The bond repurchase rate is calculated according to the median of all transaction rates generated by overnight, 7-day, 14-day, 1 month, 2-month, 3-month, 4-month and 4-month repurchase transactions of banks at fixed trading hours on each trading day. The 7-day repo agreement between banks is usually the most active contract in the interbank repo market. The fixed interest rate of inter-bank repurchase is released by the National Interbank Funding Center at 1 1 every morning. It is necessary to have no transactions for a period of time, except for major events such as interest rate adjustment on that day. It provides an important reference for the inter-bank market to develop interest rate derivatives such as interest rate swap, forward interest rate agreement and short-term interest rate futures.
Interbank lending: short-term (the shortest term is 1 day and the longest is one year) financing between financial institutions (usually commercial banks), and it is a credit lending behavior. The law defines it as "making up for the shortage of bill settlement and interbank foreign exchange positions and solving the temporary working capital needs". (1) All parties to interbank lending must have deposits in the central bank; 2 Simple interest, unsecured, wholesale interest rate; 3 short-term (the shortest is only half a day); The purpose is mainly to solve the temporary capital turnover of banks, mainly to maintain the normal operation of funds and adjust the surplus and deficiency.
Interbank Offered Rate (Interbank Offered Rate) is an arithmetic average interest rate calculated and determined by RMB Interbank Offered Rate quoted by banks with higher credit rating. It is a simple unsecured wholesale interest rate [1]. The Shibor varieties announced to the public at present include overnight, 1 week, 2 weeks, 1 month, 3 months, 6 months, 9 months and 1 year.
Shibor quotation bank group is now composed of 18 commercial banks. Quoting banks are primary dealers in the open market or market makers in the foreign exchange market. They are relatively active in RMB trading and fully disclosed in the China money market. The People's Bank of China set up a Shibor working group to determine and adjust the members of the quotation bank group, supervise and manage the operation of Shibor, and standardize the behaviors of quotation banks and designated issuers according to the Implementation Guidelines of Shanghai Interbank Offered Rate (Shibor). The National Interbank Funding Center is authorized to calculate Shibor's quotation and release information. On each trading day, according to the quotations of each quotation bank, the highest quotation and the lowest quotation are excluded, and the Shibor of each term variety is obtained after arithmetic average calculation of the remaining quotations, which is published at 1 1:30.
Difference:
1, different subjects. Interbank lending entities are financial institutions with legal person status and financial branches authorized by legal persons; Bond repurchase consists of financial institutions holding treasury bonds and financial institutions holding excess funds.
2. Different credit. Interbank lending is a kind of financial credit behavior, which has certain risks; Bond repurchase is a pledge of national debt and there is no risk.
3. Different interest rates. Compared with interbank lending, bond repurchase and resale have agreed targets as assets, so generally speaking, the interest rate is relatively low. Practical significance: When the bonds allocated by financial institutions (for repurchase) are insufficient to cover the funding gap, credit lending is generally used as an auxiliary integration tool. Moreover, from the perspective of internal capital allocation, money that cannot be borrowed can be repurchased, but credit lending can be borrowed on behalf of others.
4. Different deadlines. The term of interbank lending is relatively long, from a few days to a year, from one day to a year; Bond repurchase is a short-term behavior.
5. Different functions. Interbank Offered Rate (Interbank Offered Rate) is the core interest rate in the money market and a representative interest rate in the whole financial market. It can timely, sensitively and accurately reflect the short-term capital supply and demand relationship in the money market and even the whole financial market. When the inter-bank interest rate continues to rise, it reflects that the demand for funds is greater than the supply, which indicates that the market liquidity may decline. When the interbank interest rate falls, the opposite is true.