一年期央行票据的发行利率分析

On the issuing rate of 1-year central bank papers

随着央行票据的持续稳定发行，央行票据逐渐担当起传递利率信号。引导各机构市场行为的一项重要的货币政策日常操作工具，因此研究影响一年期央行票据发行利率的因素。探讨其合理区间具有重要的现实意义。该文从宏观经济预期、市场资金面、央行货币政策、市场预期等方面对一年期央票发行利率进行分析。

With its steady issuance, the central bank paper has gradually become an important instrument of daily monetary policy operations that transmits interest rate signals and guides institutions behavior. Therefore, it is of practical significance to study the factors influencing the issuing rate of 1-year central bank papers and reasonable range for it. This paper analyzes the issuing rate of 1-year central bank papers from the perspectives of macro economic expectations, market funds supply, central bank monetary policies and market expectations.