The Study On The Effectiveness Of The Benchmark Interest Rate In Our Country Under The Background Of Interest Rate Marketization

The market rate marketization reform of China began in 1996 with the Interbank offered rate liberalization. The interest rate liberalization is an important step in the development of China’s financial markets. Throughout the world, the interest rate market is the inevitable choice of the world’s major developed counties. In the interest rate market-oriented reforms, the benchmark interest rate will help to provide a reference for the establishment of asset pricing in financial markets, and an important prerequisite for the interest rate market. It is necessary to establish a money market interest rate system to take the benchmark interest rate as a kernel in order to accelerate the interest rate marketization and financial reform, product innovation and active trading in China financial market.The thesis illustrates that the construction of benchmark interest rate is a requirement for interest rate marketization with its connotation and domestic circumstances. As the main benchmark interest rates in international financial market listed in the thesis, we find that they share the following points in common benchmark interest rates usually are interbank offered rates, benchmark interest rates are interbank bid rates; benchmark interest rates require maturity structure integrity; benchmark interest rates liberalized hugely; benchmark interest rates are lauched and regulated by specialized agencies.The thesis summarizes that the marketability benchmark characteristics including stability,relevancy,conductibility,structure,testability,controllability.It had already been discussed in academia whether treasury interest rate, bond repurchase rate, deopsit rate or interbank offered rate was capable of being the benchmark interest rate in China’s monetary market when the Shibor has not yet been launched before 2007. At different stages of domestic financial market, each interest rate listed above has played the role as benchmark in a certain period, but none of them is capable of being operating as the domestic money market benchmark interest rate because of the deficiency of their charateristics and the relying market.Through the comprehensive analysis of qualitative and quantitative, in this paper, the following conclusions:one is the term structure of Shibor has have the relatively complete, the rest of the money market interest rate changes will be largely affected by the Shibor; It is through the research of the relationship between Shibor and pledged repo rates can be learned that Shibor has a strong basic; Three are the Shibor and broad money supply (M2), consumer price index (CPI), and other major macroeconomic indicators is relatively strong correlation; Four is based on the csi 300 index yields and the dollar exchange rate respectively to the Shibor overnight after the impulse response function of knowable Shibor has good stability. But at the same time there are some shortcomings and problems, need to continue to consolidate and strengthen the status of Shibor as the benchmark interest rate.