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China Expands Trial to Liberalize Foreign-Currency Deposit Rates

Posted on 27 June 2014

China’s central bank took a small step toward its long-promised liberalization of interest rates by partially removing a cap on foreign-currency deposit rates in Shanghai. The incremental move is part of a longer-term bid to introduce more competition within China’s banking system.
The People’s Bank of China said Thursday it would expand a pilot program to all of Shanghai involving small-account foreign-currency deposit rates that was previously confined to Shanghai’s free-trade zone………………………………………..Full Article: Source


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