Zhouxiaochuan, President of the people's Bank of C

2022-08-06
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Zhouxiaochuan, governor of the people's Bank of China: loans for interest rate marketization reform first

zhouxiaochuan, governor of the people's Bank of China: loans for interest rate marketization reform first

information on China Construction Machinery

Guide: since the central bank released the number of three system experimental channels for interest rate marketization acceleration: five signals in 2010, there has been a constant debate on how to promote interest rate marketization reform. In an interview with Caijing magazine recently, zhouxiaochuan, the governor of the central bank, elaborated in detail the plan and path for the market-oriented reform of interest rates (3) to continuously improve the industry management reform. He said that the reform of loan interest rates can take the first step

since the central bank released the signal of accelerated interest rate marketization in 2010, off cannot be used as a stop button; There has been a constant debate on how to promote the market-oriented reform of interest rates. In a recent interview with Caijing magazine, zhouxiaochuan, the governor of the central bank, elaborated on the plan and path of interest rate marketization reform. He said that the reform of loan interest rate can be one step ahead, while the reform of deposit interest rate should not be rushed. It can be promoted by promoting the development of alternative liability products and expanding the floating range of interest rate

not all banks welcome independent pricing.

"at present, the reform of interest rate marketization can be further promoted, and it is also under design and demonstration. The reform of loan interest rate can take the lead, and the deposit can be promoted by promoting the development of alternative liability products and expanding the floating range of interest rate." Zhouxiaochuan said

zhouxiaochuan disclosed that the central bank had studied the interest rate marketization reform in detail, but found that the reform progress of each bank was different. After the share reform, banks have basically realized hard constraints, worried about the rising cost of deposits, and are unwilling to raise deposit interest rates. Banks that have not yet undergone share reform lack hard financial constraints, so they may not provide all kinds of equipment information to calculate costs and benefits when competing. In addition, the financial constraints of commercial banks and policy banks are different, so they can not be put together for fair competition

"it does not mean that all problems can be solved as long as the interest rate control is liberalized." Zhouxiaochuan believes that after the marketization of interest rates, independent pricing must be achieved, which is not necessarily welcomed by banks. For example, after the Wenchuan earthquake, the central bank expanded the lower limit of commercial personal housing loan interest rate to 0.7 times of the benchmark interest rate, improving the independent pricing power of financial institutions. However, some financial enterprises are not willing to exercise independent pricing on housing loans

the reform of deposit interest rate is not urgent

after the financial crisis, developed countries implemented quantitative easing policies, resulting in "hot money" flowing into emerging markets such as China

zhouxiaochuan believes that there is no need to be afraid of "hot money inflow". However, when people are dissatisfied with domestic inflation, "hot money" has become the target of criticism. So "hot money" must be controlled. He believed that since the interest rate difference at home and abroad would cause "hot money" to pursue interest, the reform of deposit interest rate should not be rushed

"the existence of real negative interest rate is formed under the comprehensive action of various factors, not the result of our intentional choice." Zhouxiaochuan said so

zhouxiaochuan believes that to promote the market-oriented reform of interest rates, the alternative is to allow qualified financial institutions that meet the financial hard constraints and the requirements of the macro Prudential policy framework to expand their independent pricing power; In order to establish and improve the self-discipline management of the competition order as a transition, let the above-mentioned institutions implement the independent pricing of interest rates

Wenzhou's financial reform, which was highly advocated before, did not include interest rate marketization. Guotianyong, a professor at the Central University of Finance and economics, believes that the most urgent thing for the banking industry is to break through the deposit insurance system, which is the basis for the marketization of interest rates, and to relax the access standards for financial institutions. (Su Manli)

background

the ice of interest rate marketization reform will break

before 2003, the floating range of bank loan pricing power was limited to 30%. In 2004, the floating range of loan was expanded to 1.7 times the benchmark interest rate. In October of the same year, the ceiling of loan floating was cancelled; The downward floating range is 0.9 times of the benchmark interest rate. At the same time, the deposit interest rate is allowed to float downward

in September 2010, the financial times, which is in charge of the central bank, published an article to open the discussion on the current round of interest rate marketization reform. Shengsongcheng, the then president of Shenyang Branch of the central bank, said in an interview that he could consider striving for the state to allow the northeast to take the lead in carrying out the pilot of raising deposit interest rates, speed up the process of interest rate marketization and break the financial administrative monopoly

at the end of 2010, zhouxiaochuan, governor of the central bank, proposed to push forward the interest rate marketization reform under the ideas of delimiting the scope, providing incentives and strengthening self-discipline. During the 12th Five Year Plan period, the central bank will approve financial institutions with financial hard constraints to generate pricing in competitive markets and clearly send out acceleration signals

at present, interest rate marketization has been included in the main work of the central bank, and the ice of interest rate marketization reform is slowly melting

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