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Full liberalization of deposit rates ‘very likely’ in a year or two
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CHINA may fully liberalize deposit rates in a year or two as the country will step up domestic financial reforms to support the yuan’s internationalization, central bank governor Zhou Xiaochuan said at a briefing today.
Addressing the timetable for interest rate liberalization of the yuan, Zhou said the process is driven by newly emerged businesses, and the deposit rate may “very likely” be liberalized in a year or two.
“Many other rates are already liberalized, and the opening up of deposit rate is on the schedule,” he told reporters.
On internationalization of the national currency, Zhou said a lot of “homework” needs to be done before the yuan can be accepted by more international users.
“In these years, we will focus on dropping unnecessary restrictions on use of the yuan, which include laws and regulations, and practical operations,” Zhou said. “The People’s Bank of China will not excessively push to widen use of the yuan, but rather create sound policy, strength and confidence to let people choose to use the currency.”
He said international use of the yuan has been growing quickly in recent years but its proportion in global trade and investment is still relatively low.
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