| Bond is a kind of important investment and any investor cannot neglect it. Our Chinese bond market has been developed since 1991 Currently, the stock and bond markets are in the same important status. Bond is a contract made by debtors to promise to compensate the debt and interest to the investors within certain period.After the development of more than 10 years, a system with various bond market has been set up including bond markets among banks, bourse bond markets and counter market of commercial banks. Recently, Chinese bond market has been greatly developed. Especially after the actualization of records of bond markets among banks and balance deputization of commercial banks, the expansions and finance innovation of the bond markets among banks has kept ahead, which drives the developments of bourse bond market and counter market of commercial banks.However, compared with developed bond markets abroad, Chinese bond market is still of elementary developing. There are many problems such as the singleness of bond species, undeveloped frameworks and marketization of interest rate. All the above factors restrict the sufficient exertion of the national debt market and the efficient actualization of finance and currency policies. The behaviors are as follows:1, At present Chinese bond market is mainly based on cash and back-purchasement. It lacks the derivative futures species for insurance support for the investors.2, The partition of bourse and inter-banks band markets obstructs theincrease of market efficiency and formation of standard interest rate.3, The singularity singleness of investment sites and trenches for market exchange cannot satisfy the management of money supply of some organizations.In the present work, the followings should be conducted: (1) enrich the species of bond markets; (2) increase the market efficiency; (3) progress the marketization according to status in quo of Chinese bond market and the experiences of developed market. Several suggestions are: (1) resume the exchange of derivative futures species for insurance support for the investors as soon as possible; (2) establish the effective mutual system among bourse and inter-banks band markets; (3) diversify the participation of bourse bond market to provide optimum the management of money supply and base on the management of different species.In the same time of developing the bond market, protection of risks must be paid much attention at any moment. The protection of risks has also been explored in the present work.According to the experiences of developed countries, the finance derivatives market should based on not only certain macro-economic system but also micro-finance market. In fact, to develop the finance derivative market is an innovation of finance. The economic base of finance innovation lies on the marketization of economy , deepening of finance and development of the macro-economic control and finance supervise system. Besides of macro-economic system, the other conditions of developing finance derivative market are (1) the perfect original finance merchandise on hand market formed by the commercialization of finance; (2) the marketization of interest rate resulting in integrated interest rate system; and (3) themarketization of exchange rate to actualize free exchange of currency.According the standands mentioned above, the macro-economic system has already existed for developing finance derivatives markets in China. However, from the point of micro-finance market, there are many problems: (1) Small capacity of finance market that may be easily controlled by others. (2) Imbalance of finance market. The development of capital market is faster than that of currency market. Among capital market, the stock market is far more fast developed. (3) Slow development of the marketization of interest rate and difficult development of the derivatives of interest rate. (4) Unentire free exchange of RMB. Under fixed exchange rate, the need of currency derivatives cannot come into being. (5) At present stock is the...
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