利率市场化与银行间市场建设

The Interest-Rate Liberalization and the Construction of the Interbank Market

近年来我国稳步推进利率市场化改革,银行间市场蓬勃发展。为进一步提高货币政策传导效率,央行近日宣布改革完善贷款市场报价利率(LPR)形成机制,稳妥推进市场利率和存贷款利率“两轨合一轨”。利率市场化进程的不断加速,对银行间市场在市场定价与传导、市场结构与效率及市场违约与处置等方面提出了更高的要求。银行间市场可根据改革需要,按照市场化原则同步优化,从而确保货币政策传导顺畅、高效、精准。

In recent years,China has steadily advanced the reform of interest-rate liberalization and the interbank market hasbeen vigorously growing.In order to promote the efficiency of monetary policy transmission,the People's Bank ofChina recently improved the formation mechanism of the loan prime rate and prudently shifted the dual-track interest-rate system to a single-track system.The acceleration of the interest-rate liberalization poses higher requirements tothe pricing and price transmission,and the structure and e fficiency of the market,as well as the default disposal in themarket.The interbank market should be improved in line with the needs of the reform and be based on the market-oriented principle,so as to guarantee the smoothness,e fficiency and precision of monetary policy transmission.