Study On The Relationship Between The Bond Repo Rate And Other Rates In Currency Market

In the context of interest rate liberalization,the research of market interest rates has always been a hot issue in the financial field.In recent years,the bond repo market,as an important part of the currency market,has grown up and developed.It is important and necessary to explore what role it plays in the currency market and how to play its role.On the basis of explains and defines the concept of money market and bond repurchase,and expounds the relevant theory of interest rate and research methods,the main contents of this paper are as follows:first,this paper summarizes the current situation of the development of the bond repo market,analyzes the relevant data of the present bond repo market,and combs the related situation in the inter-bank market,the Shanghai Stock Exchange,the Shenzhen Stock Exchange,such as the scale,the participants and the main varieties of the bond repo market and so on.After a general understanding of the market situation,we will analyze and study the interest rates in repo market,Based on the relationship of the repo rates in different market,from the data analysis and the actual situation,try to find out the relationship of the different bond repo interest rates and conduct correlation test of the bond repurchase interest rates.On this basis,try to find out the representative interest rates in the repo market,study the representative interest rates and other main interest rates in the money market on the basis of the fourth chapter,analyzes the relationship of the interest rate of the money market,and the relationship between the bond repo rate and other interest rates in the money market from the point of view of monetary policy,and verifies the above analysis by empirical analysis.Finally,we try to throw out some policy suggestions to promote the development of the bond repo market and the whole money market,improve the effectiveness of the money market.Through the analysis,the following conclusions are drawn:first,in the bond repo market,the interest rates of different trading markets have significant correlation,the market liquidity situation can be more sensitive to the exchange repo rate,which is beneficial to speed up the transmission speed of monetary policy and to facilitate the management of liquidity of financial institutions.Secondly,in terms of the overall monetary market,the interest rates of the money market have obvious correlation,exchange repo rate is distinctly different from the other three kinds of interest rates.It is one-way to the other three markets.In terms of guidance relationships the bond repo rate shows a strong explanatory relationship.According to the conclusion,we should pay attention to and give full play to the market signal function of the exchange market,reduce the segmentation of the repo market,and provide some reference for the choice of the benchmark interest rate,improve the transmission efficiency of the interest rate,increase the effectiveness of the monetary policy of the central bank,and promote the effective operation of the capital market and the real economy.