作为长期活跃在国际金融体系一线的国际银行家，德银（中国）行长高峰强调，“金融必须为实体经济服务，一定要保证风险可控，如何在这个过程中找到一个平衡点是需要思考的问题。”

As long-term active in the international financial system, the line of the international bankers,German silver(China)President peak emphasize,"Financial must be the real economy service,Must ensure that risks are controllable,How to in this process to find a balance point is to think about the question."

　　而作为中国银行(601988,股吧)间市场交易商协会金融衍生品专业委员会副主任委员的他，也一再强调金融监管不可因噎废食，要在风险可控的情况下，允许市场有一定的自由度，尤其要合理利用衍生品对市场的调节作用。对中国来说，金融创新不是过度，而是不足。

And as the bank of China(601988,guba)Market dealers association between financial derivatives vice director of professional committee of he,Also stressed that financial supervision of not,In under the condition of risks are controllable,Allow the market have a certain degree of freedom,Especially to reasonable use derivatives to market mechanism.For the Chinese,Financial innovation is not excessive,But insufficient.

　　夏季达沃斯的会场，高峰接受了《陆家嘴(600663,股吧)》专访，他表示，金融创新和衍生品市场的发展，风险管理是关键。

The summer davos venue,Peak accepted[lujiazui(600663,guba)]interview,He said,Financial innovation and derivatives market development,Risk management is the key.

　　在西方似乎回归分业的同时，我国的金融机构正在向综合金融服务体的方向发展。在这种背景下，我国的金融监管应该注意哪些问题？

In the west seems to regression separated at the same time,China's financial institutions are to comprehensive financial services body direction.In this context,China's financial supervision which problems should be paid attention to?

　　2008年的金融危机其实给全球的监管者提供了一个非常良好的反思机会，因为原来的路径忽然出现问题，大家开始反思，欧美很多监管者从他们国家金融业过度创新的角度提出了一些监管措施；但我们不能因噎废食，因为与他们相比，我国的金融业并非过度创新，而是创新不足，比如金融衍生品，国内有交易商协会，做了很多反思，做了很多研究，最后结论是我们要坚定地往前走，继续创新。

2008 financial crisis in fact to the global regulators provides a very good opportunity to reflect on,Because the original path suddenly appear problem,Everyone began to reflect on,Europe and the United States many regulators from their country finance over the point of view of innovation, and put forward some regulatory measures;But we can't of,Because compared to them,China's financial industry is not excessive innovation,But lack of innovation,Such as financial derivatives,Domestic have dealers association,Do a lot of reflection,Do a lot of research on it,The last conclusion is that we are determined to go on,Continue to innovation.

　　您的另一个身份是中国银行间市场交易商协会金融衍生品专业委员会副主任委员，您如何看待中国的衍生品市场，2008年的金融危机以来，衍生品也成了一个不那么正面的词汇。

Your another identity is the bank of China market dealers association between financial derivatives vice director of professional committee,How do you think China's derivatives market,Since the 2008 financial crisis,Derivatives also became a less positive words.

　　衍生品在国内有很多的争论，尤其是2008年衍生品出了问题之后。其实任何一个东西的产生都有其原因，看看周围，衍生品的发展其实是有它发展的土壤的，并非凭空出现。我们国内其实存在风险工具缺失的问题。对实体经济而言，这在一定程度上会增加其波动性。

Derivatives in China have a lot of debate,Especially the 2008's derivatives out after the problem.Actually any things produce has its reason,Look around,The development of derivatives is actually has its development of the soil,Not emerges out of thin air.Our domestic actually exist the problem of lack of risk tool.As to the real economy,This, to a certain extent increase its volatility.

　　衍生品的出现，一开始其实是用来对冲风险。或者说任何一个东西可以降低风险，也可以反过来增加风险，最关键的就是如何使用的问题。所以在中国，整个金融环境和实体经济其实都需要培养比较成熟的衍生品市场，当然严格的风险控制是一个前提。

The emergence of derivatives,The beginning is actually used to hedge risk.Or any one thing that could reduce the risks,Also can in turn increase the risk,The key is how to use.So in China,The financial environment and entity economy actually all need to cultivate the comparatively mature derivatives market,Of course the strict risk control is a prerequisite.

　　在当前利率市场化和汇率逐步放开的背景下，对于衍生品市场的培育是不是意味着新的市场需求？

In the current interest rate marketization and RMB exchange rate gradually under the background of open,For derivatives market cultivation is means that the new market demand?

　　在利率变化很厉害的时候，当然会产生对冲这种风险的需求。当然我们的利率目前尚未完全市场化，所以利率方面没有那么快，但在外汇上基本是有管理的浮动，所以在这个领域上需求是存在的，目前也处于逐步推进的过程。另外，大宗商品的期货已经开始进行了，黄金的衍生品，包括石油的衍生品这些都可以。一句话，就是要允许去试。

In the interest rate change so much time,Of course will produce the hedge the risk of demand.Of course we have not fully market-oriented interest rates,So interest rates not so fast,But in foreign exchange on basic is a managed floating,So in this field demand exists,At present and in a step-by-step process.In addition,Commodity futures has began with,Gold derivatives,Including oil derivatives these can all.word,Is to be allowed to try.

　　其实，在一定程度上股票也是衍生品，所以在金融发展的不同阶段，对衍生品的认知是不同的。任何东西在市场失衡的情况下，都不能切实地体现其价值。价值必须在一个流动性充裕的条件下才可以充分体现，因此，理论上来说可以创造无限的衍生品。

In fact,To a certain extent, stock and derivatives,So in different stages of financial development,For derivatives cognitive is different.Anything in the market under the condition of unbalanced,Can't really reflects its value.Value must be in a liquidity ample conditions can be fully reflected,therefore,Theoretically speaking can create unlimited derivatives.

　　自去年以来，一些欧洲传统的全球性银行都出现了在亚洲收缩战线的情况，不知德银中国会不会受到影响？

Since last year,Some European traditional global Banks are appeared in Asia contraction front situation,Don't know German silver China will will not be affected?

　　我们的战略不是收缩，而是进取。我们注重长期层面。在1997年、1998年亚洲金融危机最厉害的时候，我们也在扩张。现在整体全球经济的确在进入一个调整期，不仅是中国，欧洲、美国都有这个问题。银行业作为一个服务行业，随着实体经济的调整也在调整。但我们认为在全球银行业面临收缩的背景下，挑战也是机遇。而对德银中国而言更是如此，而且机遇大于挑战。

Our strategy is not contraction,But enterprising.We pay attention to long-term level.In 1997/The Asian financial crisis in 1998 the worst time,We are also expanding.Now the whole global economy is in entering a phase of adjustment,Is not only China,The European/The United States the problem.Banking as a service industry,With the adjustment of the entity economy in adjustment.But we believe that the global banking industry faces under the background of contraction,Challenges and opportunities.But to German silver China especially,And opportunities outnumber challenges.