质押式回购

质押式回购利率的风险度量研究&基于ARMA-GARCH模型的实证检验

Risk Measurement of Pledged Repo Interest Rate : Empirical Study Based on ARMA-GARCH Model

在新质押式回购中，质押券的申报通过交易系统进行。

In repurchase by updated pledge , reporting of pledged bonds is made through trading system .

上月的第二次信贷吃紧期间，7天质押式回购利率一度突破9%。

In the second surge last month , the seven-day bond repurchase rate rose through 9 per cent .

本所可根据市场情况，终止特定的公司债券用于新质押式回购。

This bourse can terminate certain corporate bonds used as repurchase by updated pledge in accordance with market situation .

研究发现银行间质押式回购收益率具有较好的动态运动性质，比样本国债和政策性银行金融债更适宜作为短期金融产品定价的基础。

The result shows the buyback rate in the interbank market is more feasible for the valuation of short-term financial instruments in China .

中国短期流动性的关键指标7天期质押式回购利率升至近10%，银行纷纷囤积资金。

The seven-day bond repurchase rate , an important gauge of short-term liquidity , rose to nearly 10 per cent as banks hoarded cash .

债券质押式回购、交收担保品业务等涉及的证券质押按本公司相关业务规定办理。

The pledges of securities involved in the pledge-style bond repurchase , settlement collateral and other businesses shall be handled according to the relevant business rules of CSDCC .

7天期质押式回购利率（衡量短期流动性的一个指标）从今年初的水平下跌了220个基点，至2.9%。

The seven-day bond repurchase rate – a gauge of short-term liquidity – has fallen 220 basis points from the start of this year to 2.9 per cent .

隔夜质押式回购利率已回落至5.83%，仅为上周水平的大约一半，但仍为正常水平的两倍左右。

The overnight bond repurchase rate fell to 5.83 per cent , more than half what it was last week , but still about twice as high as normal .

经中国人民银行批准在全国银行间债券市场交易流通的资产支持证券可用于质押式回购交易。

I.Asset-backed securities which are traded and circulated in the National Inter-Bank Bond Market upon the approval of the People 's Bank of China may be used for pledge-style repo transactions .

5月8日后，新质押式回购与现有质押式回购并行，但两个品种在证券代码和证券账户两个环节都相互隔离。

After may8 , repurchase by updated pledge and the prevalent repurchase by pledge coexist , but these two categories are isolated from each other in two points : securities codes and securities accounts .

第3章分析了交易所质押式回购中存在的突出问题，提出了问题的症结所在与回购制度有密切关系，也对制度改革提出了初步设想。

Chapter 3 analyses the outstanding problem existing in the hypothecating type buy-back of the exchange , and the author point out that these problems have close relation with repurchase system . Then the author proposes the tentative reform of the system .

现行回购标准券是以证券公司为核算单位，新质押式回购交易必须按账户申报，并且按证券账户核算标准券库存。

The prevalent repurchase of standard bonds considers the securities company as a calculating unit , but the repurchase by updated pledge shall report in the light of account and calculate the inventory of standard bonds on the basis of securities account .

上证所所有的上市国债都对应质押券申报代码，即所有上市国债都可用于新质押式回购交易。

Codes of all listing treasury bonds are reported in accordance with reporting codes for pledged bonds , that is , all listing treasury bonds can be used in repurchase by updated pledge business .