華安基金固定收益部總經理，華安強債、華安現金富利基金經理黃勤先生日前接受道瓊斯新聞社采訪，該報道在昨日的華爾街日報網站刊發。

　　上海（道瓊斯）-中國基金公司的資深基金經理表示，中國人民銀行應該考慮增加每周的票據發行以利于為同業銀行拆借成本提供一個強有力的基準，同時，助于實現利率市場化的長期目標。

　　華安基金固定收益部總經理黃勤在接受采訪時表示，在中國人民銀行進行利率市場化之前，將不會有這么一個好的基準。華安基金是國內最大的基金管理公司之一，2010年末管理資產826億元人民幣（125億美元）。在固定收益類投資上，華安基金管理著三只債券基金和一只貨幣市場基金。

　　黃勤認為，中國缺少一個具有代表性的短期基準籌資利率來為不同的利率產品定價。七天回購協議率通常用在中國銀行同業拆借市場，但是它極其不穩定，難以精確地反映經濟和市場狀況。

　　另一個指標--由16家主要銀行共同決定的上海銀行同業拆借利率，即Shibor，他認為，不具有交易性，并且對于16家銀行以外的投資者，通常很難在此層次上進行拆借。

　　"我認為中國人民銀行進行利率改革初步階段的一項任務是增加公開市場操作的頻率，從而使得收益率能夠更好的反映供需情況"。

　　中國人民銀行每周進行兩次公開市場操作來收緊或注入流動性，但是由于在售的票據數量較少，近幾個月來，一級市場上票據的的收益率顯著滯后二級市場。這周，央行計劃賣出價值20億的票據，遠遠小于之前中國人民銀行銷售的總價數百億元的票據。

　　黃勤表示，中國利率掉期市場的高投機性，正是非有效的基準市場利率造成的結果之一。

　　在中國，他不認為掉期能夠有效的對沖風險，因為沒有一個好的參考利率，掉期價格通常是嚴重扭曲的。

　　在一個IRS交易中，參與者進行固定和浮動利率的掉期。希望對沖高利率的投資者需要支付固定利率來獲得浮動利率，認為利率下降的的參與者則將獲得固定收益利率、支付浮動利率。

　　由于有效對沖工具的缺失，黃勤表示，在加息周期結束之前，他不會增持債券持有量。他還補充道，中國人民銀行的政策性利率之一---中國一年期存款利率，可能從3%增加到3.5%。

　　黃勤還說，華安將為增持人民幣的離岸投資者研發低風險債券基金， 如作為人民幣國際進程的一部分，近期相關部門可能開放新的投資渠道以進行人民幣國際化的進程。

　　"許多外國央行和企業都持有人民幣，并且他們很希望能夠投資到中國的債券市場。"

　　自從2009年9月份中國安排人民幣用于多邊貿易和投資試點之后，海外企業持有的人民幣已經上升，這也是政府試圖推動人民幣成為全球貨幣并減少對美元依賴的一部分。

　　附原文：

　　SHANGHAI (Dow Jones)--The People's Bank of China should consider increasing the number of its weekly bill sales to help create a stronger benchmark for interbank funding costs and aid the country's long-term goal of having market-determined interest rates, said a senior fund manager at a Chinese firm.

　　"China won't have a good benchmark until the PBOC liberalizes the interest rate system," Huang Qin, general manager of Huaan Fund Management Co.'s fixed-income department, said in an interview. Huaan is one of China's largest fund management companies, with CNY82.6 billion ($12.5 billion) worth of assets under management as of the end of 2010. It manages three bond funds and one money market fund among other investments.

　　China lacks a representative short-term benchmark funding rate that can be used to price various interest rate products. The seven-day repurchase agreement rate is often used as a reference in China's interbank market, but it can be extremely volatile and fails to reflect economic or market fundamentals accurately, Huang said.

　　Another reference, the Shanghai Interbank Offered Rate, or Shibor, is collectively set by 16 major banks, but it is non-tradable and investors outside the 16 banks often find it impossible to borrow or lend at any Shibor levels, he said.

　　"I think one of the things that the PBOC will consider for the early-stage interest rate reform is to increase the frequency of open-market operations so that the yields on its bills will better reflect supply and demand," Huang said.

　　The PBOC carries out open-market operations twice a week to withdraw or inject liquidity, but the yields of its auctioned bills have lagged those in the secondary market in recent months because of the small quantity of bills on offer. The central bank plans to sell CNY2 billion worth of bills this week, much smaller than PBOC bill sales in the past that have totaled tens of billions of yuan.

　　China's highly speculative interest rate swap market is one of the results of not having an effective benchmark market interest rate, Huang said.

　　He said he doesn't believe swaps in China offer a useful hedge against risk, because without a good reference rate, the pricing of swaps is often severely distorted.

　　In an IRS transaction, participants swap fixed and floating interest-rate streams. A participant that wants to bet on or hedge against higher rates will pay a fixed rate and receive a floating rate. Those betting on or hedging against a fall in rates will receive a fixed rate and pay a floating rate.

　　Partly due to the absence of effective hedging tools, Huang said he won't consider increasing bond holdings until the current rate hike cycle ends, adding that China's one-year deposit rate, one of the PBOC's policy interest rates, may rise to 3.5% this year from 3% now.

　　Separately, Huang said Huaan will consider developing low-risk yuan bond funds for offshore investors with increased holdings of the Chinese currency, as Beijing could soon open the new channel for investment as part of its efforts to internationalize the yuan.

　　"Many foreign central banks and businesses have yuan holdings and they are eager to invest in China's bond market," he said.

　　The yuan holdings of overseas businesses have increased after China allowed the yuan to be used to settle cross-border trade and investment in a trial that started in July 2009, as part of the government's moves to eventually turn the yuan into a global currency and reduce the reliance on the U.S. dollar.