2014年9月银行间本币市场运行评述

2014年9月，银行间市场资金面整体宽松，主要期限品种利率稳步下行；现券市场到期收益率整体走低，信用利差整体略有扩大；在经济数据偏弱和资金面供给充足影响下，互换利率整体显著下行，期限结构趋于平坦化。9月末货币市场波动显著降低，尝试做市业务运行良好，参与机构做市积极。

Review of interbank RMB market performance in September 2014

In September 2014, the interbank market liquidity was generally abundant, and the major term nterest rates went down in a stable manner. The yield to maturity in cash bond market dropped on the whole with wider credit spread. Influenced by weak economic data and abundant fund supply, the swap rate went down significantly with a flatter term structure. In late September, the money market saw reduced fluctuations with smooth and active trial market-making.