金融机构债券投资交易风险分析及建议

Risk Analysis and Suggestions on Financial Institution Bond Investment and Trading

改革开放以来,我国经济取得了举世瞩目的成就,债券市场也取得了长足发展,尤其是以金融机构为交易主体的银行间市场秉持市场化的思路,已经发展成降低社会融资成本和支持实体经济发展的重要融资平台。截止2018年7月末,银行间市场债券托管量合计为72万亿,其中:中债托管量为53.8万亿,上清所托管量为18.2万亿。现就银行间债券市场交易特点、存在的主要问题、主要风险等方面加以分析。

Since the reform and opening up, China＇s economy has made remarkable achievements, and the bond market has also made considerable development. Especially, the interbank market with financial institutions as the main trading body, which adheres to the market-oriented thinking, has developed into an important financing platform to reduce the cost of social financing and support the development of real economy. By the end of July 2018, the total amount of Bond Custody in the inter-bank market was 72 trillion yuan, of which 53.8 trillion yuan was in China＇s debt custody and 1.82 trillion yuan was in liquidation custody. This paper analyses the characteristics, main problems and main risks of the inter-bank bond market.