价格型货币调控模式下中央银行操作目标利率如何选择?

Choice of Central Bank Operational Target Rate in Implementing Monetary Policy

随着利率市场化改革向深层次领域迈进,当前数量型货币调控应逐步向以利率为主要手段的价格型货币调控模式转型,中央银行基准利率和操作目标利率的选择至关重要。与美联储类似,未来中国中央银行基准利率和操作利率应是一致的。目前,隔夜Shibor和隔夜回购利率各有利弊,都有可能作为央行基准利率,这需要央行权衡各方面的因素,根据中国金融市场的实际情况逐步确定。

With interest rate liberalization moving ahead, the central bank should rely more on price tools to implement monetary policy. China’s future benchmark rate is consistent with the market’s operational rate, making this consistent with the FED’s situation. The overnight Shibor and overnight repo rate are all could be benchmark rate. The central bank should take other factors into account before they make a final decision.