票据市场利率体系及其与银行间货币市场整体利率的关系

我国的商业汇票利率体系主要由承兑费率、贴现利率、转贴现利率和再贴现利率构成。其中作为银行间市场业务的票据转贴现，其利率已实现市场化。在监管部门加大力度规范会计科目核算、严查逃避信贷规模的票据业务后，买断性日趋明显，其利率更多受到信贷规模影响，与其它银行间货币市场利率产生了一定背离；回购式转贴现业务则逐步脱离规模互转方式，近期呈现了较强的资金业务特性，利率水平逐步接轨其它银行间货币市场利率。

An analysis on bill market interest rates and its linkage with the Interbank money market Interest rates

China＇s commercial bill interest rates mainly consist of acceptance rate, discount rate, interbank discount rate and rediscount rate. The interbank discount rate is determined by the market. With the efforts by regulatory authorities in standardizing the accounting and stringent investigation of credit scale evasion in the bill business, the credit feature of outright discount becomes increasingly apparent, and its interest rate is subject more to credit scale and deviates from other rates in the interbank money market. The interbank repo discount business, which is gradually changing the scale conversion mode, has recently presented fairly strong characteristics of cash business and the interest rate level is gradually connected to other interest rates in the interbank market.