债券回购市场是金融市场的重要组成部分。在我国，银行间债券回购市场是主要的债券回购场所。2015年，随着市场流动性保持宽松，债券市场行情向好，杠杆需求增加，货币市场交易持续活跃，市场成交量大幅增长，银行间回购市场共计成交457。8万亿元，同比增长104%，占银行间市场成交总量的74%。银行间回购市场已成为银行管理流动性的主要手段，也成为各类金融机构获取融资的重要渠道。随着越来越多的市场主体参与到债券回购市场中，现有的债券回购市场机制还需要进一步完善。本文在回顾2015年银行间回购市场运行情况的同时，对国际主要回购市场——美国及欧洲市场的情况进行梳理，并尝试提出完善我国债券回购市场的建议。
The bond repurchase market is an important component of the financial market. In China，the inter-bank bond repo market is the main place for bond repurchases. In 2015，when market liquidity remained ample，the bond market activities picked up and demand for leverage increased；the currency market transactions were continually brisk and market transactions rose sharply. Transactions in the inter-bank repo market reached 457.8 trillion yuan，up by 104 percent year-on-year，accounting for 74% of the overall inter-bank market transactions. The inter-bank repo market has become a main method of banking liquidity management and an important channel for various financial institutions to finance. As more and more market players participate in the bond repo market activities，the existing bond repo market mechanism needs to be further improved. This article reviews the inter-bank repo market operation in 2015，analyzes the main international repo markets，including those in the US and Europe，and attempts to put forward suggestions on improving the bond repo market.
