2015-CHINA FINANCIAL MARKET DEVELOPMENT REPORT-中国金融市场发展报告

Part I Overview 1．Analysis of the macro environment for China's financial market development in 20151．1 Analysis of international economic and financial conditions1．2 Analysis of domestic economic and financial conditions2． Main features of China's financial market performance in 20152．1 Rapid development and risks as well as challenges coexisted2．2 Market innovation an institutional reform were pushed forward at the same time2．3 Importance was attached to both the depth and width of opening up 2．4 Institutions and measures to support real economy were rolled out at the same time3． Outlook on China's financial market development in 2016 3．1 Financial market innovation will gain momentum 3．2 Financial market regulatory system will be improved3．3 Two-way integration in the process of financial market internationalization will be deepenedPart II Money MarketI． Interbank funding market1．1 Performance of interbank funding market1．2 Main features of interbank funding market performance1．3 Outlook for interbank funding market2． Bond repo market2．1 Performance of bond repo market2．2 Main features of bond repo market2．3 Perspectives on the future development of the bond repo market3． Commercial paper market3．1 Performance of commercial paper market3．2 Main features of CP market performance3．3 Development outlook of CP market4． Bill market4．1 Performance of bill market4．2 Main Features of bill market performance4．3 Outlook for bill market developmentBox 1 Interbank Money Market Launched New Trading Mechanism X-Repo Box 2 Interbank Certificates of Deposit and Analysis of the CD MarketPart III Bond Market1． Bond market performance1．1 Bond issuance market1．2 Bond transaction market2． Main features of bond market performance2．1 Size of local government bond issues rose most rapidly2．2 Issuance of corporate debenture bonds grew substantially2．3 The share of short-term bonds in total issuance increased considerably2．4 Turnover rate of spot bond on the interbank bond market rose by alarge margin2．5 Yield volatility eased amid stabilization2．6 Bond market's credit risk was further releasedPart IV Stock MarketPart V Foreign Exchange MarketPart VI Gold MarketPart VII Futures MarketPart VIII Financial Derivatives MarketAppendix I Highlights of China's Financial Market Development， 2015