Chinese name
National debt market
Release; Emissions; issue
A place or system where treasury bills are traded.
national debt
A form of fiscal revenue
stock market
It is a place where securities are traded.
Treasury bond circulation market? National debt issuance market
The national debt market refers to the place or system where national debt is traded, and it is an important part of the securities market.
National debt is a form of fiscal revenue, and China bond is a kind of securities. The securities market is a place for securities trading. The issuance and repayment of national debt by the government through the securities market means that national debt has entered the trading procedure. The national debt transaction in the securities market is the national debt market. There is no doubt that the national debt market is an integral part of the securities market, and it also has a certain restrictive effect on the securities market.
2 Introduction editor
Since 198 1 resumed the issuance of government bonds, China has been exploring and reforming the issuance methods of government bonds. 199 1 year, China made the first attempt to underwrite the issuance of government bonds and achieved success. This marks the beginning of the formation of the primary market mechanism of China's national debt. 1993, on the basis of underwriting, China introduced the national debt first-class dealer system, and 19 financial institutions with good reputation and strong financial strength were allowed to become the first batch of national debt first-class dealers. During the period of 1994, China tried to issue treasury bonds without paper, and successfully issued half-year and one-year treasury bonds with the help of the transaction settlement network system of Shanghai Stock Exchange. 1995 based on the success of paperless distribution, the tender distribution method was introduced. The primary dealers of national debt successfully issued one-year national debt through the bidding of underwriting base and balance in the form of bookkeeping and filing. During the period of 1996, the development of China's national debt market reached a new level, characterized by full marketization, and the goals of "marketization of issuance, diversification of varieties, paperless bonds and computerization of transactions" were basically realized. At the same time, the secondary market of national debt has also made great progress. Form a point-to-face combination, with the stock exchange as the point and a large number of OTC and OTC telephone transactions as the face. The transaction price of spot market and repurchase market of national debt is also increasingly active, which has become an important yardstick to reflect the supply and demand of funds in the money market.
3 constitute an editor
The national debt market can be divided into two parts according to the level or stage of national debt trading: one part is the country.
List of national debt market
Bond issuance market; The second is the national debt circulation market. The national debt issuance market refers to the issuing place of national debt, also known as the primary market or primary market of national debt, which is the initial link of national debt trading. Generally speaking, it is a transaction between the government and securities underwriting institutions, such as banks, financial institutions and securities brokers. Usually, securities underwriting institutions buy all the issued government bonds at one time. The national debt circulation market, also known as the secondary market of national debt, is the second stage of national debt trading. Generally speaking, it is a transaction between the national debt underwriting institution and the subscriber, including the transaction between the national debt holder and the government or the national debt subscriber. It is divided into two categories: on-site trading and off-site trading. Trading in the stock exchange refers to trading in the designated business hall of the exchange, and trading outside the business hall of the exchange is OTC.
National debt issuance market
198 1 at the beginning of China's resumption of issuing treasury bonds, the government mainly adopted administrative apportionment, and the financial department directly sold treasury bonds to subscribers (mainly enterprises and individual residents), and implemented semi-apportionment. China's real national debt issuance market began at 199 1. In April of that year, the Ministry of Finance organized a national debt underwriting syndicate for the first time, and more than 70 national debt intermediaries participated in the underwriting of national debt. 1993, establish a first-class self-operated dealer system. At that time, 19 financial institutions participated in underwriting 1993 three-phase book-entry treasury bonds.
The so-called primary dealers refer to banks, securities companies and other non-bank financial institutions with certain conditions and approved by the Ministry of Finance. They can directly underwrite and bid for national debt to the Ministry of Finance, and carry out distribution and retail business.
Annual report of national debt market
Promote the issuance of national debt and maintain the smooth operation of the national debt issuance market. From 65438 to 0994, on the basis of previous reforms, the issuance of treasury bonds focused on diversification, and short-term treasury bonds of half a year and one year and unlisted savings bonds were introduced. 1996, the government began to issue bonds by tender, and the degree of marketization was greatly improved. For example, discounted government bonds are subject to price bidding, interest-bearing government bonds are subject to yield bidding, and bonds with determined interest rates and issuance conditions are subject to bearer bidding by stages. At the same time, seven kinds of treasury bonds with different maturities, such as 3 months, 6 months, 1 year, 3 years, 7 years and1year, have been introduced, among which 3 months, 7 years and1year are new varieties, 3 months is the shortest treasury bond at present, and 7 years and1year are at present.
After several years of development, China's national debt issuance market has basically taken shape. Its basic structure is as follows: (1) Selling marketable government bonds to the first-class underwriter of government bonds by means of differential bidding; Selling unlisted savings bonds (voucher-type government bonds) to underwriters such as commercial banks and government bond institutions affiliated to the financial department; Selling targeted treasury bonds to social security institutions and insurance companies through targeted fundraising. This distribution market structure is a combination of various distribution modes, which adapts to the current reality in China.
National debt circulation market
During the seven years from 198 1 to 1988, there was no secondary market for national debt. Bonds terminate the purchasing power of bondholders within a certain period of time, which makes bondholders feel inconvenient. Therefore, it is urgent to solve the problem of realizing the bonds in the hands of residents. 1985 has a discount method, but the effect is not good. Therefore, the establishment of the national debt circulation market is an important way to facilitate residents and prevent the expansion of purchasing power.
Starting from 1988, China first allowed 7 cities, and then approved 54 cities to carry out the pilot work of treasury bills circulation and transfer. 1985 and 1986 treasury bills were approved for listing, and the financial departments and banking departments in the pilot areas set up securities companies to participate in circulation and transfer. The pilot is mainly conducted in securities intermediaries, so the circulation market of China's national debt starts from over-the-counter trading. 199 1 the scope of the national debt circulation market has been further expanded, allowing 400 cities above the prefecture level to carry out the circulation and transfer of national debt. At the same time, the success of national debt underwriting and the rapid increase of securities institutions have promoted the activity of OTC market transactions. As of 1993, the cumulative turnover of over-the-counter transactions reached 45 billion yuan, which was greater than that of on-site transactions at that time. However, due to the inherent weaknesses of OTC: irregular management, poor reputation and serious breach of contract, it is prone to liquidation and delivery crisis; The uniformity of OTC market is poor, the regional quotation spread is large, and the bid-ask spread is large; Many OTC markets have poor liquidity and so on. These factors led to the continuous shrinkage of OTC market transactions, reaching 1996, accounting for less than 10%. At the same time, although the floor trading market started late, it developed steadily due to its own advantages. At present, on-site trading is mainly concentrated in four places: Shanghai Stock Exchange, Shenzhen Stock Exchange, Wuhan Treasury Trading Center (established in 1992, specializing in the transfer of treasury bonds) and National Securities Trading Automatic Quotation Center. Due to relatively standardized management, good reputation and strong market unity, these places have ensured the steady growth of on-site trading volume, with 1996 accounting for more than 90% of the total national treasury bond transactions. At present, the structure of China's national debt circulation market has formed a basic pattern, which is mainly based on on-site transactions and supplemented by off-site transactions at securities outlets, which is basically in line with China's current reality.
From 199 1, the national debt repurchase market appeared in China. The so-called national debt repurchase refers to holding national debt.
Trend curve of national debt market
Someone signed an agreement with the buyer while selling a national debt, promising to buy back the same national debt at the agreed amount after the agreed time limit. If the transaction procedure is contrary, it is called reverse repurchase of government bonds. Treasury bond repurchase is a kind of securities lending and financing activity in the form of treasury bond transaction, which has the nature of financial derivatives. Treasury bond repurchase provides financing for holders and investors, is the main channel for investors to obtain short-term funds, and also provides tools for open market operations. Therefore, the national debt repurchase business plays an important role in promoting the development of the national debt market. However, the irregularity of the national debt repurchase market will also have a negative impact. If the phenomenon of short selling is serious, the repurchase business is not guaranteed by actual bonds, the sources of repurchase funds are chaotic, and the funds are improperly used, which will impact the financial order. China rectified the national debt repurchase market on 1995. After the rectification, the national debt repurchase market gradually entered the right track. In order to develop the national debt market in an orderly way, we must first consolidate and develop the repurchase market of the exchange; Secondly, it is necessary to establish a standardized on-site repurchase market, establish a unified custody clearing system, put an end to short selling and crack down on market segmentation; Finally, the central bank stepped up its open market operations, and the repurchase of government bonds became an effective tool for open market operations.
China once launched the domestic market in 1992 and 10. The so-called futures trading is relative to spot trading, which is characterized by the separation of the transfer of bond ownership between buyers and sellers and the delivery time of payment. After the transaction contract is signed, both parties do not immediately pay for the delivery of the bonds, but only pay the buyer at the agreed delivery time, and the seller delivers the bonds. A futures contract has four elements: the agreed time, the agreed price, the agreed variety of national debt and the agreed number of transactions, and the agreed variety is the target national debt for futures trading. Treasury bond futures are the product of the development of the treasury bond spot market to a certain stage, which has unique functions:
First, display and guide the national debt price or the national debt market. The treasury bond futures market is an open bidding between buyers and sellers, which makes the treasury bond price change with the supply and demand situation and pass it on the market. Because the futures market is the will of many buyers and sellers, it is the most representative price and has a guiding role in the current and future price trends.
The second is hedging. Investors in treasury bonds can trade a certain variety of treasury bonds in the futures market and the spot market at the same time, so as to supplement or offset the profits and losses of the futures market and the spot market, thus realizing the preservation of value.
The third is speculative profit. Investors in treasury bonds futures can also speculate between different kinds of bonds in the futures market, or between the spot market and the futures market, which provides investors with more hedging opportunities. 1992 at the beginning of the launch of treasury bonds futures in China, investors reacted indifferently. With the development of the securities market and the enhancement of people's awareness of financial management, Shanghai Stock Exchange officially launched standardized treasury bond futures contracts on June 1993+00. Since then, treasury bonds futures have been more and more recognized by investors, and the trading volume has been expanding day by day, from less than 1 billion yuan to more than 1000 billion yuan. However, due to the immature development conditions of China's treasury bond futures market and the lagging construction of laws and regulations, many serious violations occurred between the second half of 1994 and the first half of 1995. It is still difficult to get on the right track after the regulatory authorities have taken measures such as increasing the margin ratio, implementing the daily limit board system and stipulating the maximum position, so the State Council announced the suspension of the national debt futures pilot 1995 in May.
4 Adjust and edit
The regulatory function of the national debt market is weak.
The main problems are the lack of short-term treasury bonds in China, the unreasonable structure of holders and the lagging development of OTC market, which directly restrict the activity of treasury bond trading, make the liquidity of treasury bond market seriously insufficient, and greatly affect the frequency and radiation of central bank's open market operation.
First, most bonds issued by China are medium-term bonds. For example, since 1999, the Ministry of Finance has issued 95.7% bonds in the national banks, with an average repayment period of 6.6 years, and short-term bonds only account for 4.3%. The short-term (less than one year) national debt of western developed countries generally accounts for 40% ~ 50% of all national debt. Treasury bond market is mainly used for open market operation, and it is the place where the central bank expresses its intention of monetary policy. The varieties of national debt circulation here are limited to short-term varieties that can meet the needs of open market business. Therefore, the lack of the national debt market makes the central bank's open market operation unable to play its due regulatory function.
Second, the structure of national debt holders is unreasonable. National debt has different functions in the hands of different investors. If the proportion of national debt held by individual holders is large, the liquidity of national debt will be poor and the secondary market transactions will be inactive. The national debt market mainly plays the function of raising funds. If institutional investors hold a large proportion of national debt, the national debt is highly liquid, the secondary market is active, and the national debt market has a strong regulatory function.
Judging from the structure of the holders of the national debt market in western developed countries in the 1990s, the share of individuals holding national debt basically remained at around 10%, while institutional investors such as commercial banks, fund management institutions, social security fund management institutions, commercial insurance companies and other financial institutions became the main holders of national debt. 1At the end of 996, the proportion of financial institutions in the national debt holding structure was 50% in the United States, 80% in the United Kingdom and 60% in Germany. This model is not only conducive to the issuance of government bonds, but also has strong market liquidity, because in the government bond market, especially the treasury bond market, institutional investors are the most suitable for the central bank to operate in the open market, and only institutional investors will buy day trading government bonds for liquidity management. Provide sufficient sources of securities for the central bank's open market operations.
Since 1980s, China's national debt has been issued mainly to individuals, enterprises, institutions and groups. Since 1993, the holders of national debt are concentrated in individuals, financial institutions and social security funds. Among them, individuals are the main holders of national debt. According to the relevant statistics from 1992 to 1998, the proportion of individual treasury bonds in the issuance of treasury bonds has never been less than 50%, and even reached more than 70% in some years, and about 40% of newly issued treasury bonds have been subscribed by individual investors. In recent years, a large number of treasury bonds and policy financial bonds issued by the inter-bank bond market are mostly held by commercial banks. Although the proportion of bonds held by commercial banks has gradually increased, it only accounts for about 65,438+00% of all bank assets. This structure of national debt holders with individual investors as the main body, on the one hand, increases the financing cost of national debt, on the other hand, makes the number of negotiable national debt seriously insufficient. Because individual investors generally belong to the maturity payment type, and it is inconvenient and costly for individuals to trade national debt, it reduces the liquidity of national debt, seriously hinders the play of the regulatory function of national debt market, and makes the open market operation lack sufficient carriers.
Third, the development of the OTC market of national debt is lagging behind, which seriously restricts the open market business. This is because when the central bank conducts open market operations, the amount of national debt is quite large, and it is difficult to meet the needs of macroeconomic regulation and control only through centralized bidding and matchmaking transactions on exchanges, while OTC transactions provide an important place for it. Most of the national debt of developed countries is traded over the counter. For example, 99% of the secondary market transactions in the world's number one US Treasury bond market are over-the-counter. The second largest Japanese government bond market in the world, 1994 accounts for 99% of the domestic OTC market transactions. Germany, which has the third largest national debt market in the world, has accounted for 85%-9 1% of the total turnover in the OTC market in recent years. However, China's national debt secondary market is basically limited to stock exchanges, among which Shanghai Stock Exchange is dominant in the national debt secondary market, accounting for more than 90% of the listed circulation. This situation obviously cannot meet the needs of the central bank's open market operation. Moreover, after China's entry into WTO, foreign capital, especially foreign "hot money" is bound to be accompanied by corresponding financial risks. If the open market business is underdeveloped, it is difficult for the central bank to stabilize this risk by buying and selling government bonds in the open market.
Fourth, the liquidity of the secondary market of treasury bonds is seriously insufficient, and most of the treasury bonds become high-quality "real estate" for institutional holders, which limits the formation of market benchmark interest rates and the operation of the central bank's open market business. There are generally three indicators to measure liquidity: one is the turnover rate, the other is whether large-scale transactions will affect the market price level, and the third is the scale of market transactions. The overall liquidity of China's national debt market is insufficient, especially the turnover rate is not high. The large volume of transactions has a great impact on the market price, and the spot delivery volume is small. The lack of liquidity of treasury bonds will inevitably make the market interest rate formed in the secondary market of treasury bonds unable to reflect the relationship between supply and demand in the capital market in a timely, sensitive and accurate manner, and the function of the central bank to open market operations and avoid interest rate risks will also be severely restricted.
At present, there are few short-term treasury bonds issued in China, and the treasury bond market lacks treasury bond futures and treasury bond options trading. Because the inter-bank bond market is inactive, it is impossible to enter the exchange bond market for treasury bonds trading, and the liquidity of the secondary treasury bond market is weak, which weakens the function of institutional investors to allocate funds by using short-term treasury bonds and hedge the interest rate risk of the treasury bond market by using treasury bond futures and treasury bond options.
5 function editing
The national debt market generally has two functions:
Seminar on reform of national debt market
The first is to realize the issuance and repayment of national debt.
As mentioned above, the state can complete the task of issuing and repaying national debt in the national debt market transaction by means of fixed income sale and public auction.
The second is to standardize the operation of social funds.
In the national debt market, underwriting institutions and subscribers of national debt, as well as holders of national debt and securities brokers conduct direct transactions. The indirect transaction between the holders of national debt and the subscribers of national debt is a process of redistribution of social funds, which finally satisfies the demanders of funds and national debt and makes the allocation of social funds more reasonable. If the government directly participates in the trading activities of national debt and sells or recovers national debt at a certain price, it can play a role in inducing capital flow and activating the securities trading market.
6 influence editing
The imperfect function of the national debt market affects the process of interest rate marketization.
From the early 1980s to the present, China's national debt market has played a great role in raising funds, supporting national key large-scale infrastructure projects, improving economic structure, and maintaining moderate economic development speed. Especially after 1997, national debt has become an important supporting means for China to implement a proactive fiscal policy and control economic recession. However, the national debt market lags behind in the adjustment function, price discovery function and interest rate risk avoidance function, which will seriously affect the process of interest rate marketization in China.
The price discovery function of the national debt market is incomplete.
At present, China's national debt issuance rate and the circulation yield of national debt in the secondary market have not been fully marketized, and a complete national debt yield curve has not yet been formed. The price discovery function of the national debt market is severely restricted for the following reasons.
First, at present, China's national debt issuance market is imperfect and the degree of marketization is not high, which affects the formation of market benchmark interest rates. (1)1997 In June, the People's Bank of China ordered all commercial banks to withdraw from the exchange market and established an inter-bank bond market, in which commercial banks, insurance companies and the central bank participated. Since the issuance of 1998 bonds in the inter-bank bond market, the main bidders have basically concentrated in commercial banks, especially the four major state-owned commercial banks. Moreover, the bidding scope of this kind of bidding is narrow, and the space for bidders to bid is limited, which greatly limits its bidding scope and will inevitably greatly reduce the marketization of the interest rate of national debt issuance. (2) The bond issuance is uneven and rolling, and the issuance plan is not timely and detailed. These are contrary to the principle of marketization, and they are incomplete monopoly markets, which will inevitably lead to monopoly prices, which is not conducive to the discovery of market issue prices. The interest rate formed in the national debt issuance market cannot accurately reflect the supply and demand of market funds and people's expectation of future interest rate trends, which hinders the formation of the market benchmark interest rate. (3) The bond issuance market lacks the market operation of ultra-long-term fixed-rate bonds, and it is difficult to form a bond yield curve. In the past two years, China Finance has issued many floating interest rate bonds. For example, in 2000, almost all treasury bonds with a maturity of more than seven years were floating interest rate treasury bonds, with a total of 654.38+0692 billion yuan in seven issues, accounting for 67% of the total treasury bonds in circulation. The interest rate term of floating-rate treasury bonds is very short, similar to short-term treasury bonds, but the liquidity is very poor, which is not conducive to the development of the treasury bond circulation market. In particular, the interest rate of floating-rate government bonds, as a kind of "floating" of fixed spreads, is closely linked to the one-year bank deposit rate, and there is no fixed-rate government bonds with a maturity of more than 10 years. It is difficult for national debt to form a complete yield curve, and there is obvious controversy about the pricing of new debt in the market. The interest rate of national debt has not yet become other.
Second, the division of the national debt circulation market hinders the formation of a unified national debt market interest rate. At present, the bond market of the stock exchange and the inter-bank bond market are separated from each other in China, which makes the interest rates between bond markets and between bond markets and capital markets lack internal relations, resulting in great differences in interest rates formed by the same variety of government bonds, and the lack of unification of information on the supply and demand of funds, making it difficult to form a unified market benchmark interest rate that truly reflects the supply and demand of market funds. Generally speaking, the average yield of exchange bond market is higher than that of inter-bank bond market. For example, in 2000, the monthly weighted average interest rate of repurchase in the bond market of Shanghai Stock Exchange was about 1.3 percentage points higher than that in the inter-bank bond market. From the annual average level, the average yield of short-term inter-bank bonds is about 2.45%, the average yield of long-term interest-bearing bonds is about 2.82%, and the average annual yield of bonds in the bond market of Shanghai Stock Exchange is above 3%. In this case, it is difficult for the central bank to find an effective market benchmark interest rate that reflects the supply and demand of funds in the whole market from the separated market, thus providing reference for the adjustment of the central bank's interest rate and even the open market operation. If we start regulation from one of the separated sub-markets, we will not only fail to achieve the macro-aggregate regulation target, but even have the opposite effect. This mutually divided national debt market cannot be a window to observe the interest rate trend of the whole market. Third, although the national debt is a "gilt bond", the interest rate is high, which cannot truly reflect the supply and demand situation of the capital market and the risk degree of the bond market. For example, the listing interest rates of 3-year and 5-year savings deposits are 2.7% and 2.88% respectively. After deducting 20% interest income tax, the real rate of return is 2. 16% and 2.304% respectively, while the interest rates of 3-year and 5-year certificate-based government bonds are 2.89% and 3. 14% respectively, which are 0.73 and 0.836 percentage points higher than the real rate of return of savings deposits. If the interest rate of national debt is higher than the interest rate of savings deposits in the same period, it shows that investors expect the interest rate to rise in the future when the interest rate of national debt is marketized and the interest rate of savings deposits is controlled. If the national debt interest rate is non-market-oriented, then the excessive national debt interest rate obviously cannot reflect the supply and demand of market funds and cannot represent the market benchmark interest rate, which is one of the reasons for the poor liquidity of the national debt secondary market.
Section 7 editor
Perfecting the function of national debt market and promoting the marketization of interest rate
From the perspective of interest rate marketization, China's national debt market cannot produce the market benchmark interest rate, and the open market operation cannot play its due role under the market interest rate system. The function of using national debt and its derivatives to avoid interest rate risk is even missing, and the functions of regulation, price discovery and interest rate risk avoidance in the national debt market need to be further improved.
Perfecting the price discovery function of the national debt market
First, improve the price discovery function of the national debt market, thoroughly realize the interest rate marketization of the national debt issuance market and the circulation market as soon as possible, establish a complete and reliable national debt yield curve, and provide a continuous market benchmark interest rate for the financial market and the central bank.
In the issue market, the competitive mechanism should be introduced by bidding. Through the regular, balanced and rolling issuance of short-term, medium-term and long-term treasury bonds, the position of treasury bond interest rate as the market benchmark interest rate is established and continuously strengthened, so that the benchmark treasury bond interest rate is as close to and reflects the market interest rate as possible, thus playing a guiding role in the market interest rate. Gradually extend the initial term of fixed-rate treasury bonds to 7 years, 10 years, 20 years or even 30 years, and finally form a complete, reliable and more accurate yield curve of treasury bonds, which provides a reliable reference index for interest rate changes of other debt instruments and interest rate adjustment of the central bank, and undoubtedly plays a positive role in promoting the establishment of a market-oriented interest rate system.
Give full play to the role of bond underwriting institutions and "primary dealers" in the open market, and improve the liquidity of the spot market of bonds. Through the exchange of market participants, hedging arbitrage activities are carried out in various markets to create market conditions and make the interest rate level of the whole market tend to be balanced. Drawing lessons from international experience, the inter-bank bond market will gradually develop into an over-the-counter market, and the exchange bond market will develop into an onshore market, eventually forming a unified and open bond issuance market and a highly liquid bond circulation market.
Establish a unified and open national debt market. Unification means that on the basis of a unified national debt custody and clearing system, no matter which investors in the national debt market trade, they will eventually be delivered in the same system. According to international practice, the inter-bank bond market and the exchange bond market will be unified, and the listed and traded government bonds will be settled and settled in the China Government Securities Depository and Clearing Co., Ltd., and the exchange will no longer trust the government bonds. Openness means that all investors can freely enter and exit the inter-bank bond market and the exchange bond market to buy and sell government bonds. Because of the lowest cost limit, individual investors and small and medium-sized investors can participate in the transaction through agents, or they can buy government bond investment funds.
Adjust the term structure and holder structure of national debt.
The second is to adjust the term structure and holder structure of national debt, enhance the liquidity of the national debt market and improve the regulatory function of the national debt market. In the future, we should increase the issuance of short-term treasury bonds with maturities within 1 year, such as three months, six months and nine months, and gradually form a long-,medium-and short-term treasury bond structure with reasonable structure. Mr. Dai believes that China implements the annual scale examination and approval system for the issuance of national debt, which is also one of the reasons for the serious shortage of short-term national debt below 1 year. It is suggested that the upper limit of the balance of short-term national debt should be determined by the National People's Congress Standing Committee (NPCSC) according to the requirements of open market operation, and the Ministry of Finance should standardize the rolling issuance instead of reporting it year by year or one by one.
In the future, the structure of national debt holders should be changed from individuals to institutional investors, providing sufficient carriers for the central bank to operate in the open market. The inclination of the structure of national debt holders to institutional investors will inevitably lead to a considerable number of individual investors not buying national debt, and the active participation of individual investors is extremely important for the development of the national debt market. The key to solve this contradiction lies in vigorously developing the national debt investment fund. Through the national debt investment fund, small personal assets that cannot directly invest in national debt can indirectly invest in national debt. At the same time, individual investors can indirectly participate in the national debt market through banks, insurance and other forms to provide a stable source of funds for the development of the national debt market.
Enrich the variety of national debt
Third, enrich the variety of treasury bonds, resume treasury bond futures trading in a timely manner, and gradually introduce derivative products to enhance the function of the treasury bond market to avoid interest rate risks. In short, from the perspective of interest rate marketization, the imperfect functions of price discovery, market regulation and interest rate risk avoidance in the national debt market have hindered the process of interest rate marketization. We should develop and improve the function of the national debt market as soon as possible, and accelerate the process of interest rate marketization, which is also an urgent problem faced by China after its accession to the WTO.
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