关于人民币利率期权作用及未来发展的研究  

Research on the Function and Future Development of RMB Interest Rate Options

作　　者：刘奕成 

机构地区：[1]中国外汇交易中心市场二部

出　　处：《中国货币市场》2020年第6期9-12,共4页China Money

摘　　要：我国自2015年以来利率市场化进程不断加快,尤其是近期LPR报价机制改革后,银行最主要的资产——信贷资产的定价锚开始从官方发布的基准利率向市场报价转型,催生了对利率期权的广泛需求,作为我国基础利率衍生产品序列最后一环的利率期权应运而生。文章就利率期权相关国际经验、与利率市场宏观调控关系,以及近期期权交易情况进行介绍。China's interest rate liberalization has been accelerating since 2015,and,after the recent reform of the LPR formation mechanism,the pricing anchor of loans has begun to shift from the officially issued benchmark interest rate to market interest rates,spawning widespread demands for interest rate options,which,as the last link of China's basic interest rate derivatives series,have thus emerged.The article briefs on the international experience related to interest rate options,their relationship with the macro control of the interest rate market,and the latest dynamics of options trading.

关 键 词：利率期权 期权交易 利率市场化进程 基准利率 信贷资产 利率衍生产品 人民币 报价机制 

分 类 号：F832.5[经济管理—金融学]