The Running Condition And Developement Of Shibor

For a long time, in our country’s money market lack of a market interest rate, which rate can correctly reflect the borrowed money supply and demand.Shibor is been as the benchmark interest rate in our country’s monetary market,which imitate the Libor,so how to perfect the construction of Shibor will become an important subjects.This paper use the methods of empirical analysis and comparative analysis,studies the benchmark of Shibor in money markets from the view of run confiation.Through the system carding and in-depth analysis,the author find that Shibor’s market is small、bank s pricing power is level、related derivatives with Shibor is less.The author in-depth analysis these problems by using the method of measurement find that the reason is Medium-and long-term Shibor cannot be the benchmark rate,and Shibor have less effect in the monetary policy.Through learn the experience of the Libor and FFR,the author think four steps can solve thiese problems:tattract more market participants、enhance bank’s pricing power,improve the price mechanism、set up the interest rate transmission system base on shibor.Finally according to national policy,the author raise Shibors prospects and the way of development from the perspective of macro.the author hope his research can play a positive role to the development of Shibor.