中国改革开放三十年的利率市场化进程

On the Market-based Interest Rate Reform

本文回顾了改革开放三十年以来,中国利率市场化改革的历程,系统总结了双轨制推进改革取得的成就。即一方面放松利率管制,推动金融机构自主定价,实现"贷款利率管下限、存款利率管上限"的阶段性改革目标。另一方面发展和完善市场利率体系,初步建立了以SHIBOR为代表的短期基准利率和以国债收益率曲线为代表的中长期基准利率体系。随着利率市场化改革的推进,中央银行不断完善调控理念和方式,利率已经成为调节经济运行的主要手段之一。文章对下一阶段的利率市场化改革进行了规划,并在深层次上探讨了推进改革的条件。

In a retrospective way, this paper depicts the 30-year-long course of the market-based interest rate reform, summarizes the achievements the two-track methodology made in the historic process. On the one hand, the PBoC has eased the regulations upon interest rate step by step and promoted the pricing ability of financial institutions, liberalized the upper limit of lending rate and lower limit of deposit rate. On the other hand, a whole new pricing mechanism of financial market interest rate was ushered into the system, SHIBOR and treasury bond yield curve were established, representing short-term and long-term benchmark rate respectively. The PBoC has been streamlining its operations to make sure that interest rate plays a key role in conducting monetary policy. The paper also looks forward to the advancing of market-based interest rate reform, and discusses the preconditions on that process.