贷款市场报价利率机制的改革路径与演进安排  

The Reform Path and Evolution Arrangement of the Loan Market Quotation Rate Mechanism

作　　者：陈鸿祥[1] Chen Hongxiang(Yancheng Central Sub-branch of Peoples’Bank of China,Yancheng 224001,China)

机构地区：[1]中国人民银行盐城市中心支行,江苏盐城224001

出　　处：《金融理论探索》2020年第4期29-37,共9页Exploration of Financial Theory

摘　　要：当前我国贷款市场报价利率机制成为现实条件下的次优选择,是利率市场化的过渡权衡而非终极模式,仍然存在一些现实制约因素。借鉴贷款市场报价利率机制的国际经验,梳理其改革路径,探寻我国贷款市场报价利率机制的演进安排。近期操作包括:坚持稳健偏松的货币政策,为LPR新机制创造适宜货币环境;多项措施并举,降低综合负债成本;推进LPR全面内嵌入FTP,培育贷款自主定价能力。中期措施包括:扩大一级交易商范围,动态调整MLF利率;中小银行确定合理市场定位,有效拓宽资本补充渠道;完善法律惩戒机制,防范和化解金融风险。远期目标包括:探索利率风险对冲工具,培育挂钩LPR金融衍生品;培育货币市场基准利率,构建“政策利率+利率走廊”模式。At present,the quoted interest rate mechanism in China’s loan market has become the second-best choice under the realistic conditions,which is a transitional balance rather than the ultimate mode of interest rate liberalization.There are still some realistic restricting factors.By referring to the international experience of the quoted interest rate mechanism in the loan market,this paper tries to straighten out its reform path and explores the evolution arrangement of the quoted interest rate mechanism in the loan market in China.Recent operations includeadherence to prudent and loose monetary policy and creationof an appropriate monetary environment for the new LPR mechanism,a number of simultaneous measures to reduce the cost of comprehensive debt,promotion of the embedding of LPR into FTP and cultivationof independent pricing ability of loans.Medium-term measures include expanding the primary dealer base and dynamically adjusting MLF interest rates.Small and medium-sized Banks should find reasonable market positioning,effectively expand the capital supplement channels.We will improve the legal punishment mechanism to prevent and defuse financial risks.The long-term goals include exploring interest rate risk hedging tools and cultivating financial derivatives linked to LPR.The benchmark interest rate in the money market should be cultivated,and the model of“policy interest rate and interest rate corridor”should be built.

关 键 词：贷款市场报价利率 LPR机制 MLF利率 利率市场化 

分 类 号：F832.1[经济管理—金融学]