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Heads of China's financial sector meet the press

03-11-2014 11:28 BJT Special Report: 2014 NPC & CPPCC Sessions |

The Governor of the People’s Bank of China, Zhou Xiaochuan, and the heads of China’s financial regulatory commissions have briefed the media, taking questions from the press over China’s financial reform and development.

One question was about China’s monetary policy, and interest rate liberalization. Governor Zhou said the current market environment is pushing for market-based interest rates, and liberalization is expected to be achieved in the short term.

Zhou Xiaochuan, governor of People's Bank of China, said, "Now, there is a dynamic in the market pushing for the liberalization of the interest rate. So in China we see many newly emerged banking services are pushing for a market-based interest rate. To release the deposit rate is the ultimate goal, and it will be the last step of deposit rate liberalization, since we have released many other rates into the hands of the market. It’s certainly in the plan, and in my view, we are very likely to achieve the goal in the next one or two years. And through the process of deposit rate liberalization, macro-control will change with it. Therefore, some short-term, high-profit opportunities will emerge, and the market will likely pursue those chances, which might lift the interest rate higher. But competition and the demand-and-supply relation will ultimately stabilize the rate."

The Governor of the People’s Bank of China, Zhou Xiaochuan, and the heads of China’s financial regulatory commissions have briefed the media, taking questions from the press over China’s financial reform and development.

 

Editor:James |Source: CCTV.com

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