2019年1月银行间本币市场运行评述

Review of Interbank RMB Market Performance in January 2019

2019年1月,跨节资金融通需求增加,货币市场成交量有所回升,当月交易总量为106.2万亿元,环比增加12.26%;日均成交4.83万亿元,环比增加17.45%。银行间货币市场资金面宽松,利率总体低位波动;利率债长端区间震荡,短端下行,收益率曲线陡峭化;信用利差中短端收窄,长端小幅走阔;互换利率有所下行。

In January 2019,the financing needs increased during the New Year season,and the money market turnover went up and traded 106.2 trillion yuan,up 12.26%month-on-month;the average daily turnover was 4.83 trillion yuan,up 17.45%month-on-month.The liquidity remained accommodative in the interbank money market and the interest rates fluctuated at a low level;the long end of the interest rate bonds remained rangebound while the short end declined,with the bond yield curve going steeper;the short-to medium-term credit spreads narrowed down,while the long-term spreads widened up slightly;the IRS rates dropped slightly.