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2015年9月6日是我国推出5年期国债期货的两周年日,这个交易品种在过去的两年内取得了相对满意成绩,但尚未被人们熟知。我国居民储蓄率在2014年的储蓄率调查中为20%,这个数据与2012年基本相同。市场需要吸收资金进行发展,但是储蓄率过高,可使用的流动资金减少,很难带动经济的快速发展。中国目前正处于高通货膨胀时期,中央政府已经出台相关经济政策来放慢我国经济增长速度。央行也在加快调整利率的频率,这样会使那些持有低面利率国债的投资者带来更大的风险挑战,特别是商业银行、证券公司和保险公司等金融机构。这般情况下,我国尽管已经推出国债期货,但是仍然会面临巨大挑战。
September 6, 2015 marks the second anniversary of the launch of China’s five-year government bond futures. The transaction has achieved relatively satisfactory results in the past two years, but it has not yet been well-known. The savings rate of residents in our country was 20% in the 2014 savings rate survey. This figure is basically the same as in 2012. Market needs to absorb funds for development, but the savings rate is too high, the available liquidity to reduce, it is difficult to promote the rapid economic development. China is now in a period of high inflation. The central government has issued relevant economic policies to slow down the pace of China’s economic growth. Central banks are also stepping up the pace of interest rate adjustments, posing a greater risk challenge to investors holding low-yielding national debt, especially financial institutions such as commercial banks, securities firms and insurance companies. Under such circumstances, our country, despite the launch of government bond futures, will still face enormous challenges.