隔夜拆借：中英双语解读

中文版

隔夜拆借，又称为“隔夜回购”，是金融市场中的一种短期融资方式。它指的是金融机构之间，为了调节资金余缺，在当天交易结束后，将资金借给另一方，并约定在次日交易开始前归还的交易行为。这种方式主要用于满足金融机构短期流动性需求，尤其是当某些机构在特定时段内资金紧张时。

隔夜拆借市场通常与中央银行的货币政策紧密相关。中央银行通过调整隔夜拆借利率，可以影响市场上的资金供求关系，进而调控整体经济。当中央银行提高隔夜拆借利率时，借贷成本上升，市场上的资金供应减少，反之则增加。

隔夜拆借市场的运行状况也是金融市场健康与否的重要指标。一个活跃且有序的隔夜拆借市场有助于维护金融稳定，促进资金的有效配置。然而，如果市场出现资金紧张、拆借利率异常上升等情况，可能意味着金融体系中存在风险，需要密切关注。

英文版

Overnight Lending: A Chinese-English Bilingual Explanation

Overnight lending, also known as "overnight repo," is a short-term financing method common in financial markets. It involves financial institutions lending money to each other after the trading day ends, with an agreement to repay the loan before the start of the next trading day. This arrangement primarily serves to meet the short-term liquidity needs of financial institutions, especially when certain institutions face tight liquidity conditions at specific times.

The overnight lending market is often closely linked to a central bank's monetary policy. By adjusting the overnight lending rate, the central bank can influence the supply and demand of funds in the market, thereby regulating the overall economy. When the central bank raises the overnight lending rate, borrowing costs increase, and the supply of funds in the market decreases; conversely, it increases.

The health of the overnight lending market is also an important indicator of the overall financial market's well-being. An active and well-ordered overnight lending market contributes to maintaining financial stability and promoting effective allocation of funds. However, if the market experiences tight liquidity conditions or abnormally high lending rates, it may indicate risks within the financial system that require close monitoring.