同业存单市场的发展历程、难点与建议

NCD Market Evolution,Difficulties and Suggestions

同业存单自推出以来,规模不断壮大,发展特点包括:中小银行是发行主体,季末明显放量;发行久期近年来整体拉长;存单利率则围绕MLF利率波动;从需求端看,广义基金和银行为主要持有人。从市场功能看,同业存单的推出提高了银行流动性水平,助力利率市场化改革。文章同时探讨了当前同业存单市场发展难点,并提出相关政策建议。

The scale of NCDs has continued to grow since its first introduction.Its development has the following features:small and medium banks are the main issuers,and the volume increases significantly at quarter-ends;the overall NCD duration has been extended in recent years;the interest rate of NCDs fluctuates around the MLF rate;funds and banks are the main holders.The introduction of NCDs has improved the bank liquidity and is conducive to the reform of interest rate marketization.The article also discusses the difficulties in developing the NCD market and puts forward relevant policy recommendations.