2011年7月银行间市场运行报告

China's interbank market performance in July 2011

2011年7月,银行间市场平稳运行,交易稳步增长。主要特点是:货币市场利率震荡下行,银行间国债收益率曲线上移明显;外汇即期市场交易延续活跃,外汇掉期曲线整体上移,汇率升值预期减弱,人民币外汇期权交易进一步活跃。人民币外汇掉期、远期净额清算试运行,净额清算业务向衍生品市场延伸。

In July 2011,the interbank market developed stably with a steady growth in trading volume.Its main characteristics were as follows： interest rates in money market went down with fluctuations;the interbank T-bond yield curve moved up noticeably;trades in RMB/FX spot market continued to be active,the FX swap curve moved up on the whole,the expectation on RMB appreciation was weakened, and the RMB/FX option transactions became more active.The RMB/FX swap and forward net settlement was operated on a trial basis and the net settlement was extended to the FX derivatives market.