人民币利率市场化之外部保障机制研究——以上海自贸区金融改革为视角（Word版）.docVIP

去年，央行决定在上海贸区放开小额外币的存款利率上限，不久该措施便 成为首例向区外复制推广的金改经验，再次推进了人民币利率市场化的改革进 程，利率市场化在全国范围内的大面积铺开也将指日可待。历经20余年，人民 币利率市场化早已不是新鲜之词，业内相关研宂亦是汗牛充栋，然其多从经济金 融角度切入，而少有从法律维度对之作出系统研究者。 多年以来，人民币利率市场化改革稳步推进，但其中亦呈现出不少问题与隐 忧。究其原因，除却先天市场主体发育不全，后天创新力度不足等因素，更是源 于我国外在保障机制之上的缺陷。例如，从位阶上来看，FI前我国不少金融法律 与如火如荼的改革实践和较，存在较为严重的滞后性；而反观W际成功经验，均 不难发现法律在各国利率市场化改革中所发挥的重要作用。 幸而，自贸区试点中，一行三会与上海地方颁布了儿多金改专项规章，重点 规划了包括利率市场化在内的改革路线与措施。而笔者以为，为使我国的外部机 制避免成为改革的制度障碍，反而发挥其应有的推动、保障之作用，我W还应从 完善立法体系、创新监管模式、提高违法成本、加强征信建设、大力鼓励创新等 多重方面多管齐下，惟其如此，方能为人民币利率市场化改革提供充分的外部屏 障。 关键词：人民币利率市场化，上海自贸区，保障机制 Abstract Last year, the central bank made the policy to lift ceiling control over the deposit interest rate of foreign currency in small amount within Shanghai Free Trade Zone(the “FTZ”). As its remarkable effect，it has became the first policy which has been duplicated and expanded to the area outside the “FTZ”. Once again，it will help the furtherance of the liberalization reform of the interest rate，if the liberalization of interest rate within the area of nationwide can be just around the comer. As the reform practice has been in progress over 20 years，the liberalization of interest rate is not a new word at all，documents of related researches are also immense，but most of them are from the view of economics or finance，but few are done through the perspective of a science of law. Although the liberalization reform of RMB interest rate reform are in the steady progress over years, but it also shows some problems as well. Investigate its germ，the main bodies in the market are still insufficient，and the financial innovations are also far from enough. Besides of those, a more important reason is the weak external security mechanism existing in China. For example，at present，there are some serious lag in the provisions of many financial laws and regulations when compared with the reform practice; and if we look into the international successful experiences of liberalization of interest rate，it is not difficult to find the important roles p