利率市场化背景下LPR利率期权的运用  

Application of LPR Interest Rate Options under Interest Rate Liberalization

作　　者：张继强 王菀婷 

机构地区：[1]华泰证券研究所

出　　处：《中国货币市场》2020年第6期13-20,共8页China Money

摘　　要：随着利率市场化的深入推进,利率波动性逐渐增加,利率期权成为金融机构和实体经济规避利率波动风险的有效工具。文章阐述了LPR利率期权推出的必要性及其应用场景,并结合具体案例分别介绍了各类LPR利率期权的定义、操作方法、参与者和用途,最后针对现阶段LPR利率期权市场发展制约提出相关建议。With the deepening of interest rate liberalization and the interest rate volatility gradually increasing,interest rate options have become an effective instrument for financial institutions and the real economy to avoid the risk of interest rate fluctuations.The article expounds on the necessity of the introduction of LPR interest rate options and its application scenarios,and sorts out the definition,operation approaches,participants and uses of interest rate options of all varieties through case studies,and also discusses the obstacles to and suggestions on the development of the LPR interest rate options market at the current stage.

关 键 词：利率市场化 利率期权 金融机构 利率波动 LPR 操作方法 有效工具 实体经济 

分 类 号：F832.4[经济管理—金融学]