China Will Keep Pushing Interest Rate Reform, PBOC Official Says
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China’s central bank will continue to push for the reform of its benchmark loan rate and make deposit rates more market-based, according to a senior official.
The People’s Bank of China will enhance the quality of banks’ quotes used to derive the loan prime rate, which was revamped in 2019 to become the de facto benchmark funding cost in the economy, Deputy Governor Liu Guoqiang said in an article Friday. The central bank will publish historical quotes and make it competitive for banks to become qualified to provide quotes, he said.