我国货币政策基准利率的述评及Shibor体系的完善

培育一个权威的基准利率作为利率体系中的定价基准是我国利率市场化的先决条件也是完善宏观价格调控的必然要求.受制于我国金融发展现状,基准利率呈现多元化,形成一年期存款利率、国债回购利率、央行票据发行利率和银行同业拆借利率等多种基准并存的格局.上海银行间同业拆借利率的高调推出,标志着其将成为我国基准利率的目标选择.而作为一个依靠行政手段推出的目标基准利率雏形,上海银行间同业拆借利率要想像发达国家那样真正承担起基准利率的全部功能,仍需要从其形成机制、传导机制以及运行环境多方面加以完善.

Commentary of Benchmark Interest Rate Policy and Shibor Consummation

Cultivating an authoritative benchmark interest as a pricing benchmark in the whole interest rate system is the prerequisite of the liberization of interest rates,as well as an inevitable requirement of improving macro-regulation efficiency.Subject to the development status of China's financial industry,the benchmark rate has diversified;forming the multiple benchmark rates coexistence with a one-year deposit rate,the bond repurchase rate,the Central bank bills offering rates,and the interbank offered rate.Shanghai Interbank Offered Rate(Shibor) launched with a high profile,marking that it will be the target choice of China'benchmark rate.As a prototype benchmark rate launched by administrative measures,Shibor needs to improve its formation mechanism,transmission mechanism and operating environment to commit its full function like developed countries.