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今年6月份,银行间资金拆借市场出现以创纪录的高利率为标志的“钱荒”现象,中国“流动性两难”局面也日益突出,究其原因,实际上是利率双轨并存所致,即从银行法定较低的利率存款流向市场化定价的高收益产品,它既凸显了现行货币政策的困境,也预示了宏观调控的改善方向——利率市场化,并为此奠定了条件。本文通过分析利率双轨制,试图阐明利率市场化改革的必要性及其改革思路。
In June this year, there was a phenomenon of “money shortage” marked by a record high interest rate in the inter-bank money lending market. The situation of “liquidity dilemma” in China also became increasingly prominent. The reason for this is actually the existence of double-rate interest rates , That is, from the lower interest rate deposits of banks to market-oriented high-yield products, it not only highlights the predicament of the current monetary policy, but also indicates the direction of the macroeconomic regulation and control, that is, the marketization of interest rates, and laid the groundwork for this condition. By analyzing the dual-track interest rate system, this article attempts to clarify the necessity of market-based interest rate reform and its reform ideas.