从利率市场化改革的角度看货币市场波动  

Money Market Volatility and Interest Rate Marketization

作　　者：李宏瑾[1] 唐珂[2] 

机构地区：[1]中国人民银行营业管理部,北京100045 [2]中国人民银行长春中心支行,吉林长春130051

出　　处：《南方金融》2013年第8期21-27,共7页South China Finance

基　　金：国家社科基金重点项目<利率市场化改革与利率调控体系>(项目编号:12AZD038)的阶段性成果

摘　　要：虽然2013年6月份的货币市场波动给市场平稳运行造成了一定的冲击,但中央银行对市场流动性有着完全的控制能力。实际上,这是我国全面放开利率之前一次难得的市场演练,对完善货币市场基准利率体系、实现货币政策向价格调控方式转型、提高金融机构风险管理水平,都具有非常深远的意义。此次货币市场波动的经验表明,中央银行要更加重视市场预期管理和与市场的沟通,加强货币政策的透明度与可信性,逐步明确货币市场利率操作目标,建立存贷款便利安排,完善再贷款(再贴现)浮息制度,加强对中小金融机构流动性的制度安排,从而更好地推进金融深层次改革,完善货币调控手段,提高货币政策的有效性。The money market volatility causes some impact on the market stability in June 2013, but as central bank can fully control the market liquidity, it is a drill before entirely interest rate liberalization, which is beneficial to the money market benchmark rate improvement, transition to the price-based monetary policy, and the enhancement of risk management. The experience of the market performance shows that central bank must pay attention to the market expectation and communication, enhance monetary policy transparency and credibility, clear the market rate target, establish loan and deposit facilities, improve the re-loan/re-discount floating rate, and strengthen the liquidity management of small and medium financial institutions. With those measures above, it can venture into the uncharled area of financial reform, and enhance the effectiveness of monetary policy.

关 键 词：货币政策 货币市场 利率市场化 市场流动性 波动 改革 

分 类 号：F822.0[经济管理—财政学]