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《Financial Market Research》 2017-11
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China's Interbank Certificates of Deposit——Characteristics and Potential Risks

This paper examines the market for interbank certificates of deposit,making use of quarterly data from 2013 to 2017 to demonstrate the market's unique characteristics.It argues that the core difference between interbank certificates of deposit and international benchmark products is that China's interbank certificates of deposit are aimed solely at financial institutions and not other companies.This makes them quite different from the more market-oriented deposit interest rates.Issues such as regulatory arbitrage and affiliated party arbitrage have emerged as a result of interbank certificates of deposit in the nation's dual track interest rate system.
【CateGory Index】: F832.2
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