同业存单发行市场和发行利率研究

Research on the Issuance and Interest Rates of NCD

作为商业银行重要的负债来源,近年同业存单发行规模保持了较快的增长速度。同时,同业存单利率与政策利率变化趋势趋于接近,在推进利率“两轨合一轨”和完善利率走廊机制中将发挥重要作用。文章回顾了近年同业存单市场发行总体特点,对存单发行利率特征及影响因素作简要分析,并展望未来同业存单发行趋势及提出相关市场建议。

As an important source of liabilities for commercial banks, the issuance of NCD has grown rapidly in recent years. At the same time, the NCD interest rates tends to move in line with policy interest rates, and will play an important role in promoting the “merging of two interest rate tracks into one track” and improving the interest rate corridor mechanism. The article reviews the characteristics of NCD issuance in recent years and briefly analyzes the characteristics of NCD interest rates and the influencing factors. It also offers an outlook into the future of NCD issuance and proposes relevant recommendations for the market.