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China Said to Poll Banks on Ending Main Deposit, Loan Rates

  • Survey doesn't signal immediate removal of rates, say people
  • Central bank has already removed upper and lower limits
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China’s central bank recently surveyed banks on the possibility and potential impact of removing its benchmark deposit and lending rates, people familiar with the matter said.

The survey won’t necessarily result in the immediate removal of benchmark rates, according to the people, who asked not to be identified as the matter hasn’t been made public yet. The People’s Bank of China also asked lenders whether they use the Loan Prime Rate, one person said. Commercial banks charge the LPR, which is calculated on the basis of rate submissions from nine lenders, to their most high-quality clients.