人民币利率互换市场现状、问题及发展契机

RMB IRS Market： Current Situation, Problems and Development Opportunities

因其在价格发现和利率风险管理方面比较优势明显，人民币利率互换市场取得长足发展，如交易品种多样化、市场参与者多元化、交易量大幅增长；但还面临有效基准利率缺失、市场流动性不足、投机和套保力量悬殊等问题，市场发展仍任重道远。文章指出，确立Shibor基准利率职能、深化集中清算、强化参与主体利率风险管理意识、增加套保交易供给，是人民币利率互换市场纵深化发展的关键。

Owing to its comparative advantages in price discovery and interest rate risk management, the RMB IRS market has made great progresses with diversified trade varieties and market participants, as well as significant increases in trading volume. Yet the market is still faced with issues such as the lack of effective benchmark interest rates, inadequate market liquidity, and a great disparity in strength between speculation and hedge forces. The market still has a long way to go. This paper points out that the key to further develop the IRS market is to establish the benchmark role of the Shibor, promote the centralized clearing, strengthen the risk management consciousness of participants and increase the product supply for hedge trading.