贷款市场报价利率机制改革的原因及对商业银行的影响

The Reason of LPR Mechanism Reform and Its Influence on Commercial Banks

利率市场化改革是中国金融改革的重要组成部分。我国一直致力于打造稳定、可靠、权威的基准利率体系,从此前的SHIBOR到后来的DR007,再到探索利率走廊机制为基准利率体系保驾护航,其用意都是为了给市场树立一个可供依靠的基准参考指标,从而让官定的贷款基准利率慢慢淡出历史,以实现信贷利率平稳的市场化。贷款市场报价利率机制改革(以下简称LPR)正是在此前种种努力的基础上,探索实现从货币市场到信贷市场的稳定传导通道。中国的货币政策操作既不能轻易降息,又需要在稳增长与优化结构之间保持动态平衡。央行推出LPR机制改革实质是给将来通过下调MLF利率来降低LPR利率预留出政策通道和空间。监管部门明确要求打破商业银行设定贷款利率下限的行为,这无疑给未来商业银行的经营管理提出了更高的要求。

Interest rate liberalization is an important part of China’s financial reform.Monetary authorities have been working to build a stable,reliable and authoritative benchmark interest rate system.From SHIBOR and DR007,to explore the mechanism of interest rate corridor to escort the benchmark interest rate system,the intention is to set up a benchmark reference index for the market to rely on,so that the official loan benchmark interest rate gradually fades out of the history,so as to realize the smooth marketization of credit interest rate.On the basis of previous efforts,the reform of LPR explores the stable transmission channel from money market to credit market.In addition,China’s monetary policy cannot cut interest rates easily,and it needs to maintain a dynamic balance between stabilizing growth and optimizing the structure.The central bank introduced the reform of LPR mechanism to leave policy channel and space for lowering LPR interest rate by lowering MLF interest rate in the future.Regulatory authorities clearly require breaking the lower limit of loan interest rate set by commercial Banks,which undoubtedly puts forward higher requirements for the operation and management of commercial Banks in the future.