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近年来,我国银行间市场发展迅速,已经成为传导我国货币政策和财政政策最重要的市场。但2013以来发生的债市打黑和“钱荒”、2016年的国海“萝卜章”事件和刚刚过去的一季度末银行间市场率明显上行,均反映出我国银行间市场的流动性风险问题。本文通过对我国银行间交易结算制度的分析,指出交易制度中做市商机制不健全和结算制度中CCP净额结算占比过低是产生银行间市场风险的制度原因,并在此基础上提出完善银行间市场交易结算制度的政策建议。
In recent years, the rapid development of China’s interbank market has become the most important market for conducting monetary and fiscal policies in our country. However, since the debt market crackdown and the “money shortage” that occurred since 2013, the “sea of carrot chapter” incident in 2016 and the end of the first quarter of the past have shown a clear upward trend in the inter-bank market, all reflecting the fact that the inter-bank market in our country Liquidity risk issues. Based on the analysis of China’s inter-bank transaction settlement system, this paper points out that the imperfect system of market maker in the transaction system and the low share of CCP net settlement in the settlement system are the reasons for the inter-bank market risk. Based on this, Suggestions on Perfecting the Transaction Settlement System in the Interbank Market.