论文部分内容阅读
近年来,央行票据逐渐成为货币市场上一个重要的投资品种,央票利率成为市场特别关注的指向标。本文首先介绍了央票的概况;然后简要描述了央票利率的确定机制;最后重点进行了央票利率和其他代表性市场利率之间的实证检验并分析其结果,得出结论:央票利率和其他代表性市场利率之间有长期均衡关系,央票利率可以成为短期债券市场基准利率的代表,可以作为利率衍生品标的物进行套利交易等。
In recent years, the central bank bills have gradually become an important investment product in the money market. The interest rate of the central bank bills has become the market’s special focus. This article first introduces the general situation of central banknotes; then, it briefly describes the central banknotes’ interest rate determination mechanism; finally emphatically examines and analyzes the results between the central banknotes’ interest rate and other representative market rates, and concludes that the central banknotes’ interest rate And other representative market interest rates have a long-term equilibrium relationship between the central bank bills rate can become the benchmark interest rate in the short-term bond market representatives can be used as the subject of interest rate derivatives arbitrage transactions.