【观点】人民银行副行长刘国强：如何更好发挥市场利率定价自律机制作用？

日前，中国人民银行副行长刘国强在《中国金融》发表题为《更好发挥市场利率定价自律机制作用》的署名文章。

刘国强表示，利率市场化改革是金融领域最重要的改革之一，利率自律机制是深化利率市场化改革的重要制度安排。2013年9月24日，中国人民银行经过认真研究准备，并组织金融机构进行多轮深入调研讨论，决定构建利率自律机制。成立以来，利率自律机制工作取得显著成效，利率自律机制建设积累了重要经验。随着利率市场化改革深入推进，金融市场快速发展，金融管理的职责和要求不断增加，需要持续健全利率自律机制，更好地发挥重要作用。围绕持续健全利率自律机制，他从四方面具体阐述：一是助力深化利率市场化改革；二是加强存贷款利率自律管理；三是优化利率自律管理机制；四是推动市场有序规范发展。 CXO UNION-CXO联盟（cxounion.cn）

党的十八大以来，按照党中央、国务院决策部署，我国的利率市场化改革加速推进。2013年9月，在深化利率市场化改革的关键节点，中国人民银行指导成立了市场利率定价自律机制（以下简称利率自律机制）。十年来，利率自律机制在中国人民银行指导下，充分发挥行业自律和协调作用，成为金融管理部门的重要延伸和推进利率市场化改革的基础性制度安排。通过务实精干的组织架构和高效有序的工作机制，利率自律机制以有限资源撬动了较大规模的管理实效，对合计超过400万亿元的存贷款利率定价进行有效的自律管理，为有序推进利率市场化改革提供了重要保障。

一、利率自律机制是深化利率市场化改革的重要制度安排

利率市场化改革是金融领域最重要的改革之一。党的十八大以来，在以习近平同志为核心的党中央坚强领导下，中国人民银行持续深化利率市场化改革。2012年，中国人民银行允许存款利率适当上浮；2013年7月，贷款利率管制完全放开，利率市场化改革进入深水区和攻坚期。当时我国金融机构财务约束状况差异较大，公平竞争的市场环境还不健全，如果不能有效维护存贷款市场竞争秩序，就无法达到“放得开”“形得成”“调得了”的改革目标，还有可能出现金融风险甚至危机。 CXO UNION-CXO联盟（cxounion.cn）

2013年9月24日，中国人民银行经过认真研究准备，并组织金融机构进行多轮深入调研讨论，决定构建利率自律机制。利率自律机制是由金融机构组成的市场定价自律和协调机制，通过把符合宏观审慎管理要求、财务硬约束条件、定价能力较强的金融机构筛选出来，对其赋予更多市场定价权，建立公平竞争的激励约束机制，以此促进金融机构加强行业自律、完善公司治理和提升金融服务水平，形成自主定价空间扩大与公平有序竞争的良性循环。通过正当、公平的市场竞争，形成多样化、多元化的产品和服务，产生合理的均衡价格，提高资源配置效率，提升广大人民群众的福利。

二、利率自律机制工作取得显著成效

成立以来，利率自律机制勇于担当，扎实履职，对市场利率定价行为进行了有效自律管理，有力地维护了市场竞争秩序，促进了市场规范健康发展，在协助推进利率市场化改革等方面发挥了重要作用。

协助推进贷款市场报价利率改革。2019年8月，中国人民银行推动贷款市场报价利率（LPR）改革，完善LPR形成机制，18家LPR报价行均为利率自律机制成员。利率自律机制受权承担组织LPR报价发布等工作，专门设立LPR工作小组，加强报价监督管理，考核报价质量，对报价行实施优胜劣汰，督促报价行基于科学定价理念，自主合理报价，有效反映市场利率走势、传达货币政策意图。在全国范围组织专题培训，指导银行运用LPR定价。2023年9月，新发放企业贷款加权平均利率为3.82%，较2019年7月LPR改革前下降1.5个百分点，处于历史最低水平，以改革的方式促进降低实体经济融资成本成效显著，为经济发展营造了适宜的利率环境。推动各类放贷机构明示贷款年化利率，有效维护市场竞争秩序，保护金融消费者合法权益。 CXO UNION-CXO联盟（cxounion.cn）

促进存款利率市场化程度进一步提高。2015年10月24日，对商业银行不再设置存款利率浮动上限，标志着对存款利率的行政性管理已基本放开。利率自律机制加强高息揽储等非理性定价行为自律管理，协助清理整顿不规范存款创新产品，将结构性存款利率、协议存款利率纳入自律管理。2021年6月，落实存款利率市场化改革举措，把存款利率自律上限确定方式由基准利率乘以一定倍数变为在基准利率上加点形成，消除杠杆效应。2022年4月，建立存款利率市场化调整机制，引导利率自律机制成员参照市场利率变化合理调整存款利率水平。截至2023年9月，主要银行已三次主动下调存款利率，存款利率市场化程度进一步提高。2023年9月，定期存款加权平均利率为2.04%，较2022年4月下降0.4个百分点。

有效发挥合格审慎评估作用。十年来，中国人民银行指导利率自律机制认真开展合格审慎评估，把具有较好公司治理和较强定价能力的金融机构遴选出来，夯实利率市场化改革的微观基础。同时，牢牢把握“以评促建”原则，持续优化评估指标体系，完善激励约束机制，不断增强财务硬约束要求，提升银行对市场利率变动的敏感程度，增强自主定价能力。引导银行不断完善内部机制、合理审慎定价，切实维护存贷款和有关金融市场定价秩序。2023年，利率自律机制成员已有2055家，占商业银行数量的一半左右。 CXO UNION-CXO联盟（cxounion.cn）

保障存单市场有序高效运行。为探索完善金融机构市场化利率定价机制，2013年和2015年，中国人民银行分别启动了同业存单、大额存单发行交易。利率自律机制落实同业存单、大额存单有关管理规定，完善激励相容机制，推动银行自主有序定价。明确通过合格审慎评估、具备财务硬约束的利率自律机制成员可以发行同业存单、大额存单，进一步扩大银行主动负债手段和自主定价权，并以此引导银行抓紧完善利率定价机制，维护公平的市场竞争环境。截至2023年9月末，同业存单余额14.6万亿元，大额存单余额23.5万亿元，在深化利率市场化改革进程中发挥了重要作用。

参与境内国际基准利率改革。自2017年国际上明确伦敦银行间同业拆借利率（LIBOR）将逐步退出市场后，中国人民银行指导利率自律机制成立专门工作组，主动开展研究，借鉴国际共识和最佳实践，积极推动新的基准利率运用。发布境内美元贷款、境内美元衍生品合约的基准利率转换推荐协议文本，引导银行做好存量合约定价基准切换，积极推动有担保隔夜融资利率（SOFR）等无风险基准利率运用。截至2023年第二季度，境内主要银行LIBOR敞口已基本完成转换，剩余敞口也将在合同约定的下一个重定价日前转换为新的基准利率。 CXO UNION-CXO联盟（cxounion.cn）

指导省级利率自律机制高效履职。随着不同类型、不同地区银行陆续成为利率自律机制成员，中国人民银行各省级分行建立了省级利率自律机制，进一步延伸利率自律管理触角。目前，已初步形成全国—省级利率自律机制协调联动格局，建立自律管理要求的迅速传达和响应机制，确保第一时间将利率自律要求传达至各层级金融机构。省级利率自律机制充分发挥贴近一线优势，及时了解新情况新问题，加强调研，提出建议，分享经验，形成推动工作的合力。

三、利率自律机制建设的重要经验

习近平总书记强调，要深化对金融本质和规律的认识，立足中国实际，走出中国特色金融发展之路。成立以来，利率自律机制当好政策助手，在实施好稳健的货币政策、深化利率市场化改革等方面发挥了重要作用。利率自律机制工作牢牢把握政治性，不断加强党的领导，确保党中央、国务院决策部署和中国人民银行各项利率政策落地见效；坚定不移贯彻人民性，在履职过程中切实践行金融为民理念，维护公平有序的市场秩序，依法保护金融消费者合法权益，协助中央银行守护好老百姓的钱袋子。

坚持任务导向，服务宏观调控和金融管理。做好行业自律管理，关键在于通过对行业内机构的经营行为进行自我管理和约束，协助推动金融改革，维护金融稳定。利率自律机制自建立之初，就明确其根本定位是通过行业自律协调，维护市场竞争秩序，为利率市场化改革营造良好环境。在建设发展过程中，利率自律机制始终强调从宏观大局出发、从服务金融管理出发，做好行业自律管理，同时及时向金融管理部门报告行业及机构的发展情况和政策建议，做好管理部门与金融机构之间的沟通桥梁。 CXO UNION-CXO联盟（cxounion.cn）

强调政策主导，当好金融管理部门的助手。行业自律归根结底是为了协助金融管理部门履职，是金融管理部门的重要延伸和助手。利率自律机制自建立以来，一直在中国人民银行的指导和管理下开展工作，研究制定各项行业自律规则均与中国人民银行作充分沟通，形成的最终决议也及时报告中国人民银行，从根本上保证了利率自律管理符合政策导向和金融管理要求，公平公正履职。利率自律机制还积极发挥专业特长，加强调查研究，持续跟踪监测新业务新业态，积累治理经验，为金融管理部门制定政策和监管规则提供专业建议。

注重激励约束，确保有效维护市场秩序。利率自律机制是市场定价自律和协调组织，对金融机构利率定价行为进行自律管理时，高度注重激励约束相容。一方面，优先赋予利率自律机制成员更多市场定价权和产品创新权，促进形成自主定价空间扩大与公平有序竞争的良性循环，引导金融机构不断完善公司治理，提高自主定价能力，提升金融服务水平。另一方面，对于违反自律管理要求的金融机构及时采取自律约束。在中国人民银行的指导下，对于落实行业自律管理不到位或出现违规定价情况的金融机构，利率自律机制采取约谈、通报等行业自律约束措施，督促成员单位落实好行业自律要求。同时，中国人民银行也将利率定价行为作为宏观审慎评估（MPA）的重要组成部分，对不符合利率自律管理要求的金融机构予以约束，增强行业自律的约束力和有效性。 CXO UNION-CXO联盟（cxounion.cn）

调动各方力量，发挥行业自律主观能动性。利率自律机制成员均为金融机构，更加贴近市场实际，并在各地区设立省级利率自律机制。这种矩阵式的组织架构设计和安排，有效地发挥了成员单位和各地区的信息优势和主观能动性，确保行业自律符合实际情况，成为金融管理部门的“千里眼”“顺风耳”。同时，利率自律机制还强调发挥市场和公众监督作用，鼓励金融机构互相监督，并对外公布举报热线，接受行业自律违规行为举报，形成了有效的自律约束机制。

四、持续健全利率自律机制

随着利率市场化改革深入推进，金融市场快速发展，金融管理的职责和要求不断增加，需要持续健全利率自律机制，更好地发挥重要作用。 CXO UNION-CXO联盟（cxounion.cn）

一是助力深化利率市场化改革。推动持续释放LPR改革效能，加强对LPR报价监督管理和考核评估，督促报价行科学合理报出价格，提高报价质量。强化对银行运用LPR定价指导，发挥LPR在贷款利率定价中的基准和指导作用。继续发挥好存款利率市场化调整机制作用，引导银行根据市场利率变化合理调整存款利率水平。

二是加强存贷款利率自律管理。加强贷款利率自律管理，督促银行完善贷款利率定价机制，坚持风险定价原则，参考国债收益率曲线等市场利率，合理确定贷款利率水平，规范贷款定价秩序。完善存款利率自律管理，持续规范存款利率定价行为，加强存款利率招标自律管理，研究对协议存款等利率较高存款产品自律管理，增强金融服务实体经济的可持续性。督促各类贷款主体落实明示贷款年化利率要求，切实保护金融消费者权益，维护市场公平竞争。

三是优化利率自律管理机制。加强自律监督，对违反利率自律管理要求的行为强化约束管理。建立自律约谈和通报机制，及时约谈违反自律管理的银行，定期汇总通报有关事例。强化利率自律机制核心成员优胜劣汰机制，将自身利率定价和管理能力、参与利率自律管理的积极性主动性等因素一并纳入考察。持续完善利率自律机制履职保障，优化利率自律专业人员培养，支持省级利率自律机制建设，提升利率自律机制履职能力。

四是推动市场有序规范发展。加强利率相关知识普及，强化宣传引导，提高消费者金融素养，完善权益保护工作。拓展回购利率（DR）在金融产品中的运用，进一步巩固DR的基准性。完善同业存单、大额存单管理，强化激励相容机制，推动银行自主有序定价，引导银行健全公司治理，维护公平市场竞争环境。 CXO UNION-CXO联盟（cxounion.cn）

翻译：

Liu Guoqiang, Deputy Governor of the People’s Bank of China: How to better play the role of market interest rate pricing self-discipline mechanism?

A few days ago, Liu Guoqiang, Vice governor of the People’s Bank of China, published a signed article entitled “Making better use of the self-regulatory mechanism for Market interest rate Pricing” in China Finance.

Liu Guoqiang said that the interest rate liberalization reform is one of the most important reforms in the financial sector, and the interest rate self-discipline mechanism is an important institutional arrangement for deepening the interest rate liberalization reform. On September 24, 2013, after careful research and preparation, the People’s Bank of China organized financial institutions to conduct multiple rounds of in-depth research and discussion, and decided to establish an interest rate self-discipline mechanism. Since its establishment, the work of interest rate self-regulation mechanism has achieved remarkable results, and important experience has been accumulated in the construction of interest rate self-regulation mechanism. With the deepening of interest rate liberalization reform, the rapid development of the financial market, and the increasing responsibilities and requirements of financial management, it is necessary to continue to improve the interest rate self-discipline mechanism and better play an important role. Focusing on the continuous improvement of the interest rate self-discipline mechanism, he elaborated from four aspects: first, to help deepen the market-oriented reform of interest rates; Second, we will strengthen self-regulation of deposit and loan interest rates. Third, optimize the self-regulatory mechanism of interest rates; Fourth, we will promote orderly and standardized market development. CXO UNION-CXO联盟（cxounion.cn）

Since the 18th National Congress of the Communist Party of China, in accordance with the decision-making and deployment of the Party Central Committee and The State Council, China’s interest rate liberalization reform has accelerated. In September 2013, at the key node of deepening interest rate liberalization reform, the People’s Bank of China guided the establishment of the market interest rate pricing self-regulatory mechanism (hereinafter referred to as the interest rate self-regulatory mechanism). In the past ten years, under the guidance of the People’s Bank of China, the interest rate self-discipline mechanism has given full play to the role of industry self-discipline and coordination, and has become an important extension of the financial management department and a basic institutional arrangement for promoting the market-oriented reform of interest rates. Through a pragmatic and capable organizational structure and an efficient and orderly working mechanism, the interest rate self-regulation mechanism has leveraged a relatively large scale of management results with limited resources, effectively self-regulated the pricing of deposit and loan interest rates totaling more than 400 trillion yuan, and provided an important guarantee for the orderly liberalization of interest rates.

First, the interest rate self-discipline mechanism is an important institutional arrangement for deepening the market-oriented reform of interest rates

The interest rate liberalization reform is one of the most important reforms in the financial field. In 2012, the People’s Bank of China allowed deposit rates to rise appropriately; In July 2013, the control of loan interest rate was completely lifted, and the reform of interest rate liberalization entered the deep water zone and the difficult period. At that time, the financial constraints of China’s financial institutions were quite different, and the market environment for fair competition was not perfect. If we could not effectively maintain the competition order of deposit and loan markets, we could not achieve the reform goals of “open”, “shape” and “adjustment”, and there may be financial risks and even crises.

On September 24, 2013, after careful research and preparation, the People’s Bank of China organized financial institutions to conduct multiple rounds of in-depth research and discussion, and decided to establish an interest rate self-discipline mechanism. The interest rate self-discipline mechanism is a market pricing self-discipline and coordination mechanism composed of financial institutions. It selects financial institutions that meet the requirements of macro-prudential management, have hard financial constraints and have strong pricing power, enpowers them with more market pricing power, and establishes an incentive and restraint mechanism for fair competition. This will promote financial institutions to strengthen industry self-discipline, improve corporate governance and enhance the level of financial services, and form a virtuous circle of expanding independent pricing space and fair and orderly competition. Through proper and fair market competition, diversified and diversified products and services are formed, reasonable and balanced prices are generated, resource allocation efficiency is improved, and the welfare of the broad masses of the people is enhanced.

The self-regulation mechanism for interest rates has achieved remarkable results

Since its establishment, the interest rate self-regulation mechanism has played an important role in helping to promote interest rate liberalization reform by effectively managing market interest rate pricing behaviors and effectively maintaining market competition order.

To assist in the reform of quoted interest rates in the loan market. In August 2019, the People’s Bank of China promoted the reform of the loan market quotation rate (LPR), improved the formation mechanism of LPR, and 18 LPR quotation banks were all members of the interest rate self-discipline mechanism. The interest rate self-regulatory mechanism is authorized to undertake the organization of LPR quotation and other work, set up a special LPR working group, strengthen the supervision and management of quotation, assess the quality of quotation, implement the survival of the fittest for quotation banks, urge quotation banks to make independent and reasonable quotations based on the scientific pricing concept, effectively reflect the trend of market interest rates, and convey the intention of monetary policy. Organize special training nationwide to guide banks to use LPR pricing. In September 2023, the weighted average interest rate of newly issued corporate loans was 3.82%, 1.5 percentage points lower than before the LPR reform in July 2019, and it was at the lowest level in history. The reform has achieved remarkable results in reducing the financing cost of the real economy, creating a suitable interest rate environment for economic development. Promote all kinds of lending institutions to express the annual interest rate of loans, effectively maintain the order of market competition, and protect the legitimate rights and interests of financial consumers. CXO UNION-CXO联盟（cxounion.cn）

We will make deposit interest rates more market-oriented. On October 24, 2015, the floating ceiling of deposit interest rate was no longer set for commercial banks, marking the administrative management of deposit interest rate has been basically liberalized. We will strengthen the self-regulatory management of irrational pricing behaviors such as high-interest deposits, help clean up and rectify innovative products of irregular deposits, and bring structured deposit rates and agreed deposit rates under self-regulatory management. In June 2021, the government will implement market-oriented reform measures for deposit interest rates, and change the determination method of the self-regulatory upper limit of deposit interest rates from the benchmark interest rate multiplied by a certain multiple to a point on the benchmark interest rate to eliminate leverage. In April 2022, a market-oriented adjustment mechanism for deposit interest rates will be established, and members of the interest rate self-discipline mechanism will be guided to reasonably adjust deposit interest rates in light of changes in market interest rates. As of September 2023, major banks have voluntarily lowered deposit interest rates three times, and the degree of deposit interest rate liberalization has been further improved. In September 2023, the weighted average interest rate on time deposits was 2.04%, down 0.4 percentage points from April 2022.

We will effectively play the role of qualified prudential assessment. Over the past decade, the People’s Bank of China has guided the interest rate self-discipline mechanism to conscientiously carry out qualified prudential assessment, select financial institutions with better corporate governance and strong pricing power, and consolidate the micro foundation for interest rate liberalization reform. At the same time, firmly grasp the principle of “evaluation to promote construction”, continue to optimize the evaluation index system, improve the incentive and constraint mechanism, and constantly enhance the requirements of financial hard constraints, enhance the sensitivity of banks to changes in market interest rates, and enhance the ability of independent pricing. We will guide banks to continuously improve their internal mechanisms, set prices reasonably and prudently, and effectively maintain the pricing order of deposits and loans and related financial markets. In 2023, there will be 2,055 members of the interest rate self-discipline mechanism, accounting for about half of the number of commercial banks. CXO UNION-CXO联盟（cxounion.cn）

Ensure orderly and efficient operation of the certificate of deposit market. In order to explore and improve the market-oriented interest rate pricing mechanism of financial institutions, the People’s Bank of China launched the issuance of inter-bank certificates of deposit and large certificates of deposit respectively in 2013 and 2015. We will implement regulations on the management of interbank certificates of deposit and certificates of large amounts of deposit, improve the incentive compatibility mechanism, and encourage banks to set prices independently and orderly. It is clear that members of the interest rate self-regulatory mechanism with qualified prudential assessment and hard financial constraints can issue inter-bank certificates of deposit and certificates of deposit, further expand banks’ active liability means and independent pricing power, and guide banks to improve the interest rate pricing mechanism and maintain a fair market competition environment. By the end of September 2023, the balance of interbank certificates of deposit was 14.6 trillion yuan and the balance of large certificates of deposit was 23.5 trillion yuan, which played an important role in deepening the market-oriented reform process of interest rates. CXO UNION-CXO联盟（cxounion.cn）

Participating in the reform of domestic and international benchmark interest rates. Since 2017, when it became clear that the London interbank offered Rate (LIBOR) would be gradually withdrawn from the market, the People’s Bank of China guided the interest rate self-discipline mechanism to set up a special working group to take the initiative to carry out research, draw on international consensus and best practices, and actively promote the use of new benchmark interest rates. We will issue the text of the recommended benchmark interest rate conversion agreement for domestic US dollar loans and domestic US dollar derivatives contracts, guide banks to do a good job in switching the pricing basis of stock contracts, and actively promote the use of risk-free benchmark interest rates such as the secured overnight financing rate (SOFR). As of the second quarter of 2023, the major domestic banks’ LIBOR exposure has basically completed the conversion, and the remaining exposure will also be converted to the new benchmark interest rate before the next repricing date agreed by the contract.

To guide provincial interest rate self-regulation mechanisms to perform their duties efficiently. As banks of different types and regions have successively become members of the interest rate self-regulatory mechanism, provincial branches of the People’s Bank of China have established provincial interest rate self-regulatory mechanisms to further extend the reach of interest rate self-regulatory management. At present, a coordinated linkage pattern of national and provincial interest rate self-discipline mechanisms has been initially formed, and a rapid communication and response mechanism for self-discipline management requirements has been established to ensure that interest rate self-discipline requirements are communicated to financial institutions at all levels at the first time. The provincial interest rate self-discipline mechanism gives full play to its advantages of being close to the front line, timely understanding of new situations and problems, strengthening research, putting forward suggestions, sharing experience, and forming a joint force to promote work.

Third, important experience in the construction of interest rate self-regulation mechanism

Since its establishment, the interest rate self-regulation mechanism has played an important role as a good policy assistant in implementing sound monetary policy and deepening interest rate market-oriented reform. The work of the interest rate self-regulation mechanism firmly grasps the political nature, continuously strengthens the leadership of the Party, and ensures that the decision-making and deployment of the Party Central Committee and The State Council and the interest rate policies of the People’s Bank of China are effective; Unswervingly implement the people’s nature, effectively practice the concept of finance for the people in the process of performing their duties, maintain a fair and orderly market order, protect the legitimate rights and interests of financial consumers in accordance with the law, and assist the central bank to protect the people’s money bags. CXO UNION-CXO联盟（cxounion.cn）

We will adhere to the task orientation and serve macro-control and financial management. To do a good job in industry self-regulation, the key is to help promote financial reform and maintain financial stability through self-management and restraint of the business behaviors of institutions in the industry. Since the establishment of the interest rate self-regulation mechanism, it has been clear that its fundamental positioning is to maintain market competition order through industry self-regulation and coordination, and create a good environment for interest rate market-oriented reform. In the process of construction and development, the interest rate self-discipline mechanism has always emphasized that it should proceed from the macro picture, start from the service of financial management, and do a good job in the self-discipline management of the industry, while reporting the development of the industry and institutions and policy suggestions to the financial management department in a timely manner, and do a good job in the communication bridge between the management department and financial institutions.

Emphasize policy leadership and be a good assistant to the financial management department. In the final analysis, industry self-discipline is to assist the financial management department to perform their duties, and is an important extension and assistant of the financial management department. Since its establishment, the interest rate self-regulatory mechanism has been working under the guidance and management of the People’s Bank of China, and the research and formulation of various industry self-regulatory rules have been fully communicated with the People’s Bank of China, and the final resolution has been reported to the People’s Bank of China in a timely manner, which fundamentally ensures that the interest rate self-regulatory management meets the policy orientation and financial management requirements, and performs its duties in a fair and just manner. The interest rate self-regulation mechanism also actively gives play to its professional expertise, strengthens investigation and research, continuously tracks and monitors new businesses and new formats, accumulates governance experience, and provides professional advice for financial management departments to formulate policies and regulatory rules. CXO UNION-CXO联盟（cxounion.cn）

Focus on incentives and constraints to ensure effective maintenance of market order. The interest rate self-discipline mechanism is the market pricing self-discipline and coordination organization, which attaches great importance to the compatibility of incentives and constraints when the financial institutions conduct the self-regulatory management of interest rate pricing behavior. On the one hand, the members of the interest rate self-discipline mechanism should be given more market pricing power and product innovation right, promote the formation of a virtuous circle of expanding independent pricing space and fair and orderly competition, guide financial institutions to constantly improve corporate governance, improve independent pricing ability, and improve the level of financial services. On the other hand, financial institutions that violate the requirements of self-regulation should be disciplined in a timely manner. Under the guidance of the People’s Bank of China, for financial institutions that do not implement the self-discipline management of the industry or have irregular pricing, the interest rate self-discipline mechanism takes industry self-discipline restraint measures such as interviews and notifications, and urges member units to implement the self-discipline requirements of the industry. At the same time, the People’s Bank of China also regards interest rate pricing behavior as an important part of macro-prudential assessment (MPA), and restraps financial institutions that do not meet the requirements of interest rate self-regulatory management, enhancing the binding force and effectiveness of industry self-discipline. CXO UNION-CXO联盟（cxounion.cn）

Mobilize the forces of all parties and give play to the subjective initiative of industry self-discipline. The members of the interest rate self-regulation mechanism are all financial institutions, which is closer to the market reality, and provincial interest rate self-regulation mechanisms are set up in all regions. This matrix organizational structure design and arrangement effectively gives play to the information advantages and subjective initiative of member units and regions, ensures that the industry self-discipline conforms to the actual situation, and becomes the “clairvoyant” and “wind ear” of the financial management department. At the same time, the interest rate self-discipline mechanism also emphasizes the role of the market and the public supervision, encourages financial institutions to supervise each other, and announces the report hotline to accept the report of industry self-discipline violations, forming an effective self-discipline restraint mechanism.

Continue to improve the mechanism for self-regulation of interest rates

With the deepening of interest rate liberalization reform, the rapid development of the financial market, and the increasing responsibilities and requirements of financial management, it is necessary to continue to improve the interest rate self-discipline mechanism and better play an important role.

First, we will help deepen market-oriented interest rate reform. Promote the continuous release of the efficiency of LPR reform, strengthen the supervision, management and assessment of LPR quotation, urge quotation banks to offer prices scientifically and reasonably, and improve the quality of quotation. Strengthen the use of LPR pricing guidance for banks, and give play to the benchmark and guiding role of LPR in loan interest rate pricing. We will continue to make good use of the market-oriented adjustment mechanism for deposit interest rates, and guide banks to adjust deposit interest rates appropriately in light of changes in market interest rates. CXO UNION-CXO联盟（cxounion.cn）

Second, we will strengthen self-regulation of deposit and loan interest rates. We will strengthen the self-regulatory management of loan interest rates, urge banks to improve the pricing mechanism of loan interest rates, adhere to the principle of risk pricing, make reference to market interest rates such as the yield curve of national debt, reasonably determine the level of loan interest rates, and standardize the order of loan pricing. Improve the self-regulatory management of deposit interest rates, continue to standardize the pricing behavior of deposit interest rates, strengthen the self-regulatory management of deposit interest rate bidding, study the self-regulatory management of deposit products with higher interest rates such as negotiated deposits, and enhance the sustainability of financial services to the real economy. We will urge all types of loan entities to implement the explicit requirements on the annual interest rate of loans, effectively protect the rights and interests of financial consumers, and maintain fair market competition. CXO UNION-CXO联盟（cxounion.cn）

Third, we will improve the mechanism for self-regulation of interest rates. Strengthen self-discipline supervision, and strengthen restraint management of behaviors that violate the requirements of interest rate self-discipline management. Establish a self-regulatory interview and notification mechanism, promptly interview banks that violate self-regulatory management, and regularly report relevant cases. Strengthen the survival of the fittest mechanism for core members of the interest rate self-regulation mechanism, and take factors such as their own interest rate pricing and management capabilities, and their enthusiasm and initiative to participate in interest rate self-regulation management into consideration. Continue to improve the performance guarantee of the interest rate self-regulation mechanism, optimize the training of interest rate self-regulation professionals, support the construction of the provincial interest rate self-regulation mechanism, and enhance the ability of the interest rate self-regulation mechanism to perform its duties. CXO UNION-CXO联盟（cxounion.cn）

Fourth, we will promote orderly and standardized market development. Strengthen the popularization of interest rate related knowledge, strengthen publicity and guidance, improve consumers’ financial literacy, and improve the protection of rights and interests. Expand the use of the repo rate (DR) in financial products to further consolidate the benchmarking of DR. We will improve the management of interbank certificates of deposit and large certificates of deposit, strengthen the incentive compatibility mechanism, encourage banks to set prices independently and orderly, guide banks to improve corporate governance, and maintain a level playing field in the market.

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于《中国金融》2023年第23期；编辑/翻译：CXO UNIONCXO联盟小U。

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