国际“操纵Libor事件”对于我国利率市场化的启示

The Inspiration of "Manipulating Libor" in International Finance on Interest Rate Marketization in China

本文通过对"操纵Libor事件"原因及其存在问题的深入分析,指出我国Shibor体系建设应完善Shibor现行定价机制;完善央行对Shibor的监督机制;鼓励国内金融机构参与Libor建设。并建议在我国利率市场化改革进程中,必须重视利率定价机制问题;必须关注利率形成中的"系统风险"问题;进一步加强对利率形成机制的监管。

The paper deeply analyzes the reasons and existing problems of ＂Manipulating Libor＂ in international finance, and points out that such measures should be taken to construct China＇s Shibor as perfecting present Shibor pricing mechanism, improving the mechanism of central bank＇s supervision on Shibor, and encouraging domestic financial institutions＇ participating in the Libor con- struction. And the paper also suggests that in the process of the interest rate marketization reform, attention should be paid to interest rate pricing mechanism and systemic risk in the formation of interest rate, and further supervision on above mechanisms.