我国货币政策框架转型中货币市场基准利率体系构建研究

随着利率市场化的推进以及货币政策框架由数量型向价格数量型并重转型，当前我国急需尽快培育有效的基准利率，以疏通货币政策传导渠道，提高货币政策调控效果。本文通过理论分析和实证研究，得出如下结论：我国货币政策框架转型中构建的基准利率，必须是个包含长短期利率的组合基准利率体系；我国货币市场利率虽然还不完全具备基准利率的要素，但是在基准利率体系中具有重要地位；当前我们可以7天回购作为政策利率、以shibor作为货币市场基准利率，同时，应加快完善市场和政策环境以培育shibor的基准性。

Research on the Construction of Monetary Market Benchmark Interest Rate System in the Framework of China's Monetary Policy Transition

With the interest rate market and the promotion of the monetary policy framework from quantity type to the price and quantity of transition, the current our country is in urgent need of as soon as possible to cultivate effective benchmark interest rate, to clear the monetary policy transmission channels, improve the effect of monetary policy regulation. Through theoretical analysis and empirical research, this paper draw the following conclusion: China's transformation of the monetary policy framework to construct the benchmark interest rate, must is a long term and short term interest rate benchmark interest rate system contains; China's money market interest rates although does not have all the elements of the benchmark interest rate, but in the benchmark interest rate system has an important role. At present, we can the seven day repurchase as interest rate policy, in order to Shibor as the benchmark interest rate in the monetary market. At the same time, we should accelerate the improvement of market and policy environment to cultivate Shibor benchmark.