China head: cannot avoid short-term pain from interest rate reform

BEIJING, March 8 Fri Mar 7, 2014 11:26pm EST

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BEIJING, March 8 (Reuters) - It will be hard for China to avoid short-term economic pain from interest rate reforms, central bank governor Zhou Xiaochuan was quoted by state television on Saturday as saying.

The central bank is widely expected to unveil a long-awaited deposit insurance system in the coming months, paving the way for liberalising bank deposit rates. (Reporting by Kevin Yao)