Shibor中长端利率的基准性建设初探

文章回顾了Shibor运行3年多来在基准性建设上所取得的进展,指出现阶段完善Shibor的关键在于提高中长端Shibor的基准性,建议通过大力发展票据市场与短融市场、推动基于Shibor的金融产品创新、构建以Shibor为基准的商业银行内部资金转移定价体系,以及将管制型利率适时与Shibor挂钩等途径,扩大Shibor中长端利率的应用,进一步完善Shibor的基准性并推进我国利率市场化进程。

An analysis of establishing the benchmarks of mid-term and long-term Shibor rates

This paper reviews the achievements of establishing benchmarks in the market since the launch of Shibor three years ago,and points out that the key step for current Shibor development is to establish the benchmark roles of mid- and long-term Shibor.It suggests expanding applications of mid- and long-term Shibor rates by developing the paper market and the short-term financing market, promoting innovations of Shibor connected products,establishing Shibor-based pricing system for internal fund transfer in commercial banks,and by linking regulated interest rates with Shibor at an appropriate time.This will help improve Shibor＇s benchmark role and promote the market-oriented process of Chinese interest rates.