Banking

China has no timetable to liberalise deposit rates

(Agencies)
Updated: 2011-02-21 15:37
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BEIJING - China has not yet set a timetable for allowing bank deposit rates to be set by market forces, Reuters reported Monday, citing the country's top banking regulator Liu Mingkang.

According to the report, Liu's comments came after the central bank denied a report saying that it had begun a pilot scheme to liberalise deposit rates.

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Meanwhile, according to Liu, Chinese banks are projected to make a total profit of 700-800 billion yuan ($106.6-121.8 billion) this year. He did not provide a comparative figure, it reported.

China currently sets a ceiling on deposit rates and a floor on lending rates, the report said..

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