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一、银行间债券市场发展回顾 1997年5月,随着银行业、证券业、信托业实行分业管理以后,各商业银行开始退出在沪、深证券交易所的国债现券买卖和国债回购交易。6月,中央银行在中国外汇交易中心同业拆借网络上正式建立了全国银行间债券交易市场。至此,银行间债券市场开始成为我国的银行金融机构进行国债、金融债和中央银行融资券等债券交易的场所,同时它也是央行操作公开市场业务传导货币政策意图的重要场所。尤其是去年以来,大量国债和政策性金融债等债券在
I. Review of the development of the inter-bank bond market In May 1997, with the separate management of the banking, securities and trust industries, commercial banks began to withdraw from the sale and purchase of treasury bonds and treasury bonds in Shanghai and Shenzhen Stock Exchanges transaction. In June, the Central Bank formally established a national inter-bank bond market on the inter-bank lending network of China Foreign Exchange Trade Center. At this point, the inter-bank bond market has become the place where our country’s bank financial institutions carry out bond trading such as treasury bonds, financial bonds and central bank bills. At the same time, it is also an important place where the central bank intends to conduct open market operations to transmit monetary policy. Especially since last year, a large number of bonds and other bonds in the policy of financial bonds in