2004年上半年票据市场分析及展望

Prospects and review of the paper market in the first half of 2004

上半年,票据市场保持平稳发展,市场扩容速度减缓,利率先降后升,维持在较高水平。市场活跃性下降,部分地区商业承兑汇票比例增加。市场主体对宏观调控反应更灵敏,经营策略更理性。商业汇票的积极作用尚未充分发挥,票据业务风险防范亟待加强。预计下半年市场资金趋松,更严格的管理措施即将出台,市场仍存在较大利率风险。

In the first half of 2004, the paper market developed steadily. The speed of market expansion slowed, and after dropping, the interest rate rose and maintained a relatively high level. Market activity decreased and the proportion of commercial acceptance bills increased in some regions. Market participants are more sensitive to the macro adjustment and their operational strategies more rational. The positive role of commercial acceptance bills have not been brought into full play and the prevention of paper business risk should be enhanced. It is expected that in the second half of 2004, funds supply will be loose, stricter administration measures are to be introduced, and relatively large interest rate risk will remain in the market.