摘要
今年是银行间市场成立十五周年,是我国银行间市场创新和进一步发展的关键时期。回顾银行间债券市场发展的历史,制度创新是推动市场发展、提升市场流动性的决定因素。目前银行间债券市场已经发展成为中国债券市场的主体,近年来市场格局的一些发展动向值得我们分析和关注。从国际债券市场的发展经验看,最优的制度创新方案是推动建立三方回购,通过回购制度的创新提升信用类债券的流动性。
This year marks the 15th anniversary of China’s interbank bond market, and is a crucial point for future development and innovation in the interbank market. History tells us that institutional innovation is the key factor in promoting market development and improving market liquidity. Currently, the interbank market has become the main board of Chinese bond market, and we should pay close attention to the recent trend in market structure. International experience has shown us that the optimal resolution for institutional innovation is to set up a tripartite repo system, and thus can enhance the liquidity of credit bonds.
出处
《金融市场研究》
2012年第3期10-16,共7页
Financial Market Research
关键词
银行间债券市场
流动性
制度创新
interbank bond market, liquidity, institutional innovation
