银行间债券市场在央行紧缩货币政策相继出台、债券品种纷纷调整、资金阶段性紧张等共同因素影响的氛围中结束了2006年上半年的交易。从上半年的运行轨迹中,我们不难看出春节因素和二季度以来央行实施的紧缩货币政策对银行间债市产生了较大影响,造成了市场指标的大幅波动。一、 The inter-bank bond market ended the first half of 2006 trade in the atmosphere of tightening of monetary policy by the central bank, successive adjustment of bond varieties and strenuous capital staging. From the operation track in the first half of the year, we can easily see that the factors of the Spring Festival and the tightening of monetary policy implemented by the central bank since the second quarter have had a great impact on the inter-bank bond market, causing sharp fluctuations in the market indicators. one,