Guideline sets move to fully floating interest rates
Print Edition
China’s central bank yesterday published a guideline on deposit certificates in the interbank market, another step towards fully floating interest rates.
Effective today, financial institutions must report their annual plans for the issue of deposit certificates to the People’s Bank of China before entering the market, with one-time minimum volume at 50 million yuan (US$8.2 million), the PBOC said in an online statement.
This will allow banks to borrow at more stable costs in the interbank market.
The issuance will be priced based on the Shanghai Interbank Offered Rates, with the maturities of fixed-rate certificates ranging from one month to a year while that of floating-rate certificates at one year to three years, the statement said.
The move is part of China’s easing of controls on deposit rates following its move in July to scrap the floor limit of lending rates.
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