Research Developmentof Financial Products In China Under The Marketization Of Interest Rate

With the advancement of China’s financial reform, Marketization of interest rate has made great breakthroughs, and made the financial environment more freely commercial banks have gained greater operational autonomy in this liberalized financial environment. The financial product is more rational. From2010to2012, with the central bank frequent adjustment of deposit and lending rates, changes in interest rates will have a large impact on yield and issue size of financial products. The reason Development of financial products have become the test products of Market-oriented interest rate reform, is because the yield of financial products is not controlled of bank deposit and lending rates, to a certain extent, is able to bypass the current interest rate control system. The development of financial products and China’s market-oriented interest rate reform have a close relationship, both keep same pace, promote and influence each other, work together. Through the bank’s financial products is able to measure and react the degree of promoting China’s market-oriented interest rate reform. Through in-depth study of the extent of interest rate reform can prepare for the future development of financial products and forecast the development trend of financial products then make adjustments to gain and scale in a timely to adapt to changes in interest rates.Therefore it is necessary to study mutual influence between market-oriented interest rate reform and the development of financial product, also it is very meaningful.First, the paper reviews the basic theory of market-oriented interest rate reform and current development of financial products, as well as mutually promotion in the development process, namely the financial products effect on market-oriented interest rates are:First, innovative financial products make the benchmark interest rate system more perfect; Second, financial products is able to circumvent the bank deposit and lending Interest Rate Regulation and a good alternative to deposits; Third, the development of financial products has accelerated financial disintermediation, thereby Forced interest rate marketization reform; Fourth, financial products is a good test products for marketization of interest rate reform. The development of financial products also occurred tremendous changes in the marketization reform of interest rate environment, First, interest rate changes have a impact on the issued scale of financial products; Second, the term structure and investment direction of financial products changed because the interest rate reformThen, analyzes the impact of marketization of interest rate on pricing of financial products, the paper collected in2010to2012the three-year financial products yield data and benchmark interest rates, Using variable coefficients panel regression model verify the impact of marketization of interest rate on pricing of financial products, and draw conclusions:In the marketization of interest rate, the pricing of credit financial products depends benchmark lending rate, rise or fall of interest rates will effect yield of loans credit products. The pricing of monetary financial products is determined by the SHIBOR, change of bills financial product is consistent with changes of SHIBOR. It showed the pricing of financial products affected by the interest rate market-oriented reforms, financial products has achieved a market-oriented independent pricing under the interest rates Marketization.Finally, based on the above analysis, the paper proposed separately bank financing business development policies under the background of marketization reform of interest rates and promote the suggestions countermeasures of interest rate further Marketization reform. Such as accelerate market-oriented pricing and speed of innovation off inancial products from the perspective of financial products to accelerate the process of interest rate marketization reform. Under the marketization of interest rate,financial products should strengthen the independent pricing power, increase the proportion of structured investment products and banking financial market should demand-oriented, provide personalized, comprehensive services.