2014年1季度银行间市场运行报告

2014年1季度，银行间市场的主要运行特点是：货币市场平稳运行，资金利率以下跌为主；债券市场显著回暖，国债收益率曲线陡峭化下行；利率互换市场明显走低，FR007利率互换成交量市场占比超80％。人民币兑美元汇率呈贬值走势，交投活跃；人民币对美元交易汇率波幅扩大至2％，日内波动加大；人民币对新西兰元开展直接交易，成交相对活跃；汇率衍生品价格走低，期权波动率上升。

China＇s interbank market performance in Q1 2014

In Q1 2014, the main characteristics of the interbank market were as follows： the money market performed steadily and the most of interest rates fell; the bond market went up significantly and the T-bond yield curve steepened downward; the IRS market declined obviously and the trading volume of FR007 IRS accounted for more than 80%. The USD/CNY rate presented depreciation trend and the trading was active; the fluctuation range of USD/CNY trading rate enlarged to 2% and the intraday fluctuation swelled; the direct trading of NZD/CNY started and the trading was active; the exchange rate derivatives prices went down and the volatility of options went up.