_国债_回购_无风险理财新选择_国债现券与回购利差套利方法的实用性

2%3%Bonds+RepurchaseRisk-freeMoneyManagementNewChoiceZhangChaoAbstractRepurchasesimilartobondswithalow-risk,incomestability,thecharacteristicsofhighmobility,becauseChina'sbondsaswellasthedevelopmentofsecuritiesmarketimperfections,bondsandrepurchaselongexistabout2%~3%ofinterestmargin.Theuseoftheinterestmarginbetweenbondsandrepurchaserisk-freearbitrage,notonlytoavoidfinancialrisks,andalsotakesfulladvantageofthevalueformoney,andearningsmuchhigherthanbankdepositrates.Notalotoffinancialmeansinthecurrentcontextofveryworthwhilerecommendationtoinvestors.Keywordsbondsrepurchaserisk-freemoneymanagmentinterestmarginarbitragestockexchanges197620092008200820099.59GDP9%8.7%2.25%2009CPI5.2%-2.95%2%3%4%+++12GC001GC003GC007GC091GC182+12122008420093200912310103030105043.93%3.97%01030301050442009:1.;2.5;3.200915200912312442009GC001GC007GC091GC0012%4%GC0912%GC001GC007GC09120091.23%1.98%010303010504GC091GC007GC007GC091GC007GC091520093170103030105040.920.99100010303920105049912FF1-1nF=nF1-1F1IF1-10Fn010504GC007TTGC007T+1T+81T010504GC00772T+1T010504GC0073T+2T+7T+14T+8T+7GC007TGC007T010504GC0075T+9T+1T+86357365-8010504GC00770105047GC007F1-1Fmax=357F1-10105044.11%01050470.079%GC0074.11%F1-12009GC00796%2%2%3%F=nF1-1F1-1nF1-1GC007n357nF1-1FF1n1I1-I2F=F1+n1I1-I2I1I2n1F=F1+n2n1I1-I2n2010504T010504GC09191GC0077GC0919113GC007F=F1+13I1-I2GC091I2GC00713I1-I2T+91GC0914365/91F=F1+413I1-I2+