Chinese interest rate reform

The People's Bank of China will continue reforms this year to make interest rates more market oriented, the central bank-backed Financial News said in a front-page editorial on 8 February.

According to the editorial the central bank will "establish a mechanism for the timely and dynamic adjustment of the rediscount rate and other central bank interest rates".

As well as reforming rates used to set monetary policy, the central bank will simplify the term structure of base lending rates and stu