发挥市场在资源配置中的作用,已经说了多年。市场配置资源的核心是供求决定价格,价格平衡供求。由于利率、汇率被管制和管理,我国的人民币和外汇资金未能实现市场的有效率配置,流向存在明显扭曲。在金融抑制放松的背景下,存款利率继续被管制导致了资金脱媒化。货币市场基金、理财产品、信托产品、社会集资等大行其道不奇怪,但得到银行的大力助推则有点费解。银行为什么要抬高自己的资金成本并协助脱媒?实际上,影子市场利率已经在发挥作用,引导资金流向更具竞争力的用户。利率管制下的银行只能通过影子银行 The role played by the market in allocating resources has been said for many years. Market allocation of resources is the core of supply and demand determine the price, price balance supply and demand. Due to the interest rate and exchange rate being regulated and managed, the RMB and foreign exchange funds in our country have not been able to effectively allocate the market and there is obvious distortion in the flow direction. In the context of the financial easing, deposit interest rates continue to be controlled resulting in capital disintermediation. It is not surprising that money market funds, wealth management products, trust products, and social fund-raising have become popular. However, it is a little puzzled by the bank’s push. Why banks should raise their own cost of capital and help to disintermediate? In fact, the shadow market interest rates have been playing a role in guiding the flow of funds to more competitive users. Banks under interest rate control can only pass shadow banking