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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 the establishment of the inter-bank market and is a crucial period for the innovation and further development of the inter-bank market in our country. Reviewing the history of the development of the inter-bank bond market, institutional innovation is the determining factor in promoting market development and enhancing market liquidity. At present, the inter-bank bond market has developed into the main body of the Chinese bond market. In recent years, some developments in the market pattern deserve our analysis and attention. Judging from the development experience of the international bond market, the optimal system innovation plan is to promote the establishment of a three-way repo and to enhance the liquidity of credit bonds through the innovation of the repo system.