| 摘要: |
| 在利率市场化改革深入推进的大背景下，中国人民银行指导市场利率定价自律机制发布了《关于将贷款市场报价利率纳入金融机构内部资金转移定价体系的实施指引》（以下简称“指引”），明确要求贷款内部资金转移定价（FTP）曲线应参考贷款市场报价利率（LPR），旨在发挥内部资金转移定价在利率传导过程中的重要作用，进一步打通市场利率向贷款利率传导的堵点。本文梳理了FTP曲线的主流构建方法，对商业银行如何将LPR引入到FTP曲线的构建模型进行研究，并通过案例进行分析，旨在为商业银行构建符合自身管理需要的FTP曲线提供方法，充分发挥FTP体系在货币政策利率传导中的作用，同时更好地引导商业银行对客户利率定价，不断提升利率定价的市场化、精细化、差异化水平，优化资源配置，提升服务实体经济的能力。 |
| 关键词: 利率市场化；LPR；FTP曲线构建 |
| DOI： |
| 分类号:C812；F222.3 |
| 基金项目: |
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| Based on the Loan Prime Rate Embedded Research on the Model of Funds Transfer Pricing Curve |
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CEN Lu
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The People’s Bank of China,Chongqing Operation office
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| Abstract: |
| Under the background of deepening the reform of interest rate marketization,the peoples Bank of China guides the self-regulatory mechanism of market interest rate pricing has issued the "implementation guidelines on bringing the loan prime rate into the internal fund transfer pricing system of financial institutions",which makes it clear that the FTP curve of loans of financial institutions should refer to LPR,and FTP plays an important role in the process of interest rate transmission,aiming to further dredge the transmission from market interest rate to loan interest rate.This paper combs the mainstream methods of FTP curve,studies the construction model of commercial banks introducing LPR into FTP curve,and analyzes the case,aiming to provide methods for commercial banks to build FTP curve in line with their own management needs,and give full play to the role of FTP system in monetary policy interest rate transmission.At the same time,we should better guide the commercial banks to price the customer interest rate,constantly improve the marketization,refinement and differentiation level of pricing,optimize the allocation of resources,and effectively support the development of the real economy. |
| Key words: Interest Rate Liberalization；Loan Prime Rate；Funds Transfer Pricing Curve Construction |
