论国债市场与利率市场化（On Treasury bond market and interest rate marketization）.doc

论国债市场与利率市场化（On Treasury bond market and interest rate marketization） On Treasury bond market and interest rate marketization On Treasury bond market and interest rate marketization 2009-02-03 21:18:33 Abstract: Chinas financial system reform has entered a new period of deepening, the interest rate market began to enter the implementation stage. At present, the central bank has made a series of arrangements for the reform of the interest rate market, such as the first rural, the back city, the first loan, the later deposit, and the first foreign currency. This is undoubtedly a historic measure. Then, after the interest rate liberalization, the central bank and rely on what means to guide the market interest rates? This is a theoretical and practical significance of the problem. This paper from the theoretical logic of interest rate -- the interest rate structure, the benchmark interest rate -- interest rates -- government bond market, financial market, analyzes the benchmark interest rate is the interest rate structure, the interest rate is the benchmark interest rate effectively, in the development of a mature bond market to promote the process of marketization of interest rates, the central bank is to guide market interest rates the most effective market mechanisms and means. Key words: Treasury bond market; interest rate liberalization First, the benchmark interest rate is the center of interest rate structure In a competitive market system, interest rate structure can be expressed by three factors, namely, risk structure, term structure and benchmark interest rate. Risk structure refers to the relation between the interest rate and the risk characteristics of the same maturity bonds, and can be described by the capital asset pricing model in theory. According to this model, if the market risk free yield is obtained, the expected return of each asset is equal to the risk-free income of the same period and the sum of the premium of the risk. This risk premium gives