2009年我国票据市场运行回顾与展望

Review of China's commercial paper market in 2009 and its prospects

2009年,央行适度宽松货币政策的执行为票据市场发展提供了良好的市场环境。上半年,票据市场迅猛发展,承兑与贴现交易活跃,票据融资余额保持在高位运行,票据市场利率在低位运行;下半年,受央行适度宽松货币政策动态微调的影响,票据承兑和贴现交易量有所减少,票据融资余额逐季减缓,票据市场利率出现大幅上升。展望2010年,央行适度宽松货币政策的延续和政策微调力度的加大将给票据市场发展带来机遇和挑战,电子商业汇票系统运行后其市场创新效应也将逐步显现。

In 2009, the implementation of the central bank＇s moderately easy monetary policy provided a good market environment for the development of China＇s commercial paper market. In the first half of 2009, the market developed rapidly with active acceptance and discount activities. The outstanding financing volume remained at a high level while interest rates were at a low level. In the second half, impacted by the dynamic fine-tuning of the monetary policy, commercial paper acceptance and discount traded less and outstanding financing declined quarter by quarter, while interest rates rose noticeably. As for 2010, the central bank＇s extended moderately easy policy and enhanced fine-tuning of the policy will bring opportunities as well as challenges to the market, and the effects of market innovation will also gradually appear after the electronic commercial draft system comes into operation.