摘要
中国利率市场化的进程正在有步骤地加速推进 ,利率的市场化必然带来利率波动幅度的加大 ,如果没有有效的利率风险管理工具作为配套机制 ,必然会影响利率市场化的顺利进展 ,也影响到整个金融市场应有作用的发挥。发达国家的经验表明 ,利率市场化要求利率期货作为利率风险管理的机制予以配合 ,因此 ,在推进中国利率市场化的进程中应研究推出利率期货交易的问题。利率期货的最主要承载体是国债期货。根据中国目前利率市场化进展的实际情况 ,从各类经济实体已经或可能面临的利率风险看 ,对国债期货的需求日渐强烈。本文的主旨是 ,在论述中国利率市场化进程中 ,分析各类经济实体所面临的各种利率风险 ,以及国债期货对于这一风险管理所起的应有作用 ,从而得出应当推出国债期货的结论。
Interest rate liberalization is being promoted gradually in China, giving rise to interest rate volatility. Without interest rate risk management tools, such volatility would not be benefit to the process of interest rate liberalization and the effect of financial market. The experience of the developed market indicates that interest rate liberalization must be accompanied by interest rate futures market. It is therefore necessary to study when and how should interest rate future market be developed in China. To some extend, treasury bond futures is the interest rate futures. At present in China, by the process of interest rate liberalization, the variety of economic entities need treasury bond futures trading to manage interest rate risk. This paper describes the process of interest rate liberalization in China, analyzes the various interest rate risk in the process, and studies the role of treasury bond futures market in risk management. This paper finally concludes that that treasury bond futures market should be developed in China.
出处
《财贸经济》
CSSCI
北大核心
2003年第6期19-24,共6页
Finance & Trade Economics
关键词
利率市场化
利率期货
利率风险
国债期货
interest rate liberalization, interest rate futures, interest rate risk, treasury bond futures
