中美市场利率风险结构的差异与启示

利率风险结构反映了金融资产的收益与风险的内在关系。有效的金融市场中，高收益与高风险、低收益与低风险是相匹配的。与美国较为成熟的市场利率结构相比，我国短期国债市场不发达，再贴现利率和存款利率调整存在迟滞、缺乏弹性。应取消存贷款利率的官方限制，强化利率的灵活调控机制，实行再贴现利率浮动定价机制，规范和完善国债市场，持续优化我国市场利率的风险结构。

Difference and Enlightenment on Risk Structure of Market Interest Rate between China and America

Interest rate risk structure reflects the inner relation between returns and risks of financial assets, in effective financial market, high returns and high risk, low returns and low risk are matching. Compared with the mature market interest rates structure in America, our country＇s short -term national debt market is not developed, adjustment of rediscount rate and deposit interest rate exist lag and lack of flexibility. We should cancel the official limits of deposit and loan in- terest rate, strengthen the flexible control mechanism of interest rate, implement floating pricing mechanism of redis- count rate, regulate and perfect the national debt market to continuously optimize our country＇ s market interest rate risk structure.