回购是货币市场的重要组成部分,目前已发展成为世界上最具流动性、交易最为活跃的市场之一。回购市场不仅可帮助参与者管理资金头寸,为资金融出方提供更有保障的投资收益,给市场活跃机构提供套利机会,同时也是实行货币政策操作的重要场所。20世纪90年代以来,回购市场更是以一种前所未有的 Repo is an important part of the currency market and has now developed into one of the most liquid and traded markets in the world. The repo market not only helps participants manage their money positions, provides more guaranteed investment returns for financial lenders, provides arbitrage opportunities to market-active agencies, and is also an important venue for implementing monetary policy operations. Since the 1990s, the repo market is even more unprecedented