1. Initial stage (1993-2003):
At this stage, China began to explore the road of interest rate marketization reform. 1993, China took the lead in liberalizing the interbank lending rate, allowing banks to freely negotiate and determine the interest rate. Since then, the interest rates of government bonds, policy financial bonds and corporate bonds have been gradually liberalized, allowing them to float freely within a certain range.
2. Steady progress stage (2004-20 13):
At present, China's interest rate marketization reform has made remarkable progress. In 2004, the upper limit of deposit interest rate began to be relaxed, allowing financial institutions to float deposit interest rates. In 2007, China fully liberalized interest rates in the inter-bank bond market and money market, allowing financial institutions to determine interest rates independently. The upper limit of 20 12 deposit interest rate is basically liberalized, and only the upper limit of time deposit interest rate is reserved.
3. Deepening the reform stage (20 14 till now):
At present, China's interest rate marketization reform has entered a crucial stage. 20 14 the people's bank of China promotes the establishment of self-discipline mechanism of market interest rate pricing and interest rate marketization reform. In 20 15, the People's Bank of China announced that it would cancel the ceiling of deposit interest rate, thus realizing the marketization of deposit interest rate. 20 19 Reform the formation mechanism of the quoted interest rate (LPR) in the loan market, and further promote the interest rate marketization reform.
In short, after nearly 30 years of exploration and reform, China's interest rate marketization reform has achieved remarkable results. At present, China has realized the marketization of deposit interest rate, and the marketization reform of loan interest rate is also progressing steadily. In the future, China will continue to deepen the interest rate marketization reform, improve the formation and transmission mechanism of market-oriented interest rates, and better play the role of the market in resource allocation.