Loan interest rates go soonThe central bank no longer when daddy

2013/10/27Liberation Daily

After the market deposit rates a,10Month25Day, the central bank announced with the release mechanism of centralized bidding officially running loan interest rate. The loan interest rate marketization go one step, the central bank finally prove his commitment to reform, but not be the protection of bank interest rate plan.

The loan interest rate more market based, for the minimum lending rate delimit a bottom line. According to the central bank said the loan interest rate (FoundationLoan Prime RateAbbreviationLPRThe implementation of commercial banks) is the best customers and loan interest rates, other loan interest rates can generate and point based on. At present, nine banks offer, by the National Interbank Funding Center as the base rate of loan specified by the people, the removal of the highest and lowest quotation, weighting to the other offers average income. At the beginning of operation to the public1One-year lending rate.

The benchmark lending rate by nine banks offer income, display position unshakable nine financial institutions.

Other attempts to become the benchmark interest rate of the project did not do so.10Month25The same day, the Shanghai interbank offered rate (marketShiborThe one-year benchmark interest rate)4.4%, far lower than the central bank announced6% of the one-year benchmark interest rate, have disappeared almost this price in the actual process of the bank and its customer's credit. The two-year newly issued government bonds yield3.9%,10Year only4.19%, if the3.9% as a two-year basic loan interest rates, banks will have to drink the Northwest wind. Chinese inter-bank money market and bond market, small in scale but transaction, which belongs to the flowers in the greenhouse, cannot bear the heavy responsibility of reflecting the money market interest rates.

ShiborFrom the2007Years1Month4At the beginning of the formal operation, from overnight to1Years has been given a high hope, then, that is conducive to further promote the financial institutions to enhance pricing power, perfect transmission mechanism of monetary policy, promoting the marketization of interest rates. Think also, interbank rates as a baseline, the market interest rate accordingly increase, such as2010Year periodShiborThe average value of2.71%, currency markets to water overflows golden hill2011Years, a sudden turn for the worse situation, a yearShiborThe average value of5.15%, have since been maintained at a high level. The interest rate does not depend on the banks to assess the risks and returns, depending on how much money the bank.

In China, the bond yield curve as the interest rate pricing reference is a joke. Bond by a few big trading mechanism leading trading,AAANon financial corporate debt ten annual rate of return10Month21Day5.75%, the bond market turmoil showed, one or two level of market price and the rat is the profit big, although bond transaction volume increased, not clear, in the credit rating of government credit abuse background, credit and risk for bond pricing is tantamount to Arabian Nights. The benchmark interest rate set by the central bank bond rates are mostly for quasi heart, but the loss of bond yields as the benchmark interest rate setting anchor target, belonging to the south.

There are two kinds of pricing is more accurate, one is the folk lending rate, two banks real lending rates.

The former Wenzhou folk lending interest rate as the representative. The daily statistics of interest rates immediately reflect both lenders and borrowers to market risk, earnings estimates for judgment, not fraud. According to the latest data released by the Wenzhou folk loan center official website (updated to10Month24Day), the one-year lending rate to17.68%, the standard interest rate can be used as folk microfinance. From this point of view, Wenzhou folk lending center website daily offered rate information, for borrowing, Small and micro businesses, personal loans for real valued, impressed, credit disclosure is not accurate, the term of the loan is not established, the highest income funds available. This is the embryonic form of grassroots finance.

Bank loan interest rates can be regarded as the real evaluation of banks on the risk, return. Small and micro businesses such as banks on short-term loans real interest in15%, and for the best customers interest rates have dropped sharply.10Month25On the day of announcementLPRFor the first yearLPRNewspaper in5.71%Large banks, is the best customers large credit interest rates, if plus the management fee, transfer, then the loan interest rate set by the central bank should be in the6Above. The bank loan offer false power is relatively small, although the possible human quotation, hidden hidden costs and other issues, but in the long term, can reflect the Chinese bank credit and risk assessment of large enterprises.

Well, now the loan interest rate Lane SME lending rate, large enterprises running, Goods are available in all varieties., central banks need to do is to increase the risk of hedging instruments, and the depositor protection mechanism, in order to prevent bank failures huoshaolianying. Considering the effect of large banks offer will only increase will not weaken, prevent such as London interbank lending market, bank price collusion, let the firstborn and trustworthy, critical.

9At the end of the month, the Central Bank Deputy Governor Hu Xiaolian said, will promote trade certificate issuance and trading, which is a part of market interest rates on bank system related initiatives. The interbank deposit, certificates of deposit interest rate pricing benchmark price as one, believe that soon the deposit insurance system will be introduced, severely risk control of private banks will be released, as the interest rate marketization tie the firewall.