境内美元利率定价的市场化驱动力嬗变

Changes in market driving force for onshore USD interest rate pricing

文章回顾了汇改后境内美元利率定价的不同阶段，认为人民币汇率改革和利率市场化加速推进已使其定价驱动力发生改变，即从包括跨币种套利、跨境套利的非抛补套利驱动时代进入抛补套利驱动时代。文章建议，商业银行应从重新定位境内美元利率基准、创新流动性管理工具以与国际接轨、适应外汇交易业务的盈利去模式化等方面，积极应对此变化。

The article reviews the different stages of onshore USD interest rate pricing since the exchange rate reform, and considers that the accelerated advancement of RMB exchange rate reform and interest rate marketization has changed the driving force for onshore USD interest rate pricing, which has stepped from uncovered interest arbitrages into covered interest arbitrages. The article suggests that the commercial banks should cope with the changes from the aspects of re-fixing the onshore USD benchmark interest rate, innovating international standard instruments on liquidity management and carrying out profit demodeling suitable for FX trading business.