Abstract: Sinceeconomicinstitutionalreform,Chinesemoneymarketshaveundergoneseveraldevelopmentphrases,
suchasdiversifiedanddisorderphrase,unificationandstandardizationphrase,innovation
andrapiddevelopmentphraseandsteadydevelopmentphrase.Atpresent,Chinahasformedapluralistic
systemofmoneymarkets.Butinthestructuralperspective,therearelotsofproblems,suchastheunstableandunbalanceofthedifferentproductsinbothprimaryandsecondarymarket,
theconcentratedtransactions,
singlefundflowstructure,etal.Asaresult,theinternaladjustmentmechanismandrelatedfunctionofmoneymarketstillcannotplayitsrolecompletely.
Themostimportantreasonforthestructural
changeisthedissimilationofthefunctionalorientationofthemoneymarketunderthemultipleinstitutionalconstraintssuchasthesystemtrans
ormationandtheuniquecreditmanagementsystem.Itisnecessary
toimprovethestructureofthesub-marketsystemandproperlyopenupthecapitalconnectingchannelbetweenthemoneymarketandthecapitalmarkettopromotethedevelopmentofChine
emoneymarkets.

Key words: moneymarkets, structureevolution, functionalalienation, systemtransformation

摘要： 经济体制改革以来中国货币市场经历了从分散无序到统一规范,再到创新与高速增长继而回归平稳等多个发展阶段,初步构建了一个多元化子市场体系。从不同维度的市场构成变迁看,中国货币市场在产品发行和交易结构失衡且不平稳的背景下,存在交易过度集中化、资金流向结构单一等问题,颇具中国特色。体制转型及特有的信贷管理体制等多重制度约束下的市场功能定位的异化及阶段性转变是导致其结构变迁最为重要的原因。改善子市场体系构成的同时适度打通货币市场与资本市场间的资金连通渠道是促进中国货币市场发展的应有之义。

关键词:  , 货币市场, 结构变迁, 功能异化, 体制转型