进一步扩大Shibor在金融市场上的运用

Expand Shibor application in financial markets

Shibor自2007年初在银行间市场正式推出以来,其作为货币市场基准利率的作用逐渐得到充分的发挥。文章介绍了Shibor在各类金融产品(如浮息金融债、企业债、金融衍生品、票据贴现业务等)以及银行内部定价机制中日益广泛的运用,指出了当前制约Shibor发展的主要问题,并从提高Shibor可交易性、理顺同业拆借业务框架等方面就推进Shibor建设提出建议。

Since its official introduction in the interbank market in early 2007, Shibor has increasingly played a remarkable role as the benchmark rate in China＇s money market. This paper briefly dwells on the increasing application of Shibor in banks＇ internal FTP mechanism and, more importantly, various financial products （e.g. floating-rate financial bonds, corporate bonds, financial derivatives, commercial paper discount）. Based on this, the author points out the challenges for Shibor development, and puts forward recommendations for Shibor construction in terms of enhancing tradability of Shibor and streamlining the business framework of interbank lending.