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PBoC to Push Ahead With Interest Rate Liberalization Reform

CHINA
  • Bloomberg report that the PBoC are to push forward with interest rate liberalization reform, and are to strengthen supervision of deposit rates.
  • 'Liberalization reform' is a bit of catch-all term that the PBOC use quite routinely to describe the further opening-up of capital and financial markets in China. What this means in more literal terms is the transition away from a centrally-controlled benchmark to something more market-oriented I.e. The loan prime rate.
  • Follows the LPR decision overnight: "Chinese banks kept their main lending rates unchanged after the central bank paused its monetary easing and defended a weakening yuan, though a cut is still expected by economists in the coming months to counter headwinds to growth.The one-year loan prime rate was left at 3.65%, according to a statement by the People’s Bank of China Tuesday. The rate was last cut by 5 basis points in August.
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