Along with the liberalization of interest rate of our country, the risk of interest rate becomes one of the major risks of financial market gradually.

随着我国利率市场化的稳步推进，利率风险逐渐成为金融市场的主要风险之一。

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To deal with the negative effect that brings by the liberalization of interest rate, we must strengthen the management of the commercial bank with risk management theory.

针对利率市场化带来的负面效应，必须用利率风险管理理论来加强对商业银行的管理。

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Therefore, how to reduce the transaction cost is also the important step of interest rate liberalization in our country.

因此，如何降低交易成本也就成了我国利率市场化过程中非常重要的一步。

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In terms of capital markets, interest rate liberalization and a more market-oriented exchange rate are central.

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For instance, with assistance of rapid increase in wage rates, expected interest rate liberalization and further reforms, China is probably close to a turning point when income distribution switches from deterioration to improvement.

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There was also some interest-rate liberalization as Chinese banks are now allowed to lend at a discount of up to 20% below the benchmark, compared with a previous floor of 10%.

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