自1997年以来,我国货币市场利率一直处于下降通道中,债券市场始终表现为一个多头市场。由于交易方式只有单纯的现券和封闭式质押回购交易,债市没有做空机制,在利率出现转折、流动性出现问题时交易成员无法控制其持仓风险,在债券价格大跌的情况下只能被动地接受损失。2004年5月,全国银行间债券市场推出了买断式回购,12月,买断式回购在上海证券交易所亮相,这种新的交易方式为市场参与者提供了一种避险和做空的可能。 Since 1997, China’s money market interest rates have been in a downward spiral, and the bond market has always been characterized by a bull market. As the transaction method is pure spot bond and closed pledge repo transaction, the bond market has no short mechanism. When the interest rate turns into a turning point and the liquidity is in question, the transaction members can not control the position risk. Only when the bond price plunges, Passively accept the loss. In May 2004, the national inter-bank bond market launched a buy-back repo. In December, buy-back repo appeared on the Shanghai Stock Exchange. This new transaction method provides market participants with a safe-haven and Short possibility.