PBoC closes in on liberalisation with deposit insurance plan
The People's Bank of China (PBoC) underlined its determination to pursue interest rate liberalisation yesterday as it unveiled plans for a system of deposit insurance.
The Legislative Affairs Office of China's State Council published a draft regulation alongside a statement by the PBoC, and invited comments.
Under the proposals, deposits up to 500,000 yuan ($81,000) will be protected, with the scheme extending to all deposit-taking financial institutions in China. The PBoC says 99.6% of
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