关于我国利率市场化问题的研究

A Research on Market Mechanism of Interest Rate in China

利率市场化是指金融市场上资金的供给与需求决定利率水平,货币当局只决定和控制基准利率,通过货币市场贯彻中央银行的货币政策意图。利率市场化改革必须坚持循序渐进原则,始终注意改革进程与商业银行的自我约束能力和中央银行对利率的宏观控制能力相适应,保证市场稳定和金融安全。

Market mechanism of interest rate denotes that the interest rate in financial market is determined by the supply and demand of capital, and that the monetary authorities control only a referential rate. The intent of monetary policy of the central bank is carried out by means of capital market. The reform of market mechanism of interest rate must be conducted in proper sequence and adaptation of the process of reform, self-constraint of merchant banks and central bank’s macro ability of control be ensured, so that the stability of market and safety of finance can be guaranteed.