關鍵詞：利率市場化 基準利率 上海銀行間同業拆放利率 The Choosing of Benchmark Interest Rate in the Marketization of China’s Interest Rate Abstract Interest Rate Marketization means the government gradually releases the restriction on interest rate, and let the financial market decide the interest rate by itself. As China is implementing financial reform, it is an inevitable trend to realize Interest Rate Marketization. One of the most important issues in the process is the choosing of benchmark interest rate, which is in a key position and plays a leading role in the financial market and interest rate system. Shanghai Interbank Offered Rate (SHIBOR) is created by the central bank as the benchmark interest rate in China and was officially launched on January, 4th, 2007. With the method of historical analysis, comparative analysis and empirical analysis, this paper examines SHIBOR’s statues of the benchmark interest rate and proposes appropriate policy recommendations in order to further strengthen the basic position of SHIBOR in the market rate system. This paper is divided into five parts: The first part gives a brief introduction of Interest Rate Marketization and China’s practice on the process. The second part discusses the definition of benchmark interest rate. In addition, experience from other countries and general principles are derived. The third part reviews China’s practice on choosing benchmark interest rate and gives a detailed discussion of SHIBOR from five different aspects. The fourth part focuses on the performance of SHIBOR since its birth, analyzing difficulties it faces and proposing suggestions to push forward its basic position. The final part gives the summary of the full text and giving prospects of future development of Interest Rate Marketization.
