进一步完善Shibor市场化形成机制的思考

Reflections on further improving the mechanism to leave Shibor to market forces

Shibor在银行间市场推出一年多以来,报价质量不断提高,Shibor的利率基准作用初步显现。为进一步完善Shibor的市场化形成机制,文章建议,要不断提高Shibor报价权威性及代表性,扩大Shibor在客户市场定价基准的影响力,Shibor建设应与利率市场化改革协调发展,整体推进,并不断完善拆借交易的信用基础。

Since its introduction in the interbank market more than a year ago, Shibor has manifested itself as the benchmark rate. To further improve the mechanism to leave Shibor to market forces, this paper suggests that the authoritativeness and representativeness of Shibor quotes should be enhanced, and Shibor must play a more influential role as a benchmark for pricing in the customer market. Moreover, the development of Shibor should be in line with the reform of interest-rate marketization; and efforts should be made to improve the credit basis for interbank lending.