利率市场化的阶段性特征:基于上海自贸区诉求

The Stage Characteristics of Interest Rate Liberalization: Based on the Appeal of China(Shanghai) Pilot Free Trade Zone

根据利率市场化的进程可将其划分为官定为主市场为辅(自我强化)、利率双轨制(非对称利率机制)及相互融合(完全实现)三个阶段,并且各阶段的利率决定机制也不相同。自贸区是国内外资金流动的枢纽,资金流动的状况决定资金供给,从而决定国内、自贸区的利率形成机制,进而促进我国的利率市场化进程。利率市场化、资本项目开放及人民币国际化与国际金融中心建设是一个相辅相成、密不可分及承前启后的过程,为此应充分发挥上海自贸区对利率市场化、资本项目开放及国际金融中心建设的推进作用。

According to the process of interest rate liberalization, this paper divides the process into three stages： government leading and market assisting pricing stage （self-reinforcing stage）, two-track interest rate stage （asymmetric interest rate mechanism stage） and interactive integration stage （complete interest rate liberalization stage）. Moreover, the situation of capital flow and the interest rate mechanism are different in different stages. Free trade area is the hub of capital flows, the status of the capital flows determines capital supply, it determines the interest rate formation mechanism of domestic and free trade zone, thus promotes China＇s interest rate liberalization process. Marketization of interest rates, capital account opening and RMB internationalization and international financial center construction is a complementary, inseparable and the continuity of the process, liberalization of China （Shanghai） Pilot Free Trade Zone to the liberalization of interest rate, capital account opening and international financial center construction.