市场交投活跃 利率波动下行——2018年上半年货币市场回顾与展望

Market Trading Became More Active and Intemet Rates Declined with Fluctuations --Money Market Review and Outlook in the First Half of 2018

上半年央行货币政策操作呈现先中性偏紧后边际宽松的特点，以不断对冲严监管和金融去杠杆对货币投放方面的负面影响。在此背景下，货币市场交投活跃，交易期限延续短期化，货币市场流动性分层现象有所强化，货币市场利率中枢前高后低。下半年，随着国内政策微调抵消外部冲击态势的日益明确，货币市场流动性也将处于边际宽松趋势。

In the first half of the year, the central bank＇s monetary policy went from a neutral to slightly tight one to a marginally loose one to offset the negative impacts on liquidity of strengthened supervision and financial de-leveraging. In this context, the money market trading maintained active, and the trading with short-term maturities continued to dominate the market. The stratification of liquidity was strengthened in the money market, and the pivot level of money market interest rates rose firstly and then fell. In the second half of the year, as it is becoming increasingly clear for the domestic policies to be fine-tuned to resist external shocks, the money market liquidity will be marginal loose.