央行：畅通货币政策传导机制?重点关注五组利率比价关系

Core Viewpoint - The People's Bank of China emphasizes the importance of maintaining reasonable interest rate relationships to enhance the effectiveness of monetary policy and facilitate the transmission mechanism of monetary policy [1][2]. Interest Rate Relationships - The relationship between central bank policy rates and market rates is crucial, as market rates should ideally reflect the central bank's policy intentions. Any significant deviation can hinder the effectiveness of interest rate transmission [3]. - The relationship between asset and liability rates of commercial banks is also important. A mismatch in the adjustment speed of loan and deposit rates can compress banks' net interest margins, affecting their ability to support the real economy [3]. - Different asset yield relationships, such as those between loans and bonds, should not diverge excessively for the same entity, as this could disrupt the risk pricing principle [4]. Term and Risk Premiums - The relationship between short-term and long-term interest rates reflects term premiums, and banks should maintain reasonable term spreads in their deposit rates [4]. - The relationship between different risk rates indicates that higher credit ratings should correspond to lower financing costs. If corporate financing rates fall below government bond yields, it contradicts the risk pricing principle [4]. Market Dynamics - The central bank has been actively working to maintain reasonable interest rate relationships, which can explain recent trends such as the slowdown in household deposit growth and the increase in non-bank deposits [5]. - The phenomenon of "deposit migration" is essentially a reallocation of assets by residents based on changing return rates, reflecting a dynamic adjustment in asset allocation [5][6]. Future Directions - The central bank plans to continue transforming its monetary policy framework, focusing on price-based regulation and enhancing the effectiveness of interest rate adjustments in resource allocation [7].