中国货币市场发展的分析

近年来 ,中国的货币市场得到了快速发展。货币市场交易品种逐渐增加 ,交易规模持续增长 ,市场成员不断扩大。在货币市场发展的基础上 ,中央银行货币政策的间接调控方式的有效性在不断提高。但中国的货币市场还处于发展的初期 ,可供交易的货币市场工具还比较少 ,市场存在一定程度的分割 ,交易规模偏低。由于存贷款利率仍然受到管制 ,货币市场利率的变化对信贷市场等其他金融市场的影响还相对有限。本文将描述货币市场各子市场的基本框架和发展状况 ,并侧重从中央银行货币管理的角度对货币市场中各子市场的相互关系进行分析与探讨。

An Analysis on the Development of China's Money Market

In recent years,China's money market has experienced a rapid development demonstrated by persistent increase in the variety of assets traded,scale of transaction and number of market participants.With the development of the money market,indirect control of the central bank through monetary policy has been becoming more and more effective.However,the development of China's money market is still at its initial stage.The instruments available for trading are relatively limited,the market is somewhat segmented,and the scale of transaction is small.Furthermore,due to the control of the interest rates of deposits and loans,change in the interest rates of the money market has a weak impact on the credit market and other financial markets.This paper analyzes the basic structure and development of various sub-markets of China's money market.Special attentions are paid to the interactions among these sub-markets in the view of the central bank's monetary control.