货币市场基准利率建设与商业银行金融产品创新

Benchmark interest rate for the money market and financial product innovation of commercial banks

货币市场基准利率体系的构建,为商业银行资产负债管理和风险管理提供了定价基础,有利于推动商业银行业务创新。针对当前存在的客户对基准利率的敏感性较低、Shibor 利率的可交易性不强等问题,该文从大力推广以 Shibor 为基准的产品创新、加快直接融资和人民币衍生产品市场发展等方面提出了完善货币市场基准利率体系的建议。

The construction of the benchmark interest rate system of the money market not only provides,a pricing basis for commercial banks＇ risk management and asset-liability management, but also benefits the business innovations of commercial banks. Regarding the problems of customers＇ low sensitivity to the benchmark interest rate, and the low level of tradability of Shibor rates, this paper puts forward recommendations for improving the benchmark interest rate system of the money market, from the perspectives of promoting innovations on Shibor-based products and accelerating the development of direct financing and RMB derivatives market.