2012年1季度银行问市场运行报告

2012年1季度，银行间市场整体平稳运行，主要特点是：货币市场成交量同比大幅增长，季节性因素主导货币市场利率走势呈M型特征；银行间债券市场以震荡调整为主，总体呈现先抑后扬态势；人民币汇率弹性趋于增强，升值趋势进一步减§弓；Shibor对利率互换的基准作用增强；外汇衍生品市场保持快速增长，市场结构持续优化。

China＇s interbank market performance in Q1 2012

In Q1 2012, the interbank market maintained stable performance on the whole. Its main characteristics were as follows： the trading volume of the money market greatly increased year-on-year, and seasonal factors dominated the interest rates in money market to take an M shape; the interbank bond market fluctuated and presented a V-shaped trend on the whole; the flexibility of RMB exchange rate increased and the appreciation trend further weakened; Shibor＇s role as the benchmark for interest rate swaps reinforced; and exchange-rate derivatives market maintained fast growth, and the market structure was further optimized.