利率走廊:我国利率调控模式的未来选择

Interest Rate Corridor:The Intending Choice of Stabilizing Exchange Rate Mode in China

对于银行间同业拆借利率的调控,我国中央银行更倾向于通过控制货币供给量来实现,而西方国家近年来的政策实践表明,通过设定利率走廊可以对商业银行等金融机构的储备需求行为施加影响,从而引导市场利率向政策利率目标靠近,因此我国有必要借鉴这种新的利率调控思路,从而建立一个操作更为简单透明、效率更高的利率调控框架。

For the volatility of overnight rate in interbank market, the central bank in China is inclined to achieve interest rate stabilization by controlling money supply. But the recent years' policy practice in western countries proves that influence can be imposed on reserve demand behaviour of financial institutions such as commercial banks through using interest rate corridor so as to lead market interest rate to approach the target of policy interest rate. Therefore, it's quite necessary for China to use this new idea of controlling interest rate for reference to establish a simpler, more transparent and more efficient framework of monetary policy implementation.