2011年中国票据市场发展回顾与2012年展望

China＇s commercial paper market development 2011 review and 2012 outlook

2011年，中国票据市场保持平稳发展，票据承兑与贴现交易相对活跃；票据市场利率震荡上行至历史高位后小幅回落；监管部门出台多项措施，引导票据业务健康发展。但同时，票据业务波动性大和金融机构合规经营等问题仍值得关注。展望2012年，在货币政策保持稳健与适时适度微调的格局下，票据贴现余额将保持总体平稳运行；存款准备金计缴新规将使银行承兑汇票业务出现调整；随着票据利率的回落，利率风险有所增加；票据市场各项业务运作将更趋规范、合规。

In 2011, China＇s commercial paper market maintained a steady development, with relatively active acceptance and discount activities. The interest rate in the market moved up with fluctuations to a historical high and then dropped slightly. The regulatory authority introduced various measures to guide a healthy development of the business. However, attention to high volatility in the business and compliance operation of financial institutions is still required. In the upcoming 2012, while the monetary policy will maintain prudent and appropriately fine-tuned, the balance of the discounted bills will remain stable as a whole. The new measures relative to the required reserves will result in adjustments to the bank acceptance business. As the bill interest rate declines, interest rate risk will increase. And the related business operations in the commercial paper market will be more standardized and compliant.