Interest rates by two price signal chaos, make different economic subject suffered discriminatory treatment; Should break interest rate control, complete the final game of the liberalization of interest rate? Nowadays, the official interest rates and the folk between the rate increasingly apparent departure from, just like a "capital price double track". Given its huge negative effects, decision-making must be firmly advance interest rate marketization, speed as soon as possible. Recently, the central bank raised interest rates announced finally. Prime minister wen jiabao presided the economic situation when symposium reiterated that "to further advance the interest rate marketization, exchange rate mechanism reform", these signs exciting.MLB hats Funds double the price can not be neglected phenomenon. July 14,, the year and three months period Shibor (Shanghai interbank loan interest rates) respectively 5.2% and 6.08% reported. Considering the folk borrowing massive existence, the interest rate and the folk in official interest rates more practical difference. This rate gap, originated in China at present the lower mortgage rates and the ceiling on deposit interest rates set by the interest rate control. In the current macro economic situation, break interest rate control, complete the interest rate marketization's final game, is particularly urgent. Since the beginning of this year, inflation at every step going higher, monetary authorities to tighten policy also unceasingly pyramid. May come to economic growth and other realities stall factors to consider, decision-making to raise interest rates seem attitude. First half of the year, the central bank mainly rely on quantitative tools. At present, a large commercial bank deposit reserve rate has reached 21.5%, a record. At the same time, supervise the implementation of credit control and more strict than average deposit and loan request, a lot of bank lending ability greatly restricted. Frequent quantity control lead to market in the overall liquidity plenty of environment, part of the point serious ischemia, structural shortage has outstanding. Market interest rates then rise sharply. The middle of June, seven days of the inter-bank market interest rates sharply repurchase varieties to over 6%. Thus, this is not ample funds of smes' financing channel more narrow, most enterprise can turn to private lending, folk financing interest than the official interest rates five times higher-7 times, part of the financing of the folk in interest rates at 30%-50%. The consequences of double track money price is also manifest in, with inflation pressure increase, firmly negative situation more hasten is worse. In June the consumer price index (CPI) rose 6.4% year-on-year and one-year deposit interest rate 3.5% to simple measure, supportive of 2.9%. Even if some officials and scholars said, inflation in June this year between peaked back, the whole year are still expected to control the CPI increase in 4.5% 5%, and the central bank to raise rates by 25 basis points, firmly negative situation years turn still hopeless. Face to the erosion of supportive long-term wealth, residents urgent seek outside can provide higher savings rate of return on investment channel, direct consequence is that "deposit move", from the bank transfer to the housing market, the stock markets and other assets. If can not be supportive reverse situation, will encourage asset bubble. Only by raising interest rates is not enough to solve the problem. As interest rates transmission mechanism not smooth, some market main body is not sensitive to interest rate changes, the central bank will also need to adopt credit control, and the commercial Banks to strict window guidance, but this kind of regulation and control methods low efficiency. As commercial Banks on the market in succession, financing means to further increase,soccer jerseys assets or sheet of external trend intensifies, the effectiveness of monetary control more weaker. Interest rates the fundamental harm is double-tracked price signal chaos, can't be accurately reflect the relationship between capital supply and demand. It also will be different from discriminating against the economic subject. Many investment efficiency low large state-owned enterprises get loans ability is strong; And with higher efficiency, representatives of the private department economic growth direction is under. Even if the private enterprise is willing to accept the loan interest rates rise, and it is hard to apply for loans approved. Over time, this will affect all social investment efficiency, also go against economic transformation. In this situation, interest rate marketization is more pressing. Since the middle of 1990's open the inter-bank market since the interest rate, financial market and money market interest rate marketization realized basically. However, the lower interest rates on loans and the ceiling on deposit interest rates of control is still there and become market-oriented interest rate last hurdle. Interest rate marketization fetters, mainly lies in China's financial market segmentation and "culture" financial structure. State-owned financial institutions to control most of the financial resources, usually as state-owned enterprises and local investment projects of huge loans granted party, even to the lack of social economic benefits of projects for political lending; Otherwise a large amount of money to free in the "official financial" besides, to small and medium-sized private enterprises' financing, form of higher interest rates of private financial. Breaking barriers of market is had skyrocketed. Admittedly, interest rate marketization will also bring some risk. Regulatory may major concern state-owned Banks strongly dependent on spreads the profit pattern of income will be the serious test, the state-owned enterprise will not continue to low costs to a lot of money. But, overall weigh the costs and benefits, interest rate marketization has set up a file RuJianZaiXian, had to send. Interest rate marketization, will trigger a format to layout and regulatory system innovation. Banking profit model, with the interest rate marketization process must change. Financial institutions need to build interest rate pricing system and risk management system. Financial regulators will have to consider standard market competition supervision mechanism. At the beginning of the reform and opening up of the material price though double track got mixed, but after all, in the reform up special role, and the speed a complete success will come quietly, enormously promoted the market economy system construction of the frame. Today, the interest rate marketization remain obstacles, but interest rates to dismantle a double shot of the decisive has. The move will greatly promote price factors market process, giving China a market economy system this solid branch numerous.

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