摘要
基于BIS基准标准和国际借鉴,对中国人民银行LPR新机制的基准特征和未来曲线进行展望,得出结论:LPR报价机制选定MLF为利率锚发挥中期政策利率作用,是提高货币政策传导效率的优选方案;按照国际基准评测标准具有显著的特征,新基准曲线构建,有助于实现逆周期政策调控降低实体经济融资成本的目标。主要建议:稳预期,正确解读中期政策利率;推进存量贷款新基准的平稳转换,确立LPR贷款定价中基准地位;规划发展衍生产品市场,构建政策传导机制的市场环境。
Based on BIS benchmark standard and international reference,this paper prospects the benchmark characteristics and future curve of the new LPR mechanism of the People’s Bank of China.It is considered that MLF is the anchor of the LPR quotation mechanism to play the role of mediumterm policy rate,which is the best option to improve the transmission efficiency of monetary policy.The main conclusions are as follows:(1)PBOC’s choice of medium-term policy rate has theoretical basis and practical significance.;(2)The LPR anchored by MLF has remarkable characteristics according to international benchmark evaluation standards,and can give full play to the expected guidance of market interest rates;(3)the construction of new benchmark curve meets the demand of economic development to obtain“policy dividends”in various periods,and helps to achieve counter-cyclical policy regulation and reduce the real economy financing costs.Main suggestions:(1)Properly interpret the relationship between medium-term policy interest rate and market interest rate,and stabilize expectations to play an expected guiding role;(2)Promote the smooth conversion of new benchmark of stock loan and establish the benchmark position in LPR loan pricing;(3)Establish derivatives market to meet market demand and form an effective transmission mechanism of monetary policy.
出处
《金融理论与实践》
北大核心
2020年第4期1-9,共9页
Financial Theory and Practice
