买断式回购:活跃市场流动性

Outright repo activates market liquidity

时值管理层酝酿出台买断式回购业务之际,笔者同广大市场成员一样,抱着盼其闪亮登场的期待积极献计献策。本文认为买断式回购业务规则的设定应以该项业务所承载的主要职能为出发点(即控制市场风险前提下活跃市场流动性),而笔者所提的一系列政策建议也正建立在此基础之上。

Authorities are considering implementing outright repo business. The authors, together with other market members, present their overall viewpoint and make suggestions on the best method for implementation. The paper holds that the establishment of regulations on outright repo should activate market liquidity under the premise of controlling market risks. Furthermore, the authors have taken this into account when they put forward policy suggestions.