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BEIJING (MNI) - The People's Bank of China will enhance its role in
providing deposit insurance for small and medium-sized banks facing "regional
and structural" liquidity risks, Xinhua news agency reported on Wednesday,
citing an unidentified PBOC official.
The PBOC will also ensure timely and adequate liquidity, the official said,
noting that regulators must ensure lenders are held accountable and strengthen
the role of local governments as the first resort for maintaining stability.
The central bank will also promote its three goals of financial reform,
capital account convertibility and reform of the yuan exchange rate formation
mechanism, the official said.
It will seek supply side financial reforms, and of capital markets, small-
and medium-sized lenders and financial governance, as well as continue to urge
financial institutions to adopt its new benchmark Loan Prime Rate in pricing
their own loans, in order to lower companies' financing costs and improve the
transmission of its monetary policy.
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