准备金付息制度改革与信贷政策引导

The Reform of Interest System for Deposit Reserves and Credit Policy Steering

本文在分析国内外准备金付息理论和实践的基础上,提出对我国准备金付息制度改革的政策建议。准备金付息制度是一种重要的货币政策工具,应逐步理顺超额准备金利率与货币市场利率及金融机构存贷款利率之间的关系,以超额准备金付息制度确定货币市场利率下限。同时,采取措施发挥准备金付息政策的信贷结构性调整功能,不再直接对商业银行支付法定存款准备金利息,而是将这部分利息转变为特定的信贷扶持基金,对政策支持的经济薄弱环节信贷进行贴息。

This paper analyzes the theory and practice of the interest system for deposit reserves, and makes suggestions on how to reform China＇s interest system for deposit reserves. The interest system for deposit reserves is some kind of important monetary policy instrument. Under the circumstances of interest rate liberalization, interest rate on excess reserves should be confirmed as the lower limit of market interest rate so that it can play an important role in preventing interest rate from cutting down inordinately. Meanwhile, the required reserve interest system should be reformed into a credit support fund. The interest of required reserves should not be paid directly to commercial banks, but to be used as interest subsidy to support credit to the weak link in the economy such as the agriculture sector.