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在1996年大手笔的市场化进程之后,1997年的中国国债发行与流通出现了截然相反的趋势—无论是在国债发行中,亦或是在国债流通中,甚或是在金融机构的资产运作管理之中,管理层都采用了与市场化相反的选择。在此政策取向之下,国债市场出现了交易品种减少,参与者范围缩小,成交量及价格波动萎缩的局面;1996年国债市场所展现出的活力在1997的上半年似乎已不复存在,中国国债市场微带一丝茫然在调整中找寻新的方向。
After the generous marketization in 1996, there was a diametrically opposite trend in the issuance and circulation of Chinese government bonds in 1997 - both in the issuance of treasury bonds and in the circulation of treasury bonds, or even in the operation and management of the assets of financial institutions , Management has adopted the opposite of market-oriented options. Under this policy orientation, there was a decline in the treasury bond market, the narrowing of the participants, the shrinking of trading volume and price volatility. The vitality shown in the treasury bond market in 1996 seems to have ceased to exist in the first half of 1997. China Treasury bond market microstrip a dazing in the adjustment to find a new direction.