China unveils new steps to liberalise interest rates
BEIJING, Sept 26
BEIJING, Sept 26 (Reuters) - China will allow banks to price their loans based on market-based benchmark rates and will allow banks to launch certificates of deposit soon, the central bank said on Thursday.
"We will steadily push forward market-oriented interest rate reforms," Hu Xiaolian, a vice governor of the People's Bank of China, said in a speech published on the central bank's website, www.pbc.gov.cn.
Sources told Reuters in August that China's top banks are expected to win approval for the issuance of tens of billions of yuan in negotiable certificates of deposit (NCD).
The central bank scrapped the floor on bank lending rates in July but it still keeps official benchmark rates. (Reporting by Kevin Yao; Editing by Kim Coghill)
- U.S. war veteran released by North Korea returns home |
- South Korea to make announcement on air zone; expansion is anticipated |
- Pro-Europe protesters gather for rally in Kiev
- Pennsylvania newlyweds "just wanted to murder someone together:" police
- Obama defends interim Iran deal, seeks to assure Israel