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China C. bank reiterates rate pledges


10:54, January 13, 2012

China's central bank says conditions are "basically ready" to push forward interest rate reform to make the cost of money more market based.

On the PBOC’s website, Governor Zhou Xiaochuan says conditions for pushing forward include a fair market competition environment, clients’ acceptance, and commercial banks’ willingness to take on pricing risks.

In a note published along with Zhou’s comments, the central bank says it will push forward taking international and domestic conditions and other factors into consideration.

In 2003, the government pledge to steadily push ahead with interest rate reform - steps have included the removal of a ceiling on lending rates in 2004 and allowing borrowing costs to vary up to a range of 10 percent lower than the benchmark rate.


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