市场规模持续增长,情绪指数成市场风向标--境内美元拆借市场回顾与展望

The Market Continues to Grow and the Sentiment Index Becomes the Bellwether Market Measure--Review and Outlook of China's USD Lending Market

文章分析了上半年美元市场发展的特点,认为美元整体流动性宽松的预期已经清晰呈现,但中资机构仍应在乐观中谨慎,不断提升定价能力和风险对冲能力,把握住基准利率变革的过渡期,完善自身市场建设,在新的经济周期和利率周期中发挥出货币市场的积极作用。

This paper analyzes the development characteristics of the USD market in the first half of the year. It believes that there has been an expectation on the easing of the USD liquidity, yet Chinese institutions should remain cautious optimism, and continuously improve their pricing and risk hedging abilities. Institutions should seize the priority of the transition period for the benchmark interest rate reform, improve self-construction, so that the money market can play a positive role in the new economic and interest rate cycle.