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1、一、我国利率市场化的现状一、我国利率市场化的现状1996 年开始了利率市场化的进程。In 1996, the process of marketization of interest rates was began. 1997 年 6 月银行债券市场正式启动，同时放开了债券市场的债券回购和现券 交易利率。In June 1997, bank bond market was officially launch, at the same time, bond repurchase and bond transactional rate of the bond market were liberal
2、ized.1998 年 9 月放开了政策性银行金融债券市场化发行利率。In September 1998, financial bonds market interest rates issued by the policy banks was liberalized. 1999 年 9 月国债在银行间债券市场利率招标发行。In September 1999, bonds in the inter-bank bond market interest rates was issued by tender.2003 年央行宣布扩大金融机构贷款利率浮动区间, 使利率成为资源配置和宏 观调控的重要手段
3、. In 2003, the central bank announced the expansion of the floating scope of lending interest rates of financial institutions,this has made interest as an important means of macro-control of rates and the allocation of resources.翻译时制作一个简单的表格（表格无要求，看的顺眼就行）翻译时制作一个简单的表格（表格无要求，看的顺眼就行）我国推进利率市场化的途径和步骤 the
4、 means and the steps of China to promote market-oriented interest rate 尽管利率的市场化对我国金融体制的进一步改革和完善势在必行，但在我国的 利率市场化进程中，也不能操之过急，必须根据金融市场发展的成熟程度有计 划、分步骤地进行。Although the marketization of rates is imperative to further reform and perfect Chinas financial system. in the process of marketization of interest r
5、ates, we can not be too hasty, It must be based on the development of the maturity of the financial markets and shouldbe conducted in a planned and step-by-step manner.1、改革利率管理体系。一是体现整体水平，国家有所控制，能放能收，执行灵 活；二是遵循客观经济规律，能优化资金配置；三是能调动各级银行管理利率 的积极性。最终建立起一个“多层次、有差别、敢开放、能控制”的比较科学 的利率管理体系。1.Reform of the in
6、terest rate management system. First, the overall acheivement should be shown out, the reform should be under the control of our government and be implemented flexibly; Second, the objective economic laws should be followed and funds allocation can be optimized; Third the enthusiasm of the interest
7、rate management should be mobilized at all levels of the banks. In the end, we can establis a scientific interest rate management system which is characterized by “multi-level, differentiality, daring to open, controlability“. 所谓“多层次”，就是要改变一统到底的高度集中统一的利率管理制度，建立 一个由各级银行有利率管理权、能适应经济发展需要、有伸缩性的多层次的利 率管理
8、体系：The so-called “multi-level“ is that the highly dominant and centralized management system of interest rate is ended and the multi-layer flexible interest rate management system which is managed by all levels of the banks and can meet the requirement of economic development should be established i
9、n thye end. 中央银行主要管理基准利率、利率极限与往来利率的确定；各商业银行及其分 支机构可以在规定的范围内，按照资金供求关系确定融通资金的利率和民间资 金自由借贷的利率。It should be consisted of: The limit-setting of the key management benchmark interest rate of the Central Bank and the interest rate and exchange rate; all commercial banks and their branches can define funds
10、interest rate and the freedom of civil lending rate within a given scope according to established terms of the supply-demand relationship of funds . 所谓“有差别”，就是对不同情况的存贷款，实行不同档次的差别利率，包括 存贷差别、效益差别、行业差别、时间差别、风险差别等。 “differential“ means that the implementation of the different grades and different intere
11、st rates should depend on the different situation of deposits and loans. It includes the difference between loan -deposit, difference, efficiency differences, Industrial difference, time differences and differences in risk. 所谓“敢开放”，是指存贷款利率不仅有差别，而且在已确定的差别利率的基 础上敢于放开，最大可能地实现利率的市场化。“dare to open“ means
12、 ,apart from difference of deposit and loan interest rates,we should dare to open and marketize the rates to the greatest degree on the basis of having identified the difference in interest rates. 所谓“能控制”，是指利率在各个层次都实行差别利率并敢于放开的同时，中 央银行能把握住利率变化规律，对利率发展的趋势实行有效控制。The so- called “ controlability“ means
13、all levels of interest rates are implemented in the interest rate differential and the courage to open up at the same time, the central bank can hold the laws of the interest rate changes and control the development trend of interest rates effectively.2、实施分步推进策略。2, implement the strategy of step-by-
14、step. 就利率管理体制而言，可以分三步走：On the management system of interest rate, we can advance through three steps:第一步，在调整银行利率水平和利率结构的同时，建立中央银行再贷款利率为 基准的利率体系，调高中央银行再贷款利率，使其高于商业银行吸收存款的平 均成本。这一步已经有所体现，但仍要完善提高。The first step,when the bank interest rates and the interest rate structure are being adjusted , the intere
15、st rate system based on the central banks relending rate should be established at the same time, and the Central Bank should increase the lending rate to a point higher than the average cost of commercial banks to attract deposits. This step has been implemented, but it still need improvement. 同时，要进
16、一步放松管制，让银行间拆放利率自由协定。Meanwhile, we should further the deregulation and set the Offered Rate on nter-bankfree Agreement. 并且要对经济发达地区的金融机构，先行放开利率管制。Moreover, we need to liberalize the interest rates of the financial institutions in the economically developed areas in prior to others.第二步，中央银行只规定存款利率上限和贷款利率下限，在这个范围内允许自 由浮动，允许更多的金融机构开放，实现利率的市场化。The second step ,the central bank only decides the maximum interest rates on deposits and the minimum rates lowest on lending, in this
