当前,我国人民币国际化和汇率形成机制改革正在加速推进,资本项目完全开放也被提上了政策议程。然而,从理论和各国实践看,这些改革的最终完成都必须以利率市场化和消除国内金融压抑为前提。由此可见,利率市场化是我国金融改革的关键环节,已成为推进其他改革的重要瓶颈。1我国利率市场化改革的历程回 At present, the reform of RMB internationalization and exchange rate formation mechanism in our country is accelerating, and the complete liberalization of capital account has also been put on the policy agenda. However, judging from theory and practice in various countries, the final completion of these reforms must be premised on the marketization of interest rates and the eradication of domestic financial repression. Thus, the marketization of interest rates is a key link in China’s financial reform and has become an important bottleneck in advancing other reforms. 1 China’s interest rate market-oriented reform process back