What Are the Next Steps of China's Financial Reform?
    2013-11-21 18:43:36     CRIENGLISH.com         Web Editor: Mao

A vice governor of China's central bank has confirmed plans to relax controls on bank deposit rates at "an appropriate time," saying authorities will eventually allow the market to set their own interest rates.

Hu Xiaolian, vice governor of the People's Bank of China, also says the authorities are preparing to launch certificates of deposits.

Certificates of deposits, or CD's, are similar to savings accounts.

However, they differ in they usually come with fixed terms and interest rates.

At the same time, Hu Xiaolian has also taken time to repeat the long-term policy goal of creating more flexibility in the yuan's exchange rate.

For more on the impending financial reforms, Paul James earlier spoke with Cao Can, CRI's financial commentator.


 
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