Securities lending refers to lending of securities with a quantity of the borrower's securities as collateral, under the agreement that the loaned securities will be returned and the collateral passed back to the borrower on a fixed date in the future. Securities lending has become an important instrument widely used in international bond markets. In Nov. 2006, the People's Bank of China issued Announcement [2006] No. 15 of launching securities lending business in the national inter-bank bond market.

　　债券借贷是指债券融人方以一定数量的债券为质物，从债券融出方借人标的债券，同时约定在未来某一日期归还所借入标的债券，并由债券融出方返还相应质物的债券融通行为。在国际债券市场上，债券借贷应用非常广泛。2006年11月，中国人民银行发布公告(中国人民银行公告[2006]第15号)，在我国银行间债券市场推出债券借贷业务。

　　Securities lending is of great significance to China's rapid-developing inter-bank bond market. First, market liquidity is enhanced. Securities lending allows temporarily illiquid securities to be loaned to investors. As a result, more securities are available for transaction and settlement in the market, the turnover of securities is accelerated and market liquidity is therefore increased. Second, settlement failures are reduced and market stability is consolidated, since securities lending enables investors to deliver borrowed securities. Third, market efficiency is enhanced, for securities lending allows investors to sell securities they do not own and buy them back at maturity, therefore, the shorting mechanism provides investors with a new instrument for investment and risk management. Also, the buy-and-hold investors4 can generate additional returns without changing their portfolios. Fourth, market-making capability is improved. Securities lending will significantly reduce the positions5 that securities market makers have to hold to ensure delivery, thus it can effectively mitigate the risks of such positions and enhance market-making capability.

　　债券借贷的推出对我国高速发展的银行间债券市场意义重大。首先，有利于提高市场的流动性。债券借贷将本来暂时不流动的债券出借给需要债券的投资者。增加了市场上可用于交易和结算的债券数量，提高了债券的周转速度，有助于增强市场的流动性。其次，债券借贷允许投资者融人债券用于交割，大大减少了结算失败的概率，促进市场的稳定运行。第三，债券借贷使得投资者可以卖出自己没有的债券，到期再补回，这种做空机制为投资者提供了新的投资盈利模式和风险规避手段，提升了市场的有效性。此外，以持有到期为目的的投资者还可以在不改变资产配置的前提下增加额外收益。第四，有助于做市商做市能力的提高。债券借贷工具的引入，大大减少了做市商为保证债券交割而保持的债券头寸，从而有效地降低了头寸风险，提高了做市能力。

　　In China, securities lending is currently limited to transactions conducted directly between participants in the inter-bank bond market. In the future, the People's Bank of China will continue to encourage institution and product innovation in line with the overall development of the bond market, and to further promote a rapid, healthy and sustainable development of the bond market.

　　目前，债券借贷主要在全国银行间债券市场参与者之间直接进行。下一步，中国人民银行将积极推动与债券市场发展相适应的机构与产品创新，进一步促进我国债券市场快速、健康和可持续发展。