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2011年,中国利率市场化悄然快速前行。银行贷款利率已经基本实现市场化。即便最为人诟病的存款利率方面,也有10.6%的存款实行市场化利率。间接融资的绝对主导地位,决定了中国要继续坚持无声的利率市场化道路。贷款利率市场化改革恰逢其时,存款利率市场化改革在于存款之外。废止央行直接确定金融机构人民币存贷款基准利率,是中国利率市场化改革的最后一环。提高银行人民币贷款融资之外的市场化融资占比,提高银行资金来源中的主动负债占比,提高住户金融资产中市场化金融工具投资占比,均是紧要的推进利率市场化的基础性工作。这些点点滴滴的基础性工作,住户、企业、政府和银行等各类利益相关者以及舆论,都会支持,货币金融当局每天都能坦然推进。不出五年,中国的利率市场化将于无声处水到渠成,平稳实现。
In 2011, marketization of China’s interest rate quietly moved forward rapidly. Bank loan interest rates have basically been marketized. Even the most commonly criticized deposit rates, there are 10.6% of the deposit market-oriented interest rates. The absolute dominance of indirect financing determines that China will continue to adhere to the silent market-oriented interest rate. Marketization of loan interest rates at the right time, market-oriented deposit interest rate reform lies in deposits. Abolishing the central bank to directly determine the benchmark interest rates for deposit and lending of renminbi in financial institutions is the last step in marketization of interest rates in China. Increasing the proportion of market-based financing other than bank-loan financing in banks, increasing the proportion of active liabilities in the sources of bank financing, and increasing the proportion of market-oriented financial instruments in household financial assets are all essential tasks for promoting the marketization of interest rates . These bit by bit the basic work, households, businesses, governments and banks and other stakeholders as well as public opinion will support the monetary and financial authorities calmly every day. Within five years, China’s interest rate liberalization will be smoothly implemented in the silent area.