利率并轨与银行结构转型

The Role of the Loan Prime Rate in the Structural Transformation of China’s Commercial Banks

利率双轨制的存在使得银行间市场利率难以传导至贷款利率,这也是我国企业整体融资成本较高的一个重要原因。自2018年以来,我国一直在加快推进利率'两轨并一轨',遵循'先贷款后存款'的思路,实现LPR利率的市场化是接下来的重要任务。本文在分析美国利率市场化的基础上,对我国利率并轨会对商业银行带来的潜在冲击进行了考察。

China’s two-track interest rate system,which encompasses market-based and officially set rates,hinders the transmission of interbank interest rates to the lending market.This is one of the key causes of elevated financing costs for Chinese enterprises.Since 2018,efforts to merge China’s two interest rate tracks have gathered pace.Achieving the marketization of interest rates through the use of a market-based loan prime rate(LPR)is the next important task in the financial system.This paper examines the track record of interest rate marketization in the US and assesses the potential impact on China’s domestic commercial banks from a merger of the two types of interest rates.