中央国库现金管理中标利率与货币市场利率的关系分析

The Analysis on the Relationship between the Bid-winning Interest Rate of the Central State Treasury Cash Management and the Interest Rate of the Monetary Market

我国自2006年起正式实行中央国库现金管理,当前中央国库现金管理的主要方式是商业银行定期存款,由于采用价格招标方式,其中标利率能够客观反映市场资金需求,当前中标利率已经成为判断市场流动性的重要辅助指标,研究中央国库现金管理中标利率与货币市场利率之间的影响关系,对于进一步厘清货币市场利率传导机制,推动我国利率市场化改革具有重要意义。

The central state treasury cash management has been adopted officially since 2006 in China.At present,the main way of the central state treasury cash management is the time deposit of the commercial banks.As the result of price bidding,the bid-winning interest rate can objectively reflect the market capital demand.Currently the bid-winning interest rate has become an important auxiliary indicator which and judge the market liquidity.Studying the influence relationship between the bid-winning interest rate of the central state treasury cash management and the interest rate of the monetary markets is of great significance to further clarify the interest rate transmission mechanism of the monetary market and promote the interest rate marketization reform in China.