中國銀行業將涉足政府債券期貨

China is moving ahead with a plan to allow commercial banks to trade futures on government bonds, enabling banks to limit risk amid rising market volatility and concerns about stress in the financial system following the first-ever corporate bond default last week.

中國正在推進允許商業銀行交易政府債券期貨的計劃，從而在上週首例公司債違約導致市場波動性上升、對金融系統的壓力擔心加劇的情況下使商業銀行能對風險加以控制。

One banker who was present at a meeting of bank officials and the China Financial Futures Exchange two weeks ago said he thought the government might give the banks the green light after the annual meeting of the National People's Congress ends on Thursday. Major policy decisions are often announced after the meeting.

一位出席銀行高管與中國金融期貨交易所(China Financial Futures Exchange)兩週之前召開的會議的銀行業人士表示，他認爲政府可能會在週四全國人大會議結束之後給商業銀行開啓綠燈。重大政策決定經常會在人大會議之後公佈。

Another banker present at the meeting with exchange officials said trading on bond futures could happen within the next six months.

另一位參與此次會議的銀行業人士稱，未來六個月之內商業銀行可能就會啓動債券期貨交易。

'The exchange has done all the preparatory work it can to welcome the banks back to the market,' one person present at the meeting said.

一位與會者說，該交易所已經爲歡迎商業銀行迴歸債券期貨市場做好了所有準備工作。

The China Banking Regulatory Commission, which has the final say on approval, didn't respond to requests for comment.

有最終決定權的中國銀行業監督管理委員會（簡稱：銀監會）沒有迴應置評請求。

The China Financial Futures Exchange, the government-bond futures-trading platform, confirmed that it met with bank officials on Feb. 26 to solicit input on draft rules covering the banks' enrollment as members in the exchange, which is required to trade government bond futures.

中國金融期貨交易所是政府債券期貨交易平臺，該交易所證實曾於2月26日與商業銀行高管召開會議，爲吸納商業銀行爲交易所會員的草案徵集意見。該交易所交易政府債券期貨。

A sophisticated bond-futures market is an important part of liberalizing interest rates. China's leaders pledged in November to liberalize the financial system, and the People's Bank of China has been keen to make interest rates more market-driven by reducing reliance on the benchmark rates it sets.

建立一個成熟的債券期貨市場是利率市場化的重要組成部分。中國領導人去年11月承諾要實現金融系統市場化，中國央行一直致力於降低市場對央行基準利率的依賴，以便使市場因素在利率確定方面發揮更大的主導作用。

The central bank chief said in November that the bank's medium-term goal was to fully liberalize rates. This shift would carry big risks for banks, and would follow two major cash crunches in the interbank lending market last year that sent interest rates--or yields--sharply higher. Short-term rates skyrocketed to around 10% during liquidity crunches in June and December. Bond prices move inversely to yields.

中國央行行長周小川在去年11月份表示，該行的中期目標是完全實現利率市場化。這種改變將使商業銀行承受巨大風險，也可能會導致和去年兩次銀行間市場錢荒一樣的情況出現。去年的兩次錢荒導致銀行間市場利率（或收益率）大幅攀升。在去年6月份和12月份錢荒期間，銀行間市場短期利率飆升至10%左右。國債價格走勢和收益率相反。

The yield on the benchmark five-year government bond rose from 3.09% from late May to 5.0% at the end of December as investors sold bonds in the face of series of liquidity squeezes. The yield is now 4.20%.

由於投資者在一系列錢荒之際出售債券，基準五年期國債的收益率從去年5月底的3.09%升至12月底時的5.0%。目前基準五年期國債的收益率爲4.20%。

Chinese banks dominate the nation's bond markets, and hold around 65% of outstanding bonds.

中資銀行主導了中國債券市場，其持有的債券規模也佔到已發行債券的65%左右。

The nation's corporate bond market recorded its first-ever default on Friday when Shanghai Chaori Solar Energy Science & Technology Co. failed to meet interest payments.

上海超日太陽能科技股份有限公司(Shanghai Chaori Solar Energy Science & Technology Co., , 簡稱：超日太陽)上週五未能全額支付利息，這成了中國公司債市場有史以來的第一起違約案。

China reintroduced government bond futures in September, nearly two decades after shuttering the market following a crash. Currently, only brokerages, mutual funds, private equity and retail investors are permitted to trade the futures, which has limited trading volumes and the market's efficiency.

國債期貨市場在近二十年之前徹底崩潰，政府隨後關閉了該市場，但在去年9月份重新推出了國債期貨。目前只有經紀商、共同基金、私募股權公司以及散戶投資者可以從事國債期貨交易。這限制了成交量和該市場的效率。

'The benchmark contract's daily trading is usually below 4000 lots, or a notional principal of 4 billion yuan [$650 million], which is a very small size compared with China's large government bond market,' said Wang Ming, a partner at Shanghai Yaozhi Asset Management, which manages the country's first government-bond futures fund.

上海耀之資產管理中心(Shanghai Yaozhi Asset Management)的合夥人王鳴表示，基準國債期貨合約的日成交量通常不到4000手，即名義本金不到人民幣40億元（約合6.5億美元），這一規模相對於中國龐大的國債市場而言非常小。上海耀之資產管理中心管理着中國首隻國債期貨基金。