审慎推进我国银行间债券市场两类回购改革

Reform of Two Types of Repo in China's Interbank Bond Market

债券回购交易兼具融资、融券属性,是金融机构重要的交易工具,与拆借、现券、衍生品市场具有较强联动效应,也是央行货币政策操作的主要工具之一。银行间债券回购作为我国银行间市场的主要组成部分,在调节流动性、传导货币政策、推动利率市场化改革等方面发挥着重要作用。与国际上转移质押物所有权的做法不同,我国债券回购以质押券冻结方式为主。随着银行间债券市场的不断发展,质押式回购冻结的债券越来越多,形成了"流动性越好的债券反而越容易被冻结"的现象,制约了债券二级市场流动性,不利于健全国债收益率曲线与货币政策传导,影响价格发现与债券估值。两类回购利率比价关系不尽合理,易造成不同类型回购利率之间利差走阔。审慎推进银行间债券市场两类回购改革,发挥市场自主选择机制,适度调整回购市场格局,完善现有回购制度逐步与国际接轨,有利于提高债券二级市场流动性,满足金融机构的债券交易型需求,更好发挥债券回购在货币市场中的稳定器和利率锚的作用,推进银行间债券市场对外开放与健康发展。

Repo is an important trading tool of financial institutions, which facilitates both the flow of cash and securities around the financial system. It ＂has a strong linkage with the market of lending, cash bond and derivatives, and is also one of the main tools of monetary policy operations of central banks. As an critical component of China＇s interbank market, repo plays a key role in liquidity adjustment, monetary policy transmission, interest rate liberalization and so on. Different from the international practice of transferring the ownership of the pledged property, the interbank repo in our country mainly freezes the ownership of the pledged bonds. With the development of the interbank bond market, more and more bonds are frozen by the pledged repo, which results in the phenomenon that the more liquid the bond is, the easier it is to be frozen, which restricts the liquidity of the secondary bond market. It is also not conducive to the integrity of the yield curve of treasury bonds and monetary policy transmission, affecting the price discovery and bond valuation. Moreover, the pricing mechanism of the pledged repo and outright repo is segmented, widening the spread between two types of repo rates. We should prudently promote the reform of the interbank repo market, comply with the market＇s independent choice, moderately adjust the structure of the repo market, and improve the existing repo system gradually in line with international standards. It is beneficial to improve the liquidity of the secondary bond market, to meet the needs of financial institutions for bond transactions, to strengthen the role of repo as a stabilizer and interest rate anchor in the money market, and to promote the opening - up and prosperous development of the inter - bank bond market.