What is the Interbank Bond Market? The difference between the interbank bond market and the exchange

The national inter-bank bond market refers to the market for bond trading and repurchase by financial institutions such as commercial banks, rural credit cooperatives, insurance companies, and ** companies, which rely on the National Interbank Funding Center (hereinafter referred to as the Interbank Funding Center) and the ** Treasury Bond Depository and Clearing Corporation (hereinafter referred to as the ** registration company), and was established on June 6, 1997.

After rapid development in recent years, the interbank bond market has now become the main part of China's bond market. Most of the book-entry treasury bonds and policy financial bonds are issued and traded in this market.

The main functions of the interbank bond market are: to provide interbank foreign exchange transactions, RMB interbank lending, bond trading systems and organize market transactions; It provides information services for the foreign exchange market, the bond market, and the commodity and Li currency market. The exchange market is an information platform for trading certain information and goods.

Interbank bond market.

It belongs to the capital market.

Still is. Fourth, the general trend: if the ** falls sharply on the same day, it is even worse to break the position, and there is a daily limit.

Don't chase either. Under normal circumstances, the psychological impact of **breaking** on the main force and chasing the disk is also huge, the determination of the main force to pull up is weakened accordingly, and the follow-up disk also stops chasing up, and the main force often has no choice but to ship immediately the next day.

When **in the band**, there are more opportunities for the daily limit, and there are more opportunities overall, so you can be bold in chasing the daily limit; When the ** band is weak, be especially careful and try to take ST shares.

Mainly, because ST shares and ** are more likely to go back, and the other 5% increase will not cause too much selling pressure. If the trend is unclear during the consolidation, it is mainly based on the ** pattern, the morning and evening limit time, and the time-sharing chart performance.

Fifth, the first limit is better, don't chase the second limit in a row.

The reason is that because the profit market is too large in the short term, selling pressure may occur. Of course, this is not a certainty, and the leading stocks in the bull market or the stocks with great good news can be exceptional. Money market?

In China, the interbank bond market belongs to the money market. Founded in 1997.

Interbank bond market.

It is the largest bond market in China. In 2019, the bond market (including the interbank market, the exchange market, and the over-the-counter market.

A total of trillion yuan of bonds were issued, an increase from 2018 and a decrease of nearly 4 percentage points from the previous year. Among them, the new issuance of bonds in the interbank bond market is one trillion yuan, accounting for the total issuance of bonds in the bond market, which is still the main bond issuance venue in China. National debt:

trillion yuan outstanding. China's bond market is second only to local ** bonds.

<> Treasury bonds are generally issued across markets between banks and exchanges. Investors in the interbank market account for 96%, mainly major commercial banks and local banks, while investors in the exchange market account for less than 4%, mainly ** brokerage companies. The main body of bond issuance is banks and non-bank financial institutions.

Financial institutions can generally act as social credit intermediaries because of their strong financial strength. As a result, financial bonds generally have a good reputation. At present, financial bonds are mainly issued by the China Development Bank.

Export-Import Bank, Agricultural Development Bank.

and other policy banks.

Issuance. Judging from the name, it is self-evident that the issuer is an enterprise, and it is generally to raise funds for the needs of the enterprise.

Generally speaking, the issuer's company must participate in the credit rating, and only when it reaches a certain rating can it issue bonds. Relatively speaking, corporate bonds.

The risk coefficient is relatively large, and the natural return will be relatively high. At present, there are three types of bond issuers that are more common in the market, and only by fully understanding the characteristics of different bond entities can we be targeted when making investments.

Do a detailed explanation of the problem for a detailed interpretation of the Kaishan problem, I hope it will help you, if you have any questions, you can leave me a message in the comment area, you can comment with me a lot, if there is something wrong, you can also interact with me more, if you like the author, you can also follow me, your like is the biggest help to me, thank you.

The Ministry of Finance, the Chinese Bunker Bank, professionally qualified financial institutions, local **, certain foreign banks, ** Huijin companies, non-financial enterprises including directional instruments, these enterprises are the issuers of the interbank bond market.

The financial department, the local ** department, the bank, some financial institutions, I have enterprises, the national railway group, these are all issued by the company.

These institutions are, policy banks, commercial banks, the Ministry of Finance, the People's Bank of China, financial companies, and industrial and commercial enterprises, all of which are the main institutions of bond issuance.

Financial companies, industrial and commercial enterprises, banking and financial institutions, bond market institutions, and treasury bond institutions. These are the more common institutions.

1. The definition is different.

The interbank bond market refers to the mutual lending between financial companies, such as banks, ** companies, etc.;

The exchange market is the most important trading venue and the core of the circulation market. The transaction generally adopts the method of continuous two-way auction, which is a kind of open bidding transaction.

2. The functions are different.

The main functions of the inter-bank bond market are: to provide inter-bank foreign exchange transactions, RMB interbank lending, bond trading systems and organize market transactions; Provide information services for the foreign exchange market, bond market and currency market.

The exchange market is an information platform for trading certain information and goods.

3. The subject of the transaction is different.

The interbank bond market is geared towards specific financial firms; Exchange markets are open to all traders, including financial firms and individual investors.

4. The transaction method is different.

Participants in the interbank bond market conclude transactions with their chosen counterparties on a case-by-case basis by way of inquiry; The bond trading in the exchange market, like the ** transaction, is jointly blocked and auctioned by many investors and negotiated by actuarial institutions.

To put it simply, the interbank bond market is a market in which financial institutions (including banks, ** companies, ** companies, insurance companies, etc.) buy and sell bonds. The exchange market, on the other hand, is the so-called secondary market, which is open to all investors, including the above-mentioned institutional investors, as well as individual investors. In China's bond market, the former accounts for the vast majority, and as an individual investor, you can only enter the latter to trade and invest.

As shown in the figure below: the interbank bond market (b).

Exchange Bond Market (e).

1.Issuers: B--Ministry of Finance, policy banks, enterprises;

e--Ministry of Finance, Enterprise.

2.Custodian: B--** Clearing Company;

e--Exchange.

3.Trading Method:

b--Inquiry transaction, independently complete bond settlement and fund clearing;

e--Matching transactions, automatic completion of bond delivery and fund clearing4Market members: B - all kinds of banks, non-bank financial institutions, individuals (counters), enterprises, institutions (entrusting ** banks to enter the market);

e - Non-bank financial institutions, non-financial institutions, individuals.

5.Investment characteristics: B--high security, good liquidity, good returns;

e--High yield, good liquidity, average security.

1. The role is different.

Interbank bond market.

It has the functions of regulating money circulation and money supply, regulating the surplus and shortage of money among banks, and regulating the preservation and appreciation of money among financial institutions.

Interbank Money Market:

Provide interbank foreign exchange trading, RMB interbank lending and bond trading systems, and organize market transactions; Provide foreign exchange market, bond market, money market information services.

2 Different trading methods.

Interbank bond market.

In the form of an inquiry, trade with the counterparty of your choice one by one;

Interbank Money Market:

Circulation transactions are carried out through certificates of deposit, commercial papers, banker's acceptance bills, etc.

First, the role is different:

1. Interbank bond market:

There is a regulated currency.

Circulation and currency ** amount, regulate the currency surplus between banks and the role of financial institutions in maintaining and increasing the value of money.

2. Interbank money market:

Provide interbank foreign exchange transactions, RMB interbank loans, bond trading systems and organize market transactions; Provide information services for the foreign exchange market, bond market and currency market, etc.

Second, the transaction method is different.

1. Interbank bond market:

Conclude transactions with your chosen counterparty on a case-by-case basis by way of inquiry;

2. Interbank money market:

Circulation transactions are carried out in the form of fixed deposit certificates, commercial papers, bank acceptance bills, etc.

The main differences between the interbank bond market and the interbank money market are as follows:

1. The form is different.

The form of the inter-bank bond market is: relying on the China Foreign Exchange Trade Center, including the National Interbank Funding Center (hereinafter referred to as the Interbank Center) and the National Treasury Depository and Clearing Corporation (hereinafter referred to as the Clearing Company), the shares of the Interbank Market Clearing House (Shanghai Clearing House), as well as commercial banks, rural credit cooperatives, insurance companies, ** companies and other financial institutions for bond trading and repurchase;

The interbank money market takes the form of trading financial assets between banks for a period of one year.

2. The role is different.

The main functions of the inter-bank bond market are: to promote the steady and healthy development of the inter-bank bond market and strengthen the prevention and control of money market risks;

The main function of the interbank money market is to maintain the liquidity of financial assets so that they can be converted into circulating money at any time.

3. The transaction method is different.

Transaction methods in the interbank bond market: transactions are concluded one by one with their selected counterparties by way of inquiry;

Transaction methods in the interbank money market: Circulation transactions in the form of fixed deposit certificates, commercial papers, banker's acceptance bills, etc.

The bond market is the trading market of spot bonds, and the money market is the trading market of funds, which generally refers to outright repo, pledged repo, etc.

Treasury bonds, policy financial bonds.

Fixed-rate bonds, zero-coupon bonds, interest-bearing bonds, etc.

1. Treasury bonds. Treasury bonds, also known as state public bonds, are creditor-debtor relationships formed by the state on the basis of its credit and in accordance with the general principles of bonds by raising funds from the society. The repentance of the treasury bond is a bond issued by the state, which is ****.

A type of ** bond issued to raise financial funds.

It is a creditor's right and debt certificate issued by the government to investors, promising to pay interest and repay the principal at maturity within a certain period of time, because the issuer of treasury bonds is the state, so it has the highest credit and is recognized as the safest investment tool.

2. Policy financial bonds.

Policy bank financial bonds, also known as policy bank bonds. It is a policy bank of China (China Development Bank, Agricultural Development Bank of China.

The Export-Import Bank of China) is approved by the People's Bank of China to raise credit funds.

In the form of planned purchases, to the Japan Post Savings Bank.

Financial bonds issued by financial institutions such as state-owned commercial banks, regional commercial banks, urban commercial banks (urban cooperative banks), and rural credit cooperatives.

3. Fixed-rate bonds.

Fixed-rate bonds are also known as"Ordinary bonds"，"Floating rate bonds"Symmetry, a traditional form of bond, the interest rate is fixed at the time of issuance. This type of bond is usually printed on the face with a fixed interest coupon and maturity date, and the issuer pays interest every six months or one year. The coupon is cut by the holder to receive interest from the issuer or the bank designated by the issuer.

This bond is at the market rate.

It is more common when there is little change, but when the market interest rate is unstable or even changes sharply, its issuance is greatly restricted.

4. Zero-coupon bonds.

Zero-coupon bonds are bonds that do not pay interest. Usually paid to bondholders at face value at maturity. Investors make a profit by discounting the face value of the bond**. The difference between the face value and the zero-coupon bond** is equivalent to the interest earned by the investor during the period of holding the bond.

5. Interest-bearing bonds.

An interest-bearing bond is a bond with a coupon on the face of the bond, or at the interest rate and payment method stated on the face of the bond.

Bonds that pay interest. The coupon is marked with things like the amount of interest, the period for which interest will be paid, and the bond number. The holder can cut the coupon from the bond and receive interest accordingly.