The Analysis And Countermeasure On The Liquidity The Our Country's Interbank Bond Market

Interbank bond market is one of the essential parts of the financial market. Nation interbank bond market have developed rapidly since it is established in June, 2003. Interbank bond market, which have already become the main place of issuing bonds, has more corpus of transaction abundant varieties of transaction, increasing transaction scale, more active transaction, deepened market-oriented, and the main market of opening investing and transaction between the financial institutions, and it is also the important carrier of central bank's monetary police, so Interbank bond market is bound to develop in market economy.As the main place of financial institution's liquidity management, the Nation interbank bond market developed normally, the market basis facility become more perfect, the transaction net extends unceasingly, the bodies of transaction increase largely, the transactions are more active, and it have made an important role in the development of the finance since the Nation interbank bond market is established in June, 2003. Nation interbank bond market exerts important role for the central bank's monetary policy.An important character of capital is the liquidity which means when the dealer in the market exercises many financial transactions, the capital price could keep stable. Therefore the liquidity of the national interbank bond market has been a focus in the economic and financial theory field. At present the bond repurchase and trade are the main dealing in the national interbank bond market, among which bond market is regarded as the main index measuring this liquidity. Though there are large bond storage, the bond market are inactive. In 2001, the amount of transaction is up to 4905.463 billion in national interbank bond market, but the spot bond market is only 839.32, which is only 1.7% to the total transaction. From the above, we will find low liquidity and price creating function of the national bank bonding market could seriously effect the central bank monetary policy conduction and money instruments efficiency. So establishing a high efficiency, low cost and full liquidity bonding market is an important part of our financial reform.The paper firstly introduces the establishment, present situation and development. Secondly, the paper elaborates the performance of low liquidity of Interbank bond market on the concept-basis of its liquidity, and analyzes specifically by establishing the index of liquidity. The third part analyzes the varied factors of influencing the liquidity of Interbank bond market. Finally the paper suggests the improvement of liquidity of Interbank bond market should perfect the Interbank bond market according to the principle of steadiness norm, and provides the suggestions of improving the liquidity of Interbank bond market at the present situations.