In case of single-factor interest rate models, there is only one state variable, the default-free instantaneous interest rate.
单因子利率模型中，只设定一个状态变量，即无违约风险的瞬时利率。 瞬时利率的运动变化决定了整个利率期限结构的运动变化。
Unfortunately, the instantaneous interest rate does not exist in real world, so we must use short-term interest rates as its proxy.
但是瞬时利率在现实生活中并不存在，往往要用短期利率进行替代。
According to the correlation principle and selecting the most frequently traded, largest traded volume item, this article finds that R007 is the best proxy for instantaneous interest rate.
本文按照相关性原则和交易最频繁、成交量最大原则进行了数据选择，找到了瞬时利率的最佳替代利率R007。
According to the correlation principle and selecting the most frequently traded, largest traded volume item, this article finds that R007 is the best proxy for instantaneous interest rate.
本文按照相关性原则和交易最频繁、成交量最大原则进行了数据选择，找到了瞬时利率的最佳替代利率R007。
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