利率走低 市场扩容——2018上半年利率互换市场回顾与展望

IRS Market Saw both Interest Rate Drop and Market Expansion ---IRS Market Review and Outlook inH1 2018

2018年上半年，Repot换和Sh．bor互换各期限收益率下行60～70bp，期限利差震荡收窄，Shibor／Repo基差互换走阔，市场容量显著增长。展望下半年，收益率料将继续保持在低位，曲线形态先陡后平；市场规模和多元化程度有望得到进一步提升。

In the first half of 2018, the swap rates of both Repo-linked IRS and Shibor-linked IRS declined by 60 to 70 BPs. The term spreads narrowed while the Shibor/Repo basis spreads widened. At the same time, the market capacity increased significantly. The article estimates that the interest rate will remain low and the IRS curve may first steepen and then flatten. The scale and diversity of the market will be furtherly improved.