Plan for rate mechanism
Print Edition
The People’s Bank of China will establish a long-anticipated deposit insurance mechanism as part of a drive to liberalize interest rates, the central bank said in a report yesterday.
The report is the latest indication that interest rates will be reformed after PBOC Governor Zhou Xiaochuan said in March that full rate liberalization will be realized within two years.
But the PBOC warned yesterday that “unbalanced, uncoordinated, and unsustainable” problems are still prevalent in the Chinese economy and it will undertake tough reforms to adjust economic structure and development.
Among the central bank’s priorities this year are accelerating market-oriented interest rate reform and encouraging capital account convertibility.
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