浅析三个月以上Shibor的基准性及应用

Shibor above 3M: Application as benchmark

Shibor的基准性需要有实际成交来验证。由于银行内在成交动力不足等因素,目前的中长期拆借成交量仍然偏小,此外,不同市场利率生成因素的内在差异也对中长期Shibor的基准性构成干扰。提高3个月以上Shibor的基准性,一方面要为扩大3个月以上信用拆借铺平道路,另一方面要理顺各市场之间的价格生成因素,推进各类产品与Shibor相挂钩的定价机制,建立以Shibor为基准的统一定价模式。

The role of Shibor as a benchmark needs the verification of real transactions. At present, the turnover of medium- and long-term lending indexed to Shibor is still small, due to inadequate trading incentives among banks. Besides, difference in the setting of various market interest rates hinders the evolution of Shibor into a reference rate. To strengthen the benchmark role of Shibor above 3M, efforts should be made to facilitate credit lending above 3M; on the other hand, factors that contribute to prices in various markets should be properly handled, so as to promote the pricing mechanism to link products to Shibor, and establish a unified pricing model based on Shibor.