LPR报价机制改革——政策含义与产品创新

Reform the LPR Mechanism--Policy Implications and Product Innovations

从银行间市场利率衍生品从业者角度看,LPR定价机制的改革打开了一个新的市场,使得商业银行的金融市场业务更紧密地依附于资产负债表。文章从提高利率传导效率、完善银行定价利率曲线、平稳市场预期等方面,对此次LPR定价机制改革的政策含义进行了解读,并就商业银行如何通过产品创新、构建市场化的LPR基准利率曲线、满足银行自身及代客风险管理需求进行了思考。

From the perspective of the participants of interbank interest rate derivative trading,the reform of the LPR pricing mechanism has opened a new market,making the financial market businesses of commercial banks more closely attached to their balance sheets.The article interprets the policy implications of the LPR reform from the aspects of enhancing the interest rate transmission efficiency,improving the benchmark interest rate curve of banks and stabilizing the market expectation.It also offers insights into constructing a market-oriented LPR benchmark interest rate curve as well as meeting the risk management needs for commercial banks and their clients via product innovations.