Functional Analyze And Developmental Research On The Inter-bank Bond Market In China

The inter-bank bond market was established in June of 1997, it is the important component of the money market and the national debt market. It is the place that market members carried on bond issuing and trading, it is the combination of the fiscal policy and the monetary policy. Analyzing in terms of whether microcosmic or macroscopic, the inter-bank bond market all play an important role in national economic development. Another respect, the inter-bank bond market is still in the elementary stage of development, there is a great deal of faults existing behind its rapid development. Its depth and width can't still totally meet reform and development's needs of financial system, some questions gradually expose with the development of the market and transition of the investment and financing system.This text starts on the characters of inter-bank bond market similar to the national debt market and studies its nature, traits and functional mechanism, etc., to analyze a series of problems such as the imperfection of management system; the deficiency of systemic arrangement; the lack of issuers; the scale being too small and the design of business being dull in variety; the inactivity of financial creation; the market segmentation and failing to form the unified bond market.To solute problems above, this text proposes that to strengthen theoretical research and to perfect relevant systemic arrangement; to set up a efficient management organization so that to raise the efficacy and efficiency of daily business management and supervise; to strengthen the construction of marketer and to encourage more high-rating institutions to issue bonds in the inter-bank bond market; to set up the market-making system, to dispel the restriction of the information asymmetry, to enliven the connection between the members of market and to improve the mobility of the inter-bank bond market; to promote the financial innovation of the inter-bank bond market and to meet the need of investors having different partiality; to unify gradually the bond trusteeship system and trading methods of two markets, to realize gradually the identity of the investors and investment tool of two markets, thus to promote the integration of two markets and form a nationwide unified bond market.