The Factors that Affect Market Interest Rates in Chinese Bond Market

机译：影响中国债券市场利率的因素

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Unlike the central banks in the western countries, the Chinese central bank controls the term structures of bank deposit interest rates, and lending interest rates. They are called as official interest rates in the paper. Heavily affected by these official rates, market interest rates in the bond market behave in a unique way. Theoretical model and empirical study indicate that changes of official rate and inflation rate, and difference in market rate and official rate are three important factors to explain the change of market rate. The empirical evidence also shows that during period of high real official rate, market rate is mainly determined by official rate; during the period of low real official rate, both market rate and inflation rate are key variables to determine market rate.

机译：与西方国家的中央银行不同，中国中央银行控制银行存款利率和贷款利率的期限结构。在本文中，它们被称为官方利率。受这些官方利率的严重影响，债券市场的市场利率表现出独特的方式。理论模型和实证研究表明，官方价格和通货膨胀率的变化以及市场价格和官方价格的差异是解释市场价格变化的三个重要因素。经验证据还表明，在实际官方汇率高企的时期，市场汇率主要由官方汇率决定。在实际官方利率较低的时期，市场利率和通货膨胀率都是决定市场利率的关键变量。

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《The 4th International Conference on Wireless Communications, Networking and Mobile Computing（第四届IEEE无线通信、网络技术及移动计算国际会议）论文集》|2008年|1-5|共5页
会议地点大连
作者
Fan Long-Zhen; Li Wan-Jun;
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作者单位

School of Management Fudan University Shanghai China;

Mathematical Department Henan Business College Zhengzhou China;

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关键词
market interest rate; bank deposit rate; inflation rate; Chinese bank market;

机译：市场利率；银行存款利率；通货膨胀率;中国银行市场;

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The Factors that Affect Market Interest Rates in Chinese Bond Market

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