三、利率市场化将推动上海金融业的产品和工具创新

three/Interest rate marketization will push Shanghai financial products and tool innovation

　　近年来，上海金融业的创新产品和工具不断丰富，已成功推出了中期票据、黄金期货、锌期货、股指期货等一批有重要影响的金融产品和工具，提升了上海金融市场的交易和定价功能。

In recent years,Shanghai's financial industry of innovative products and tools is unceasingly rich,Has been successfully launched in the medium-term notes/Gold futures/Zinc futures/Stock index futures as well as a number of have an important impact on financial products and tools,Promote the Shanghai financial market trading and pricing function.

　　利率市场化进一步推进将为金融产品创新提供新的外部动力。一般而言，金融产品创新有三种类型。一是适应需求变化所导致的创新。利率市场化所引起的对金融产品的最大需求变化就是利率风险的规避，为满足这一需求，相应的金融产品创新应运而生，如可变利率贷款、利率期货（期权）、利率互换等金融产品。二是为适应供给变化应运而生的一些创新。根据国际上比较成熟的经验，利率市场化后，商业票据的市场化、金融产品的证券化就为期不远了。三是纯粹为规避金融监管而“逼出”的创新。对于上海金融机构来说，应当着重开展科学的、符合实体经济需求的金融创新，而不是以创新为名规避监管和进行监管套利的所谓创新业务。

Interest rate marketization further for financial products innovation provide new external power.Generally speaking,Financial product innovation has three types.One is to adapt to the change in demand caused by the innovation.Interest rate marketization caused by the financial products to the biggest change in demand is the interest rate the evasion of the risks,In order to meet the demand,The corresponding financial products innovation arises at the historic moment,Such as variable interest rate loans/Interest rate futures(option)/Interest rate swap, and other financial products.The second is to adapt to the change of supply some innovation arises at the historic moment.According to the more mature experience,After interest rate marketization,Commercial paper market/The securitization of financial products for not far away.The third is purely for avoiding and financial supervision"Screw out"innovation.For Shanghai for financial institutions,Should focus on development of science/Conform to the entity economy needs of financial innovation,Rather than innovation as to avoid regulation and regulatory arbitrage of so-called innovation business.

　　此外，作为我国金融市场种类最为齐全、发展基础最好和SHIBOR生成地的上海，在利率市场化进程中，完全有理由获得更多“先行先试”的创新机会。特别是上海还要建设全球性人民币清算中心，不但要创新场外市场清算机制，更要积极探索利率互换等产品的集中清算模式；而种类丰富的利率衍生品无疑也将大大增强上海作为全球性人民币产品创新、交易和定价中心的吸引力。

In addition,As our country's financial market, the complete and most species/The best development foundation and SHIBOR generation to Shanghai,In the course of interest rate liberalization,There is every reason to get more"First try first"Innovation opportunity.Especially in Shanghai we are building a global RMB clearing center,Not only should innovation otc market clearing mechanism,The more we should actively explore the products such as interest rate swap centralized liquidation mode;And a variety of interest rate derivatives will no doubt will greatly enhance the Shanghai as a global product innovation/Trading and pricing center appeal.

　　四、利率市场化将推动上海金融机构加快经营转型 four/Interest rate marketization will push Shanghai financial institutions to speed up the transformation of business

　　在所有的金融机构中，受利率市场化影响最直接的无疑是商业银行：一是存、贷款利差收窄，对于利息收入占比在80%以上的国内商业银行而言，其盈利能力必然面临严峻考验；二是利率上下限完全放开，对商业银行，特别是中小银行的定价能力提出更高要求；三是银行间存、贷款利率竞争引发的信贷标准放松有可能导致信用风险管理压力加大；四是利率经常波动将导致银行利率风险管理压力明显上升；五是资金频繁流动将导致银行流动性管理难度增加。

In all of the financial institutions,Interest rate marketization is the most direct influence is undoubtedly the commercial bank:One is to save/Loan interest margin narrow,For the income of interest than in more than 80% of domestic commercial Banks,Its profitability will face severe test;The second is interest rate lower limit completely let go,To commercial Banks,Especially small and medium-sized Banks pricing ability put forward higher requirements;The third is between the bank deposit/Loan interest rate competition a credit standard relax can lead to credit risk management pressure increasing;The fourth is interest rates often fluctuation will cause the bank interest rate risk management pressure increased obviously;5 it is capital frequent flow will lead to bank liquidity management difficulty increase.

　　但另一方面，利率市场化又将给上海带来更多新的机遇。特别是在利率市场化的过程中，上海各类金融机构有可能获得更多的综合经营试点、产品创新试点和国际化发展的机遇，从而有利于提升上海金融机构的跨境、跨行业金融服务能力和金融创新能力。

But on the other hand,Interest rate marketization and will bring more new opportunities to Shanghai.Especially in the process of interest rate marketization,All kinds of financial institutions may obtain more comprehensive management pilot/Product innovation pilot and internationalization development opportunities,Thus to improve cross-border financial institutions in Shanghai/Cross-industry financial service ability and financial innovation ability.

　　更重要的是，利率市场化还为商业银行加快经营转型提供了一个难得的外部动力。面对利率市场化、“金融脱媒”等外部压力带来的挑战，商业银行唯有加快经营转型，主动适应外部环境的变化，才能真正实现趋利避害：

More important is,Interest rate marketization for commercial Banks to speed up business transformation provides a rare external power.In the face of interest rate marketization/"Financial disintermediation"The challenge of external pressure,Commercial Banks only speed up the transformation of business,Active adapt to changes in the external environment,Can we truly achieve the disadvantages:

　　一是合理确定发展战略。由原来以资金融通为核心的“融资中介”转变为以专业化方式提供支付、信息、监控和风险管理等多种金融服务的“服务中介”，即综合金融服务商。而要实现这一转变，就要求金融机构结合自身情况，制定切实可行的发展战略。

One is the reasonable development strategy.From the original to financing as the core"Financing intermediary"Into the specialized to provide payment way/information/Monitoring and risk management and so on many kinds of financial services"Service intermediary",That is the comprehensive financial services.To achieve such a change,Requires financial institutions with your own situation,Make feasible development strategy.

　　二是进一步完善公司治理的架构和机制，健全银行董事会、监事会和高管层分工制约的体系，并加强风险管理委员会的职能和地位，为有效管理与利率市场化相关的经营风险奠定体制基础。

The second is to further improve corporate governance structure and mechanism,Improve the bank's board of directors/The board of supervisors and executive layer division of labor constraints of the system,And strengthen the risk management committee of the functions and status,For effective management and marketization of interest rate risk management system related to lay the foundation.

　　三是推动商业银行加速优化业务结构。在风险可控的条件下，继续稳步推进商业银行综合经营试点，通过综合化经营拓宽收入来源；借鉴当年香港在推进利率市场化的同时，允许银行合理提高服务手续费率的成功经验，在合法、合规和合理的前提下并辅以适当的监管，允许商业银行按照市场化原则合理确定服务收费标准，以增加中间业务收入；继续鼓励银行在风险可控、合法合规的前提下创新理财产品发行，并在理财产品投资范围、投资标的等方面予以适当拓宽，为银行开展财富管理业务创造适宜的外部环境。

The third is to promote commercial Banks accelerate business structure optimization.The risks are controllable conditions,Continue to steadily promote the development of commercial bank comprehensive management pilot,Through the comprehensive management broaden the source of income;In Hong Kong for reference in promoting interest rate marketization and at the same time,Allow Banks to improve service procedure reasonable rate of successful experience,In the legal/Compliance and reasonable premise and with appropriate supervision,Allows commercial Banks in accordance with the principle of market reasonable service charge standard,In order to increase intermediate business income;Continue to encourage bank risks are controllable/Legal compliance under the premise of innovative financial products issue,In the financial products and investment scope/Investment mark shall be appropriate broaden aspects,For Banks wealth management business create a favorable external environment.

　　四是在内部管理机制方面，要尽快全面提高风险定价和风险管理能力。综合考虑资金成本、风险程度、综合贡献、客户关系等因素，从理念、架构、流程、考核、方法和技术等方面多管齐下，建立和完善风险定价体系，做到成本可知、风险可控、收益可计；深化应用内部资金转移定价机制（FTP），完善市场风险管理体系，更加有效地管理流动性风险和市场风险。

The fourth is in the internal management mechanism,As soon as possible to improve risk pricing and risk management ability.Comprehensive consideration of the cost of capital/Degree of risk/Comprehensive contribution/Factors such as customer relationship,From the concept/architecture/process/assessment/Methods and technology multi-pronged approach.we,To establish and perfect the risk pricing system,Do that cost/Risks are controllable/Income can gauge;Deepening the application of internal funds transfer pricing mechanism(FTP),Perfect market risk management system,More effectively manage liquidity risk and market risk.

　　对于证券、基金、保险、期货等其他非银行金融机构，虽然短期内受到利率市场化的影响不如商业银行那么直接和显著；但从长期来看，其影响也将逐步显现。因此，势必也需要未雨绸缪加快经营转型，积极提升差异化发展能力、产品创新能力和风险管理能力，培育具有国际竞争力和行业影响力的金融机构。

For securities/fund/insurance/Futures and other non-bank financial institutions,Although the short-term interest rate marketization is the influence of the commercial Banks so as direct and significant;But in the long run,The effect will gradually appear.so,Certainly will also need to take precautions to speed up the transformation of business,Actively promote differentiation development capability/Product innovation ability and risk management ability,Cultivate with international competitiveness and industry influence of financial institutions.

　　从行业角度看，上海金融机构还可考虑建立各种形式的同行业和跨行业战略联盟，以共担风险、携手同进。比如，在风险管理领域建立灵活有效的风险协调和分担机制；搭建联盟成员间风险管理交流磋商、技术共享和业务协作的平台；通过建立快速融资、风险转移和资本支持工具实现短期、中期、长期的风险应急管理联动机制，支持联盟成员及时应对流动性危机。不仅总部或分支机构设在上海的中外资银行间可建立风险共同防范机制，银行、证券、基金、期货、保险、资产管理、担保等行业间也应当有类似机制，而上海金融业联合会在其中或可扮演牵头人和协调人的角色。

From the industry perspective,Shanghai financial institutions can also be considering various forms of the same industry and multi-industry strategic alliance,With the risks/With hand in hand into.Such as,In the field of risk management to establish the risk of practical and effective coordination and sharing mechanism;Build alliance among the members of the risk management communication and discussion/Technology sharing and business collaboration platform;Through establishing a rapid financing/Risk transfer and short-term capital support tools/middle/Long-term risk emergency management linkage mechanism,Support the alliance member timely deal with liquidity crisis.Not only headquarters or branch offices in Shanghai overseas Banks to establish the risk prevention mechanism can be together,The bank/securities/fund/futures/insurance/Asset management/Guarantee between industries also ought to have similar mechanism,And Shanghai's financial industry association in them or can play the role of lead and coordinator.

　　五、利率市场化改革展望与管理对策思考 five/Interest rate marketization reform prospects and the management countermeasure thought

　　从中央决策部门的视角来看，与利率市场化改革相配套的工作一是要尽快建立存款保险制度，将政府对银行的隐性担保变为以法律形式为主的显性担保，这有利于防范金融机构的系统性风险，特别是中小银行面临的流动性风险，确保改革平稳推进。二是引入金融机构的市场退出机制。三要进一步完善货币政策传导机制。只有当中央银行货币政策得到充分有效的传导，政策意图作用于金融系统和实体经济的路径才会通畅，才能实现微观利益与宏观、整体利益的相互协调。四是完善金融监管机制。五是给予上海国际金融中心更多与利率市场化改革相关的“先行先试”政策。

From the perspective of decision-making departments,And the interest rate marketization reform of supporting the work one is to set up deposit insurance system as soon as possible,Will the government's recessive guarantee bank into legal form as dominant guarantee,This is helpful to prevent systemic risk of financial institutions,Especially small and medium-sized Banks face liquidity risk,To ensure the smooth advance reform.The second is the introduction of financial institutions market withdrawal mechanism.Third, we need to further improve the monetary policy transmission mechanism.Only when the central bank monetary policy fully effective conduction,The policy intentions role in the financial system and real economy path will open,To achieve the interests of micro and macro/The overall benefit coordination.Four is to perfect the financial supervision mechanism.Five is to Shanghai international financial center and more market-oriented interest rate reform related"First try first"policy.

　　从上海市金融管理部门的视角来看，在利率市场化进一步推进的时期，为顺利推动上海国际金融中心建设和保持上海金融市场繁荣，一是要考虑如何与国内各地（包括香港地区）金融市场开展相互合作和良性竞争；二是要开展前瞻性的政策预研，为中央后续的相关政策改革（如汇率进一步市场化、资本项目开放等）出台做好铺垫和准备；三是要大力培育利率、汇率等金融衍生品市场。

From the perspective of financial management department,In the interest rate marketization further period,For smoothly promote the Shanghai international financial center construction and maintain Shanghai financial market prosperity,One is to consider how to country(Including Hong Kong)Financial market to carry out mutual cooperation and benign competition;The second is to carry out the policy of the prospective pre-study,For the subsequent related policy reform(Such as rate marketization/The opening of capital account)On animals and preparation;Three is to vigorously cultivate interest rates/Exchange rate, and other financial derivatives market.

　　从上海金融业的角度来看，首先要对利率市场化改革持积极开放心态，认识到利率市场化、汇率市场化和资本账户全面开放、人民币国际化等改革目标已是大势所趋；其次，应锐意创新，大力拓展新兴业务和新型产品，实现服务的多样化，探寻新的利润增长点，加强紧缺、专业人才的培养等；最后，还应充分发挥上海金融业联合会的组织协调作用，就上海金融同业共同关心的问题，向中央和上海市决策部门建言献策。

From the point of view of Shanghai's financial industry,First of all to market-oriented interest rate reform a positive and open attitude,To realize interest rate marketization/Exchange rate marketization and the complete opening of the capital account/RMB internationalization and reform goal has become an irresistible trend;secondly,Innovation should be,Vigorously develop new business and new products,To realize the diversity of service,Explore new profit growth point,Strengthen the shortage/Professional talents, etc;finally,Should also give full play to the association of Shanghai's financial industry organization coordinated action,Shanghai financial trade issues of common concern,The central decision-making departments and Shanghai Suggestions.

　　未来一个时期，我国利率汇率市场化和资本项目开放改革将循序渐进、相互兼顾、协同推进。上海金融市场的广度和深度将得到进一步拓展。金融创新的空间将得到拓宽，将逐步形成人民币产品创新、交易、定价和清算中心。更多金融机构将在上海集聚，市场竞争力将显著提升。总之，我国各项金融改革的逐步深化将成为上海国际金融中心建设实现跨越式发展的动力源(600405,股吧)泉，推动上海国际金融中心建设大踏步向前迈进。

A period in the future,Our country interest rate marketization of exchange rate and capital account opening reform will step by step/Mutual give attention to two or morethings/Collaborative propulsion.Shanghai financial market breadth and depth will get further development.Financial innovation space will be widen,Will gradually form the product innovation/trading/Pricing and clearing center.More financial institutions will gather in Shanghai,Market competitiveness will be improved.In a word,Our country the financial reform of Shanghai international financial center will be the construction of the great-leap-forward development of the power supply(600405,guba)spring,Promote the construction of Shanghai international financial center in big strides forward.

　　（作者系交通银行(601328,股吧)首席经济学家）

(The author is bank of communications(601328,guba)Chief economist)