我国国债市场化改革与市场基准利率

Marketization Reform of National Bond and Prime Rate

基准利率是金融市场的核心,随着我国利率市场化改革速度的加快,市场基准利率的确定成为一个令人关注和亟待解决的问题。根据国债利率充当基准利率的客观机理分析了国债市场利率成为利率市场化中最佳基准利率的必然性,指出目前我国国债利率具备了成为市场基准利率的基本条件,但国债利率要真正成为基准利率,还必须在实践中进一步夯实基础条件。提出了今后发展的具体措施:完善国债一级市场;逐步推出国债创新产品,提高国债市场流动性;扩大国债发行规模,加大国债发行计划性和透明性;扩大一级交易商参与主体等,以实现国债利率的基准化和市场化,加速利率市场化的发展进程。

Primary rate plays a core role in financial market. In China the marketization of interest rate is speeding up and people are concerned with determining the prime rate as quick as possible. An analysis is made objectively for such a mechanism that the rate of national bond interest serves as the prime rate in financial market, and the result shows the necessity to plan the market rate of national bond interest to .serve as optimal prime rate in the marketization of interest rate. It is found that, as a whole, the implementation of the necessity is available at present though several imperfect basic conditions have to be improved further in practice. Some measures are therefore proposed with the aim of standardizing and marketizing the rate of national bond interest and accelerating China＇ s interest rate marketization progress, such as perfecting the primary market of national bond, issuing gradually newly-derived products from bond, upgrading the liquidity of national bond and enlarging the issuing amount, improving the plan and transparency of bond issue and making the bond brokers more and more in primary market.