The Research Of Open Market Operations Influence On The Bond Market In Our Country

In recent years, Central Bank launches open market operations on a large scale, handles up the basic currency on a large scale, and regulates the money supply and scale of commercial bank credit. The open market operations already become the major policy tool that the daily monetary policy of Central Bank operates. Firstly,the article analyses the joint mechanism analysis of the monetary policy and the capital market . Then the article analyses the important action of the inter-bank bond rate.The conclusion is the open market operations affects the bond market through rate.Then the article analyses the present situation of influence in our country. The open market operations development and the inter-bank bond market development promote mutually. But the barrier exits in the process of the influence of our country's open market operations to the bond market,including the factor of the bond market development and the influence conduction mechanism.Through the above analysis ,the conlusion is our country open market operations truly inflect to the bond market rate,but the influence is not very big.Then the article goes through the empirical analysis .The conclusion is repurchasing interest rate in 7 days, R07D interest rate in the intern-bank bond market,3 months, 1 -year note interest rate of Central Bank have the similar tendency.The above theory needs us to make a concrete empirical analysis.The conlusion is that the interest rate tendency of the medium-term bonds of bond market is unanimous with the 1 -year note interest rate tendency of Central Bank with 3 months.But the interest rate of the medium-term bonds only is influenced by the 1-year note interest rate of Central Bank, and has influenced the interest rate tendency of the 1 -year note of Central Bank. These conclusions have manifested our country open market operations truly inflect to the bond market rate.But making the open market operations rightly guide the bond market, the article finally proposes the solution from following three links: the development of the open market, bond market, and the transmission way from open market operations to the bond market.