进一步提高Shibor报价的可交易性

Shibor自正式运行以来已经对中国的利率市场化改革产生了积极而深远的影响。结合国外经验和国内现状，文章认为，在Shibor培育过程中提高报价的可交易性是Shibor能否真正成为利率基准的根本所在。目前，Shibor短端报价的可交易性已得到了市场的认可，文章从扩大以Shibor为基准的回购交易、拓宽Shibor报价行多元性等方面就提高中长端Shibor可交易性提出建议。

Enhance tradability of Shibor quotes

Since its official introduction, Shibor has exerted a far-reaching active influence on China＇s reform of interest-rate marketization. In light of global experience and the domestic situation, this paper concludes that Shibor＇s evolution into the real benchmark of interest rates will depend on the tradability of Shibor quotes. The tradability of short-end Shibor quotes is now recognized by the market. To enhance Shibor tradability at the medium to long end, the author puts forward recommendations with respect to expanding Shibor-based repo transactions and diversifying the panel banks of Shibor quotations.