2016年9月23日银行间市场交易商协会发布修订的中国版CDS,即《银行间市场信用风险缓释工具试点业务规则》。CDS起源于20世纪80年代末的欧美,曾缓解了美国埃克森石油公司的财务危机,之后的10年CDS市场得到了很大的发展,然而,金融危机的发生使得CDS的交易规模也随之逐渐降低。CDS作为我国的舶来品,我们应该在充分认识CDS的基础上吸收欧美国家的经验教训。本文主要讲述了CDS的作用机制,对我国金融市场、房地产等的影响,以及怎样规避CDS带来的风险。 September 23, 2016 The Interbank Market Association released the revised China CDS, the “Pilot Business Rules for Credit Risk Mitigation Tools in the Interbank Market.” The CDS originated in Europe and the United States in the late 1980s. It eased the financial crisis of Exxon and greatly expanded the CDS market in the following 10 years. However, the financial crisis caused CDS to trade with Gradually lower. CDS as our country’s imported goods, we should fully understand the basis of CDS to absorb the lessons of European and American countries. This paper describes the mechanism of CDS, the impact on China’s financial markets, real estate, etc., and how to avoid the risks brought by CDS.