近年来,尽管我国债券市场发展速度很快,但是伴随着整个市场规模的扩大,债券交易流动性不足的问题仍很突出,特别是作为债券市场主体的银行间债券市场流动性仍偏低。2002年,银行间债券市场现券交易量达到创纪录的4410亿元,比2001年增长4.3倍,年换手率为17%。而同期上海证券交易所 In recent years, despite the rapid development of the bond market in our country, with the expansion of the entire market, the problem of insufficient liquidity in bond trading is still outstanding. In particular, the liquidity of the inter-bank bond market, which is the main body of the bond market, is still low. In 2002, the trading volume of spot securities in the inter-bank bond market reached a record 441 billion yuan, an increase of 4.3 times over 2001 and an annual turnover of 17%. The same period, Shanghai Stock Exchange