2013年,中国金融市场出现的重大情况之一是货币市场利率行情出现数次严重波动。作为中国货币市场利率行情的基本指标,上海银行间隔夜拆借利率(Shibor)在2013年6月和12月两次飙升,其剧烈程度超过往年。许多人认为,Shibor利率的波动反映了中国经济和金融体系中业已存在的高负债或高杠杆的深层次问题,或者说是结构性问题。这个看法不无道理。但是,货币市场利率波动往往出 In 2013, one of the major developments in China’s financial markets was the serious fluctuations in the market prices of money market. As a basic indicator of the interest rate in China’s money market, the Bank of Shanghai overnight lending rate (Shibor) soared twice in June and December 2013, more than in previous years. Many believe the volatility in the Shibor interest rate reflects the deep-seated or highly leveraged, or structural, problems that already exist in China’s economy and financial system. This view is not unreasonable. However, fluctuations in the money market interest rates tend to go away