价格调控模式下中央银行基准利率选择  

The Choice of the Central Bank's Benchmark Interest Rate with the Price-Based Monetary Policy Control Mode

作　　者：项卫星 闫博 Xiang Weixing;Yan bo(School of Economics,Jilin University)

机构地区：[1]吉林大学经济学院国际经济系 [2]吉林大学经济学院

出　　处：《国际金融研究》2020年第12期23-32,共10页Studies of International Finance

摘　　要：明确中央银行基准利率,对当前实现存款利率并轨,建立和健全与市场相适应的利率形成与调控机制,乃至价格型调控模式的建立,都具有非常重要的意义。本文研究发现,如果将特定期限业务作为央行基准利率,则7天逆回购利率较为合适,在不公布操作目标情况下,通过其与DR007(DR001)的基差体现货币政策意图,可以逐步尝试转向短端公开市场操作并将其作为基准利率实施调控。如果将货币市场利率目标作为央行基准利率,R001目标与DR001目标技术性上都具备条件。但前者市场代表性较强,后者政策指导性较强,因此,尚需结合央行后续政策引导及市场接受程度予以确定。It is of great significance to clarify the benchmark interest rate of the central bank for the integration of deposit interest rate, the establishment and improvement of the interest rate formation and regulation mechanism corresponding to the market, and even the establishment of price-based monetary policy control mode. This paper combines the current operating businesses of the People's Bank of China and financial institutions as well as the interest rates in China's money market, and conducts a comprehensive study and analysis. The paper comes to the following conclusions. If the central bank uses specific term operations to determine the benchmark interest rate, the 7-day reverse repurchase interest rate is more appropriate. Under this condition, operating target should not be announced, and the monetary policy intention can be reflected through its basis difference with DR007 (DR001). Following that, the central bank may gradually turn to short-term open market operation and take that as the benchmark interest rate. If the interest rate target of the money market is taken as the benchmark interest rate of the central bank at this stage, both R001 and DR001 are technically qualified. The former has strong market representation and the latter has strong policy guidance, which needs to be determined in combination with the subsequent policy guidance and market acceptance of the central bank.

关 键 词：价格调控 央行基准利率 市场基准利率 操作目标 

分 类 号：F821[经济管理—财政学]