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自2015年央行放开存款利率后,我国利率市场化顶层设计已经完成。利率市场化后,利率波动性随之增强,相关金融机构和企业面临的利率风险日益凸显。因此,尽快完善利率期货产品体系,推出短期类利率期货无疑是当务之急。目前,我国5年期与10年期国债期货均已成功上市并平稳运行,现货市场不断扩容,推出短期类利率期货时机已然成熟。短期类利率期货的推出不但能为市场参与者提供充分的避险对冲工具,满足投资者多样化的避险需求,而且能够与现有的中长期国债期货形成呼应,共同促进基准利率曲线的形成,进而完善利率市场定价机制,为货币政策的制定提供一定的参考。
Since the central bank liberalized deposit rates in 2015, the top-level market-oriented interest rate liberalization in China has been completed. After the interest rate is marketized, the volatility of interest rates will increase, and the interest rate risks of relevant financial institutions and enterprises will become increasingly prominent. Therefore, improving the interest rate futures product system as soon as possible and launching short-term interest rate futures is undoubtedly a top priority. At present, China’s 5-year and 10-year Treasury futures have all been listed successfully and are running smoothly. As the spot market continues to expand, the time has come to launch short-term interest rate futures. The introduction of short-term interest rate futures will not only provide market participants with adequate hedging instruments and meet diversified hedging needs of investors, but also respond to the existing medium and long-term government bond futures and jointly promote the formation of a benchmark interest rate curve , And then improve the interest rate market pricing mechanism for the formulation of monetary policy to provide some reference.