银行间债券市场债券借贷架构设计与风险控制

Secunties lending in the interbank market：Framework design and risk control

作为国际债券市场广泛使用的重要工具之一，债券借贷在提高市场的流动性．降低结算风险，提高市场有效性方面具有重要的意义随着银行间债券市场的快速发展，市场参与者对债券借贷的需求越来越迫切，该文介绍了银行间债券市场债券借贷的架构设计与风险腔制原则，提出应充分考虑市场发展实际．有步骤、有计划地逐步引入债券借贷制度。

As an important instrument widely used in international bond markets, securities lending is of great significance in raising market liquidity, cutting settlement risk and improving market efficiency. As China＇s interbank bond market develops rapidly, demand for securities lending of market participants becomes increasingly urgent. This paper introduces principles for framework design and risk control of securities lending in the interbank market, and recommends that a system for securities lending be introduced in a gradual and planned manner, albeit with considerations of the reality of the current situation in the Chinese market.