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China’s central bank to quicken interest rate liberalization

LiveMint logoLiveMint 11-06-2014 Reuters

Beijing: China will quicken interest rate liberalization 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.

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