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公开市场业务的基本涵义是:中央银行通过在金融市场上买卖国债、外汇和其它有价证券的形式吞吐基础货币,从而影响商业银行的准备金水平和贷款量,调节利率水平和利率结构,最终起到控制货币供应量的作用。其中,央行公开市场业务操作的主要媒介物是国债,因而保证公开市场业务正常开展的基本条件就是要求有一个健全完善的国债市场,它包括国债在总量、结构、二级市场等方面要能满足公开市场业务的操作需要。就目前来说,我国国债市场的发展现状还不适应公开
The basic meaning of the open market business is that the central bank will affect the reserve level and loan volume of commercial banks, adjust the interest rate level and the interest rate structure by finally swallowing the base currency through the sale and purchase of treasury bonds, foreign exchange and other securities in the financial markets, and ultimately Play a role in controlling the money supply. Among them, the central medium of open market operations by the central bank is government bonds. Therefore, the basic condition for guaranteeing the normal operation of the open market business is to require a sound and complete national debt market, including the total amount of bonds in the structure, the secondary market, etc. Meet the operational needs of open market operations. For now, the status quo of the development of China’s bond market is not suited to the public