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The Research on Yields on Government Bonds and the Construction of Medium and Long-term Benchmark Interest Rate of Bond Markets
Pages: 39-43
Year: Issue:  6
Journal: Xi'an Finance

Keyword:  transformation of the monetary policy frameworkbenchmark interest rate systemyields on government bond;
Abstract: At present, it is urgent to foster effective benchmark interest rates and build a benchmark interest rate system. Through the theoretical analysis and empirical research, taking the bond yields as the research object, the paper explores the construction of the benchmark interest rate system in the process of the transformation of China’s monetary policy framework. The paper draws the following conclusions that the benchmark interest rate constructed in the transformation of China’s monetary policy framework must include a benchmark interest rate system composed of both short-term and long-term interest rates; Although yields on government bonds in China still does not include all the elements of a benchmark interest rate, they can serve as the benchmark interest rate of the bond market by fostering them through perfecting the infrastructure.
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