Interest Rates for RMB Deposit and Loan Should be Kept Stable: PBOC

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Last updated at: (Beijing Time) Sunday, April 28, 2002

Interest Rates for RMB Deposit and Loan Should be Kept Stable: PBOC

In view of the domestic economy and goods prices at present the rates for Renminbi (RMB) deposits and loans should in the large be kept stable. In the meanwhile, the marketization of the rates should be pushed ahead steadily by expanding the floating margin for loans for small and medium enterprises.

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According to the news of April 27, 2002 from Beijing the regular meeting of the currency policy committee of the People's Bank of China for the second season of the 2002 fiscal year is now being held in Beijing.

The meeting holds that the first season saw a sound setout of national economy, being in a good trend of a sustainable and quick development. The total volume of cash loans needed in whole society at present is at large in conformity with the reasonable requirement of capital for economic development.

As put forward at the meeting, in view of the domestic economy and goods prices at present the rates for Renminbi deposits and loans should in the large be kept stable. In the meanwhile, the marketization of the rates should be pushed ahead steadily by expanding the floating margin for loans for small and medium enterprises.

The meeting also holds that a higher vigilance should be given to the difficulties for small and medium enterprises and county economic bodies to finance. The problem must be jointly handled by enterprises, banks, governments, and social communities for a comprehensive treatment in order to solve them step by step.

In accordance with the relevant regulations, Liu Mingkang, Zhang Enzhao, Wu Jinglian will no longer be president and financial experts in the currency policy committee of solely state-owned commercial banks for the terms of their offices are already expired. And Jiang Jianqing, Shang Fulin and Li Yang are appointed to take the place in the currency policy committee.

By People's Daily Online

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