中文摘要：

以NDF为代表的境外人民币衍生品的发展与影响是目前中国外汇当局最关注的问题之一。本文分析了人民币NDF市场的运行现状及其与人民币即期市场、人民币境内远期市场之间的关系和变迁，在借鉴各国NDF经验的基础上，对NDF运行机制进行了探讨，并提出可采取的应对策略，指出发展在岸NDF是我国目前可行的选择。

英文摘要：

The development and influence of offshore Renminbi derivatives, with NDF as a representative one, is one of the most attended problems by State Administration of Foreign Exchange of China. This paper analyzes the current situation of Renminbi NDF market and its relationship with Renminbi spot market and onshore forward market. Taking foreign successful experience as reference, this paper discusses the mechanisms of NDF market and put forward some strategies for Renminbi NDF market, among which we think developing onshore Renminbi NDF market is the most feasible one.