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我国目前公布的利率水平属于政府的官定利率,和市场利率存在着一定差异。市场利率反映了市场的交易者对市场资金供求状况的真实感受以及资金的真实价格。这种资金的价格可以从市场上交易的债券,特别是无违约风险国债的价格中反映出来。因此,我们就可以根据市场上交易的国债价格来估计整个市场利率的期限结构,分析我国利率期限结构的特征。
The interest rate level announced by our country belongs to the official government interest rate, which is different from the market interest rate. The market interest rate reflects the true feelings of the market traders on the market supply and demand of funds as well as the true price of the funds. The price of such funds can be reflected in the prices of bonds traded on the market, especially non-default risk government bonds. Therefore, we can estimate the term structure of the interest rate of the entire market according to the price of treasury bonds traded in the market, and analyze the characteristics of the term structure of interest rates in China.