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受投资渠道的限制,一直以来债券市场是商业银行在信贷投资外的一个重要的资金投放市场。在利率非市场化环境下,商业银行对利率风险的管理意识相对薄弱,转而更加注重票面利息收益的高低。随着利率改革的深化,利率将逐步走向市场化。作为商业银行的金融投资工具,债券资产的价值将随市场利率的变化而变化。商业银行债券资产的利率风险已经引起央行的高度重视,并于去年年末对债券市场风险发出了警示。金融机构是债券的主要持有者,且以固息券为主。允许商业银行投资的存量债券资产总额约为9万亿元左右,其中主要由国债和银行间金融债为主(参
Due to the restriction of investment channels, the bond market has long been an important market for commercial banks in addition to credit investment. Under the non-market-oriented environment of interest rates, commercial banks are relatively weaker in their management awareness of interest rate risk and instead pay more attention to the level of coupon interest. With the deepening of the interest rate reform, the interest rate will gradually move towards marketization. As a financial investment tool for commercial banks, the value of bond assets will vary with changes in market interest rates. The interest rate risk of commercial bank bond assets has caused the central bank to attach great importance and issued a warning to the bond market risks at the end of last year. Financial institutions are the major holders of bonds and are mainly coupons. The total assets of bonds allowed to be invested by commercial banks are about 9 trillion yuan, of which mainly are government bonds and interbank financial bonds