每日经济新闻(博客,微博)记者 胡群 发自北京

Daily economic news(blog,Micro bo)Reporters from the Beijing HuQun

　　一行三会加外管局于9月17日联合发布了《金融业发展和改革“十二五”规划》（以下简称《规划》），新一轮金融改革将启动，涉及利率市场化、汇率形成机制、人民币资本项目可兑换、金融机制改革等。

A line of three will add comments on September 17, jointly announced[The financial industry development and reform"1025"planning](Hereinafter referred to as[planning]),A new round of financial reform will start,Involved in interest rate marketization/Exchange rate formation mechanism/RMB convertible under capital accounts/Financial system reform, etc.

　　《规划》表示，十二五期间，将优化货币政策目标体系，更加突出和重视保持物价总水平基本稳定的目标。同时推进货币政策从以数量型调控为主向以价格型调控为主转型。

[planning]said,During 1025,Optimal monetary policy target system,More prominent and pay attention to keep the general level of commodity prices basically stable target.At the same time promoting monetary policy to control from quantitative to give priority to with price type regulation is given priority to transformation.

　　规划中涉及金融宏观审慎政策、货币政策调控体系等多项改革，上海财经大学现代金融研究中心副主任奚君羊认为，规划中亮点不多，更重大的改革留在下一个五年计划。不过目前已过了一年半，还有三年多便会清楚下一步改革的重点。

Planning involves financial macro prudence/Monetary policy regulation system reform, etc,Shanghai university of finance and economics, deputy director of the modern financial research center XiJun sheep think,Planning window not much,More significant reform leave in the next five year plan.But at present already had a year and a half,There are more than three years will clear a key to the reform of the next step.

　　兴业银行(601166,股吧)首席经济学家鲁政委则指出，规划的遗憾在于给出了金融服务业增加值占GDP的比例5%，非金融企业直接融资占社会融资总量的15%，但却未能清晰给出备受关注的汇率形成机制改革和利率市场化的时间表和量化目标；各项改革之间的关系与推进的协调性与次序，仍然未能清晰显示，比如资本项下开放与汇率市场化之间的配套；利率市场化与综合化经营之间的协调；巴塞尔协议与资产证券化、综合化经营推进之间的协调。

Societe generale(601166,guba)Chief economist commissar lu is pointed out,Planning regret to give the financial services sector accounted for the proportion of GDP by 5%,Non-financial enterprises of our country direct financing accounted for 15% of the total social financing,But failed to clear given much attention has been paid to the exchange rate formation mechanism reform and market-oriented interest rate schedule and quantitative target;The relationship between the reform and promote the harmony and order,Still cannot clear display,Such as capital captioned opening and exchange rate between market supporting;Interest rate marketization and the coordination between the comprehensive management;Basel agreement and asset securitization/Comprehensive management promote the coordination between the.

　　奚君羊指出，在规划中可以看出，监管机构推进改革步伐稳健，利率市场化改革蕴含着风险，在利率自由、经济主体利率敏感性差、同业间缺乏协调的情况下，完全竞争的银行定价常会带来不计成本的恶性竞争乱象。

XiJun sheep pointed out that,In the planning can be seen in,Regulators reform step steady,Interest rate marketization reform contains the risk,In the interest rate free/Economic subject interest rate sensitivity/The lack of coordination between the cases,Perfect competition bank pricing often bring regardless of the cost of the malignant competition the mess.

　　中国银行(601988,股吧)国际金融研究所所长、战略管理部副总经理宗良认为，在政府退出之后，若没有市场协调力量的强有力介入，管制的真空是否会导致市场秩序在一定时间内的较大混乱？在我国当前的利率市场化改革实践中，应强化央行对利率的间接调控体系，充分发挥Shibor对市场利率的基准和主导作用，使市场化后的利率定价机制有秩序、可调节、合理化。

The bank of China(601988,guba)International financial institute director/Strategic management of vise general manager ZongLiang think,In the government to withdraw from the later,If there is no market coordination strength strong intervention,Control of vacuum will lead to the market order in a certain time larger chaos?In our country the current interest rate marketization reform practice,Should strengthen the central bank interest rate of indirect regulation system,Give full play to the market interest rates Shibor benchmarks and leading role,Make after the marketability of the interest rate pricing mechanism has order/adjustable/rationalization.

　　资本项目放开方面，今年以来，监管层已数次提到“推进资本项目可兑换”。“但在规划中，并不曾提到QFII和RQFII。我认为应该提出明确目标，目前的限制不构成严重障碍。”中国建设银行(601939,股吧)高级经理赵庆明称。

Capital project open aspects,Since this year,The supervisor has been mentioned several times"Promote capital account convertibility"."But in the planning of,Not mentioned the QFII and RQFII.I think we should put forward clear objectives,The current limit does not constitute a serious obstacle."China construction bank(601939,guba)Senior managers ZhaoQingMing says.

　　当前我国资本项目兑换加快推进的四项条件已基本具备，如宏观经济稳定、金融监管完善、外汇储备充足及金融机构稳健，因此推进资本项目兑换也就更多取决于各方面的共识以及中央的决心，而资本项目可兑换较快发展所能带来的诸多潜在利益则有利于推动有关方面的改革达成共识。

The current our country capital project to accelerate the exchange of four conditions has been basically have,Such as macro economic stability/Financial supervision perfect/Foreign exchange reserves sufficient and stable financial institutions,Therefore promote capital project exchange is more depends on all aspects of consensus and central determination,And capital account convertibility rapid development can bring many potential benefits is helpful for promoting the reform of the consensus.

　　宗良则认为，突出重点、整体推进、顺应市场、减少扭曲、积极探索、留有余地，这个原则已说得很清楚，并且将逐步进行各项资本项目开放，已经十分清晰地规划出未来几年的资本项目开放的路径。

ZongLiang argue that,Highlight the key/Whole advancement/Conform to the market/Reduce distortion/Actively explore/Leave some leeway,This principle has said very clearly,And will gradually carry out the open of capital items,Has very clearly planning out the next few years capital project open path.