2018年银行间市场运行报告

China’s Interbank Market Performance in 2018

2018年银行间市场流动性合理充裕,货币市场利率中枢整体下行;债券市场成交量同比大增,不同信用等级债券收益率走势分化;利率互换市场成交量同比大增,曲线逐季平移下行;人民币汇率先强后弱,总体贬值,影响因素更加多元;外汇市场成交量稳步增长,外币货币市场创新发展,产品结构不断完善。

In 2018,the liquidity in the interbank market maintained reasonably accommodative,and the pivot of money market interest rates declined;the trading volume of the bond market increased significantly y-o-y,and the yields on bonds with varied credit ratings presented divergent movements;the trading volume of the IRS market increased markedly y-o-y,and the IRS curve shifted downwards quarter by quarter;under the impact of more diversified factors,the RMB exchange rate went from strong to weak and recorded a depreciation.The trading volume of the FX market grew steadily,and the FX money market achieved innovative development with the product structure being improved continuously.