129742939261093750_450Treasury bond futures and interest rate liberalization reciprocal causation. Because of Treasury bond futures trading is the price of money. A standard of 5-year bond futures contract $ 1 million on the, it is 5 years after the $ 1 million value of the transaction. This price depends on Treasury bond futures buyers and sellers, and it floated up and down, it will affect the interest rate. At present, ourInterest rates determined by the Central Bank, after the Treasury bond futures may be determined by the market. Simulation of Treasury bond futures trading days ago.
This means that the China Financial Futures Exchange's second financial futures products to start trials, after futures, financial futures market in China is expected to usher in a second "baby". Lower margin, stimulating the future investor participation in Treasury bond futuresThe passion according to the notice of the China financial futures exchange, simulation of Treasury bond futures transaction contracts subject to denominations of $ 1 million, 3% standards in the name of 5-year bonds coupon rate. Month for the last three months of the contract (, three or six quarter months circulation), maximum daily price fluctuation limit for the previous trading day closing price ± 2%; minimum margin forAbout the value of 3%. This new variety for Treasury bond futures market quite a lot. Galaxy futures, for example, in simulation of Treasury bond futures trading begins on the first day, transactions totaling more than $ 50 billion, three contract also rose.
Displayed on a variety of market participants of all ages. "Investor participation in the passion of our accident. "Guotai Junan futures business Department of Guangzhou ChenVibration up to say, "have more than more than 60 opened accounts in two days, and is not done to promote the case.
"A lot of investors have not had time to do more to understand and therefore had no involvement, so the market has a lot of room to improve. In his analysis, Treasury bond futures margin of $ 30,000 is far below the more than 100,000 yuan of stock index futures, which stimulated investmentEnthusiasm for future participation in government bond futures.
For small and medium-sized investors, 1 hand the minimum margin and futures contract by 3% company of 1%-2% will be added, just around $ 50,000, and copper, gold futures close, the majority of futures investors can participate in. Can provide short for bond market mechanism, makes reasonable yield curve Industrial Bank(601,166), Chief Economist, Political Commissar of Shandong province, launched the test run Treasury futures, very timely and very necessary. "Now the important vote. First minute is how to increase the proportion of direct financing. "The true meaning of the bond market in our country since its inception in 1981 restored Treasury securities issued, after more than 30 years of development have made significantPerformance, in terms of scale has become the second in Asia, the world's fifth.
But as compared to mature markets
cheap runescape items, overall development of China's bond market is still slow. Zhang Yujun
runescape items, General Manager of Shanghai Stock Exchange pointed out that the General is still in its early stages of construction of China's financial system, in the form of "three imbalances": one is on the financing structure, unbalanced development of indirect financing and direct financing,High proportion of financing. In recent years, although the direct financing and indirect financing in amount and incremental have basically achieved balance, accounts for around 50%, but government bonds and financial institutions in the higher the proportion of direct financing, financing of bank credit is still the common enterprise. Second, direct financing, equity financing and debt financing is not balanced, low proportion of debt financing. ThreeIs on the main body, unbalanced development between financial institutions. Path dependence on commercial banks more obvious financial system, insurance securities, funds, trusts, and other financial institutions, insufficient development, lack of flexibility in the financial system.
In addition, the issue of financing difficulty of SMEs is also not valid key. At present in our country need to significantly increase the proportion of direct financing. "However, the current bond market, noOn the securities market bond market or interbank bond market, can only be done, it is difficult to short, making it difficult for the yield curve is reasonable. In order for the "many" and "empty" balance introduced bond futures is very necessary.
"Political Commissar of Shandong province said. At the same time, introduce Treasury bond futures, tools that can provide risk-averse bond underwriters, underwriting Government bonds and FuturesReverse lock in price in the market, enhance the confidence of the underwriter to underwrite Government bonds, Treasury will help improve the stability and liquidity of Treasury bonds spot market. Help promote market-oriented interest rate, help eliminate negative interest rates introduced bond futures, and promote China's reform of interest rate marketization and internationalization of RMB exchange rate formation mechanism also has great significance.Analysis of Topix futures Dang Jian, General Manager, Treasury bond futures and interest rate liberalization reciprocal causation. Because of Treasury bond futures trading is the price of money. A standard of 5-year bond futures contract $ 1 million on the, it is 5 years after the $ 1 million value of the transaction. This price depends on Treasury bond futures buyers and sellers, and it floated up and down, it will affect the interest rate.At present, our interest rates determined by the Central Bank, after the Treasury bond futures may be determined by the market. Party on the road, at present, China's market with long-term interest rates gradually, because long-term Treasury bond auction, according to the market price. However, marketization of interest rates on short-term government bonds had not been achieved. He thought, interest rate marketization of significance for the owner of the funds,Large. In order to preserve capital value, in General, the large capital owners are buying Government bonds, Bank of our purchases of Treasury bonds is the main force. However
rs items for sale, if the interest rate is not marketing, negative interest rates, even with a large number of bonds are not safe. If the interest rate, it is possible to eliminate negative interest rates, and enables enterprises to better manage risk. Therefore, to promote the interest rateField, bond futures is a must. Treasury bond futures for internationalisation, is huge. Political Commissar of Shandong said, the benchmark interest rate curve is a focus of national financial markets. Growing with a global currency flows, pricing power a growing concern of the Yuan. Singapore international financial centre has begun concerns such as the Renminbi products. As early as 1996, Singapore launched its long-term non-deliverable (NDF) futures products, has launched the FTSE A50 Yuan in Shanghai stock index futures, become an important reference pricing of foreign currency. If the US Treasury bond futures does not launch, launched in other markets, pricing power is bad for China on the Yuan. Related topics: Government bond futures 2012 is expected to restart
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