China to deepen interest rate, yuan reforms -Wen

BEIJING Mon Jan 21, 2013 5:56am EST

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BEIJING Jan 21 (Reuters) - China will push forward market-based reforms on interest rate systems as well as on the currency regime, state radio quoted outgoing Premier Wen Jiabao as saying on Monday.

"We will steadily push forward market-based liberalisation of interest rate and improve the renminbi (yuan) exchange rate formation mechanism, while expanding international businesses of renminbi to gradually realise capital account convertibility of the currency," Wen was quoted as saying during a visit to the central bank.

China will encourage the development of private financial institutions, Wen said. (Reporting by Aileen Wang and Kevin Yao; Editing by Simon Cameron-Moore)

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