The interest rate system is a whole in which various interest rates are interrelated in a certain period of time in a country. It emphasizes that the interest rate system is divided into different categories according to different standards and different credit behaviors. Various interest rates interact and play their respective regulatory roles in various credit and economy.
The classification methods of interest rate system mainly include the following five categories: according to the management mode of interest rate, there are legal interest rate, restricted interest rate and free interest rate. According to the credit subject, there are bank interest rate, non-bank financial institution interest rate, securities interest rate and market interest rate.
According to the role of interest rates, there are benchmark interest rates, preferential interest rates and ordinary interest rates. Divided by nature, there are money market interest rates and capital market interest rates. According to the loan term, there are short-term interest rates and long-term interest rates.
Before the development of China's financial market, it was a two-track interest rate system with official interest rate and private interest rate coexisting for a long time. The official interest rate is the RMB deposit and loan interest rate formulated and announced by the People's Bank of China. Private interest rate is illegal.
Since the reform and opening up, with the development of financial markets and the reform of financial institutions, the interest rate system has developed in a diversified and multi-level direction.
It has also formed a pattern in which the benchmark interest rate of central bank deposits and loans, the interbank lending market interest rate, the deposit and loan interest rate of commercial banks and the market interest rate coexist.