(1) Lending market

(2) Bill market (acceptance, discount, discount, rediscount market, etc.). ).)

(3) certificate of deposit market

(4) Short-term bond market, etc.

Characteristics of money market

(1) The term is short (usually from March to June, and the longest is no more than one year).

(2) The purpose of the transaction is to solve the short-term capital turnover.

(3) Financial instruments are highly "monetary" and have the characteristics of strong liquidity, stable price and low risk.

According to different lending or trading modes and businesses, the market can be divided into the following categories:

1. Bank short-term credit market. Refers to international interbank lending and places where banks provide short-term credit funds to industrial and commercial enterprises. The market is developed in the process of capital internationalization, and its function is to solve the temporary short-term liquidity shortage. Short-term credit markets have different loan terms. The shortest is daily demolition, generally 1 week, 1 month, 3 months, 6 months, and the longest is 1 year. LIBOR is based on LIBOR. The market transaction mode is relatively simple, and deposits and loans are made by telephone every day, and loans do not need guarantee. In China, the short-term credit market of banks is concentrated in the National Interbank Funding Center. Its interest rates in China are called Shanghai Interbank Offered Rate (SHIBOR) and London Interbank Offered Rate (LIBOR). Eight varieties are issued overnight, one week, two weeks, one month, two months, six months, nine months and one year. A quotation bank group consists of 18 big banks.

2. Short-term securities market. Refers to bills issued by industrial and commercial enterprises with good credit to raise short-term funds. It can be issued by banks with unlimited face value, and the term is generally 4 to 6 months. The transaction is conducted by discounting the face value. Refers to commercial paper accepted by banks. Once the bill is accepted by the bank, its credit will be improved, thus facilitating circulation. Due to the high credit of banks, their liquidity is stronger than that of commercial acceptance bills. Refers to the place where short-term securities are issued and traded. Its expiration time is generally less than one year. Short-term marketable securities here include government bonds, negotiable time deposits, commercial bills, bank acceptance bills, etc. , which is characterized by greater liquidity and safety. There are many kinds of short-term credit instruments in different countries with different names, but they are all credit instruments in essence. Treasury bills. Negotiable certificates of deposit. Commercial paper. Bank acceptance bill. Discount market. Refers to the trading market formed by discounted financing of unexpired bills. The main operator of the discount market is the discount company. Credit bills for discount transactions mainly include government treasury bills, short-term bonds, bank acceptance bills and some commercial bills. The discount rate is generally higher than the bank loan interest rate.