The leak in China's banking system

The People's Bank of China's surprise decision to raise interest rates for the first time in nine years on 28 October prompted much speculation on the reason for the move. Some commentators said it marks the beginning of a liberalized interest-rate regime, which would be a precursor for revaluation of the yuan. This article suggests it could be because of a desperate need to lure depositors back to banks and away from the huge, informal lending market.

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