我国货币政策框架转型中货币市场基准利率体系构建研究

Research on Money Market Benchmark Interest Rate System Construction during the Monetary Policy Framework Transition of China

随着利率市场化的推进以及货币政策框架由数量型向价格数量型并重转型,当前我国急需尽快培育有效的基准利率,以疏通货币政策传导渠道,提高货币政策调控效果。通过理论分析和实证研究,得出如下结论:我国货币政策框架转型中构建的基准利率,必须是一个包含长短期利率的组合基准利率体系;我国货币市场利率虽然还不完全具备基准利率的要素,但是在基准利率体系中具有重要地位;当前我们可以7天回购作为政策利率、以Shibor作为货币市场基准利率。同时,应加快完善市场和政策环境以培育Shibor的基准性。

With the advance of interest rate marketization, and the monetary policy framework transformation from quantity type to price quantity type, we were hurry to cultivate effective benchmark interest rate currently to dredge monetary policy transmission channels and heighten the effectiveness of monetary policy. This paper made a conclusion by theory analysis and empirical research. The benchmark interest rate built during the monetary policy framework transformation must be a combination benchmark interest rate system included the long and short term interest rate. Although China＇s money market interest rates do not have all the elements of the benchmark interest rate, they play an important role in the benchmark interest rate system. Current we can take seven- day repurchase as policy interest rate, take Shibor as money market benchmark interest rate. At same time,we should accelerate the improvement of market and policy environment to cultivate Shibor as a benchmark.