2014年上半年货币市场利率运行报告

2014年上半年，在稳健的货币政策基调下，货币市场利率冲高回落，总体平稳，利率中枢下移，波幅收窄，6N份关键时点没有发生大的市场异动。这主要得益于央行货币政策操作稳定市场预期，以及金融机构完善流动性管理措施。此外，交易所市场与银行间市场的利率差异性仍然存在；境外货币市场利率走势背离于境内市场，利差保持较高水平。

Money market interest rate performance in H12014

In the first half of 2014, influenced by the sound monetary policy, the money market interest rates dropped from height with an overall stable performance. The key interest rate moved down with narrow fluctuations. No market abnormality occurred in the key points in June. The stable performance mainly attributed to the central bank monetary policy stabilizing market expectation and financial institutions improving their liquidity management. In addition, interest rate differential between the exchange market and the interbank market remained. The interest rate move in offshore market was in a sharp contrast to that in onshore market with a relatively high spread.