【摘要】 2013年以来,利率走势令人关注,其主要特点是收益率曲线陡峭化下行和信用利差持续扩大。影响利率波动的因素包括,外汇占款的波动导致流动性变化,市场风险偏好下降导致短端利率向长端利率传导不畅,实体经济偿债能力弱化增大信用风险。展望未来,利率水平将稳中有升并且呈进一步分化走势,货币政策在总量上宜保持现有力度,必要时可通过微调向支农、支小领域定向宽松。更多还原

【Abstract】 Since 2013,the interest rate change has caught much attention,and its main features include downward yield curve and expanding credit spread.The factors causing interest rate fluctuations include the fluctuations of funds outstanding for foreign exchange leading to liquidity changes,decreasing market risk preference leading to unsmooth transmission of short-end interest rates to long-end interest rates,and weak solvency of the economic entities increasing credit risk.In future,the interest rate level would stably go up with diversified trends,monetary policy should maintain its current overall scale and keep easing to farming and small businesses with fine-tuning operations.更多还原