Zhou Sees China’s Deposit Rates Freed Within 2 Years: Economy
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China’s central bank Governor Zhou Xiaochuan said deposit rates will be liberalized in one to two years, as the nation expands the role of markets even amid an economic slowdown and risks from a credit boom.
The China Banking Regulatory Commission will allow a trial of five privately-owned banks, Chairman Shang Fulin said at the same press briefing in Beijing today, part of the annual meeting of the National People’s Congress. Recent yuan weakness shows the greater role of market forces, Zhou said.