China central bank says will quicken interest rate liberalisation

BEIJING, June 11 Tue Jun 10, 2014 10:40pm EDT

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BEIJING, June 11 (Reuters) - China will quicken interest rate liberalisation and preparations for setting up a deposit insurance system in 2014, the central bank said on Wednesday.

The People's Bank of China(PBOC) reiterated elements from its 2013 annual report stating it would keep its monetary stance prudent, while still making pre-emptive moves to fine-tune policy.

The central bank said on Monday that it will cut the reserve requirement ratios - the level of reserves banks must hold - for those that have sizeable loans to the farming sector and small and medium-sized firms, a move to support the economy the government had flagged in May.

(Reporting By China Economics Team; Editing by Eric Meijer)

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