摘要
2009年,央行推行适度宽松的货币政策为票据市场的发展提供了良好的市场环境。全年票据市场运行受货币政策调整的影响显著,票据签发与贴现交易活跃,票据贴现余额大幅增加,融资规模冲高后回落,票据市场利率在低位区间震荡运行后出现大幅上升,同时票据业务监管日趋严格。展望2010年,央行适度宽松的货币政策的延续和政策微调力度的加大将继续增强票据市场的波动性,市场供需均衡将更趋合理;回购式交易占比将有所提升;利率将震荡上升;电子商业汇票系统运行后的创新效应将有所显现。
In 2009, the moderately loose monetary policy implemented by PBC provided a nice market environment for bills market, which moved under the significant influence of monetary policy adjustment. In detail, the issue and discount- ed bills business were active, and the balance of discounted bills sharply increased. The financing volume with bills soared highly in the first half year and gradually went down in the second half year. Interest rates fluctuated at a low price interval first and hiked then. Moreover, the supervision on bills business became increasingly rigid. In 2010, the moderately loose monetary policy will be continued and fine adjustment on the policy will be strengthened, both of which will exacerbate the volatility of bills market; the balance between market demand and supply will be more reasonable; the proportion of repurchase deals will increase; interest rates will fluctuate upward; innovation effect triggered by Electronic Commercial Draft System will emerge.
出处
《金融论坛》
CSSCI
北大核心
2010年第4期14-20,共7页
Finance Forum
关键词
票据市场
票据融资
票据承兑
票据贴现
bills market
bills financing
acceptance of bills
discounted bills
