本报记者 杨中华 北京报道

Our reporter Beijing zhonghua Yang

　　改革声渐起！对于金融改革，不少专家、教授以及现任官员或离任官员纷纷提出了金融改革的方向以及对策。

Reform acoustic stirrings!For financial reform,Many experts/Professor and current officials or leave office officials have put forward the direction of financial reform and countermeasures.

　　11月18日，在首届金融街论坛中，全国人大财经委副主任委员、前央行副行长吴晓灵指出，金融业的健康发展，有赖于法律制度的完善。同时不是法律越多越好，而是需要法律体系更加完善。同时，吴晓灵认为，在未来几年中，应该重点修订和完善《中国人民银行法》、《商业银行法》、《证券法》以及《信托法》。

On November 18,In the first financial street in BBS,The National People's Congress vice director of CaiJingWei/Wu xiaoling, deputy central bank pointed out that before,The healthy development of the financial industry,Depends on the perfection of legal system.At the same time is not legal the more the better,But need the legal system more perfect.At the same time,WuXiaoLing think,In the next few years,Stress should be placed on the revision and perfection[The people's bank of China]/[Commercial Banks]/[Securities law]and[Trust law].

　　吴晓灵认为，随着国内即将推行巴塞尔协议Ⅲ，商业银行流动性管理应该在新的修法中得以体现，而目前市场中对于《商业银行法》中的贷存比则争议较多。目前75%的贷存比的重要性已经与上世纪90年代相比差了很多。而商业银行为了达到75%的要求，月末和季末往往上演存款大搬家，严重干扰央行对市场的观察。

WuXiaoLing think,With the implementation of domestic the Basel agreement Ⅲ,Commercial bank liquidity management should be in the new repairing method to reflect,And the present market for[Commercial Banks]The DaiCunBi is more controversial.Currently 75% of the DaiCunBi has been the importance compared with the 1990 s sent a lot of.Commercial Banks, in order to achieve the requirements of 75%,At the end of the season and often put on deposit the big move,Serious interference with the central bank to market observation.

　　“对于货币政策要具有前瞻性、有效性的效果，央行就必需要有相对的独立性，不然货币政策的效果难以保证。同时，货币政策委员会中包括了国务院的重要部门在内，不仅仅是咨询机构。在货币政策决策方面可以发挥更多的作用，有利于提高货币政策的有效性。”吴晓灵则提出。

"For monetary policy should be forward-looking/Effectiveness of effect,Central bank must have relative independence,Otherwise the effect of monetary policy is difficult to be assured.At the same time,Monetary policy committee included an important department of the state council,,Not only is a consulting institution.In the monetary policy decisions can play more role,To improve the validity of monetary policy."WuXiaoLing is put forward.

　　尴尬的贷存比 Awkward DaiCunBi

　　贷存比，始于上世纪90年代初，于1994年出现，并在1995年以《商业银行法》的形式正式确立下来，1998年开始面向商业银行实施。

DaiCunBi,Started from the early 1990's,Appeared in 1994,And in 1995 to[Commercial Banks]Form formal establishment down,1998 start facing commercial Banks implement.

　　一位商业银行人士指出，贷存比的提出也是有一定的历史背景。在上世纪90年代初，国内经历了高达20%多的通货膨胀，而贷存比也成为当时紧缩政策中的相关指标进入了监管体系之中。

A commercial bank personage points out,DaiCunBi put forward also have certain historical background.In the 1990 s,Domestic experience up to more than 20% of inflation,And DaiCunBi also become the deflation policy the relevant index into the regulation of system.

　　然而，经历了17年之后，商业银行面临的经营环境和风险控制已经发生了很大的变化。

however,Experience for 17 years later,Commercial Banks are facing business environment and risk control the very big change has occurred.

　　特别是近几年，商业银行发放了大量贷款，同时监管机构采取了贷款额度控制的管理办法，以及高达20%的存款准备金率，几大因素交织影响，使得不少中小商业银行放贷能力持续紧张，并紧压监管红线，进而导致了不少市场人士呼吁淡化贷存比的监管。

Especially in the recent years,The commercial Banks to issue a large number of loans,At the same time regulators to take the measures for the administration of the loan line control,And as much as 20% of the deposit reserve rate,A few big factors mixed effects,Makes a lot of small and medium commercial bank lending ability is constantly nervous,And press supervision red line,And then led to many market participants calling for desalination DaiCunBi regulatory.

　　吴晓灵认为，现在监管机构开始推行新的监管体系，对于商业银行的资本充足率、流动性管理、风险控制等都应该在新的修法中得以体现。特别是市场批评较多的75%的贷存比，这个风险控制指标应该进行重新的审视。

WuXiaoLing think,Now regulators began to introduce the new supervision system,For the commercial bank's capital adequacy ratio/Liquidity management/Risk control, should be in the new repairing method to reflect.Especially market criticism more 75% of the DaiCunBi,The risk control indicators should examine again.

　　“如果有了流动性管理之后，贷存比的重要性已经与上个世纪90年代相比差了很多。同时，商业银行到了月末和季末，为了完成监管机构的75%的贷存比要求，把存款搬来搬去，导致商业银行存款大幅度的波动，也严重地困扰了央行观察市场的发展。”吴晓灵解释道。

"If the liquidity management later,DaiCunBi has been the importance and the last century 90 s poor compared to a lot of.At the same time,Commercial bank to the end of the month and season,In order to complete the regulators 75% of DaiCunBi requirements,The deposit move to move to,Lead to commercial bank deposit large fluctuations,Also seriously disturbed the central bank to observe the development of the market."WuXiaoLing explained.

　　与此同时，一位监管人士也认为，目前，贷存比制度已经禁不起现实的推敲。一方面，贷存比管理制度忽略“同业存款”的存在，而目前同业存款包括金融机构存款，数量巨大。我国“同业存款”并未纳入“存款”口径计算，导致贷存比指标被高估。另一方面，贷存比也受商业银行理财产品迅猛发展的挑战。

meanwhile,A regulatory people also think,At present,DaiCunBi system has to be unable to stand the reality of elaboration.On the one hand,DaiCunBi management system to ignore"Trade deposit"existence,And at present trade deposits including financial institutions deposits,Quantity huge.Our country"Trade deposit"Did not included in"deposit"Diameter calculation,Lead to DaiCunBi index overvalued.On the other hand,DaiCunBi also affected by the commercial bank financing products the challenge of rapid development.

　　面对着现实中诸多问题，不少市场人士建言修改法规，取消贷存比。同时在即将实施的新监管标准中，银监会引入了国际监管机构面临金融危机提出的新的流动性监管指标，即流动性覆盖率和净稳定融资比例，与现有的流动性指标组成新的流动性监管体系。

Facing many problems in reality,Many market participants modify regulations ",Cancel DaiCunBi.At the same time in the implementation of the new regulatory standards,The CBRC introduced international regulatory institutions are facing financial crisis proposed new liquidity supervision index,Namely liquidity coverage rate and net stable financing proportion,And the existing liquidity index of the new liquidity supervision system.

　　“面对贷存比问题，监管机构不应该再将其作为严格的监管指标，而应该淡化，成为日常监测性观察指标。虽然监管机构增加了新的流动性指标，与之前的国内监管指标形成流动性管理，但是目前商业银行流动性管理依然是一个难题，不少金融机构出现问题都是出现在流动性问题之上，这次金融危机让该问题更为明显。”一位银行人士建议道。

"In the face of DaiCunBi problem,Regulators should no longer as a strict supervision index,But should fade,To become daily monitoring sex observation index.Although regulators added new liquidity index,And before the domestic regulatory index form liquidity management,But the commercial bank liquidity management is still a difficult problem,Many financial institutions are problems appeared in over liquidity problems,The financial crisis to make the problem more obvious."A bank personage proposal way.

　　央行要有相对的独立性 The central bank should have relative independence

　　在国家宏观调控中，货币政策和财政政策的一举一动都备受市场关注。而不少市场人士也通过研读货币以及财政政策的变化，为今后做出有利的决策。

In the country in macro-control,Monetary policy and fiscal policy movements are very market attention.And a lot of people in the markets also through the study of monetary and fiscal policy changes,For the future to make good decisions.

　　央行行长周小川在财新论坛演讲中，回顾了近十年的货币政策调控，并且指出在2008年金融危机之中，货币政策的调控快速反应、力度充分、适时退出。之后，中国经济开始复苏，并且复苏势头比较强劲，也有通货膨胀抬头的势头。

Central bank governor zhou xiaochuan in wealth new BBS speech,Reviewed the nearly 10 years of monetary policy,And pointed out that in 2008 financial crisis,Monetary policy regulation rapid response/Strength fully/Timely exit.after,China's economic recovery,And recovery is strong momentum,Also have inflation up momentum.

　　虽然周小川轻松地阐述了近十年的货币调控，但是，在央行发布的货币执行报告中，都提出了货币政策执行过程中要具有前瞻性、有效性、针对性，但是要达到上述目标却又十分艰难。

Although zhou xiaochuan easily expounds the nearly 10 years of monetary control,but,In the central bank issued currency execution report,Put forward the monetary policy implementation process should be forward-looking/effectiveness/pertinence,But to achieve the above goals, but very difficult.

　　吴晓灵认为，货币政策的目标应该由国务院制定，但是在目标确定之后，实施工具应该独立灵活运用，这样才能够在适当的时机出台适当的措施，来保证措施的有效性。

WuXiaoLing think,The goal of monetary policy should be formulated by the state council,But the target was determined,Implement tools should be independent flexible use,So that it can, at the right time issued the appropriate measures,To ensure the effectiveness of the measures.

　　与此同时，央行行长周小川在回顾近十年货币调控史时讲道：“货币政策的手段上，从有计划经济色彩的手段逐步转向更加市场化的手段。”从周小川的话语中，似乎能够看到，在近些年的货币政策实施中，央行也更加具有相对的独立性。

meanwhile,Central bank governor zhou xiaochuan in review recent ten years currency regulation when history says:"Monetary policy measures,From the planned economy color means gradually turned to become more market-oriented means."From the zhou xiaochuan word,Seems to be able to see,In recent years the monetary policy implementation,The central bank also more with relative independence.

　　在金融街论坛演讲中，吴晓灵则指出，如果中央银行没有相对的独立性，那么在货币政策执行过程中，前瞻性、有效性等难以保证。同时，目标可以由国务院来确定，但是在执行和实施货币政策的手段和工具方面，应该给予更多的灵活性。

In the financial street BBS speech,WuXiaoLing is pointed out that,If the central bank has no relative independence,So in the monetary policy implementation process,prospective/The effectiveness of difficult to guarantee.At the same time,Goal can be determined by the state council to,But in the implementation and carry out monetary policy means and tool,Should give more flexibility.

　　“目前，货币政策委员会只是一个咨询机构，并且是事后咨询。委员会包括了诸多重要部门领导，还有业界代表。如果委员能够充分发表意见，在政策决策中发挥更多作用，也有利于提高货币政策的有效性。”吴晓灵建议道。

"At present,Monetary policy committee is a consulting institution,And after the consultation.Committee includes many important department leaders,And industry representatives.If members can fully comment,In the policy decision-making role play more,Also improve the effectiveness of monetary policy."WuXiaoLing advised.