2019年3月银行间本币市场运行评述

Review of Interbank RMB Market Performance in March 2019

2019年3月,银行间本币市场成交量稳步增长,当月总成交量为104.3万亿元,环比增加38.7%,日均成交3.97万亿元,环比下降10.3%。货币市场资金面总体宽松,月中有所收敛,利率中枢上行;收益率短端小幅上行,中长端下行,收益率曲线平坦化;信用利差走阔,信用等级利差与上月末基本持平;现券市场日均交易量增加;互换利率先上后下。

In March 2019, the trading of interbank RMB market maintained a steady growth and traded 104.3 trillion yuan, up 38.7% month-on-month, with an average daily trading worth of 3.97 trillion yuan, down 10.3% month-on-month. The money market liquidity was generally accommodative, while going tightening slightly around mid-March. The central pivot level of interest rates shifted upward;the short-term bond yields went up slightly, while the medium-to-long-term yields shifted downward, and the yield curve flattened;the credit spreads widened up, while the spreads between different ratings almost saw no changes from the end of last month. The daily average trading volume of the cash bond market increased;the IRS rates presented a reversed V-shaped movement.