| The marketizing reform, on the basis of reforming price ,has been being further developed .But the interest rate ,as the basic price in the whole market ,still play a leading role in allocation of resource .Its ownformed mechanism is still controlled by the government and non -marketizing .China' joining in WTO will strongly pound at its formed mechanism of interest rate which is non-marketizing. The marketizing reform of money rate should be carried out alone with reforming the property right system of the commercial banks and establishing the market supervision system .They will create favorable conditions for the necessity of reforming China's formed money rate mechanism, supporting conditions and steps of the reform after investigating the existing work state of China's financial systems and consulting the financial reform experiences that some countries in the world have gained in the past several decades.This thesis is divided into six parts, which approaches the imminence, conditions and steps of china's reforming its money rate mechanism being strongly pounded by WTO.Part One expounds and proves that China's joining in WTO will speed up the reform of its marketizing money rate .The existing formed mechanism of money rate has to be reformed in view of its losing efficacy and restraining economic development. Quite a lot of foreign banking institutions will surely go into the financial market of China under the market penetration regulation of WTO. The development of competition demands to shake off the control yoke. The transparency regulation of WTO requires that the signal of the money rate should be regular and open as well as that freely exchanging RMB should result in currency homogenizing after China's joining in WTO. All of these demands that the forming mechanism of money rate should marketize.Part Two demonstrates the reform of marketizing money rate can't go ahead single-handed. It will involve a wide range as well as it will face to the moral risk of the commercial banks after setting money rate free, and it may do harm to the motion of the whole market. The great difficulties and risk of the reform requires that it should move forward along with other relative reforms, which create favorable condition for the other party. The reform of marketizing money rate demands that theoperating mechanism of the commercial banks should be further marketized and to reform the range and means of the supervision authorities.Part Three proves that the reform of marketizing interest rate has to be supported by reforming the property right system of the commercial banks, which are the centre of currency flow. The basic of bringing the money rate in the market into play is that the action of the commercial banks has to reflect the scale and composition of the currency supply in the market through high or low rate of deposit-loan. It's necessary to actively and safely reform the property right system of the internal administrative institutions which can efficiently operate and balance each other on the basis of the new property right system. The establishment and development of the commercial banks. The private banks have brought ambient pressure to bear on the commercial banks and supply the conditions for their reform.Part Four demonstrates the marketizing money rate should be carried out at the same pace along with the reforming adjustment-control means and supervision system. The marketizing money rate should be conducted at the same pace with reforming the adjustment-control means of the Central Bank. The reform of marketizing money rate also requires to reform and adjust the range, ways and means of financial supervision at the same pace.Part Five discusses the means to carry marketizing money rate forward gradually. In order to minimize the reform risk, the reform way should be gradual and in order. Basic train of thought is to relax the money rate control of the commercial banks as well as cultivate currency market and to heighten the leading role of rate signal formed in the curre... |
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