2018年1月银行间本币市场运行评述

A Review of Interbank RMB Market Performance in January 2018

2018年1月，银行间本币市场交易活跃，当月交易总量为82．7万亿元，日均成交3．76万亿元，日均交易量环比增加5．26％。银行间货币市场资金面中性趋宽，货币市场利率下行；现券交投清淡，日均交易量下降，收益率曲线陡峭化，信用利差走阔；互换利率价格长短期分化，交易规模下降。

In January 2018, the interbank RMB market remained active and traded 82.7 trillion yuan. The average daily trading worth stood at 3.76 trillion yuan, up 5.26% month-on-month. The liquidity in the interbank money market maintained neutral while tending to loosen, and the money market interest rates declined; the trading of the cash bond market was slack, and the average daily trading worth dropped, with the bond yield curve going steeper; the credit spreads widened; the long term and short term of IRS rates saw diverged movements, and the trading volume of IRS fell.