Position:Community news

Interest rate commercializes ought not to be financial interagency to amuse ones

From;    Author:Stand originally

Current, orgnaization of grade of a few international is to dominion credence grade of China: Moody company is A2 class to the grade of debt of long-term foreign currency; And Er of general of Hui Yuguo border, standard is right his grade is class A. And in the international market, a convention is the financial product grade of any country, surmount the dominion credence grade of this country impossibly. Why? Because of the any banking product in this country, risk of its break a contact can be thought to be less than the dominion credit risk of this one country impossibly. Those who change character, the yield of any financial products in this country, should prep above the dominion credence product of this one country, in order to compensate investor likelihood susceptive is taller risk of break a contact.

According to international money market this one convention, we can know, the value of grade of state sovereignty credence, go up in international money market with respect to the financial product that depends on be this country, offerred to be able to be used at to international investor transverse relative appraise value is fiducial. Any investor can are worth according to this one appraise fiducial, will affirm oneself but susceptive risk standard. This shows appraise is worth fiducial importance place.

So go up in domestic money market, does China have the estimate that is similar to dominion credence grade is the value fiducial?

According to the view of official of Chinese Central Bank, money market system of China is already initial form, market of short-term loan of a person of same business, note market, counter-purchased the market to constitute relatively perfect currency market; Bond market and stock market constituted capital market; In addition still foreign currency market, gold market, option market waits. So is the appraise value that can the yield of product of the short-term loan between the bank regard all finance as the product fiducial? Or bill, counter-purchase product, bond, stock... ? Is or interest rate of short-term loan of a person of same business between the Shanghai bank that the Central Bank urges with all one's strength (Shibor) ?

The trade member in Chinese money market people, be afraid possible to afore-mentioned place appraise cost is fiducial close watch suspicion. With respect to the Shibor that takes Chinese Central Bank to be dedicated to making standard interest rate, face the problem of an exceeding awkwardness. The country opens a record of the conference on the net that issues bond of finance of interest rate of Shibor fiducial float to show, the Central Bank hopes to Shibor of more financial product basis fix a price as standard interest rate, so that arise more commercialized Shibor, can be opposite better on this foundation Shibor has adjusting control; And when financial orgnaization distributes financial product, hope Shibor can cast off center ticket affect and commercialize, good basis Shibor comes to such ability the price that fixes him banking product. This is financial orgnaization people the real paradox that come up against.
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