Shibor is an important  BIS Review 12/2008  1  benchmark, on which I have high hopes in the process of making interest rate more marketbased. Interest rate floor and ceiling is likely to exist for some period. Can the market-based interest rate transformation process start with discount rate linking with Shibor? In fact, discount facilities are loans.
A breakthrough with discount rate will have far-reaching impact on the market-based interest rate transformation, and provide experiences for future interest rate reform. Third, I’d like to move onto the relationship between Shibor and product innovation. There are a lot of innovative products based on Shibor. Hopefully more will emerge.