On the Market-based Interest Rate Reform
回顾中国30年利率市场化改革历程，总结双轨制成就，包括放开利率管制、建立SHIBOR和国债收益率曲线，并展望未来改革前提。
In a retrospective way,this paper depicts the 30-year-long course of the market-based interest rate reform,summarizes the achievements the two-track methodology made in the historic process.On the one hand, the PBoC has eased the regulations upon interest rate step by step and promoted the pricing ability of financial institutions,liberalized the upper limit of lending rate and lower limit of deposit rate.On the other hand,a whole new pricing mechanism of financial market interest rate was ushered into the system,SHIBOR and treasury bond yield curve were established,representing short-term and long-term benchmark rate respectively.The PBoC has been streamlining its operations to make sure that interest rate plays a key role in conducting monetary policy.The paper also looks forward to the advancing of market-based interest rate reform,and discusses the preconditions on that process.