票据产品以Shibor为基准定价的探索

Exploration in pricing commercial papers with Shibor

该文首先分析了票据产品以Shibor为基准定价的重要意义,认为它有利于扩展和验证Shibor的基准性、有利于规范票据产品定价、有利于加速利率市场化改革进程;进而探讨了交通银行在票据产品以Shibor为基准定价方面所作的有益探索,认为Shibor作为市场基准利率,在票据市场运用的广度和深度势必会不断提高,交通银行会继续在票据市场加大Shibor的运用力度,巩固Shibor的市场基准地位。

This paper analyzes the significance of using Shibor as a benchmark to set the price of commercial papers.According to the auther,the application of Shibor to commercial papers helps to verify and strengthen Shibor＇s role as a benchmark,regulates the pricing of commercial papers,and facilitates the accaleration of the reform that leaves interest rate to market forces.With an introduction to the Bank of Communications＇ exploration in using Shibor to price commercial papers,the paper believes there will be wider and deeper use of Shibor as a benchmark interest rate in the paper market,and that the Bank of Communications will expand Shibor application to the paper business,thus strengthening Shibor＇s role as the market benchmark.