中文摘要：

如何在管理浮动汇率和资本项下人民币不可自由兑换背景下进一步推动我国外汇衍生品市场的发展，是我国目前面临的重要问题。澳大利亚在20世纪80年代外汇自由化改革之前的外汇市场与我国目前的状况十分相似。文章考察了澳大利亚外汇衍生品市场现状与发展历程，发现澳大利亚在岸NDF市场的产生和发展是很有特色且极具借鉴意义的一段历史。文章认为发展以人民币结算的在岸NDF市场是我国当前推进人民币外汇衍生品市场深入发展的一个可行选择。

英文摘要：

How to develop onshore Renminbi derivatives market under the managed-floating exchange rate system and capital control is an important issue for China nowadays. There are a number of similarities between the current Chinese foreign exchange markets and the Australian markets in the early 1980s. We discuss the evolution of Australian foreign exchange derivatives markets and find that the appearance and development of Australian onshore NDF market was a special story that could be used for our reference. We think that onshore Renminbi NDF market is a practical choice to develop Renminbi derivatives markets.