China Construction Bank executive says may launch CDs this year

HONG KONG Mon Aug 26, 2013 5:26am EDT

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HONG KONG Aug 26 (Reuters) - China Construction Bank's chief risk officer Zeng Jianhua said on Monday that the central bank is currently seeking industry input on a plan to allow commercial banks to issue certificates of deposit (CD).

Zeng said the plan may be implemented this year. Such a move would constitute another step towards liberalising China's domestic interest rates.

Reuters reported exclusively last week that China's top banks are expected to win approval for the issuance of tens of billions of yuan in negotiable certificates of deposit that would initially be sold in China's interbank market, but which could eventually be sold to household and corporate depositors. (Reporting by Rachel Lee and Zhang Hongmei; Writnig by Gabriel Wildau; Editing by Kazunori Takada)

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