人民币重要参考利率的基准评估和国际标准

International Standards for RMB Benchmark Interest Rates

利率市场化进入重要阶段,基准利率的确定需要服务实体经济发展和金融市场稳定,是人民币货币之锚。面对国际基准倾斜的新发展,本文借鉴BIS标准对人民币重要参考利率(LPR/DR/国债利率)的基准潜力进行评估,发现金融市场现有参考利率均不完美,单一市场基准尚未确立。本文认为,一是LPR新机制是利率市场化的阶段成果,未来存在其他多元化基准补充;二是金融市场向无风险利率倾斜,DR符合国际基准发展方向;三是应发挥国债基准功能,进一步扩大国债收益率曲线的应用范围。

The marketization of interest rates has entered an important new stage. The determination of benchmark interest rates should serve the development of the real economy and the stability of the financial market. This is an important anchor for the renminbi. This article examines new developments in international benchmarks and draws on standards of the Bank for International Settlements to evaluate the benchmark potential of the key reference interest rates(LPR/DR/treasury bond interest rate) for the renminbi. It concludes that the current reference interest rates are imperfect, and that a single market benchmark has not yet been established. This article contends that the new LPR mechanism is the result of interest rate marketization and will be supplemented by other benchmarks in the future. It also concludes that the financial market is leaning towards risk-free interest rates, and the DR is in line with the development direction of international benchmarks. Additionally, the benchmark function of treasury bonds should be brought into play and the application of the treasury bond yield curve needs to be expanded.