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2015年10月,央行决定对商业银行和农村合作金融机构等不再设置存款利率上限,标志着利率市场化基本完成。一般认为,利率管制完全放开后,市场竞争加剧会使存款利率上升、优质客户贷款利率下降,进而导致银行利差收窄。笔者通过国际比较发现,利率市场化对银行净息差的影响是相对的,并不能一概而论,利率市场化后银行利差并不一定会收窄。此外,利率市场化后大型银行净息差相对更低,以零售业务为主和涉农业务占比高的银行净息差相对更高。
In October 2015, the central bank decided that the deposit interest rate ceilings should no longer be set on commercial banks and rural cooperative financial institutions, which marked that the marketization of interest rates was basically completed. It is generally believed that after interest rate liberalization is completely liberalized, intensified market competition will lead to an increase in deposit interest rates and a decrease in the interest rates on loans to prime customers, resulting in a narrowing of bank spreads. The author finds through international comparisons that the impact of the marketization of interest rates on the net interest margin of the banks is relative and can not be generalized. The bank spreads after market-oriented interest rates are not necessarily narrowed. In addition, after the market-based interest rate liberalization, the net interest margin of large banks was relatively lower, and the net interest margin of banks, mainly retailing businesses and agriculture-related businesses, was relatively high.