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国债期货作为一种金融衍生品,对利率风险的管理有着至关重要的作用。我国曾在1992年—1995年对国债期货进行过尝试,最终因为交易制度缺陷以及风险管理不完善等原因而失败。2013年9月6日,中国金融期货交易所重启阔别18年的国债期货交易,先后上市了5年期和10年期国债期货,同时2年期和3年期国债期货也正处于仿真阶段。根据我国国债期货上市以来的基本情况,本文从我国国债期货合约基本信息、定价和交易情况三个方面,较为全面介绍了我国债期货市场的发展状况。最后根据我国国债期货市场存在的问题,提出了完善国债期货市场的相关对策与建议。
Treasury bonds as a financial derivatives, the management of interest rate risk has a crucial role. Our country had tried on the bond futures from 1992 to 1995 and eventually failed due to the defects of the trading system and the imperfect risk management. On September 6, 2013, China Financial Futures Exchange resumed its 18-year treasury bond futures trading. It has listed 5-year and 10-year treasury bonds futures, while 2-year and 3-year bond futures are also in the simulation stage. According to the basic situation of China’s national debt futures since its listing, this paper introduces the development of China’s debt futures market from three aspects: the basic information, pricing and transaction status of our national debt futures contracts. Finally, according to the existing problems in our national debt futures market, we put forward some countermeasures and suggestions to improve the national debt futures market.