中国利率市场化走过了一段漫长艰难的过程,尽管目前形式上已经完成,但仍然与发达市场的利率体系相差很远。主要问题是政府干预过多,市场决定的因素有限,尤其是基准利率与发达市场完全不同。如何实现基准利率体系转换目前存在不少困难与问题。这是当前中国利率市场化改革最大的障碍。因此,确立以货币市场的短期利率(拆借利率或国债回购利率)为主导的基准利率体系,是未来中国利率市场化改革的方向。 The marketization of China’s interest rate has come a long and difficult course. Although it has been completed in its current form, it still lags far behind the interest rate system in developed markets. The main problem is the excessive government intervention and the limited market determination. In particular, the benchmark interest rate is completely different from the developed markets. How to achieve the conversion of the benchmark interest rate system now has many difficulties and problems. This is the biggest obstacle to the marketization of China’s interest rate reform. Therefore, the establishment of a benchmark interest rate system dominated by the short-term interest rate of the money market (interest rates on borrowing or treasury bonds repurchase) is the direction for the marketization of interest rates in China in the future.