公开市场操作:国债与央行票据替代性分析

本文认为由于国债安全性高、收益稳定,尤其是短期国债具有期限短、变现性强、市场表现活跃等特点,符合公开市场操作的要求,理应成为央行公开市场操作的主流工具。目前,央行票据作为操作工具的局限性显现,国债具有的优势可弥补其局限。长远看,随着短期国债规模的扩大,央行票据将淡出,国债将成为公开市场操作的主流工具。但当前国情下,国债与央行票据短期内不可能完全替代,二者可能在一定时期内并存。

Open Market Operation: An Analysis of Substitution between Government Bond and Central Bank Bills

Government bond is highly secured with stable profit,and short-term government bond has particularly strong fluidity,thus has active market performance.For this specific reason,short-term government bond should be taken as main utensil in OMOs.At present,the deficiency of central bank bills are showing up,and in a long run,government bond should substitute for central bank bills to be the main utensil in OMOs.But in current situation,government bond and central bank bills will co-exist for a certain period of time.