2012年1月银行间市场运行报告

2012年1月，银行间市场整体平稳运行。主要特点是：货币市场资金面节前趋紧，利率大幅波动；银行间国债收益率曲线短升长降；人民币对美元交易汇率重回双向波动；人民币外汇掉期单日成交创历史新高，掉期曲线平坦化，境内贬值预期明显减§；；美元看多期权成交比重显著下降。

China＇s interbank market performance in January 2012

In January 2012, the interbank market developed stably on the whole. Its main characteristics were as follows： funds in the money market became tight before the Spring Festival and the interest rate fluctuated significantly; the interbank T-bond yield curve rose at short-term and declined at long-term; the USD/CNY trading rate returned to two-way fluctuations; the single-day RMB/FX swap trading hit a record high, the swap curve went flat, and the domestic depreciation expectation went weak significantly; the turnover proportion of USD call options decreased significantly.