成交量大幅萎缩 市场利率上行——2004年上半年全银行间同业拆借与债券系统交易情况综述

Slumping turnover and rising market rates——REPORT ON THE INTERBANK LENDING & BOND SYSTEM IN THE FIRST HALF OF 2004

2004年上半年,全国银行间同业拆借与债券市场成交量自1999年持续增长以来,首次出现大幅萎缩。受宏观调控影响,拆借和回购利率明显反弹,现券市场经历了建立以来最大波动。

In the first half of 2004, turnover in the national interbank lending and bond market shrank greatly for the first time, ending the growth started in 1999. Affected by macro adjustment, interest rates for lending and repo rebounded markedly, and the cash bond market experienced the severest fluctuations since its establishment.