【中文版】

再贴现利率是指商业银行或金融机构将未到期的商业票据、银行承兑汇票、短期债券等向中央银行贴现时所使用的利率。它是央行为了调节货币市场资金供应和利率水平而采取的一种货币政策工具。

具体来说，当商业银行或金融机构持有的未到期票据需要提前兑现时，可以将票据背书转让给中央银行，并支付相应的利息，这个利息就是再贴现利率。央行根据市场情况和宏观经济形势，确定再贴现利率的水平，以实现货币政策目标。

再贴现利率通常被视为短期利率的代表，它对货币市场的资金供求关系和利率水平具有重要影响。通过调整再贴现利率，央行可以影响商业银行和其他金融机构的融资成本，进而影响整个经济的投资和消费行为。

【英文版】

The rediscount rate refers to the interest rate used by commercial banks or financial institutions when they discount unexpired commercial paper, bankers' acceptances, short-term bonds, etc. with the central bank. It is a monetary policy tool used by the central bank to regulate the supply of funds and interest rates in the money market.

Specifically, when commercial banks or financial institutions hold unexpired instruments that need to be cashed in advance, they can transfer the instruments to the central bank by endorsement and pay the corresponding interest, which is the rediscount rate. The central bank determines the level of the rediscount rate based on market conditions and macroeconomic indicators to achieve monetary policy objectives.

The rediscount rate is usually considered a representative of short-term interest rates, and it has a significant impact on the supply and demand of funds in the money market and the level of interest rates. By adjusting the rediscount rate, the central bank can affect the financing costs of commercial banks and other financial institutions, which in turn affects the investment and consumption behavior of the entire economy.