Central Banking

PBoC takes ‘one of final steps' toward interest rate liberalisation

Zhou Xiaochuan, PBoC governor

China's central bank yesterday (June 2) took another step towards liberalising interest rates, allowing banks to issue certificate of deposits (CDs) to companies and individuals for the first time.

CDs, a fixture on the interbank market since 2013, are similar to traditional bank deposits but usually require a higher minimum level of investment.

There is a notable difference in China where, unlike bank accounts, CDs are exempt from the People's Bank of China's (PBoC) cap on deposit rates, which

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