Research On The Operating Mechanism Of Negotiable CD Under The Background Of The Interest Rate Liberalization

Taking a broad view of the development of interest rate market in China,a series of financial reform measures have been issued by the regulatory authorities,which makes the financial market environment continuously improved and the corresponding infrastructure facilities gradually improved.With the introduction of deposit insurance system,the release of deposit and loan interest rates,and the resumption of the deposit certificate policy introduced in 2015,this series of measures more conducive to China’s interest rate market process.Under the policy background of interest rate liberalization,the deposit certificate business has become one of the main business products of many banks.Certificates of deposit,as an active and efficient liquidity management tool,is conducive to further improve the formation and transmission mechanism of market interest rates,and help to determine the trend of the future interest rate market.In addition,for commercial banks,certificates of deposit business is conducive to better management of the market risk,better solution to the banking industry generally facing the deadline mismatches.Therefore,the research on the operating mechanism of certificates of deposit will have a certain practical significance for our country to gradually standardize the deposit certificate market.The purpose of this paper is to analyze the reform process of interest rate market in China,and to analyze the current situation and characteristics of certificates of deposit in china.Analysis of the operation mechanism and product characteristics of certificates of deposit in china.Combined with the analysis of the application of certificates of deposit in the reform of interest rate market in developed countries in the United States and Japan.By drawing on the experience and Inspiration of the issuance of certificates of deposit at home and abroad,this paper combines the empirical analysis of the operation of certificates of deposit in China at the present stage,and the problems existing in the issuance of certificates of deposit in China at present stage.It puts forward that our country’s large certificates of deposit need to be actively explored,improved and upgraded in terms of product design,interest rate pricing,risk management and operation guarantee mechanism.This article mainly uses the literature summary method to carry on the historical document analysis.Analyze product characteristics through historical data and current release data.Using the methods of qualitative,quantitative analysis,comparative analysis of research methods to sort out the products.Through the analysis of the management regulations of the central bank certificates of deposit,this paper interprets the top-level design idea of the national level in the face of the product.Through a large number of data charts to analyze and run an empirical evaluation of certificates of deposit related product data on the existing market,put forward the improvement space of our products issued certificates of deposit,sort out the certificates of deposit issued related mechanism exploration ideas.The innovation of this paper is the evolution and development of CDs have comprehensively reviewed,analyzed the current situation and the reasons for the history of China issued a failure,to guide the central bank’s policy of in-depth interpretation,multi angle operation in China at the present stage of analysis and evaluation.Based on the successful experience of foreign countries and the comprehensive central bank’s policy guidance on the top design of certificates of deposit,the paper puts forward some suggestions on improving the interest rate pricing,risk management,product operation and product circulation of certificates of deposit.