2018年8月银行间本币市场运行评述

Review of Interbank RMB Market Performance in August 2018

2018年8月，银行间本币市场成交活跃，当月交易总量为110．9万亿元，环比增加20．81％；日均成交4．82万亿元，环比增加15．56％。银行间货币市场资金面总体宽松，月中缴税时点货币市场利率略有上行；现券市场日均交易量增加，利率债收益率先下后上，期限利差先走阔后收窄；信用利差小幅走阔；利率互换交易规模上升，长期限互换利率有所上行。

In August 2018, the trading in the interbank RMB market maintained active and reached 110.9 trillion yuan, up 20.81% month-on-month, with an average daily trading worth of 4.82 trillion yuan, up 15.56% month-on-month. The liquidity in the interbank money market was generally loose, with the money market interest rates edging up slightly due to the tax payment in mid-month; the average daily trading volume of the cash bond market increased, the interest rate bond yields presented a V-shaped movement, and the term spreads widened first and then narrowed down; the credit spreads widened slightly; the trading of IRS increased, and the long-term swap rates rose slightly.