PBOC says Zhou's comments mis-reported

The People's Bank of China has denied reports that governor Zhou Xiaochuan told a closed door conference in Beijing this week that one-year deposit rates might be lifted in the second quarter of the year.

The People's Bank of China said a mistranslation of Mr Zhou's speech, which he had delivered in English, into Chinese had caused the erroneous reports in the Chinese media.

Mr Zhou had been speaking at a conference attended by senior Chinese officials and foreign business leaders. The bank sai