国际货币市场基准利率改革及对中国的启示

Benchmark Interest Rate Reform of International Monetary Market and Its Implications for China

Libor操纵案后,在金融稳定理事会(FSB)的牵头指导下,各国对货币市场基准利率进行了全面彻底的改革。目前,美、英、欧等主要经济体均已确定新的近似无风险利率(RFRs)的替代方案,以Libor为代表的基于报价的货币市场基准利率(IBORs)预计将于2021年底正式退出历史舞台。本文对各国货币市场基准利率改革的最新进展进行了全面梳理,并从货币市场基准利率功能和性质的讨论出发,指出了各国无风险基准利率替代方案的共同特征、未来改革面临的主要问题及发展方向,这对完善中国货币市场基准利率体系建设、顺利实现利率“两轨并一轨”和深化利率市场化改革,具有重要的借鉴意义。

After the LIBOR manipulation scandal,the Financial Stability Board led a comprehensive interest rate benchmark reform in the global money market.At present,major jurisdictions have basically determined the risk-free alternative of the benchmark interest rate.IBORs represented by Libor will officially decease at the end of 2021.This article makes a comprehensive review of the latest progress of the monetary market benchmark interest rate reform in the world.Then starting from the basic nature of benchmark interest rates,we point out the common characteristics of the risk-free benchmark interest rate alternatives in various countries,the main problems they are facing and the development direction.It is of great significance to improve the construction of China’s monetary market benchmark interest rate system,successfully realize the goal of unifying the dual track interest rate system,and complete the deepening of interest rate marketization reform.