2018年上半年票据市场运行分析

Commercial Paper Market Performance in the First Half of 2018

2018年上半年，票据市场总体运行特点是：承兑、贴现业务有所增长，服务实体经济能力不断增强；票据交易活跃度有所下降，从交易期限结构看，短期化特征更趋明显；票据利率有所上涨，总体呈冲高回落走势；票据电子化促进企业使用票据显著增多。

In the first half of 2018, the overall performance of China＇s commercial paper market was characterized by： the bill acceptance and discounting witnessed a slight growth, indicating an improving ability to serve the real economy; the trading of commercial paper declined slightly, and the market showed a more obvious characteristic of short- term trading; the commercial paper interest rates went up slightly, presenting a reverse V-shaped movement as a whole; the development of electronic bills has significantly increased the use of bills by enterprises.