia, Foreign exchange and derivatives turnover, April 2013, Sep.,, n.a. n.a.,,,,,,, Bank of Finland, Survey of foreign exchange and derivatives market activity conducted in Finland in Spring 2013, Table
14 n.a.. n.a.... n.a... n.a.. n.a.. n.a.... Sveriges Riksbank, The Riksbank s survey of the turnover in the foreign exchange and fixed-income markets in Sweden, Sep., Table Table
15 .. Narodowy Bank Polski, Turnover in domestic Foreign Exchange and OTC Derivatives Markets in April 2013, Sep., Figure
16 BIS BIS,,,, Bank of Russia, Main Indicators of Foreign Currency Market Turnover in 2013, May,
17 ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, The Singapore Foreign Exchange Market Committee, Survey of Singapore Foreign Exchange Volume in April 2013, July
18 CNH CNY BIS.. CNH n.c.. CNY CNH n.c.. CNY.... Press Releases, Resuts of Bank for International Settlements Triennial Survey of Foreign Exchange and Derivatives Market Turnover, Sep.
20 ,... n.a.. n.a..... n.a.. n.a.. n.a.. n.a..,,, ,,,, A A.
22 n.a. n.a n.a. n.a..... n.a. n.a London Foreign Exchange Joint Standing Committee, Semi-Annual Foreign Exchange Turnover Survey, April, Table la, ld, Federal Reserve Bank of New York, The Foreign Exchange and Interest Rate Derivatives Market Turnover in the United States, April, Table Al, Tokyo Foreign Exchange Market Committee NDF
24 NDF NDF n.a.. n.a. n.a.. n.a. n.a.. NDF Table b c BIS
25 GDP BIS, Triennial Central Bank Survey: Foreign exchange turnover in April 2013, preliminary global results, September. IMF... IMF Survey, July.. Proprietary trading firms BIS, Triennial Central Bank Survey: Foreign exchange turnover in April 2013, preliminary global results, September, Table. Ibid., Table. BIS, op.cit., Table.
26 Netherlands Bank BIS BIS, op.cit., Table The Foreign Exchange Joint Committee BIS Committee BIS... Banque de France, Enquête triennale BRI changes-dérivés de taux d avril 2013, Principaux résultats pour la France, Sep.,Tableau. Swiss National Bank, Turnover in foreign exchange and derivatives markets, Sep., Table. Central Bank of Norway, Activity in the Norwegian foreign exchange and derivatives markets in April 2013, Table a, a Czech National Bank, Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity (2013), Sep., TableA, A, A BIS, op.cit., Table Australian Foreign Exchange Committee, Foreign Exchange Turnover Report, April 2013, Table a c BIS BIS, op.cit., Table BIS
BIS FRB BIS BIS FRB QE QE -February FRB BIS IMF BIS Spillover Spillovers BIS IMF EMEs GDP GDP........ GDP BIS, 83rd Annual Report, June 2013, p.14 Ibid., p.14. -February 1 1 2009 2013 2) 2009 2013 2) -7.6-4.0
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TARGET EU TARGET TARGET TARGET EU TARGET TARGET IMF TARGET TARGET TARGET TARGET TARGET Balances TARGET Balances TARGET Balances = IMF -June TARGET EU TARGET EU A A A a a B b b A B B a b b a A a b A b a
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