PBOC’s temporary role
Print Edition
CHINA’S central bank will set up a separate account to manage the bank deposit insurance fund until an agency is established, the government said yesterday.
The People’s Bank of China will manage the system until an independent agency is set up, said a statement posted on the website of the State Council, China’s Cabinet.
The government announced on Tuesday that the bank deposit insurance legislation will take effect on May 1. At that time, all financial institutions will be required to pay insurance premiums into a fund which will return savers’ deposits if their bank suffers insolvency or bankruptcy.
The scheme is seen as a precondition to freeing up deposit rates — the last step in interest rate liberalization.
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