国债利率作为大多数国家的基准利率,是制定金融产品价格的基础,其它金融产品价格一般由基准利率水平加上风险溢价水平得出。近几年我国国债市场化建设不断推进,国债发行规模不断扩张,发行方式日益市场化,为国债二级市场收益率定价提供了很好的参考。基准利率形成后,其它金融产品定价方式具有了坚实的基础,对利率市场化改革具有重要意义。而利率市场化改革作为金融改革中重要的一步,其改革进程的推进也将推动其它金融改革不 As the benchmark interest rate of most countries, the interest rate of treasury bonds is the basis for formulating the price of financial products. The prices of other financial products are generally derived from the benchmark interest rate level plus the risk premium level. In recent years, the marketization of China’s national debts has been continuously promoted. The issuance of treasury bonds has become increasingly marketed. This has provided a good reference for the pricing of the yield on the secondary market of treasury bonds. After the formation of the benchmark interest rate, the pricing of other financial products has a solid foundation and is of great significance to the market-based interest rate reform. As an important step in financial reform, marketization of interest rate reform, the progress of the reform will also promote other financial reforms.