China central bank says time was 'ripe' to scrap credit card interest rate limits

BEIJING: China's central bank said on Thursday it had scrapped the upper and lower limits on banks' credit card interest rates because the time was "ripe" to do so and it would help the lenders develop diversified credit card products.

The move, which was made to free up overdraft interest rates on credit cards, can also promote fair competition in an orderly manner, the People's Bank of China said in an emailed response to Reuters' questions.