CIROR and LIBOR are in urgent need of "two tracks in one" Before CIROR quotation was introduced, domestic banks' dollar assets and liabilities were basically based on LIBOR, including dollar borrowing, internal fund transfer pricing of assets and liabilities and floating interest rate loans.

During the financial crisis in 2008, LIBOR was suspected of being manipulated by some quotation banks. From June 2065438 to June 2002, the United States and Britain successively issued huge fines to the institutions involved. As a result, the reform of the global monetary benchmark interest rate began.

On July 20 17, the British Financial Conduct Authority (FCA) announced that LIBOR would no longer be required to quote bank quotations at the end of 200217. 2065438+In August, 2007, American regulators announced that they had chosen "Guaranteed Overnight Financing Rate (SOFR)" to replace LIBOR as the benchmark interest rate of the US dollar. 20 19, 1 In June, the American Intercontinental Exchange launched the Bank Yield Index (BYI) based on real transactions, and suggested BYI as an alternative.

After September 2065438+2008, China Foreign Exchange Trading Center launched the China version of offshore USD quotation and transaction price, which are called domestic USD interbank quotation reference rate (CIOR quotation) and domestic interbank USD lending weighted transaction rate (CIOR transaction price) respectively. At present, domestic dollar money funds are basically based on CIROR, while other dollar assets and liabilities are based on LIBOR. Under the background of the reform of international benchmark interest rate, the problem of "dual track coexistence" of domestic banks' dollar LIBOR and CIROR needs to be solved urgently.