金融去杠杆视角的同业存单发展与监管分析

Analysis of the Development and Supervision of the CDs in the Perspective of Financial Deleveraging

同业存单在金融机构加杠杆的过程中发挥了重要作用,金融去杠杆也需要重点关注同业存单。基于金融去杠杆的视角,本文从同业存单的特点、发行及投资主体、套利链条、套利风险,以及监管思路建议等方面进行系统分析,认为要逐步加强同业存单的监管,实现其规范发展和金融稳步去杠杆的有机统一。

The large negotiable certificates of deposit （CDs） plays an important role in the leverage of financial institutions, besides, the financial deleveraging also needs to focus on it. Based on the perspective of financial delever- aging,this paper analyzes the CDs from the perspective of its characteristics, the issue subject and investment subject of the CDs, the arbitrage chain and its risk of the CDs, and the supervision suggestions of the CDs, holding that we should gradually strengthen the supervision of the CDs and realize the unification of the CDs development and financial deleveraging steady.