Cen­tral Bank chief says in­ter­est rates to be eased

China Daily (Canada) - - NEWSCAPSULE -

In an­other re­form of its fi­nan­cial sec­tor, China will fully lib­er­al­ize its in­ter­est rate within one or two years , ac­cord­ing to the head of the Cen­tral Bank..

“We will let the mar­ket play its due role in in­ter­est rate lib­er­al­iza­tion. That’s for sure,” Zhou Xiaochuan said. “De­posit rate is set to ease within one or two years. It’s part of our plan.”

He said that in­ter­est rates will pos­si­bly go up, but will even­tu­ally level in the longer term due to mar­ket forces and com­pe­ti­tion.

Fi­nan­cial re­forms, in­clud­ing yuan glob­al­iza­tion, bank­ing reg­u­la­tions, pri­vate eq­uity, debt risks con­trol, will be launched with zeal, al­though some steps may take three or five years, Zhou said.

“Re­forms in other fields, in­clud­ing ru­ral re­forms, re­source dis­tri­bu­tion and eco­nomic open­ing-up, will also in­volve fi­nan­cial re­forms,” Zhou added. “We will get them done step by step.”

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