The money market operation was more stable in 2019. The trading volume continued to rise with less acceleration. From the perspective of market structure，financing area loosed for banks and the financing cost reduced for other financial institutions. As for the term structure，the proportion of overnight financing rose sharply with the volatility of the overnight rate declining.

Three new economic phenomena showed up in money market：1）Under the condition of the financial supply-side reformation，the credit spreads of CDs of small and medium-sized banks significantly increased because of the trusteeship of the Baoshang Bank Limited. The maturities of CDs were prolonged and the trading activity decreased. 2）The bill rate experienced several cliff-like declines in 2019 H2 due to the regulation of real estate and the insufficient aggregated demand. 3）Rates of money market played a dual regulatory role in the reformation of deposit and loan rates. On the one hand，they regulated the financial market system through short-term fund rates and on the other hand，they regulated the credit system through medium and long-term interest rates such as MLF and LPR，which led to the reduction of financing costs in the substantial economy.