2012年中国票据市场运行情况与2013年前景展望.pdfVIP

宏 观 分 析macro economics M 2012年中国票据市场运行情况 与 年前景展望 2013 China’s commercial paper market performance in 2012 and outlook in 2013 汪办兴 作者简介 汪办兴，博士，中国工商银行票据营业部 Author Wang Banxing, Ph.D., Bill Business Department, Industrial and Commercial Bank of China 摘 要 2012年，中国票据市场总体平稳运行，金融机构开展票据业务的积极性有所提高，主要特点是：票据承兑量持续扩张，票据融 资规模平稳小幅增长；票据转贴现市场活跃，票据回购市场复苏，逆回购交易受到市场青睐；票据交易利率波动下行后回升。监管 部门加大合规监管力度以规范票据业务集约有序发展，金融机构为适应未来经营环境变化需注重票据业务经营模式的转型。展望市 场前景，预计票据融资需求将保持增长，市场交易会进一步活跃，票据利率将在波动中运行，经营主体在竞争中合作与合规化经营 趋势将不断加强。 Abstract In 2012, the China’s commercial paper market had a stable performance on the whole, and the financial institutions were active to participate in CP business. Its major characteristics are: the volume of CP acceptance was increasing continuously, and the scale of CP financing maintained a stable growth; the CP rediscount market was active with recovery of CP repo market, and reverse repo gained popularity in the market; the CP trading rate went down with fluctuations and then moved up. The regulatory authority put efforts in regulating the intensive and orderly development of the CP business, and the financial institutions attached importance to transforming CP business operation modes in response to the changes of the future operating environments. Looking ahead, it is anticipated that CP financing will sustain its growth momentum, the market trading will be more active, CP rate will be fluctuated, and business entities will grow amid competition and cooperation as well as compliance operation. 2012 年，中国票据市场总体平稳运行，金融机构 管部门对此发布多项监管指引，加大票据业务风险监 开展票据业务的积极性有所提高，票据承兑量持