Reforms continue with planned NCDs
Print Edition
China will soon introduce negotiable certificates of deposits on the interbank market, Pan Gongsheng, vice governor of the Chinese central bank, said yesterday.
The issuance of interbank NCDs, an investment tool, is seen as a stepping stone for market-oriented reforms of deposit interest rates.
Interest rate reforms are now at a crucial stage and the central bank has mapped out an overall program for this, said Pan.
Besides introducing NCDs, the central bank will further expand the floating range of deposit interest rates and ultimately lift controls on deposit rates, he added.
NCDs are issued by banks and cannot be cashed in before maturity.
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