利率掉期(interest rate swap)又称“利率互换”,是交易双方将同种货币不同利率的资产或者债务相互交换。2006年2月,人民银行批准在全国银行间市场开展利率掉期业务,这表明以利率掉期和国债期货为代表的利率衍生品市场建设正步入具体实施阶段;而西方成熟市场、特别是美国债券市 Interest rate swap, also known as “interest rate swap”, is the mutual exchange of assets or liabilities of different interest rates of the same currency by both parties to the transaction. In February 2006, the People’s Bank of China approved the interest rate swap business in the national inter-bank market. This shows that the interest rate derivatives market represented by interest rate swaps and government bond futures are entering the concrete implementation stage. In the mature western markets, especially US bond market