The December spike in China’s interbank interest rates, following a similar episode in June, reinforces two widely shared perceptions. The first is that dealing with the current debt overhang will exacerbate volatility; the second is that interest rates are too low. That financial reforms are needed, despite the risks, is beyond dispute. But whether interest rates — specifically deposit rates paid to savers — are actually too low, as many China-watchers have argued, is debatable.
继去年6月manbetx3.0 银行间利率飙升之后，12月又发生了类似情形，这使人们对两个广泛持有的观点更加深信不疑。一个观点是：处置目前的债务负担将加剧市场波动；另外一个观点是：manbetx3.0 利率水平过低。毋庸置疑的是，manbetx3.0 必须进行金融改革，尽管存在风险。但利率、尤其是存款利率是否真的像许多manbetx3.0 观察人士认为的那样处于过低水平，则是值得商榷的。
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