Business & Finance

China central bank relaxing deposit rate controls

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

1 min

By Muhammad Iqbal

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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.

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