货币利率

Interest rate is an important monetary policy tool.Market-led interest rate is determined by the monetary supply and the need under the premise of bench mark of central bank.

利率是重要的货币政策工具，利率市场化是在中央银行基准利率的前提下，由货币需求与货币供给共同决定的。

It carries a thorough discussion of the realistic significance and profound influence which caused to the Chinese monetary market of the interest rate swap. The article believes that the interest rate swap will provide a effective way of financing for Our Enterprise, speeds up the development of our commercial banks, meets the demand of interest rate swap on bond market, has positive influence to our interest rate reform. Secondly, this chapter discussed the restriction factor and the countermeasure of interest rate swap from the aspects of money market interest rate index, the fluidity and the market access.

它首先对我国发展利率互换所具有的现实内涵、推出利率互换对中国金融市场产生的深远影响进行了比较深入的探讨，文章认为利率互换可以为我国企业提供了一种有效的融资方式、有利于我国商业银行更好地发展、满足债券市场对利率互换的需求并将进一步促进我国的利率市场化；其次，结合我国的实际情况从利率互换工具本身、交易主体和宏观环境三个方面，探讨了我国开展人民币利率互换后的风险防范问题；最后，本章还从货币市场利率指数问题、流动性问题、市场准入问题等几个方面探讨了我国利率互换市场发展的制约因素及对策。

First, the article introduces main theories of interest rate transmission mechanism in western countries, and then studies the actuality of the effect of interest rate transmission mechanism in China demonstratively. After that, based on the essential analysis of

文章首先介绍了西方货币政策利率传导机制理论，着重分析了这些理论发挥作用的途径和模式；其次，通过各种数据分析了我国货币政策利率传导机制的现状；接着针对转型期我国利率传导机制表现出的独特现象提出了加强我国货币政策利率传导效率的政策建议。

A new IMF working paper* by Bernard Laurens and Rodolfo Maino argues that interest rates need to play a much bigger role in China's monetary policy. If the PBOC adopted a short-term money-market rate as its operational target, its policy would be more effective and the allocation of capital would be more efficient.

一份新近由Bernard Laurens和Rodolfo Maino撰写的国际货币基金组织工作报告，称利率须在中国的货币政策中发挥更多作用，如果中国人民银行将短期货币市场利率定为运作目标，其政策会更加有效，资本配置也会更有效率。

A new IMF working paper* by Bernard Laurens and Rodolfo Maino argues that interest rates need to play a much bigger role in China's monetary policy. If the PBOC adopted a short-term money-market rate as its operational target, its policy would be more effective and the allocation of capital would be moreefficient.

一份新近由Bernard Laurens和Rodolfo Maino撰写的国际货币基金组织工作报告，称利率须在中国的货币政策中发挥更多作用，如果中国人民银行将短期货币市场利率定为运作目标，其政策会更加有效，资本配置也会更有效率。

Use the theory of liquidity preference to explain how a decrease in the money supply affects the aggregate demand curve.

答：减少货币供应，使货币供应曲线和货币需求曲线相交在高处，即导致利率提高，利率提高减少了消费和投资，所以总需求下降。最后，总需求曲线向左移。

China's interest rate from the current system, the market interest rates (such as money market, bond market interest rates) is clearly not in the list of interest rates; in direct control of the central bank's interest rate system, the re-lending and rediscount rate has not been very effective, because it few years the flow of adequate financial institutions makes little to rely on central bank loans and discount, and improve the reserve interest rate system with the reform of the general direction of inconsistency; Therefore, interest rates can only increase deposit rates or lending rates, both interest rates are in the current control and semi-control of interest rates.

中国的利率从目前的制度，市场利率（如货币市场，债券市场利率）显然不在列表中，利息直接控制的中央银行的利率制度，再贷款和再贴现率并不十分有效，因为这几年充足的流动金融机构几乎没有什么依靠中央银行贷款和贴现，提高准备金利率制度改革的总体方向不一致，因此，利率可只有增加存款利率或贷款利率，无论利率在目前的管制和半管制的利率。

In Chinese monetary transmission mechanism, monetary transmission channel is restricted owing to unsocialized interest rates and unperfected monetary market, credit transmission channel is the primary transmission channel.

我国货币政策传导机制中，由于利率市场化程度不高、货币市场不发达等因素制约了利率传导机制、资产价格机制、汇率传导机制的有效性，导致目前信用传导渠道仍然是我国货币政策传导的主要途径。

This paper makes empirical researchs on the monetary policy effectiveness in China through statistical method, and proves that there is some correlation and Grange causality between money supply and output. Meanwhile money supply makes great influence on price, so it is necessary to control money supply to valorize. The interest rate makes poor influence on the output and price, and cannot become intermediate objective now.

四是从统计学角度实证研究我国货币政策实际效应，研究结果证明我国货币供应量与产出存在相关性，存在格兰杰因果关系，同时无论是长期还是短期，货币供应量对物价影响较大，我国仍需控制货币供应量以稳定物价水平；而利率对投资和消费影响不显著，在未实现市场化之前，利率尚不具备作为中介目标的条件。

In an open interest rate system, benchmark interest rate is the guide of all the money market. And also, it is the conference index for center bank to adjust monetary policy.

在开放的利率体系下，基准利率是整个货币市场的参考利率，也是中央银行调整货币政策的重要参考指标，在金融市场中起着重要的作用。

However, as the name（read－only memory）implies, CD disks cannot be written onorchanged in any way.

然而，正如其名字所指出的那样，CD盘不能写，也不能用任何方式改变其内容。

Galvanizes steel pallet is mainly export which suits standard packing of European Union, the North America. galvanizes steel pallet is suitable to heavy rack. Pallet surface can design plate type, corrugated and the gap form, satisfies the different requirements.

镀锌钢托盘多用于出口，替代木托盘，免薰蒸，符合欧盟、北美各国对出口货物包装材料的法令要求；喷涂钢托盘适用于重载上货架之用，托盘表面根据需要制作成平板状、波纹状及间隔形式，满足不同的使用要求。