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市场化运作不是商业银行的专利。对于政策性金融来说,政策导向、市场运作、商业管理,走开发性金融的路子已经越来越明朗。2004年7月,中国农业发展银行首次招标发行政策性金融债券,至今已成功发债2410亿元,打破了建行以来资金来源除注册资本外全部依靠人民银行再贷款的历史。筹资渠道的多元化,利率市场化定价体系建设,标志着农发行“市场化”的资金运营机制从此拉开帷幕。从“资金计划”到“资金经营”的转变,将赋予农发行资金管理以新的内涵。作为货币市场的新生力量,农发行的资金运营拥有广阔的空间。展望未来,农发行还将全面进入拆借市场、债券市场、票据市场等各个领域,广泛利用资产证券化、利率互换等金融工具,逐步提升市场参与度,推动传统存贷业务与新兴中间业务共同发展。本刊自第3期起推出“聚焦债券”专栏,以债券为引、金融市场大环境为背景,透视农发行发债状况,介绍资金交易相关的理论知识和操作实务,引荐市场风险防控技术,探讨货币市场的热点问题。这些内容将陆续分布在今后的若干个专题中,作为与“市场化”资金经营探索与实践相对应的“精神产品”,奉献给广大读者。
Market-oriented operation is not a commercial bank’s patent. For policy-oriented finance, the path of policy-oriented, market operation, business management and development-oriented finance has become increasingly clear. In July 2004, China Agricultural Development Bank issued the first tender for issuing policy financial bonds, and has successfully issued bonds amounting to 241 billion yuan so far, breaking the history that all sources of funds other than the registered capital of CCB have relied on the People’s Bank of China for further lending. The diversification of financing channels and the establishment of interest rate market-based pricing system have marked the beginning of the “market-oriented” fund operation mechanism of the Agricultural Development Bank. The transition from “capital plan” to “capital management” will give new connotation to the capital management of the Agricultural Development Bank. As a new force in the money market, the Bank has ample space for capital operation. Looking to the future, ADBC will also fully enter the various fields such as the lending market, the bond market and the notes market, and make extensive use of financial instruments such as asset securitization and interest rate swap to gradually increase market participation and promote the common development of traditional deposit-loan business and emerging intermediary business development of. Since the publication of the 3rd issue, “Focus on Bonds” has been launched. With the background of bonds and the financial market as the background, the paper analyzes the status of issuance of bonds by ABC, introduces the theoretical knowledge and operational practices related to capital transactions, and introduces the market risk prevention and control technology , To explore the hot issues in the money market. These contents will be gradually distributed in several topics in the future as “spiritual products” corresponding to the exploration and practice of “market-oriented” fund management and devoted to readers.