LPR机制的改革逻辑与演进安排

The Reform Logic and Evolutionary Arrangement of the LPR Mechanism

全球经济面临严重衰退叠加新冠肺炎疫情"黑天鹅"事件,中国央行坚持稳健偏宽松货币政策搭配市场化机制改革组合策略予以逆周期调节,成为少数实施常规货币政策的主要经济体。本文首先阐释LPR机制的改革逻辑,在合理借鉴国际经验和现实评估的基础上,前瞻性探寻LPR机制的演进安排。

The global economy is facing a severe recession thanks to the Covid-19"black swan"event.China’s central bank adheres to a stable monetary policy combined with market-oriented reforms and counter-cyclical adjustments.This has made it one of the few central banks of a major economy to implement conventional monetary policies.This article explains the reform aspects of the LPR mechanism and examines its evolution.It also looks at the international experience with similar mechanisms.