The interest rate instruments adopted by the People's Bank of China mainly include: 1, adjusting the benchmark interest rate of the central bank, including: the refinancing rate refers to the interest rate used by the People's Bank of China to issue refinancing loans to financial institutions; The rediscount rate refers to the interest rate used by financial institutions to discount bills to the People's Bank of China; The deposit reserve interest rate refers to the interest rate paid by the statutory deposit reserve paid by the People's Bank of China to financial institutions; The interest rate of excess deposit reserve refers to the interest rate paid by the central bank for part of the reserves deposited by financial institutions that exceed the statutory deposit reserve level.

2. Adjust the legal deposit and loan interest rates of financial institutions.

3. Formulate the floating range of deposit and loan interest rates of financial institutions.

4. Formulate relevant policies and adjust various interest rate structures and grades.

The benchmark interest rate is the guiding interest rate for commercial banks' deposits, loans and discounts announced by the People's Bank of China. At present, the deposit interest rate of various financial institutions can be lowered by 65,438+00% on the basis of the benchmark interest rate, and the loan interest rate can be lowered by 20% on the basis of the benchmark interest rate.

The benchmark interest rate is a universally applicable reference interest rate in the financial market, and other interest rate levels or financial asset prices can be determined according to this benchmark interest rate level. Benchmark interest rate is one of the important prerequisites for interest rate marketization. Under the condition of interest rate marketization, financiers need a universally recognized interest rate level as a reference to measure financing costs and investors to calculate investment returns. Therefore, the benchmark interest rate is the core of the interest rate marketization mechanism.

What is the benchmark interest rate?

The benchmark interest rate is also called refinancing rate or rediscount rate.

Benchmark interest rate is the basic interest rate that plays a central role in the whole interest rate system and can restrict other interest rates.

First of all, the benchmark interest rate should be a market-oriented interest rate with extensive market participation, which can fully reflect the relationship between market supply and demand. Secondly, it is a transmission interest rate, which is dominant in the whole interest rate system, with strong correlation and great influence. Finally, it should be stable and easy to control.

The most famous benchmark interest rates in the world are London Interbank Offered Rate (LIBOR) and the US federal benchmark interest rate.

Interest rate is the abbreviation of interest rate, which refers to the ratio of interest amount to deposit or loan amount in a certain period, which is determined by the relationship between supply and demand of funds. There are three kinds of interest rates in China: one is the deposit and loan interest rate of the People's Bank of China to commercial banks and other financial institutions, that is, the benchmark interest rate, also known as the legal interest rate; Second, the deposit and loan interest rate of commercial banks to enterprises and individuals is called commercial bank interest rate; Third, the interest rate in the financial market is called the market interest rate. Among them, the benchmark interest rate is the core, which plays a key role in the whole financial market and interest rate system, and its change determines the change of other interest rates.

Benchmark interest rate is one of the important means for China's central bank to achieve monetary policy objectives, and the basis for setting benchmark interest rate can only be monetary policy objectives. When the focus of policy objectives changes, interest rates as a policy tool should also change. Different interest rate levels reflect different policy requirements. When the policy focuses on stabilizing the currency, the central bank loan interest rate should be raised in time to curb overheated demand. On the contrary, it should be reduced in due course. For example, in 1987, the State Council proposed "compressing economic air" to cope with the economic air with rising temperature, and launched a campaign to increase production and save money. The central bank clearly put forward the monetary policy of "living a tight life" and raised the interest rate of central bank loans. Since the fourth quarter, the interest rates of annual loans and short-term loans have been raised from 3.4‰ and 5.4‰ to 6‰. 1988 in the fourth quarter, in the face of economic overheating and obvious inflation, the CPC Central Committee and the State Council put forward the policy of "managing the economic environment and rectifying the economic order", and a series of policy measures aimed at tightening monetary policy were successively introduced, including continuing to raise the central bank's loan interest rate, annual loan interest rate and short-term loan interest rate from 6‰ to 6.9‰ and 6.3‰ respectively to control the excessive demand for credit funds. For another example, in the face of the high inflation of 1995, the central bank implemented a tight monetary policy and raised the central bank loan interest rate by 0.5 percentage points on 1 month 1 day.

The benchmark interest rate is the guiding interest rate for commercial banks' deposits, loans and discounts announced by the People's Bank of China. The deposit interest rate cannot fluctuate temporarily, and the loan interest rate can fluctuate between 65,438+00% and 70% on the basis of the benchmark interest rate.

What does the benchmark interest rate of RMB deposits and loans mean by 0.25 percentage point? I don't understand. Is it worth the money?

Let me help you calculate an account: 1. If you deposit 10000 yuan in the bank for a year and the annual interest rate is 2.25, then the interest you deserve is 10000*2.25%=225 yuan; If the deposit interest rate is increased by 0.25 percentage point, it will increase from 2.25% to 2.5%(2.25%+0.25%), then the interest you will get at maturity will be 10000*2.5=250 yuan. 2. If you borrow 10000 yuan from the bank with an annual interest rate of 5%, you will have to pay 65438+. Then the annual interest rate becomes 5.25%(5%+0.25%), and the loan interest you need to pay every year is 10000*5.25=525 yuan. After calculation, you will know that the increase of deposits in the preferential interest rate of loans means that the interest earned by deposits increases and the interest paid by loans also increases.

What is the benchmark interest rate?

The benchmark interest rate is a universally applicable reference interest rate in the financial market, and other interest rate levels or financial asset prices can be determined according to this benchmark interest rate level.

In China, the deposit and loan interest rates of national specialized banks and other financial institutions stipulated by the People's Bank of China are regarded as the benchmark interest rates, also known as the legal interest rates. Specifically, ordinary people regard the bank's one-year fixed deposit interest rate as the market benchmark interest rate index, while banks regard the overnight lending rate as the market benchmark interest rate. In other countries, only the interest rate of financial products with reasonable structure, high reputation and strong liquidity can be used as the benchmark interest rate. Among several interest rates that have been marketized in China, the national debt interest rate (specifically, the yield of the national debt secondary market) is the most suitable as the benchmark interest rate.

Benchmark interest rate is one of the important means for China's central bank to achieve monetary policy objectives, and the basis for setting benchmark interest rate can only be monetary policy objectives.

What is the benchmark interest rate for RMB deposits and loans?

The benchmark interest rate is a universally applicable reference interest rate in the financial market, and other interest rate levels or financial asset prices can be determined according to this benchmark interest rate level. Benchmark interest rate is one of the important prerequisites for interest rate marketization. Under the condition of interest rate marketization, financiers need a universally recognized benchmark interest rate level as a reference to measure financing costs, investors to calculate investment income and management to carry out macro-control. Therefore, in a sense, the benchmark interest rate is the core of the formation of interest rate marketization mechanism.

The benchmark interest rate must have the following basic characteristics: (1) marketization. Obviously, the benchmark interest rate must be determined by the relationship between market supply and demand, which not only reflects the actual market supply and demand, but also reflects the market's expectations for the future; 2 basic. The benchmark interest rate is in a fundamental position in the interest rate system and the price system of financial products, and it has a strong correlation with the interest rates of other financial markets or the prices of financial assets. ③ transitivity. The market signal reflected by the benchmark interest rate, or the regulatory signal sent by the central bank through the benchmark interest rate, can be effectively transmitted to other financial markets and financial product prices.

From the general international experience, only the interest rate of financial products with reasonable structure, high credibility and strong liquidity can be used as the benchmark interest rate. Among several interest rates that have been marketized in China at present, we think that the national debt interest rate (specifically, the yield of the national debt secondary market) is the most appropriate as the benchmark interest rate.

First of all, national debt has the highest reputation. National debt is the debt issued by the central government with its tax right as the guarantee. As long as there is no political crisis, there is almost no risk in national debt. Therefore, national debt has the highest reputation and the lowest risk among all financial products, and is known as "Phnom Penh bond". No matter in investment practice or theoretical analysis, we should choose the risk-free interest rate instead of the national debt interest rate.

Second, the national debt market is the best combination of China's fiscal policy and monetary policy. The national debt entering the circulation market has become a financial product spanning the capital market and the money market, which has a strong correlation with all kinds of financial products. Therefore, choosing the national debt interest rate as the benchmark interest rate to meet the basic requirements of the benchmark interest rate can effectively transmit market signals and regulatory signals.

Third, the continuous expansion of the issuance scale of national debt, the marketization of issuance methods and the diversification of the term structure of national debt have made breakthroughs in quality and quantity; At the same time, with the formation of the inter-bank bond market, the transaction scale of the secondary market of national debt is also expanding, and the liquidity of national debt is obviously enhanced. With the development of the national debt market, the market influence of the national debt interest rate is rising. The yield of the secondary market of national debt will be considered in the bidding of financial institutions in the national debt issuance market and the investment decision of ordinary investors. The interest rate of national debt naturally plays the role of benchmark interest rate.

What is the benchmark interest rate? -What is the benchmark interest rate of the central bank?

_ What are the characteristics of the benchmark interest rate of the central bank? _ What is the benchmark interest rate for central bank loans? _ What is the current benchmark interest rate of the central bank? The benchmark interest rate is a universally applicable reference interest rate in the financial market, and other interest rate levels or financial asset prices can be determined according to this benchmark interest rate level.

Benchmark interest rate is one of the important prerequisites for interest rate marketization. Under the condition of interest rate marketization, financiers need a universally recognized benchmark interest rate level as a reference to measure financing costs, investors to calculate investment income and management to carry out macro-control. Therefore, in a sense, the benchmark interest rate is the core of the formation of interest rate marketization mechanism.

What is the benchmark interest rate of the central bank? The benchmark interest rate is the guiding interest rate for commercial banks' deposits, loans and discounts announced by the People's Bank of China. The deposit interest rate cannot fluctuate temporarily, and the loan interest rate can fluctuate between 65,438+00% and 70% on the basis of the benchmark interest rate. What are the characteristics of the central bank's benchmark interest rate? (1) marketization.

Obviously, the benchmark interest rate must be determined by the relationship between market supply and demand, which not only reflects the actual market supply and demand, but also reflects the market's expectations for the future; 2 basic. The benchmark interest rate is in a fundamental position in the interest rate system and the price system of financial products, and it has a strong correlation with the interest rates of other financial markets or the prices of financial assets. ③ transitivity.

The market signal reflected by the benchmark interest rate, or the regulatory signal sent by the central bank through the benchmark interest rate, can be effectively transmitted to other financial markets and financial product prices.