China 'unlikely' to raise rates too high

China is unlikely to raise commercial bank interest rates at too high a level, the official Securities Times reported, citing a senior People's Bank of China official.

"Judging from the current situation, it's unlikely for the central bank to set interest rates too high," Yu Yongding, an adviser to the bank, was quoted as saying at a forum held over weekend at Qingdao, in Shandong Province.

Yu said China will maintain an interest rate differential of 2-3 percentage points between deposits denom