Abstract: | In May 2014, the main characteristics of the interbank market were as follows: the liquidity in money market was stable, and the short-term interest rates fluctuated slightly; the bond market rallied strongly, and the yields went down overall; the CNY central parity continued to depreciate slightly, and the private sector's willingness for FX holdings enhanced gradually; RMB IRS rates went down with fluctuations, and the curve shape turned steep; the exchange rate derivatives curve moved upward slightly as a whole, and the expectations on exchange rate depreciation enhanced. |