2011年银行间市场运行报告

China＇s interbank market performance in 2011

2011年，银行间市场交易整体呈现稳步增长态势，市场成员继续壮大。主要特点是：货币市场利率对货币政策反应灵敏，随调控措施整体走高，波动加大，市场成交明显增长；债券市场基础设施及制度建设持续稳步推进，成交量微幅下跌，银行间国债收益率曲线先升后降；对外经济活动活跃、市场机制改革等多因素推动银行间外汇即期市场持续较快发展；衍生品市场基础设施建设进一步完善，利率互换成交活跃，境内外外汇衍生品价差反转。

In 2011, the interbank market trading showed a stable growth and the market members continuously expanded. Its main characteristics were as follows. The interest rates in the money market were sensitive to the monetary policy changes and went up with high volatility, and the market trading volume grew noticeably. The infrastructure and system of the bond market developed steadily, its trading volume dropped slightly and the yield curve of interbank T-bond showed an inverted V-shaped trend. Driven by multiple factors such as active external economic activities and market mechanism reform, the interbank spot FX market maintained its quick development. The infrastructure of derivatives market was further improved, interest rate swaps were actively traded and the spreads between onshore and offshore FX derivatives were reversed.