我国银行间市场资金面影响因素的探讨——兼对当前市场流动性状况的分析与展望

梳理银行间市场资金面的影响因素，对于分析市场资金面的供求关系，央行评估货币政策执行效果，以及金融机构进行资产组合配置都有积极作用。文章从货币政策、商业银行存贷款增量、央行外汇占款、税收因素等多个角度，梳理了影响我国银行间市场资金面的八项因素，并在此基础上分析了今年5月份以来银行间市场资金面快速趋紧的成因。三季度，受CPI冲高回落、重申人民币汇改以及大型商业银行流动性状况好转等因素影响，银行间市场资金面紧张的格局将逐步改善。

A study on the factors influencing China＇s interbank market ---Analysis and outlook on the current market liquidity condition

Sorting out the factors influencing interbank market funds is helpful in analyzing supply of and demand for market funds, assessing the performance of central bank＇s monetary policies and managing financial institutions＇ portfolios. This paper studies factors influencing China＇s interbank market funds, including monetary policies, commercial banks＇ deposits and loans changes, the RMB equivalent of FX holdings and the tax issue. It also analyzes the reasons why Chinese interbank market funds tightened quickly in May. Influenced by the drop in CPI, the RMB exchange rate move and the improved liquidity condition in large commercial banks, China＇s interbank market funds is expected to gradually ease in Q3.