目前全球主要货币市场已高度融合,而中国银行间市场各利率品种间信息传递尽管比国际市场间更顺畅,但利率结构矛盾突出。同一品种不同期限之间利率差异显著,但缺乏共同时间价值基础;同一期限不同品种之间利率水平较接近,但功能定位不清晰。且这些矛盾与利率的内在形成机制一致。此外,利率水平偏高、风险居中的特征使得中国银行间市场对国际资本很有诱惑。这些问题如不尽快解决,中国银行间市场就很难在利率市场化中彰显基础作用,甚至可能在开放过程中被国际游资操纵。 At present, the major global money markets have been highly integrated. However, despite the smoother flow of information among the inter-bank interest rates among various inter-bank markets, the interest rate structure has become more and more contradictory. Interest rates differ significantly between different maturities of the same breed, but they lack the basis of common time value. The interest rates of different breeds in the same maturity period are similar, but the functional orientation is not clear. And these contradictions are consistent with the inherent mechanism of interest rate formation. In addition, the high level of interest rates and the risky nature of China’s inter-bank market tempted international capital. If these problems are not solved as soon as possible, it is very difficult for the Chinese inter-bank market to demonstrate a fundamental role in the marketization of interest rates and may even be manipulated by international hot money in the process of opening up.