本文通过对外汇市场发展历程的回顾，总结了汇率改革后外汇市场发展所取得的成就，并详细分析了远期外汇市场中目前交易量最大的离岸交易品种人民币NDF及人民币NDF市场，在借鉴韩国和台湾外汇市场尤其是NDF市场发展的国际经验的基础上，对我国外汇市场目前存在的缺陷进行分析，并论述了引入人民币NDF解决外汇市场现有缺陷的可行性，在文章最后的政策分析中，为我国外汇市场进一步改革的制度设计和发展方向进行了前瞻。人民币NDF是目前解决我国外汇市场汇率调整不够灵活、远期市场和衍生品市场交易量不旺、外汇市场亟需深化改革的最佳选择，这可以在稳定国内金融体系的前提下活跃市场、增加市场流动性、为银行和国内企业提供避险和对冲头寸的服务。目前国内企业和银行参与境外NDF投资并不少见，放宽原有政策限制，在境内引入人民币NDF，满足外汇市场主体多层次的需求，必将为外汇市场发展开拓出新的局面，在此基础上就可以考虑推出人民币与外汇的期货及期权交易，形成多层次的外汇市场结构，为央行调整货币政策提供更多的选择，从而大大推动我国汇率形成的市场化进程。

With a review of the foreign exchange market development, and summary of the achievement which the exchange market has obtained, this thesis analyses Renminbi NDF whose volume of trade is the biggest in the offshore forward exchange market . Then using the experience gained from Korea and Taiwan foreign exchange market and analyzing the problems in foreign exchange market of China, the author discusses the feasibility of using Renminbi NDF to solve the problem. In the part of policy analysis, author gives suggestions to the reform and development of foreign exchange market of China. At present, there exist several problems in the foreign market of China，such as the volume of forward market and the derivation market is not prosperous, the adjustment of exchange rate is not flexible ,even the foreign market needs deeper reform. The author suggests it is a good choice to make use of Renminbi NDF to solve these problems, which can makes the market more actively and increase its fluidity, and also provides a method for banks and domestic enterprise to take refuge from exchange rate risk on the premise of the stable domestic financial system . It is not rare that the domestic enterprise and banks take part in the investment on Renminbi NDF nowadays. So it is necessary to relaxes the original policy limit and introduce Renminbi NDF in the market of China. In order to meet the multi-level demand of the market, more kinds of forward and option can be developed on the past achievements. So there can be more choices to readjust its currency policy for China, and they can push the course of the interest rates marketization .