Zhou says nearly time for interest rate reform

Time is nearly right for market-oriented interest rate reforms and China's banks should learn to set their own interest rates, Xinhua news agency quoted People's Bank of China governor Zhou Xiaochuan as saying.

"Banks should learn to determine the price of funds for deposits and lending," Zhou told an economic forum.

He said the PBOC hoped to speed up this process and is actively pushing commercial banks towards market-oriented interest rates.

Zhou told the forum China's economy is transforming