政策利率如何传导至市场 解析五组重要利率关系

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 reduce capital arbitrage [1][3]. Group 1: Interest Rate Relationships - The relationship between central bank policy rates and market rates is crucial, as short-term market rates should align closely with policy rates to ensure effective transmission of monetary policy [1]. - The relationship between commercial banks' asset and liability rates indicates that while loan and deposit rates generally move in the same direction, discrepancies can compress banks' net interest margins, affecting their ability to support the real economy [1][2]. - Different types of asset yields, such as loans and bonds, should not diverge excessively for the same entity, and the diversification of financial products necessitates better coordination of interest rates across financial markets [2][3]. Group 2: Term and Risk Premiums - The difference between short-term and long-term interest rates reflects the term premium, and banks should maintain reasonable term spreads in their deposit rates [2][3]. - The relationship between different risk premiums indicates that higher credit ratings should correspond to lower financing costs, and deviations from this principle, such as corporate financing rates being lower than government bond yields, are unsustainable [2]. Group 3: Policy Coordination and Implementation - The central bank has implemented measures to maintain reasonable interest rate relationships, including regulating interest rate pricing and enhancing the linkage between banks' asset and liability rates [3]. - Strengthening policy coordination and ensuring effective execution of interest rate policies are essential for the central bank to facilitate smooth monetary policy transmission [3].