The money market includes: interbank lending market, commercial paper market, national debt market, large negotiable certificate of deposit market and repurchase agreement market.
Its main function is to keep the liquidity of financial assets so as to convert them into real money at any time. On the one hand, it can meet the short-term capital needs of borrowers, on the other hand, it also finds a way out for temporarily idle funds. Monetary and credit instruments have strong liquidity and liquidity.
Question 2: What is the money market? What is the function of money market? Money market refers to the market for short-term financing through financial instruments with a maturity of less than 1 year. From the perspective of transaction objects, the money market is mainly composed of sub-markets, such as interbank lending, bills, treasury bills, repurchase agreements, etc.
The role of money market
(1) Adjust the surplus and deficiency of funds to meet the short-term financing needs (surplus and deficiency; Various topics)
(2) create conditions to develop various forms of credit (commercial credit; Bank credit; National credit; International credit)
(3) Provide conditions and places for policy regulation. * * * Macro-control is often carried out directly or indirectly through the money market. The traditional tools of the three penalties of the central bank's monetary policy are all implemented through the money market.
Question 3: What is the money market? What markets are included? What is its main function? Money market is a short-term financing market with the characteristics of low risk and high liquidity. The money market includes: interbank lending market, commercial paper market, national debt market, large negotiable certificate of deposit market and repurchase agreement market. Its main function is to keep the liquidity of financial assets so as to convert them into real money at any time. On the one hand, it can meet the short-term capital needs of borrowers, on the other hand, it also finds a way out for temporarily idle funds. Monetary and credit instruments have strong liquidity and liquidity.
Question 4: Functions and characteristics of money market.
As far as its structure is concerned, the money market includes interbank lending market, bill discount market, short-term bond market and securities repurchase market. The initial motive force for the emergence and development of money market is to maintain the liquidity of funds. It connects the capital demanders with the capital suppliers through various short-term financing tools, which not only meets the short-term capital demand of the capital demanders, but also provides opportunities for the temporarily idle funds of the capital surplus to gain profits. But this is only the superficial function of the money market. If we put the money market into the financial market and even the market economy, we can find that the function of the money market is far more than that. The money market not only provides flexible management means for banks and enterprises from the micro level, making it more convenient and flexible in the unified management of capital security, liquidity and profitability, but also provides means for the central bank to implement monetary policy to regulate the macro-economy, which has greatly guaranteed the development of financial markets.
1, short-term financing function
Under the condition of market economy, there are objectively two kinds of economic actors, namely, capital surplus and capital shortage, which can be divided into two categories: long-term capital surplus and capital shortage for more than one year and short-term capital surplus and capital shortage for less than one year. Compared with the capital market, the money market provides services for the supply and demand of medium and long-term funds, and provides a feasible way for the financing of seasonal and temporary funds. Compared with long-term investment capital demand, short-term and temporary capital demand is the most basic and frequent capital demand of microeconomic actors. Because of frequent daily economic activities, short-term temporary and seasonal capital shortage is inevitable and frequent. If this capital gap can't be made up, even the simple reproduction of society can't be maintained, or the commodity economy can only be at the primary level. The function of short-term capital financing is a basic function of money market.
2. Management function
The management function of money market mainly refers to promoting microeconomic entities to strengthen their own management and improve their management level and profitability through the development of business activities.
(1) The interbank lending market and the securities repurchase market are conducive to the improvement of the business operation level of commercial banks and the realization of the goal of maximizing profits.
Interbank lending and securities repurchase are the main channels for commercial banks to finance short-term funds in the money market. Fully developed interbank lending market and securities repurchase market can adjust the surplus and deficit of commercial banks' reserves in a timely and appropriate manner, so that commercial banks do not need to keep a large amount of excess reserves in order to cope with cash withdrawal or cashing, thus making full use of various assets that can be used for high returns, which can be described as "killing two birds with one stone". Therefore, commercial banks should use scientific methods to manage the liquidity of funds, so that the asset-liability management of commercial banks can leap to a new level.
(2) The bill market is conducive to for-profit enterprises to strengthen management and improve the credit level.
The bill market can be divided into bill issuance market, bill acceptance market and bill discount market in terms of bill behavior, and can be divided into ordinary corporate bills and bank bills in terms of issuers. Only subjects with good reputation and good business performance are eligible to issue bills, and they are recognized and accepted by the society in all aspects of issuance, acceptance and discount. There are obvious differences in the rights and obligations of subjects with different credit ratings to issue and accept bills, such as the interest rate, the liquidity of bills, the amount of mortgage or pledge, and so on. Therefore, enterprises trying to obtain short-term funds from the bill market must be reputable enterprises, and only enterprises with scientific management and excellent benefits can meet such conditions.
3. Policy transmission function
The money market has the function of conducting monetary policy. As we all know, the central banks of market economy countries mainly influence the market interest rate and adjust the money supply to achieve the macro-economic control goal by using the rediscount policy, the statutory deposit reserve policy and the open market business. In this process, the money market has played a fundamental role.
(1) The interbank lending market is an important channel for conducting the central bank's monetary policy.
With the help of its influence on the inter-bank interest rate and the excess reserve of commercial banks, the central bank implements monetary policy through the inter-bank lending market. First of all, the interbank lending rate is one of the most sensitive and direct interest rates in the market interest rate system, and it has become a "signal light" for the change of the central bank's monetary policy. This is because, in developed financial markets, interbank lending activities ... >; & gt
Question 5: What are the functions and functions of the money market? Money market refers to the market where short-term financing is carried out by financial instruments with a maturity of less than 1 year. From the perspective of transaction objects, the money market is mainly composed of sub-markets, such as interbank lending, bills, treasury bills, repurchase agreements, etc.
The market formed by the issuance and circulation of national debt. Treasury bills are short-term bonds issued to solve the cash flow difficulties of the national treasury. How to understand the position of money market?
The function of money market can be understood from the following three aspects:
(1) Analysis from the characteristics of the money market. The money market has the irreplaceable characteristics of the capital market, and the short transaction cycle is the most basic characteristic of the transaction object in the money market. The other two features, strong liquidity and relatively low risk, are derived from this feature in the final analysis. It is precisely because the instruments in the money market are short-term, can be realized at any time and have strong currency, so short-term financial instruments are also called "quasi-currency". Because money market funds come from temporarily idle funds, funds are generally used to make up for the temporary shortage of liquidity funds. The purpose of trading is to solve the needs of short-term capital turnover, and the trading cycle is not long. The above characteristics of the money market determine the high stability of the money market. Money market and capital market together constitute a complete financial market. However, the category structure of China's financial market is unbalanced, and the capital market is more important than the money market, and the sub-markets of the money market are also biased. This will seriously damage the smooth operation of the entire financial market.
(2) Analyze the functions and functions of each sub-market. From the perspective of trading objects, the money market is mainly composed of sub-markets, such as interbank lending, commercial bills, treasury bills and repurchase agreements, and each sub-market has its own functions. The interbank lending market mainly meets the needs of position adjustment that often occurs in the daily business activities of financial institutions. The interbank lending market is the main component of the money market, with the most active market characteristics and the largest transaction volume. In addition, it can sensitively reflect the relationship between supply and demand of funds and the intention of monetary policy, and affect the interest rate in the money market, so it has attracted the attention of financial institutions and monetary authorities. The bill market has the largest number of participants in the money market. Enterprises are the most important demanders of funds in the money market, and most of the liquidity needs of industrial and commercial enterprises are met by short-term loans issued by commercial banks, mainly relying on the commercial paper market. Many large companies in western developed countries even issue financing bonds corresponding to non-commodity transactions to raise short-term funds, and many large enterprises with sufficient funds make full use of the commercial paper market to make profits. The discount business of commercial banks is also inseparable from the commercial paper market. The central bank should also operate rediscount policy in the bill market, and it can also use bills for financing. (3) The national debt market has low risk and strong liquidity, and can enjoy tax incentives, which can not only meet the needs of short-term capital turnover, but also provide tools for the central bank to operate in the open market. National debt can also be used as a secondary preparation for liquid assets or as a risk-free asset in the portfolio. (4) The repurchase agreement in the repurchase agreement market has strong liquidity, high security and stable income, which exceeds the income of bank deposits. For commercial banks, the funds incorporated in the repurchase agreement are not deposit liabilities, and there is no need to pay deposit reserve. For China, the government bond repurchase market is of special significance. Because China's national debt market has not yet been established, it is difficult for the national debt market to play its role in transmitting the central bank's monetary policy and reflecting the monetary authorities' policy intentions. Therefore, the central bank's open market operation needs to adjust the money supply in the market through the national debt repurchase market in order to achieve the monetary policy goal.
(3) From the perspective of macro-financial supervision. The reason why the money market can become an important place for policy regulation is because the market has the conditions for regulation. For example, the three traditional tools of the central bank's monetary policy are all implemented through the money market. The statutory deposit reserve ratio directly affects the supply of funds in the money market, and the rise and fall of the reserve ratio directly affects the loan scale of working capital of commercial banks, the loan amount of industrial and commercial enterprises and individual economies, and has an impact on the economy; Raising or lowering the rediscount rate directly changes the cost of financing from the central bank, and then urges commercial banks to increase or decrease the short-term commercial bill discount business, and the money supply in the market increases or decreases accordingly; The transaction object of open market business operation is directly the financial instruments in the money market. By buying and selling short-term treasury bonds and commercial paper, the supply and demand of short-term funds in the market can be directly increased or decreased.
Question 6: What is the money market? Money market is a place where people provide deposits and accept loans, such as banks, stock markets and securities markets. As for the characteristics, it's hard to say. The money market is mainly the supply and demand of money, in which the supply and demand are determined by interest rates. If the interest rate is high, the money supply will increase and the demand will decrease. If interest rates are low, supply will decrease and demand will increase. Usually, the state controls the amount of money in the money market by adjusting interest rates.
Question 7: What is the role of money market in implementing monetary policy? China's Monetary Policy in Recent Years and Its Implementation Effect
On the evening of July 2 1 2005, the People's Bank of China issued an announcement on improving the reform of RMB exchange rate formation mechanism: 1. From now on, China began to implement a managed floating exchange rate system based on market supply and demand with reference to a basket of currencies. The RMB exchange rate is no longer pegged to a single dollar, forming a more flexible RMB exchange rate mechanism; 2. On July 2, 2005 1 day 19, the exchange rate of RMB against the US dollar appreciated by 2%, and it was adjusted to1US dollar to 8. 165438 0 yuan RMB; Third, the daily fluctuation of the RMB exchange rate against the US dollar does not exceed three thousandths. This exchange rate system reform is of great significance for improving the effectiveness of China's monetary policy and the direction of its implementation in the future.
The so-called monetary policy refers to the sum of policies and measures that the central bank uses various tools to regulate the money supply in order to achieve specific economic goals, thus affecting the macro-economy. The macroeconomic goals that the central bank hopes to achieve through monetary policy mainly include price stability, economic growth, full employment and balance of payments.
The goal of monetary policy is achieved through monetary policy tools. Monetary policy tools cannot directly act on the ultimate goal, and must rely on intermediary indicators. The selection of intermediary indicators should meet five criteria: measurability, controllability, relevance, anti-interference and good adaptability to economic system and financial system. Generally, financial variables such as interest rate, money supply, excess reserve and base currency are selected, and some also include exchange rate. There is still a transmission mechanism for monetary policy tools to achieve the ultimate goal of monetary policy through intermediary indicators, and the length of time lag directly affects the effect of monetary policy.
Monetary policy measures since 2000 mainly focus on the following aspects:
1. Actively promote interest rate marketization and reform the foreign exchange management system. In order to promote China's interest rate marketization reform and promote economic opening to the outside world, the People's Bank of China decided to implement a new foreign currency interest rate management system from September 2 1. The specific contents are: (1) foreign currency loan interest rate, single US$ 3 million (including 3 million) or large foreign currency time deposit interest rate equivalent to other six major foreign currencies, foreign currency deposit interest rates other than seven major foreign currencies (regardless of the amount) and all foreign currency interest rates among financial institutions shall be determined by financial institutions independently; (2) The interest rates of the seven foreign currency small deposits shall be uniformly formulated by the banking association and uniformly implemented by all financial institutions.
2 actively promote the construction of personal credit system, the implementation of savings real-name registration system. In order to standardize the savings behavior and promote the construction of personal credit system, the People's Bank of China decided to implement the savings deposit real-name registration system from April 1 day.
3. Encourage commercial banks to innovate financial business varieties. /kloc-In February of 0/4, the People's Bank of China and the China Securities Regulatory Commission jointly issued a document, promulgating the Measures for the Administration of Pledged Loans of Securities Companies, allowing commercial banks to obtain loans from securities companies by way of stock pledge.
4. Strengthen credit policy guidance and guide the flow of funds. In April, the People's Bank of China issued a document, allowing financial institutions outside the Postal Savings and Exchange Bureau to open "educational savings deposits", which are exempt from interest income tax; In August, the "Measures for the Implementation of Student Loans" was announced; In June, it issued a joint document with the State Economic and Trade Commission, requiring all commercial banks to support the superior and limit the inferior in strict accordance with the requirements of the national industrial policy, restrict or prohibit loans to eliminate backward production capacity, industries, products and redundant construction projects, and promote economic restructuring and optimization. In September, in view of some problems existing in the implementation of closed loans, the Notice on Insisting on the Conditions of Closed Loans and Strictly Controlling the Issuance of Closed Loans was issued, demanding that the conditions of closed loans be strictly controlled to prevent risks.
5. Actively promote the construction of the money market. Approved the second batch of securities companies to enter the inter-bank market to engage in financing business. In June, in order to develop the money market and broaden the financing channels of financial companies of enterprise groups, financial companies were allowed to enter the national interbank lending market and bond market. 1October 9, 165438, the first specialized bill business institution in China Industrial and Commercial Bank of China was approved to open, which is conducive to promoting the development of bill business, forming a unified bill market in the country and providing a broad space for the rediscount operation of the central bank.
6. Improve rural financial services, support rural economic development, and guide and standardize folk credit. In July, it was decided to return the postal savings funds at or below the county level to the rural credit cooperatives in the form of re-loans, focusing on supporting the credit input of rural credit cooperatives to farmers, rural areas and agricultural production, and focusing on issuing farmers' loans to meet the needs of farmers in planting and breeding, processing and transportation of agricultural and sideline products, and agriculture. & gt
Question 8: What does the money market include? Money market?
interbank market
Repurchase agreement market
Commercial paper market
Bank acceptance bill market
Large negotiable certificate of deposit market
Short-term bond market
bond market
stock market
Fund market
foreign exchange market
gold market
Financial derivatives market
I studied financial market operation and investment during my graduate school, and I prefer the above classification. The classification of textbooks is generally as follows.
1. According to the geographical scope of financial markets, financial markets can be divided into domestic financial markets and international financial markets.
There is a certain connection between international financial market and domestic financial market. Historically, with the high development of commodity economy, the domestic financial market has taken shape. When the business activities of domestic financial markets in various countries are gradually extended and infiltrated with each other, an international financial market centered on domestic financial markets in some countries and connected with financial markets in various countries is formed. In other words, the formation of international financial market is based on the development of domestic financial market to a certain height. At the same time, the formation of international financial market has further promoted the development of domestic financial market.
2. According to the types of business or financial products, financial markets can be divided into money market, capital market, foreign exchange market, insurance market, gold market and other markets (such as leasing market and pawn market).
Money market, also known as short-term capital market. It is a market for short-term capital trading activities in less than one year. In the money market, short-term borrowing of funds is usually realized by issuing short-term bonds and commercial bills through some trading methods such as discount and lending business, so as to meet the needs of both the supply and demand sides of short-term funds in the financial market. Money market includes bill market and interbank lending market.
Capital market, also known as long-term capital market, is an active market for long-term capital transactions for more than one year. The function of the capital market is to raise long-term funds for fund demanders. Trading activities in the capital market are usually divided into two categories. First, the demanders of funds issue and buy and sell all kinds of securities, including bonds and stocks. Second, the demanders of funds directly obtain long-term loans from banks.
Other commercial markets have special chapters.
3. According to the function of financial market, financial market is divided into issuing market and trading market. Distribution market, also known as primary market or primary market. Refers to the activities and places where various newly issued securities are sold for the first time. Securities are issued by subscription and underwriting. Underwriting is the main marketing method of securities issuance because it is not easy for issuers to directly trade with scattered and numerous currency holders.
The trading market, also known as the circulation market or the secondary market, is a market where all kinds of securities are traded by hand. Securities trading is divided into two forms: on-site trading and off-site trading. The former is a large-scale, active and organized trading activity in a specific place. The latter is usually a small and scattered transaction conducted by telephone.
4. According to the transaction mode, it can be divided into securities market and lending market. The securities market is a market for the issuance and circulation of securities. It deals with stocks, bonds, bills, warrants and contracts. The lending market is a market that directly deals with money, and its transaction content is essentially the transfer of the right to use money.
5. According to the trading period, it can be divided into long-term capital market and short-term capital market. The former refers to the capital market, while the latter refers to the money market.
6. According to whether the transaction has a fixed place, it can be divided into tangible market and intangible market. The tangible market refers to an organized market with fixed trading places, specialized institutions and personnel, and specialized equipment. Intangible market is a conceptual market, that is, there is no fixed trading place, and its transactions are contacted and completed by telex, telephone and telegram.
7. According to the delivery time of trading financial products, it can be divided into spot market and futures market. Spot market refers to the cash trading market, that is, the buyer pays cash and receives securities or bills; The seller delivers securities or bills and receives cash. This kind of transaction is usually delivered on the same day as the transaction, and it can't exceed three days at most. Futures trading means that after the two parties reach an agreement, they do not deliver immediately, but deliver after a certain period of time. ...& gt& gt
Question 9: What kinds of markets does the money market include? What are their functions? Classification: interbank lending market, basic buying market, commercial paper market, bank acceptance bill market, negotiable certificate of deposit market.
Function .. In order to keep the liquidity of funds and make real money available at any time.