Abstract: | In 2012, the interbank market developed stably on the whole. Its main characteristics were as follows: in RMB market, affected by base money supply channel change, the liquidity maintained tight balance for long time; Shibor's benchmark role was further strengthened; the interbank bond market further opened and witnessed fluctuations; and the interest rate derivatives trading was mild and the infrastructure construction improved. In FX market, influenced by onshore and offshore complicated economic fundamentals, RMB exchange rate fluctuated by stage; FX market experienced structural changes along with the real economic changes; non-US currencies exchange rates hit records frequently and the direct trading against JPY stayed at the top; and exchange-rate derivatives market maintained active. |