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People's Bank of China website
According to the NPC Standing Committee examined and adopted "the State Council for the consideration of the Ministry of Finance issued special treasury bonds to purchase foreign currencies and adjust balance of government bonds in late 2007 limits the motion", the Ministry of Finance in the inter-bank bond market to commercial banks to issue a 2007 first-year special bonds to buy foreign exchange. According to the banking system liquidity management needs, in the People's Bank of China on August 29 for the open market operation, with a commercial bank bought 600 billion yuan of special treasury bonds.
People's Bank of China to buy special treasury bonds, the bond holders to increase the scale, it helps to strengthen operations in the open market flexibility and effectiveness. China to the use of central bank bills to match, especially government bonds and other operational tools, flexible open market operations, guide money market rate stable. (End
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The first phase of 600 billion in special bonds yesterday through the inter-bank bond market the Bank completed the Ministry of Finance issued special treasury bonds "knockout"
The Securities Times reporter Wen-tao
Yesterday, the Ministry of Finance territory for the first phase of commercial banks to issue 600 billion yuan in special bonds. This bonds through the inter-bank bond market and a minimum maturity of 10 years, a nominal rate of 4.3%. The central bank also announced yesterday evening, the central bank on the same day of the open market operation, with a commercial bank bought 600 billion yuan of special treasury bonds. The central bank said the purchase of special treasury bonds after the bond holders to increase the scale, it helps to strengthen operations in the open market flexibility and effectiveness.
This special bonds issued to the specific mode of operation are : the Ministry of Finance to the domestic commercial banks to issue 600 billion yuan in special bonds to raise funds yuan, the People's Bank to purchase the equivalent amount in foreign exchange, while the People's Bank of the Department was using to sell the 600 billion yuan to the domestic commercial banks to purchase the equivalent of the special bonds.
The Ministry of Finance official said the issue of special treasury bonds to purchase a help to curb currency flows, easing pressure on the central bank's hedge. The issue of special treasury bonds to the purchase of foreign exchange reserves will also help promote financial and monetary policy coordination, improve macroeconomic regulation and control. When excess liquidity, the central bank may sell bonds currency from circulation; When the lack of liquidity, the central bank will release money to buy government bonds, to the fiscal policy and monetary policy, better coordination with the creation of the conditions. Another way is conducive to reducing the scale of foreign exchange reserves, increase foreign exchange operating income level.
In accordance with the established distribution program, 1.55 trillion yuan of special treasury bonds will be issued in phases, the Ministry of Finance who said that this is mainly based on two considerations : First, it will fully consider the financial operations of macroeconomic situation, follow operational, economic and controllability of the principle of phased, reasonable arrangements for the special treasury bonds the scale of issuance; two of China's current lack of the bond market for more than 10 varieties of long-term treasury bonds, 1.55 trillion yuan of special treasury bonds issued in phases, in accordance with 10, 15-year or even longer period in batches, according to issue, helped to enrich the varieties of bonds and term structure.
The charge alleges that the first phase of the 600 billion yuan of special treasury bonds for the duration and the level of nominal interest rates comprehensive account of a variety of factors. Major maturity structure of China's treasury bonds issued by the variety, maturity structure in the 3-7 year long-term treasuries, a year and the following short-term bonds over the 10-year long-term government bonds is relatively low, the current issue of ten-year bonds in particular help to improve the national debt structure and the bond market's healthy development. Nominal interest rates is the bond market with the reference period varieties yield bonds, and taking into account the special characteristics of their own bonds, which will ultimately determine to 4.30%.
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