The Empirical Research of Degree of Acceptance Bills Rate Marketization
The steady progress of interest rate liberalization is an important part of deepening the economic and finance reform of our country.The rate of acceptance bills,which adopted the market principle quite early and have a high degree of liberalization among money market interest rates,is the ideal medium to achieve interest rate liberalization reforms.Through the empirical comparison of acceptance bills rate with SHIBOR,interbank offered rate,bond repo rate and other market rate,it is found that acceptance bills rate has a higher degree of liberalization and possesses fundamental characters as the benchmark interest rate for current money market.However,due to limitations such as regulations and laws,the market maturity degree and technical measures,there are still obstacles for the acceptance bills rate to be fully liberalized and to develop the function of the benchmark interest rate.This article offers suggestions from various aspects to deepen the interest rate liberalization.