人民币利率互换业务的发展及前景

The Development and Prospect of RMB Interest Rate Swap Operations

人民币利率互换是发展相对成熟、交易较为活跃、金融机构参与广泛的利率衍生产品,也是国内最主要的人民币衍生品。本文分析了人民币利率互换业务的发展现状与存在问题,指出当前影响我国利率互换市场发展的因素包括客户端的制约、市场主体单一、缺乏公信力强的定价依据等,并就推动人民币利率互换业务的进一步发展提出相关政策建议,认为需要在完善产品序列、健全市场基准利率体系、推动参与主体多元化和提升市场运行环境等方面共同推进。

The RMB interest rate swap(IRS) is one kind of financial derivatives, which is at present developed relatively mature, traded more actively and participated widely by financial institutions in our country. This paper analyzes the present situation and problems of RMB IRS operations, points out that the major restrictive factors of IRS market in China includ constraints of client side, single market entity, lack of strong credibility as the basis for pricing, and so on. Finally it proposes the relevant policies and recommendations for promoting the further development of RMB IRS operations, such as we need to complete derivative product series, perfect the benchmark interest rate system, improve the diversification of participation, and enhance the market operation environment together.