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Loan Rate of Foreign Currency Liberalized
News from the People's Bank of China (PBOC) says China sets to fine-tune the interest rate of foreign currency loan from Sept 21, 2000 in an effort to boost the reform in China's interest rate market as well as the opening of Chinese banks to the outside world.
The reform will mainly cover the following contents:
First, loosen interest rate of foreign currency loan.
Second, interest rate of large amount of foreign loan will be set by financial institutions and customer through negotiation.
Third, interest rate of small amount of foreign loan will be set by the Association of Chinese Bank Industry.
Fourth, the Association of Chinese Bank Industry will draft detailed management rules and operation guidelines according to the PBOC's requirements and submit for approval. (Panorama)
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