摘要
在利率、汇率变动中,汇率变动优先。因为中国的金融体系在供给方面仍由国家银行主导,在需求方面是国企和当地政府主导,所以应优先释放汇率,然后再推进利率市场化。利率自由化会带来更高、更不稳定的地方利率,可能会造成新的扭曲,这对本身疲软的中国经济会造成进一步的损害。而更具灵活性、更稳健的人民币汇率,将给中国经济带来更多益处。
In the interest rate or exchange rate fluctuations,the exchange rate is the first. Because China 's financial system on the supply side still leading by the National Bank,on the demand side is state- owned and local government- led,it should be a priority release rates,and then promote the interest rate market.Liberalization of interest rates will lead to higher and more unstable position where interest rates may result in a new twist,which may weaken China's economy and cause further damage. And more flexible,more robust exchange rate will bring Chinese economy more benefits.
出处
《科学发展》
CAS
2015年第7期108-113,共6页
Scientific Development
关键词
利率市场化
货币政策传导机制
融资成本
金融市场
Interest rate market
Monetary policy transmission mechanism
Financing costs
Financial market