| Abstract: | In 2011, the interbank market trading showed a stable growth and the market members continuously expanded. Its main characteristics were as follows. The interest rates in the money market were sensitive to the monetary policy changes and went up with high volatility, and the market trading volume grew noticeably. The infrastructure and system of the bond market developed steadily, its trading volume dropped slightly and the yield curve of interbank T-bond showed an inverted V-shaped trend. Driven by multiple factors such as active external economic activities and market mechanism reform, the interbank spot FX market maintained its quick development. The infrastructure of derivatives market was further improved, interest rate swaps were actively traded and the spreads between onshore and offshore FX derivatives were reversed. |
