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货币市场在金融体系中有着极其重要的地位和作用,然而,长期以来,理论界却疏于对它研究。本文对中国货币市场的总量及其结构变动进行了全面分析,研究表明,无论是从总量还是从结构上考察,中国货币市场都有了很大的变化,这极大地提高了货币市场的效率,原先资本市场与货币市场之间不协调发展的状况得到了有效地扭转。货币市场利率总水平成了反映金融机构流动性的先行指标,而各子市场之间利率的同合性也反映货币市场的效率提高了。货币市场的发展对中央银行的宏观调控体系产生了深远的影响。
The money market plays an extremely important role in the financial system. However, the theoretical circle has neglected to study it for a long time. This paper analyzes the total amount of China’s money market and its structural changes. The research shows that there has been a great change in the Chinese money market, both in terms of the total amount and the structure, which has greatly raised the value of the money market Efficiency and the uncoordinated development between the original capital market and the money market have been effectively reversed. The overall level of the money market interest rates has become the forerunner indicator of the liquidity of financial institutions. The coincidence of the interest rates among the various sub-markets also reflects that the efficiency of the money market has been raised. The development of the money market has had a profound impact on the macro-control system of the Central Bank.