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随着1996年4月1日中国银行间同业拆借市场的正式运行,中国货币市场从此走上了健康发展的快车道。与资本市场的大喜大悲相比,中国货币市场虽然还存在这样或那样的问题,但其发展却是中国金融市场一道亮丽的风景。赁币市场不仅是央行实施货币政策的重要载体,是商业银行进行流动性管理的重要场所,还是资本市场发展的有力援军。然而,由于货币市场更多的批发业务性质,难免使不少专家、学者和业内人士对货币市场的运行状况知之不多,甚至产生某种误解。为此,本期特刊发一组有关中国货币市场发展的文章,以期引起各方的关注和思考。
With the formal operation of China’s interbank market on April 1, 1996, the Chinese money market has embarked on a fast track for healthy development. Compared with the great joy of capital market, although there are still some problems in China’s money market, its development is a beautiful landscape in China’s financial market. The currency market is not only an important carrier of the Central Bank’s monetary policy, an important place for liquidity management of commercial banks, but also a powerful aid force for the development of the capital market. However, due to the more wholesale nature of the money market, it is inevitable that many experts, scholars and practitioners have little or no understanding of the operation of the money market. For this reason, this issue issues a special article on the development of China’s money market with a view to arousing the concern and reflection of all parties.