中国金融市场发展报告
2010-7
中国人民银行上海总部《中国金融市场发展报告》编写组 中国金融出版社 (2010-07出版)
中国人民银行上海总部《中国金融市场发展报告》编写组 编
165
《中国金融市场发展报告（2009）（英文版）》内容包括Part 1 Overview：1. Macro Environment for Chinas Financial Market Development。2. Major Features of Chinas Financial Market Performance in 2009。3. Outlook for Finandal Market Development in 2010。Part II Money Market：1. lnterbank Borrowing Market。2. Bond Repo Market。3. Short-term Finandng Bill Market。4. Bill Market。Boxl Analysis of the Electronic Commercial Bill System on the Bill Market。Part III Bond Market：1. Overview of Bond Market Performance。2. Features of Bond Market Performance。3. Innovation on the Bond Market。4. Institutional and Infrastructure Building in the Bond Market。5. Bond Market Development Outlook。Box2 Collective Notes of Small and Medium-sized Non-financial Enterprises等。
Part I Overview1. Macro Environment for China's Financial Market Development1.1 International Economic and Financial Environment was Complicated and Volatile1.2 Domestic Economic and Financial Environment Remained Generally Stable2. Major Features of China's Financial Market Performance in 20092.1 The Financial Market Played a Significant Role in Keeping GDP Growth above 8%2.2 The Size of the Financial Market Grew Rapidly2.3 The Financial Market on the Whole Made an Upturn2.4 Important Progress was Made in Product and Institution Innovations in the Financial Market2.5 The Financial Market Structure was Optimized2.6 Institutional and Infrastructure Building in the Financial Market Advanced Steadily3. Outlook for Finandal Market Development in 20103.1 The Financial Market May be Subject to Large Fluctuations3.2 The Size of the Financial Market is Expected to Expand Further3.3 Greater Efforts will be Made to Optimize Product Structure and Financing Structure3.4 Institutional Building will be Pushed Forward3.5 Opening-up of the Financial Market will Move Ahead SteadilyPart II Money MarketI. lnterbank Borrowing Market1.1 Interbank Borrowing Market Performance1.2 Major Features of Interbank Borrowing Market Performance1.3 Outlook for Interbank Borrowing Market Development: Increasing Market Participation2. Bond Repo Market2.1 Bond Repo Market Performance2.2 Major Features of Bond Repo Market Performance2.3 Noteworthy Issues in Bond Repo Market Development3. Short-term Finandng Bill Market3.1 Performance of Short-term Financing Bill Market3.2 Major Features of the Performance of Short-term Financing Bill Market3.3 Outlook for Short-term Financing Bill Market Development4. Bill Market4.1 Bill Market Performance4.2 Major Features of Bill Market Performance4.3 Bill Market Development OutlookBoxl Analysis of the Electronic Commercial Bill System on the Bill Market1. The Launch of Electronic CB System and Its Functions2. The Electronic CB System and Its Main Innovations3. Significance of the Operation of the Electronic CB System on the Development of the Bill Market4. Implications of the Operation of the Electronic CB System on the Bill Market ParticipantsPart III Bond Market1. Overview of Bond Market Performance1.1 Bond Issuance Market1.2 Bond Trading Market2. Features of Bond Market Performance2.1 The Development of the Debenture Bond Market Accelerated2.2 Investors were More Diversified2.3 The Bond Market Guaranteed the Supply of Funds for Tackling the Financial Crisis3. Innovation on the Bond Market3.1 Innovation Gained Speed3.2 Breakthroughs in Institutional Innovation4. Institutional and Infrastructure Building in the Bond Market4.1 Enhance Regulations Concerning Bond Registration, Custody and Settlement4.2 Further Regulate and Improve the Administration of the Issuance of Financial Bonds4.3 Allow Financial Leasing Companies and Auto Finance Companies to Issue Financial Bonds4.4 Allow Non-incorporated Institutional Investors Access the Interbank Bond Market for Investment and Trading4.5 Remove the RMB 500 Million Threshold for the Issuance of Tradable Bonds4.6 Take Action to Foster a Healthy and Orderly Environment to Support Proper Function of the Interbank Bond Market5. Bond Market Development Outlook5.1 Bond Supply will Rise Further5.2 Supply of Funds will Remain Adequate and Funds Structure will be More Balanced5.3 A Wider Range of Bonds is Expected to be Available5.4 Market Monitoring and Management will be Further ImprovedBox2 Collective Notes of Small and Medium-sized Non-financial Enterprises1. The Official Introduction of Collective Notes of Small and Medium-sized Non-financial Enterprises2. Innovations of Collective Notes of Small and Medium-sized Non-financial Enterprises3. SignificancePart IV Stock Market1. Stock Market Performance1.1 Primary Market: Substantial Growth of Share Issue1.2 Secondary Market: Rising Index Amid Brisk Transaction2. Features of China's Stock Market Performance2.1 Rapid Growth of Market Capitalization and Optimized Funding Structure and Industrial Distribution2.2 Steady Increase of Free-float Shares and Relatively Fast Growth of SME Board2.3 Great Headways in the Construction of Multi-tier Capital Market3. Institutional Building and Infrastructure Construction in the Stock Market3.1 The Official Launch of GEM Board3.2 Reform of New Shares Offering System3.3 Transferring Part of State-owned Shares to National Social Security Fund4. Stock Market Development Outlook4.1 Improve Price Discovery Function of Stock Market4.2 Promote the Development of Stock Derivative Products4.3 Steadily Promote the Opening-up of the Stock Market4.4 Promote the Construction of Multi-tier Capital Market4.5 Improve Corporate Governance of Listed CompaniesBox3 Analysis on the Launch of Chinext on China's Innovation-oriented Economy and Economic Restructuring1. GEM Board Contributes to the Development of Innovation-oriented Economy2. GEM Board Contributes to the Development of Private Economy3. GEM Board Contributes to Economic RestructuringPart V Foreign Exchange Market1. FX Market Performance in 20091.1 The Central Parity of CNY/USD Remained Broadly Stable1.2 Non-USD Foreign Currencies Appreciated against the RMB after Depreciation1.3 The Trading Volume of the RMB/FX Spot Market Grew Steadily1.4 The FX Pairs Spot Market Witnessed Lower Turnover and Improved Structure2. Features of FX Market Development in 20092.1 The Structure of Market Participants in the Interbank FX Market was Further Improved2.2 The Dominant Role of Market Makers was Enhanced while Performances were Wide apart2.3 The RMB Maintained a Two-way Fluctuation against the USD with Narrowed Fluctuation Range3. Institutional Building in Interbank FX Market in 20093.1 The New FX Trading System CFETS FX 2009 was Put into Operation3.2 The Netting Services for OTCRMB/FXSpot Transactions were Launched4. FX Market Development Outlook4.1 Further Improve the Netting Services for OTC RMB/FX Spot Transactions4.2 Develop More Diversified Products in the FX MarketPart VI Gold Market1. Domestic Gold Market Performance1.1 The SGE Gold Spot Market Enjoyed Good Development1.2 The Gold Futures Business at Shanghai Futures Exchange Performed Stably1.3 The OTC Business of Commercial Banks Maintained Innovative Development2. Gold Price Movement in 2009 and Contributing Factors3. Features of Gold Market Performance3.1 Gold Price Fluctuated Sharply, and Price Gap between Domestic and International Gold Narrowed Significantly3.2 Supply and Demand of Gold Grew Continuously and Domestic Market was More Active than International Market3.3 The Gold Business of Commercial Banks Saw Innovative Development and Specialized Business Departments were Established3.4 Individual Investors Took an Active Part in Gold Market, and the Rank of Investors Grew Rapidly4. Institutional and Infrastructure Building in the Gold Market4.1 Systemic Functions were Improved Continuously to Guarantee Stable Operation4.2 Storage Network was Optimized and the Construction of Delivery Vaults Enhanced4.3 The Agent Business of Member Institutions was Regulated to Guarantee Sustainable Development of Gold Market5. Gold Market Development Outlook5.1 Step up Gold Market Regulatory Effort5.2 Vigorously Promote Gold Market Product Innovation5.3 Make Solid Improvements to Gold Market Support SystemsPart VII Futures Market1. Futures Market Performance2. Major Features of Futures Market Performance2.1 Market Size Reached Historical High2.2 Futures Products Further Diversified2.3 Market Structure Continued to Improve3. Institutional Building in the Futures Market3.1 Classified Supervision over Futures Companies was Launched3.2 Unified Account-opening System was Introduced in the Futures Market3.3 The Administration of Information Technology of Futures Companies was Further Strengthened3.4 The Administration of Securities and Futures Market Statistics was Regulated4. Futures Market Development Outlook4.1 Market Size will Continue to Expand4.2 Market Innovation will be Steadily Promoted4.3 The Quality of Market Operation will be Enhanced4.4 Opening-up of the Market will Speed upPart VIII Financial Derivatives Market 1. Features of RMB Interest Rate Derivatives Market Performance1.1 Market Performance1.2 Features of the Performance of RMB Interest Rate Derivatives Market2. Performance and Features of RMB Exchange Rate Derivatives Market2.1 RMB Interest Rate Derivatives Market Performance2.2 Features of the Performance of RMB Exchange Rate Derivatives Market3. Performance and Features of FX Pairs Derivatives Market3.1 FX Pairs Derivatives Traded More Actively3.2 Features of FX Pairs Derivatives Market Performance4. Institutional Building in the Financial Derivatives Market4.1 Consolidation of Master Agreements for Financial Derivatives Trading Concluded Successfully4.2 Risk Management on Financial Derivative Product Transactions was Further Improved4.3 Pricing Benchmark for RMB Interest Rate Derivatives was Further Optimized5. Outlook for the Development of Financial Derivatives Market5.1 Press Ahead with Institutional and Product Innovation in the Financial Derivatives Market in an Active and Prudent Manner5.2 Speed up the Formulation of the Administrative Rules on Interbank Derivatives5.3 Promote the Diversification of Market Participants in the Financial Derivatives MarketBox4 Price Relationship between Domestic RMB Derivatives and Overseas RMB Derivatives1. Price Difference between Domestic and Overseas Derivatives was Noticeable, but Tended to Narrow……Part Ⅸ Fund MarketPart Ⅹ Wealth Management Product MarketAppendix1 Highlights of Financial Market Development in 2009Appendix2 China Financial Market Statistics
插图：In 2009, affected by the enormous shock from the international financial crisis, China'seconomic development experienced severe difficulties. Confronted with extremelycomplicated and grave situations at home and abroad, China stuck to a proactive fiscalpolicy and a moderately loose monetary policy, fully carrying out and constantly improvingthe package of plans for addressing the international financial crisis. As a result, China'seconomy was the first in the world to make an overall turnaround. In the face of the crisis,China's financial markets not only provided strong backing to national economicconstruction, but also maintained rapid and sound growth momentum. Funds raisedincreased significantly, trading volume hit historic high, market structure was furtheroptimized, and functions such as investing and financing, price discovery and risk hedging were all enhanced.1. Macro Environment for China's FinancialMarket DevelopmentIn 2009, in response to the ripple effect of theinternational financial crisis triggered by the U.S.subprime meltdown, major economies of the worldcontinued to roll out bailout measures such asbenchmark rate cuts and liquidity provision. Asthe policies started to pay off in the second half ofthe year, the global economy entered a slow, zigzagrecovery. Due to a rebound in fundamentals andthe loose macroeconomic policies adopted bymajor economies, asset prices and commodityprices around the world rose dramatically afterthe steep fall last year. Moreover, major financialmarket rates dropped and credit market conditionsimproved markedly. China's economy was thefirst in the world to stabilize and see an upturn.Its economic structure was further optimized, itsmacro financial environment was moderatelyloose and its financial system witnessed stable andsound growth.
《中国金融市场发展报告(2009)(英文版)》由中国金融出版社出版。
