In addition, it is worth mentioning that in the process of promoting the marketization of interest rates, under the background that the management takes solving the problem of "difficult and expensive financing" as the main work of this government, the role of treasury bonds futures in the macroeconomic field is gradually becoming prominent.
From the perspective of germination, emergence and development, the futures market is rooted in and serves the real economy, and is closely linked with the real economy. With the globalization of economy and finance, interest rate derivatives represented by treasury bonds futures have become the basic risk management tools of various real economies. This paper will briefly explain the role of financial futures represented by treasury bonds futures in the macroeconomic field.
First, the function of financial futures represented by treasury bonds futures mainly lies in reducing transaction costs, promoting price discovery and optimizing risk allocation. Enterprises or banks can directly or indirectly promote the development of the real economy by using financial futures represented by treasury bonds futures. For enterprises, if they can effectively hedge the risk of cash flow fluctuation caused by interest rate, exchange rate, commodity and stock price fluctuation, effectively reduce the cost of financial distress and bankruptcy risk, and alleviate the problems of insufficient investment and increased capital reserve caused by risk aversion, the enterprise value will be improved to some extent. Banks and other financial institutions use financial derivatives such as treasury bonds futures, which can reduce the maturity mismatch of assets and liabilities, strengthen the linkage between internal cash flow and capital situation, and then help to increase credit supply to production departments. This means that financial futures such as treasury bonds futures will play an intermediary role in promoting the development of the real economy.
Second, interest rate, as the cornerstone of many asset prices, "affects the whole body". Especially at the end of 20 16, the bond market continued to bear market, and since the interest rate rose sharply, the problem of "difficult and expensive financing" for enterprises has become more prominent. In fact, due to the increasing fluctuation of the secondary market, the "cancellation tide" of the primary issuance in the bond market has occurred from time to time in recent years, especially in the market adjustment of 20 16 and 20 17, the primary issuance has shrunk dramatically, and even "phased zero issuance" has appeared. Then, the role of treasury bond futures in solving the problem of "difficult and expensive financing" for enterprises will appear. On the one hand, bond financing, as an important channel of direct financing, plays an important role in financial services to the real economy. The risk management function of treasury bond futures can enhance the willingness of financial institutions to buy and hold bonds, make investors pay more attention to the qualifications of credit subjects, and enable outstanding enterprises to obtain relatively low financing costs, thus enhancing their ability to serve the real economy. On the other hand, the price discovery function of treasury bonds futures is the market-oriented pricing of domestic risk-free interest rates. As the anchor of market interest rate, the base interest rate, timely and transparent price signal will help the issuer to arrange the financing plan reasonably and help investors to give a more reasonable quotation level. On the whole, in the "debt bear" market of 20 16-20 17, financial institutions took advantage of the characteristics of good liquidity and fast trading speed of treasury bonds futures to sell short in the treasury bonds futures market for the first time, effectively hedging the downside risks of the spot bond market.
Third, financial futures represented by treasury bonds futures can have an impact on total social investment and total social savings, and then can change the macroeconomic equilibrium relationship. On the one hand, it is conducive to promoting the formation of capital, thereby increasing the total social investment, thus tending to increase the gross national product and accelerate economic growth. On the other hand, it will reduce people's demand for money liquidity and relatively expand the money supply, which can partially meet the money supply needed for the increase of total social investment. Therefore, even if monetary policy, fiscal policy and other related economic policies remain unchanged, the growth of GNP is still guaranteed. In addition, financial futures represented by treasury bonds futures will also have a certain impact on the interest rate level, which depends on the relative level of investment expansion and monetary expansion. On the whole, financial futures represented by treasury bonds futures have a far-reaching impact on macroeconomic equilibrium.
Fourth, since the listing of treasury bonds futures, it has played an active role in promoting the smooth issuance of treasury bonds, timely reflecting market information, improving the liquidity of treasury bonds market, enhancing the transparency and pricing efficiency of treasury bonds spot market, and improving the accuracy of compiling treasury bonds yield curve. It is of great significance to improve the yield curve of national debt as the pricing benchmark of financial products and provide pricing benchmark and reference for financial markets and macro-control price means. Treasury bond futures can timely reflect market funds, supply and demand, policies and macroeconomic fundamentals through the yield curve of treasury bonds, and make qualitative analysis of macroeconomics at any time.
Fifth, treasury bond futures have played an important role in promoting the marketization of interest rates. The introduction of treasury bond futures strengthens the linkage between markets and can effectively promote the marketization of interest rates. At present, China's bond market can be divided into inter-bank market and exchange market. Before the introduction of treasury bond futures, there was a serious market segmentation between the two markets. The introduction of treasury bond futures is an important catalyst, which integrates the inter-bank market and the exchange market, promotes the rapid transmission of market information in the two markets, reduces information asymmetry, and narrows the pricing difference of the same bond in the two markets, thus improving the liquidity of the entire bond spot market, promoting the realization of the function of the treasury bond market as a benchmark interest rate carrier and promoting the marketization of interest rates.
On the whole, unlike the commodity futures market directly facing manufacturers, traders and other industrial customers, the financial futures market represented by treasury bonds futures serves the real economy by serving the capital market, that is, by improving the operating efficiency and transparency of the capital market and enhancing the security of the capital market. In the future, with the further enrichment of the treasury bond futures product system and the entry of financial institutions such as commercial banks and insurance companies into the treasury bond futures market, the interest rate risk management business and risk supervision system will be greatly developed and improved on the basis of the existing market. The efficiency of the yield curve of domestic bond market in terms of term structure and spread structure will be further improved, the process of interest rate marketization will be further deepened, the influence of market interest rate on the real economy and the feedback mechanism will be more effective, and the macroeconomic role of financial futures represented by treasury bonds futures will be more prominent in the future.