1, which consists of interbank lending market, bill market, bond market, foreign exchange market and gold market. The inter-bank market has the functions of regulating the circulation and supply of money, regulating the surplus and deficiency of money between banks and preserving and increasing the value of money in financial institutions.

2. The interbank market refers to the market for interbank transactions. Including: (1) inter-bank foreign exchange market; (2) Inter-bank money market, that is, borrowing market.

The bill market in the interbank market;

1. The bill market refers to the market generated by short-term financing through issuing, guaranteeing, accepting, discounting, discounting and rediscounting bills, promissory notes and checks in the process of commodity trading and capital exchange. In the monetary policy implementation report of the People's Bank of China, the bill market refers to the total amount of discount and acceptance discount actually occurred in the national commercial banking business, with specific information of balance and accumulated amount.

2. Ordinary bill market refers to the central trading place where China Foreign Exchange Trading Center and China Banking Fund Lending Center issue "central bank bills" and "short-term financing for enterprises" and the place where commercial banks often operate bill trading and delivery. In addition, commercial bill discount is a relatively active bill market. Because bills circulate in the market through endorsement and have certain payment functions, the subsequent demand for liquidation has spawned an active direct posting and re-posting market.

3. Bill market refers to a set of rules, practices and organizational arrangements related to bill trading. By providing these rules and organizational arrangements, the choice space of transaction subjects in the process of bill trading is defined, the transaction behavior of transaction subjects is constrained and encouraged, the transaction cost is reduced, the financial risks brought about by the uncertainty of market competition are controlled, and finally the smooth operation of various bill transactions and trading relationships is guaranteed.

4. The bill market is the main place for short-term financing and the hub directly connecting industrial capital and financial capital. As a sub-market of the money market, the bill market is the most basic and extensive part of the transaction subject in the whole money system. The bill market can transform "intangible" credit into "tangible" credit, and transform poor liquidity credit into high liquidity bill credit. The existence and development of bill market not only provides sufficient liquidity for the popularization and promotion of bills, but also centralizes transaction information, greatly reducing transaction costs and making bills more acceptable.