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South China news agency li ning

　　和讯网消息 9月26日，越秀集团旗下广州国际金融中心（IFC）正式开业。中国人民银行调查统计司副司长徐诺金在当天由越秀集团主办的“珠江金融论坛”发言时指出，中国近十多年来的利率市场化走的非常快，目前利率放开的深度、广度大大超出过最初的预期。

HeXunWang news on September 26,,Yuexiu group's guangzhou international financial center(IFC)Officially opened.The people's bank of China deputy director general XuNuoJin survey statistics in the yuexiu group by the"Pearl river financial BBS"Speech pointed out that,China nearly 10 years of interest rate marketization go very fast,At present the depth of the open interest rates/Span than over the initial expected.

　　徐诺金指出，从1996年利率市场化开始，中国利率市场化存在四个基本。第一、始终坚持了市场化的方向，每一次都抓住有利时机，让市场供求更多决定利率水平方面发挥作用，逐步放开一些条件成熟的市场。

XuNuoJin pointed out that,From the 1996 annual interest rate marketization began,China's interest rate marketization there are four basic.The first/Always adhere to the direction of the market,Every time caught the opportune time,Let the market supply and demand more interest rate decision role,Gradually let go of some conditions mature market.

　　第二、利率市场化的步伐始终跟着中国的国情出发。中国的国情，是从过去的计划经济演变而来的，所有制体制是以公有制为主体，经济的驱动力还是政府部门。利率放开的时候，要提防银行以及老百姓的承受能力，如果利率大幅度的浮动，有的企业也受不了。

The second/The pace of market-oriented interest rate always follow China's national conditions.China's national conditions,From the past planned economy evolved,Ownership system based on the public ownership as the main body,Economic driving force or government departments.Interest rates when let go,Beware of Banks and common people bear ability,If interest rates substantially floating,Some companies also can not stand.

　　第三、渐进式的特点，始终围绕增量进行改革。中国的金融市场发展非常快，每发展一块新业务的时候，利率都是由市场决定的。目前市场贷款的融资渠道是多元化的，除了贷款利率是国家决定以外，其他市场的融资都是由市场决定的。在目前的结构中，贷款所占的比重已经从2002年的91%下降到目前的60%左右，非贷款融资已经从过去的不到10%上升到了现在的40%左右，这一变化是很快的。

The third/Gradual characteristic,Always focus on incremental reform.The financial markets in China is developing very fast,Every development of a new business of time,Interest rate is determined by the market.The present market loan financing channel is diversified,In addition to loan interest rate is a country other than decision,Other market financing is determined by the market.In the present structure,The proportion of the loan has been in 2002 from 91% to the current 60%,The loan financing from the past has less than 10% to 40% now,This change is quickly.

　　第四、协调推进，每走一步，看条件成熟就推进下一步的活动。因此整个利率市场化的步伐是比较快的，程度发展也是比较深的。

The fourth/Coordination promote,Every step,See conditions mature will promote the activities of the next.So that the whole of the pace of market-oriented interest rate is relatively fast,The development degree is deep.

　　对于当前利率市场化还存在的“存款上限和贷款下限”的问题，徐诺金认为，这也要从中国的国情出发，中国老百姓将钱存到银行老百姓是没有风险的，相当于是国家担保的，因此中国的存款利率可能低一点，这一基准利率国家要定下来，因为有隐性的担保在里面。贷款利率不能完全放开，也是有中国国情因素在里面，因为存在部分企业的行为问题，也存在银行的定价能力问题。但最近都调整了浮动的空间。

For the current interest rate marketization also exist"Deposit upper limit and lower limit loan"problems,XuNuoJin think,This will also from China's national conditions,The Chinese people will all our money in the bank there is no risk to the common people,Quite so state guarantee,Thus, China's deposit rate may be lower,The benchmark interest rate countries to settle down,Because there are recessive guarantee on the inside.Loan interest rate cannot be completely let go,Is China's national conditions factors in it,Because there is part of the enterprise's behavior problems,Also in the bank's pricing power problem.But recently adjusted the floating space.

　　对于人民币国际化问题，徐诺金指出，这些年央行做了大量工作，将人民币推向国际化，尤其资本项下的可兑换。“从外汇政策讲，过去是促出口、限进口，这是贸易政策。从去年以来，我们调整为追求进出平衡，促进进口，尽可能将贸易顺差缩小。现在来讲，建立了很大的效果。从开拓的项目来说，现在政策规定不可兑换的，按照国际货币基金组织的标准来说，我们只占到了10%，另外40%的项目是部分可兑换，其他的是全部兑换。”

For RMB internationalization problem,XuNuoJin pointed out that,During these years the central bank do a lot of work,Will the yuan to the internationalization,Especially capital under a convertible."Speak from foreign exchange policy,The past is to promote exports/Limit imports,This is the trade policy.Since last year,We adjusted for the pursuit of in and out of balance,Promote the import,As far as possible will reduce the trade surplus.For now,Set up a big effect.From the development for projects,Now policy nonconvertible,According to the international monetary fund's standards,We only accounted for 10%,In addition 40% of the project is part of the convertible,The other is all exchange."

　　他同时也表示，央行近年来确确实实有一些宏观调控政策对巨额的外汇储备起到了原来没有预想到的作用，造成了2005年到2007年，2009年到2011年的被动，引发了流动性过剩的情况。

He also said,The central bank in recent years so help me god have some macroeconomic regulation and control policy on huge foreign exchange reserves have the original hadn't foreseen effect,Caused the 2005 to 2007,2009 to 2011 years of passive,Cause the excess liquidity situation.