Générale Chief Economist expert arguments today, Political Commissar of Shandong topic: Chief Political Commissar of Shandong, an economist at Societe Generale bank interest rate marketization in each of the economies, monetary authorities have day-to-day policy indicators for leading the market interest rate interest rates. In my country, has in the past largely shared by the two big interest rate policy indicator rate feature: a commercial issue interest rate. With the changes in the pattern of international capital flows, Commercial suspension rates have led to that target no longer exists. Second is 1-year deposit and lending rates. With the practical implementation of interest rates in the future relative to the benchmark interest rate fluctuations has further been extended, the final interest rate benchmark interest rate impact will fade, ultimately their base also disappears. Since both indicators of policy interest rates will tend to disappear in the future, then taken by the Central BankTo direct the day-to-day changes in market interest rates, has become a rather urgent issue at the moment. Judging from the mature market economy countries, which generally have opted for the currency rates as a policy target rate within 2 weeks. According to the market situation gw2 power leveling
, overnight or 1 week becoming the Bank of choice could be considered indicators of interest rate term, specific actions can be used in repurchase and reverse repurchase operationsTo set the interest rate corridor. In cultivating new indicators in the course of interest rates, two prominent issues might require special attention: one is how to improve policies in the oligopoly market signaling? Regardless of final central banks is to select the overnight rates also as indicators of policy interest rate period is 1 week, its pairing of objects may be Shibor rates system. However, from the current ShIbor rates the market performance of the system, its 3M rate benchmarks have been given full recognition in the market, but 3M more than term rates of objectivity is still subject to a certain doubt, more than one important reason is that 3M interest rate relative to the shorter end of the period of interest rate changes are not sensitive. In fact, the emergence of such State, in large part because China's currency market oligopoliesThe existence of monopoly market structure. Under this structure, even the short end of lax, but many marketing agencies have for the stability of long-term financial sustainability of lack of full confidence in (as long as a big institution change, market sentiment is a sudden change in the situation right away). Second, the need to focus on mutual restriction between indicators of interest rates and the bond market guild wars 2 power leveling
. If the interest rate liberalization continues to move forward, mean baselineInterest rate itself "benchmarks" will continue to weaken, which may eventually lead to policy authorities concerns about the so-called benchmark interest rate earlier decline and adjustment is no longer timely. In this process, bond market in particular, floating rate bonds may be subject to greater impact.