利率市场化条件下收益率曲线构建分析

On constructing a yield curve under interest rate marketization

该文从西方利率理论入手,指出了利率是时间的函数,从利率市场化进程的角度构建合理的国债利率期限结构对于推动利率市场化有着重要的作用。文章分析了当前我国国债收益率曲线存在的一些问题,如市场分割、曲线过于平坦和银行间国债收益率曲线变化不灵敏等,并提出了相关政策建议。

Starting with Western interest rate theories,this paper points out that the interest rate is a function of time and that creating a proper T-bond interest rate maturity structure contributes significantly to promoting interest rate marketization.This paper puts forward policy suggestions after analyzing existing problems in China's current T-bond interest rate yield curve,such as market segmentation,unsuitable flatness of the curve,and insensitivity of the interbank T-bond yield curve to changes.