随着制度对经济发展的制约愈发明显,金融改革迫在眉睫,主要的改革趋势将是以利率市场化和人民币国际化为代表的金融深化过程,在未来金融及货币体系中将表现出以货币增速趋势性下滑、直接融资占比上升、人民币国际化程度提升等为代表的新形势。在新形势下,伴随着利率市场化及金融自由化进程的推进,利率传导机制及金融结构均将发生改变,农发行融资所面临的债券 With the system’s restriction on economic development becoming more and more obvious, the financial reform is imminent. The main reform trend will be the financial deepening process represented by the interest rate liberalization and RMB internationalization. In the future, Rapid decline in the trend, the proportion of direct financing increased, the degree of RMB internationalization as the representative of the new situation. Under the new situation, along with the marketization of interest rates and the progress of financial liberalization, both the interest rate transmission mechanism and the financial structure will be changed. The bonds that IFAD faces in financing