美元LIBOR操纵案及对中国的启示

The LIBOR Rate Rigging of the USD and Its Implications to China and the Enlightenment to China

伦敦银行间同业拆借利率是国际金融市场的基准利率,是诸多金融产品的定价基础,其准确性对资源配置和中央银行货币政策具有重要影响。实证研究结果表明,次贷危机期间,美元LIBOR形成机制确实存在不准确性,美元LIBOR和联邦基金利率之间的关系存在结构突变。因此,我国在推动利率市场化过程中,应采取措施确保上海银行间同业拆放利率报价银行报价的真实性,不断完善利率形成机制。

The LIBOR Rate, or London Interbank Offered Rate is the benchmark interest rate in the international financial market and the basis for many financial products, which accuracy is of vital importance to both resource allocation and the monetary policy of the central banks It's found by the empirical study that in the subprime crisis inaccuracy does exist during the formation of LIBOR for US dollars while the relationship between LIBOR for US dollars and federal funds rate changed overnight. Accordingly, measures should be taken to ensure the accuracy of Shibor, Shanghai Interbank Offered Rate to better the mechanism of interest rate formation in China's efforts of interest rate liberalization.