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我国的国债市场对于支持积极的财政政策和稳健的货币政策的实施、推进金融市场的健康协调发展,发挥着越来越大的作用。从目前看,国债市场的有限开放实际已在逐步实施之中,因为外资商业银行在华分行基本都已被批准进入银行间债券市场参与交易。市场的完全对外开放的时间表取决于人民币资本项目下自由兑换的时间安排,这可能会给我们再留下数年宝贵的时间以作好相应的准备。
China's bond market plays an increasingly important role in supporting the implementation of a proactive fiscal policy and prudent monetary policy and in promoting the healthy and coordinated development of financial markets. As of now, the limited opening up of the government bond market has been gradually implemented because all foreign-funded commercial banks in China have basically been approved to participate in the inter-bank bond market. The timing of the market's full liberalization depends on the timing of the convertibility of RMB capital items, which may leave us with precious years to prepare.