LPR变革与票据定价机制

The LPR Reform and the Pricing Mechanism of Bills

LPR变革的标的资产在于贷款,而非信贷属性正被剥离、交易属性更强的票据,两者的定价机制并不一致。LPR新规并不能直接作用于票据,而是需要依赖“信贷调节与流动性管理”间接传导。共同的决策起点会分两条线影响贷款定价与票据定价,最终多路径贯彻监管意图。考虑到LPR变革的目的、国际经验等,文章还对“票据能否成为LPR基准”与“票据利率走廊”等问题进行了展望。

The target asset of the LPR reform is loans,not bills which have been gradually divided from credit products and more feature a trading product.The two have different pricing mechanisms.The impact of the new LPR mechanism on the bill interest rates is not direct,but rather indirect through the transmission of“credit regulating and liquidity management”.The decision started from the same point will affect the loan and bill prices in separate ways,and the regulatory objective can be achieved through multiple channels.Considering the purpose of the LPR reform and the experiences in the international market,the article offers an outlook into the issues of the“possibility of bills becoming a benchmark asset for LPR”and the“bill interest rate corridor”.