2020年上半年银行间市场运行报告

China’s Interbank Market Performance in H12020

2020年上半年,流动性合理充裕,货币市场利率先抑后扬;债券市场成交量大幅增长,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上升,互换利率先降后升;人民币对美元汇率先升后贬;人民币汇率指数小幅波动;人民币外汇掉期点长端上扬,汇率期权波动率先升后降;外汇市场交易量小幅下降。

In the first half of 2020,market liquidity maintained reasonably accommodative,and the interest rate in the money market presented a V-shaped movement;the trading volume of the bond market increased substantially,and the bond yield of different credit ratings diverged;the trading volume of the IRS market increased year-on-year,with the swap rate presenting a V-shaped movement;the USD/RMB exchange rate presented a reversed V-shaped movement;the RMB index fluctuated within a small range;the long-end of the RMB FX swap points shifted upward,and the volatility of the RMB exchange rate options presented a reversed V-shaped movement;the trading volume of the FX market decreased slightly.