News from 2015-11-09 / KfW Research
China: Interest rates set free
Now that the Chinese central bank has abolished the interest rate ceiling on savings accounts, banks are finally able to set their own lending and savings rates. This fits in with China's efforts to restructure its economy and its ambition to liberalise its financial markets. Savers will benefit in the longer term from higher interest rates. This interest rate liberalisation is also likely to have implications for the Chinese monetary policy with the lending and savings benchmark rates, previously used as China's principal key interest rates, becoming less important.
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