中国特色的同业存单市场:国际经验、特征事实与潜在风险

China's Interbank Certificates of Deposit——Characteristics and Potential Risks

本文利用2013—2017年一季度同业存单数据,研究了中国特色的同业存单市场。本文研究认为,同业存单与其国际对标产品大额可转让存单最核心的差异在于同业存单的募资对象只面向金融机构而并不面向其它公司,这使得同业存单与实际的存款利率市场化还有差距;而由于中国当前的利率双轨制问题,致使同业存单衍生出诸如监管套利、空转套利和关联套利等问题。

This paper examines the market for interbank certificates of deposit, making use of quarterly data from 2013 to 2017 to demonstrate the market＇s unique characteristics It argues that the core difference between interbank certificates of deposit and international benchmark products is that China＇s interbank certificates of deposit are aimed solely at financial institutions and not other companies. This makes them quite different from the more market-oriented deposit interest rates. Issues such as regulatory arbitrage and affiliated party arbitrage have emerged as a result of interbank certificates of deposit in the nation＇s dual track interest rate system