今年以来,银行间债券市场在2002年快速发展的基础上,继续保持了迅猛的发展势头。今年1～5月份,银行间债券市场累计成交57647亿元,同比多成交17106亿元,增长42.2%。其中,拆借成交8386亿元,同比增加4222亿元;现券买卖成交6837亿元,同比增加5037亿元;债券回购成交42424亿元,同比增加7847亿元。伴随着交易量的迅速扩大,今年1～5月份银行间债券市场经历了一个利率持续下降、低位调整然后迅速回升的过程。在此过程中,各种期限的回购、拆借交易利率和各种期限的债券的利率都发生了较大的变化。从年初至6月下旬,回购利率变化情况见下图: Since the beginning of this year, the inter-bank bond market has maintained its momentum of rapid development on the basis of its rapid development in 2002. From January to May this year, the accumulated turnover in the inter-bank bond market reached 5,764.7 billion yuan, 1.7176 billion yuan more than in the same period of the previous year, an increase of 42.2%. Of which, the lending transaction amounted to RMB838.6 billion, an increase of RMB422.2 billion from the same period of last year. The spot transaction amounted to RMB683.7 billion, an increase of 503.7 billion yuan over the same period of last year. The repurchase of bonds reached 4.4224 trillion yuan, an increase of 784.7 billion yuan over the same period of last year. With the rapid expansion of trading volume, the inter-bank bond market experienced a continuous decline in interest rates from January to May this year, a process of low adjustment and then rapid rebound. In this process, the interest rates of various maturities of repo and lending transactions and bonds of various maturities have undergone major changes. From the beginning of the year to the end of June, the changes of repurchase interest rates are as follows: