2012年上半年货币市场运行概况与特点

China＇s money market performance in H1 2012

2012年上半年，人民银行通过多种手段调节市场流动性，货币市场反应灵敏，主要特点表现为：交易规模快速增长，利率总体低水平运行，交易期限结构仍以短期为主，交易主体以银行类机构为主，融资格局总体稳定但存在阶段性变化，各类机构交易利差有序分布，非银行类市场主体交易更加活跃。

In H1 2012. the People＇s Bank of China adjusted the market liquidity by various measures, and the money market was sensitive to the adjustments, The market performance presented the following characteristics： the trading volume grew rapidly; the interest rates generally remained at low level; the term structure focused on short-term products, and the banking institutions were the major traders; financing was stable as a whole with periodic changes; the spreads between various institutions＇ trades were distributed orderly; and non-bank participants traded more actively.