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PBOC To Promote Interest Rate Reform

CHINA PRESS
MNI (Singapore)

The People's Bank of China will continue to promote market-based interest rate reform, strengthen the supervision of deposit interest rates, and improve the formation and transmission mechanism of interest rates, according to an article by the PBOC’s Monetary Policy Department run on its social media account. China’s fixed deposit interest rate of 1% to 2% and the loan interest rate of about 4% to 5%, which is slightly lower than the potential economic growth rate, are viewed as being at a reasonable level that provides room for policy to be changed, the article said.

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