交易商协会得与失

NAFMII’S GAINS AND LOSSES

交易商协会的创新推动了债市的快速发展，但过于主动管理的做法也饱受质疑。

National Association of Financial Market Institutional Investors(NAFMII),which has promoted the rapid growth of China’s bond market,is bold in making innovations. However,it has been widely questioned that its management is too active. Meanwhile,NAFMII faces a dilemma. On the one hand,the development of China’s bond market needs more innovation,and on the other hand,a lot of innovations are not allowed in the current legal environment.