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国债是公开市场业务操作的理想工具。但由于我国国债市场不发达,中央银行利用国债开展公开市场业务操作还存在许多制约因素,主要表现为国债品种单一、国债规模偏小、国债持有者结构不合理、国债市场分割、债券利率的市场机制尚未形成等,抑制了公开市场政策效应的发挥。我国利用国债开展公开市场业务操作要想取得理想的效果,必须在解决以上问题上多下功夫。
Treasury bonds are the ideal tool for open market operations. However, due to the underdevelopment of our national debt market, there are still many constraints that the Central Bank uses to carry out open market operations using government bonds. The main features are the single treasury bonds, the small size of government bonds, the unreasonable structure of the government bondholders, the bond market segmentation and the bond interest rate Market mechanism has not yet been formed, inhibiting the effectiveness of the open market policy. In order to achieve the desired result, our country should make more efforts to solve the above-mentioned problems by using the government bonds to conduct open market operations.