The increasing trend of foreign currency assets determines the continuance of Central Bank Bill as debt replacement instrument.

外汇资产的递增趋势决定了央行票据作为债务置换工具的可持续性。

youdao

Unlike the former view that the character of Central Bank Bill is bond issued by Central Bank, this paper afresh explains its character from debt replacement instrument.

与把央行票据性质定位为中央银行债券的传统角度不同，本文从债务置换工具的视角重新阐释了央行票据的性质。

youdao