某国内金融委员会建议更新债务违约对冲的规则，向中国版的CDS迈进了一步。请看本报周五的报道：

    A Chinese financial committee has proposed updating the rules for hedging debt defaults, a step forward for the country to launch credit-default swaps (CDS) and similar derivatives for the first time, sources said Thursday.

    The financial derivative committee under the State-controlled National Association of Financial Market Institutional Investors (NAFMII) met recently to amend rules governing the rarely used credit risk mitigation (CRM) market, the only bond default hedging tool in China for now, the sources said.

    报道中的CDS是一种合同。全称credit default swap，意思是信用违约掉期合约。CDS合约是美国一种相当普遍的金融衍生工具，1995年由JP Morgan（2000年与大通银行、富林明集团完成合并成立今天的摩根大通）首创。我们可以把CDS合约看作是保险单，其中，银行是卖方，投资者是买方，保险的对象是投资者的投资风险。