Shibor 基准利率(国外英语资料).docVIP

Shibor 基准利率(国外英语资料) Abstract: Shibor as a benchmark interest rate in China, four years running situation of concern, this paper mainly through the analysis of correlation of different period of Shibor and other money market interest rates to display and forecast the benchmark of Shibor, to improve other conditions and a brief analysis of the Shibor benchmark interest rate. Key words net Shibor; benchmark interest rate; money market [CLC number] F832 [document identification code] A [article number 1005-6432 (2011) 22-0049-01 1 short-term Shibor effectively reflects the money supply and demand in the money market The market base interest rate should be a kind of money market interest rate, which is the reference interest rate of the interest rates of each period, and can reflect the cost of capital and the supply and demand situation. In Chinas money market, the inter-bank repo and lending market occupies a large proportion of the transaction. 2010, the inter-bank market bond repurchase cumulative turnover of 87 trillion and 600 billion yuan, the average daily turnover of 350 billion 400 million yuan, an average daily growth of 24.6%; interbank cumulative turnover of 27 trillion and 900 billion yuan, the average daily turnover of 111 billion 500 million yuan, an average daily growth of 44%. In terms of the term structure of the borrowing transactions, the market transactions mainly focus on overnight varieties, and the ratio of bond repurchase and overnight lending is 79.9% and 87.9% respectively. We first select the currency market overnight rate variety analysis, Shibor (O/N) (Shibor R01D (overnight) and the overnight repo rate) and IBO001 (overnight lending rate) of the three interest rates with a very high degree, the three line is basically coincident. With the increase of market financing, the obvious increase of inflation expectation and macro-control policies, the interest rate of money market in the end of 2010 showed an obvious upward trend. In the sample