Study Of Benchmark Interest Rate In Our Interest Rate Liberalization Reform

In the 1990s,China put forward the interest rate liberalization reform,through nearly 20 years endeavor,we had got some progress,and our central bank had relaxed part control of interest rate. But we will continue to aceelerate the reform if we want to realize the interest rate 1iberalization.The most important of the reform is to choose a real suitable benchmark interest rate of the market.The benchmark interest rate of the market plays an important role in the whole money market and the interest rate system.4th Jan.2007,Shanghai Interbank Offered Rate(short as Shibor)was introduced in the matket,which indicatided that Chinese benchmark interest rate would be developed officially.After four years,Shibor has already been rudiment of the benchmark,because it isrelated with other interest rates and market yields closely,also more and more financial instruments are pricing under shibor,with the promotion from People's Bank of China.In the end,according to some problems,this paper will also propose some solutions.