关于我国利率和利率传导关系的思考

当前我国银行体系利率大致可分为货币市场利率和信贷市场利率，其中由央行指定的利率主要有存贷款基准利率、再贴现率等。在货币市场上，隔夜同业拆借利率具有基准利率的地位。在信贷市场上，在特定时期，保持适当的存贷款利差具有积极意义。由于一些阻碍信贷市场与货币市场统一的制度安排的存在，这两个市场间的利率传导呈现出一定的不对称性。为推进利率市场化，进一步完善我国利率体系，下一步应逐步弥合市场分割，加强货币市场基准利率建设，培育商业银行利率定价能力。

A study on the relationship between interest rates and their transmission mechanism

The interest rates in China＇s current banking system include money market interest rates and credit market interest rates, in which the benchmark interest rates for deposits and loans and rediscount rate are set by the central bank. In the money market, the interbank overnight offered rate is the benchmark interest rate. In the credit market, it carries positive meaning to keep an appropriate spread between deposit and loan interest rates in the given period. Due to the institutional arrangement hindering the unification of the credit market and the money market, there is a certain degree of asymmetry in interest rate transmission between the two markets. To push forward interest rate marketization and further improve China＇s interest rate system, the next step should be to gradually unify the markets, strengthen the development of the money market benchmark interest rates and improve the pricing capability of commercial banks.