Research On Developement Of China Us Dollar Interbank Lending Market

Most research and papers were focus on the CNY inter-bank lending and repo market,But the study is seldom done in China in the foreign currency lending market.From international market experiences,the most famous similar market is Euro dollar market,LIBOR is one of the most important benchmark rate in the world market.Moreover,the statues of international finance center of Singapore was started from the establishment of Asia dollar market.From domestic practice prospective,China inter-bank USD lending market grows rapidly these two years,which should not be ignored.The thesis take the international offshore market experiences as reference,and discuss the significance of the development of China inter-bank USD lending market.This market could meet the demand of domestic financial institutions,expand the scale of shanghai financial elements market,improve the assessment and risk management ability of the real economy and financial institutions,enhance the global influence of the benchmark rat of shanghai financial elements market,and promote the harmonious development of domestic and foreign currency market.The thesis use the unique market data from the organized trading venue,analysis the characters of China inter-bank USD lending market.In the empirical study part,ADF,Granger Causality and least square method were adopted to analysis the influence factor of China inter-bank USD lending rate,ON LIBOR and FFR act as a positive correlation to the China inter-bank USD lending rate,US treasury bonds yield curve is not a significant factor.At last,the thesis provide the proposals to the China inter-bank USD lending market development,include trading venue,market participants,instrument,benchmarks and etc.