The interbank money market is well established . wholesale deposits are traded actively among local authorised institutions ( ais ) , and between local and overseas institutions , with an average daily turnover of $ 172 billion in 2002 本港各认可机构之间和本港与海外机构之间的银行同业拆借活动非常活跃，二零零二年平均每日成交额为1 , 720亿元。
We believe that the net interest margin ( nim ) would be slightly reduced if the banks transfer their funds from the inter - bank market ( reduced by 0 . 1 % ) , investment securities ( by 0 . 16 % ) and loans to the central bank ( 0 . 4 % ) respectively 如果商业银行将资金从同业拆借市场、债券投资和贷款转移至央行，那么净息差将分别小幅降低0 . 1 % 、 0 . 16 %和0 . 4 % 。
Chibor is a comparatively realistic choice as the benchmark interest rate , but rediscount rate can ' t serve as benchmark interest rate and at present choosing national debt rate as the benchmark interest rate is not suitable , either 摘要同业拆借利率作为基准利率是比较现实的选择，而再贴现率无法充当基准利率，目前国债利率也不宜选作基准利率。
Insurance companies engaging in interbank foreign exchange borrowing ( lending ) business shall submit reports of “ statistics of the insurance companies for the management of foreign exchange capital ” to state administration of foreign exchange quarterly 从事外汇同业拆借业务的保险公司应当按季向国家外汇管理局报送“保险公司外汇资金运用统计表” 。
The system is prohibited by law in the p . r . of china . although , in recent times there has been much market pressure in the p . r . of china for change . especially after the p . r . of china has been the leaguer of the wto 1994年以前我国银行业事实上采取的是混业经营模式， 1992年下半年开始的泡沫经济，使银行大量资金通过国债回购、同业拆借进入证券市场，金融秩序极度混乱，甚至一度出现了严重的金融市场失控局面。
So far , the capital market and the money market except for the note market , such as credit market inter banks , national debit market and foreign exchange market , have got rapid development . but the note market is only a disordered start 到目前为止，我国的资本市场、货币市场中除票据市场之外的其它子市场如银行间同业拆借市场、国债市场和外汇交易市场等都已经获得了空前的发展，唯独票据市场还处于起步阶段。
We should attach more importance to following channels at present time : broaden monetary market function ; perfect stock mortgage loan ; develop investment institute ; explore investment banking business , including investment funds business channel , insurance business channel and security business channel ; make financial organization renovation . following policy suggestions should be applied : 1 ) perfect the policy environment ; 2 ) treat the problem rationally ; 3 ) implement financial mixed operation system in due time ; 4 ) foster financial market ; 5 ) enhance external supervision ; 6 ) deepen the construction of commercial banks ; 7 ) introduce bank capital into stock market in stages 货币市场和资本市场的不协调发展使证券机构出现制度外与体制外融资或违规操作，必须在两个市场间建立资金和信息对流的宽敞通道，在路径设计上，当前应扩展同业拆借市场、国债回购市场等货币市场渠道功能;完善股票质押贷款，及时推出非券商股票质押贷款，并注重风险防范;大力发展养老基金、保险公司、信托基金等机构投资者，吸收银行资金间接入市;拓展投资银行业务，包括基金、保险业务渠道、券商业务渠道、公司业务渠道;设立证券金融公司或金融控股集团，进行组织制度创新。
As revealed by the study , following problems exist : 1 ) the supply of bank capital has a close relation with the fluctuation of stock market ; 2 ) the volume of bank capital flowing into stock market is large and it is estimated that there are 450 - 600 billion of bank capital exist on stock market , 2 / 3 of which are illegal ; 3 ) most bank capital are getting into stock market through illegal channels , such as illegal repurchase of government securities , illegal acceptance and discount of trade bill , embezzlement of customers " guarantee deposit , illegal interbank loan , illegal diversion of credit capital to other purpose , etc . the inflow of bank capital to stock market has dual influences on our economy and finance 表现在： ( 1 )据估计我国进入股市的银行信贷资金存量在4500 - 6000亿元左右，其中滞留于一级市场的资金规模约为2000 - 3000亿元，进入二级市场的规模在2000 - 2500亿元之间，国有股和法人股转让市场涉及信贷资金规模约为500 - 600亿元，然而，在这千亿元进入股市的信贷资金中2 3左右都是违规流入的。 ( 2 )银行资金入市除同业拆借、国债回购和股票质押贷款三种合法渠道外，多是通过非法渠道流入股市的，其途径主要包括：违规国债回购、违规商业汇票承兑及贴现、挪用客户保证金、违规拆借资金、企业违规挪用银行信贷资金、个人违规使用银行贷款等。
The chinese interbank loan market and bond repurchase market have been transformed from the condition of segmentation several years ago into increasingly close relationship , with strengthening interest - rate correlation , more diversified and increasing number of traders and rapidly rising trading volume 摘要中国银行间同业拆借市场与债券回购市场已经由几年前相互分割的状态逐步转化为联系日趋紧密的市场，两个市场的利率关联度正在增强，交易主体类型更加多样化、数量正不断增加，市场交易金额迅速增长。
The essay raises that the focal point of chinese financial system reform should be to develop and perfect money market . on the base of analyzing both general functions of the market and special functions that the development of the market has influenced on chinese economy and finance , it objectively analyzes the current situation and outstanding problems of the market and advances major solutions to perfect the market , which is , with the premise of constructing credit bases of the market development and with the central task of raising the market efficiency , to perfect short - term bonds market ( including the repo market ) and commercial paper market , and to deepen policy functions of the market , for the sake of a stable and orderly market with substantial scale , united market organization , efficient clearing < wp = 5 > system , reasonable interest rate system , perfect medium organization and effective market supervision 本文认为，目前中国金融体制改革的重点应是发展和完善货币市场。本文在认真分析货币市场的一般功效以及货币市场的发展对中国经济金融发展和改革的功效的基础上，客观分析了中国货币市场的发展现状以及存在的突出问题，并提出完善中国货币市场的基本思路，那就是：以建设中国货币市场发展的信用基础为前提，以提高中国货币市场的效率为主旨，完善同业拆借市场、债券市场和票据市场，深化货币市场的政策功能，其目标是把中国货币市场建成一个具备相当的规模、统一的市场组织、高效的清算系统、合理的利率体系、完善的中介组织以及有效的市场监管的稳定有序的货币市场。
