Reform expands
Source: Shanghai Daily |
June 30, 2014, Monday
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Print Edition
Print Edition
CHINA’S central bank will liberalize interest rates on smaller foreign-currency deposits across Shanghai, marking the first successful pilot reform in the China (Shanghai) Pilot Free Trade Zone to be expanded outside the area. Shanghai will remove interest rate ceilings on foreign-currency deposits under US$3 million from June 27 after a four-month trial in the FTZ, the Shanghai Head Office of the People’s Bank of China said last week. It will apply to companies initially but could be widened to individuals later, said office Deputy Director Zhang Xin.
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