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本文针对利率市场化稳步推进造成原有储蓄国债利率定价机制已不合适的现状,介绍美英两国储蓄国债利率定价方法,并分别采用“过去六个月内5年期流通国债平均收益率的90%”、“银行同期存款利率的加权平均值+CPI”、“银行同期存款利率的加权平均值+PRI”的三种模式模拟计算我国五年期储蓄国债利率,以此分析美英定价方式的不足,进而创新推导出“中债收益率曲线同期利率的加权平均值挂钩CPI”的浮动利率定价方式。
In this paper, the interest rate marketization steadily promote the existing savings treasury bond interest rate pricing mechanism has been inappropriate status quo, introduced the United States and Britain savings bonds rate pricing method, and respectively, “the past six months, the average yield of 5-year circulation of government bonds 90% ”, “ Bank weighted average of deposit interest rates + CPI ”, “ Bank weighted average of deposit rates + PRI ”three models to simulate the calculation of China’s five-year savings bonds rates, as a Analyze the shortcomings of the pricing methods of the United States and the United Kingdom, and then deduce the floating interest rate pricing method of “weighted average of the interest rates over the same period of the bond yields curve” linked to CPI.