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1997年上半年的国债市场在股指节节走高,债市发行政策好变化以及整个市场组织格局发生重要转变的大背景下展开,由此在我国的国债发展历程中留下有其独特印记的一笔。市场组织结构发生调整也许是这段时间来中国国债市场发生的最为重大的变化。这些变化首先表现在托管清算领域由分散走向集中统一;6月份,国债市场的交易体系也发生了重大变化。为隔断银行资金通过国债市场进入股市的途径,各商业银行自6月6日起全面退出沪深证券交易所和各地证券交易中心的国债交
In the first half of 1997, the treasury bond market started under the backdrop of the gradual rise of the stock index, the good change of the bond market’s issuance policy and the important transformation of the market structure. Thus, one of the unique treasuries of our country’s treasury bonds pen. The adjustment of market structure may be the most significant change that has taken place in China’s bond market during this period. These changes first manifested in the area of custody and liquidation from decentralization to centralized and unification; in June, treasury bond market trading system has undergone major changes. In order to cut off the access of bank funds to the stock market through the treasury bond market, all commercial banks withdraw from the bonds of the Shanghai and Shenzhen Stock Exchanges and the securities exchange centers around the country since June 6