金融改革的新阶段——利率市场化

New phase of financial reform——marketable interest-rate

利率市场化作为我国利率改革的总体目标 ,是伴随着我国市场取向改革的不断推进而逐步深化的。实现资金利率市场化 ,不仅能够比较灵敏地反应货币供给与市场需求的关系 ,起着价格信号的作用 ;而且能够不断地调节货币供给与市场需求 ,起着经济杠杆的作用。但是 ,利率市场化的正常运作 ,客观上要求其调控对象———尤其是国有商业银行 ,必须形成以利润为导向的经营机制。否则 ,必然导致利率政策和货币政策一定程度上的失灵。在目前物价持续走低、资金供大于求、资源相对过剩、银行风险意识增强的环境下 ,放开利率,不大容易导致通货膨胀 ,是推行利率市场化的较好时机。我国金融改革已进入实施阶段。

Marketable interest-rate is taken for overall target of native interest-rate is taken for overall target of native interest-rate reform,which is furthered step by step as native market reform is advanced continuously. To achieve interestrate's marketability is able not only to more easily reflect the relation between currency supply and market demand, as the price signal, but also to constantly adjust the relation between currency supply and market demand, as the economic lever. For marketable interest-rate to work effectively requires objectively that the controlling bodies, especially the state-owned commercial banks, form the running system to chase profit; otherwise, it will make interest-rate policy and monetary policy malfunction to some extent. It's not that easy to cause inflation on present occasion while prices have stepped down, supply of bankroll is more than demand, capital relatively excess, banks risk consciousness strengthened, and so probably an opportunity to practice marketable interest-rate. It's phase to actualize native financial reform.