2011年3季度,银行间市场平稳运行,主要特点是:资金面前紧后松,货币市场利率先扬后抑、震荡下行;银行间国债收益率曲线先升后降;人民币对美元汇率升值步伐加快,季末成交价格显著偏离中间价;利率互换成交量创新高;外汇掉期短期限融资功能更为明显,中长期限掉期点持续上行显示人民币升值预期减弱。 In the third quarter of 2011, the inter-bank market remained stable. The key features of the inter-bank market were the following: the tight supply of funds and the slowdown in the money market; the downward spiral in the money market; the curve of the inter-bank bond yield first and then dropped; the appreciation of the renminbi against the U.S. dollar accelerated , And the transaction price at the end of the quarter significantly deviated from the middle price. The interest-rate swap volume hit a record high. The financing function of the short-term foreign exchange swaps became more obvious. The continuous rise of the medium-long term swap swings showed a weaker expectation of RMB revaluation.