Central Bank Unveils Interest Rate Policy Reform

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Last updated at: (Beijing Time) Friday, February 21, 2003

Central Bank Unveils Interest Rate Policy Reform

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China's central bank has unveiled its market-oriented proposals on interest rate policies.

The People's Bank of China, the country's central bank, said that China's interest rate market reform would give priority to foreign currencies, rather than the Chinese currency.

That means the day when the fluctuation of interest rates of foreign currencies will be liberalized would come before the floating of the Renmenbi rate.

According to a bank report released Thursday on the implementation of monetary policies in 2002, the interest rates of loans, rather than that of deposits, will be the first to be floated according to market demand.

Preference will be given to large loans or deposits and long-term accounts when lifting restrictions on the fluctuation of interest rates.

As of March 2003, the central bank's policies on interest rates for Chinese residents' foreign currency accounts in small quantities will apply to similar accounts at overseas-funded banks in China.

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