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China is moving ahead with a plan to allow commercial banks to trade futures on government bonds, enabling banks to limit risk amid rising market volatility and concerns about stress in the financial system following the first-ever corporate bond default last week.
中国正在推进允许商业银行交易政府债券期货的计划，从而在上周首例公司债违约导致市场波动性上升、对金融系统的压力担心加剧的情况下使商业银行能对风险加以控制。
One banker who was present at a meeting of bank officials and the China Financial Futures Exchange two weeks ago said he thought the government might give the banks the green light after the annual meeting of the National People's Congress ends on Thursday. Major policy decisions are often announced after the meeting.
一位出席银行高管与中国金融期货交易所(China Financial Futures Exchange)两周之前召开的会议的银行业人士表示，他认为政府可能会在周四全国人大会议结束之后给商业银行开启绿灯。重大政策决定经常会在人大会议之后公布。
Another banker present at the meeting with exchange officials said trading on bond futures could happen within the next six months.
另一位参与此次会议的银行业人士称，未来六个月之内商业银行可能就会启动债券期货交易。
'The exchange has done all the preparatory work it can to welcome the banks back to the market,' one person present at the meeting said.
一位与会者说，该交易所已经为欢迎商业银行回归债券期货市场做好了所有准备工作。
The China Banking Regulatory Commission, which has the final say on approval, didn't respond to requests for comment.
有最终决定权的中国银行业监督管理委员会（简称：银监会）没有回应置评请求。
The China Financial Futures Exchange, the government-bond futures-trading platform, confirmed that it met with bank officials on Feb. 26 to solicit input on draft rules covering the banks' enrollment as members in the exchange, which is required to trade government bond futures.
中国金融期货交易所是政府债券期货交易平台，该交易所证实曾于2月26日与商业银行高管召开会议，为吸纳商业银行为交易所会员的草案征集意见。该交易所交易政府债券期货。
A sophisticated bond-futures market is an important part of liberalizing interest rates. China's leaders pledged in November to liberalize the financial system, and the People's Bank of China has been keen to make interest rates more market-driven by reducing reliance on the benchmark rates it sets.
建立一个成熟的债券期货市场是利率市场化的重要组成部分。中国领导人去年11月承诺要实现金融系统市场化，中国央行一直致力于降低市场对央行基准利率的依赖，以便使市场因素在利率确定方面发挥更大的主导作用。
The central bank chief said in November that the bank's medium-term goal was to fully liberalize rates. This shift would carry big risks for banks, and would follow two major cash crunches in the interbank lending market last year that sent interest rates--or yields--sharply higher. Short-term rates skyrocketed to around 10% during liquidity crunches in June and December. Bond prices move inversely to yields.
中国央行行长周小川在去年11月份表示，该行的中期目标是完全实现利率市场化。这种改变将使商业银行承受巨大风险，也可能会导致和去年两次银行间市场钱荒一样的情况出现。去年的两次钱荒导致银行间市场利率（或收益率）大幅攀升。在去年6月份和12月份钱荒期间，银行间市场短期利率飙升至10%左右。国债价格走势和收益率相反。
The yield on the benchmark five-year government bond rose from 3.09% from late May to 5.0% at the end of December as investors sold bonds in the face of series of liquidity squeezes. The yield is now 4.20%.
由于投资者在一系列钱荒之际出售债券，基准五年期国债的收益率从去年5月底的3.09%升至12月底时的5.0%。目前基准五年期国债的收益率为4.20%。
Chinese banks dominate the nation's bond markets, and hold around 65% of outstanding bonds.
中资银行主导了中国债券市场，其持有的债券规模也占到已发行债券的65%左右。
The nation's corporate bond market recorded its first-ever default on Friday when Shanghai Chaori Solar Energy Science & Technology Co. failed to meet interest payments.
上海超日太阳能科技股份有限公司(Shanghai Chaori Solar Energy Science & Technology Co., 002506.SZ, 简称：超日太阳)上周五未能全额支付利息，这成了中国公司债市场有史以来的第一起违约案。
China reintroduced government bond futures in September, nearly two decades after shuttering the market following a crash. Currently, only brokerages, mutual funds, private equity and retail investors are permitted to trade the futures, which has limited trading volumes and the market's efficiency.
国债期货市场在近二十年之前彻底崩溃，政府随后关闭了该市场，但在去年9月份重新推出了国债期货。目前只有经纪商、共同基金、私募股权公司以及散户投资者可以从事国债期货交易。这限制了成交量和该市场的效率。
'The benchmark contract's daily trading is usually below 4000 lots, or a notional principal of 4 billion yuan [$650 million], which is a very small size compared with China's large government bond market,' said Wang Ming, a partner at Shanghai Yaozhi Asset Management, which manages the country's first government-bond futures fund.
上海耀之资产管理中心(Shanghai Yaozhi Asset Management)的合伙人王鸣表示，基准国债期货合约的日成交量通常不到4000手，即名义本金不到人民币40亿元（约合6.5亿美元），这一规模相对于中国庞大的国债市场而言非常小。上海耀之资产管理中心管理着中国首只国债期货基金。
