Business & Finance

China central bank relaxing deposit rate controls

Published July 19, 2013 Updated July 19, 2013 11:38am

BEIJING: China's central bank said on Friday that relaxing controls on bank deposit rates is a risky process that needs mature market conditions, so it will be carried out gradually.

The central bank announced long-awaited interest rate reforms on Friday, scrapping the previous floor on the rates that banks charge clients for loans, but not removing a cap on deposit rates.