China moves to liberalise banks

BEIJING — China has moved to liberalise its banking industry by scrapping all controls on interest rates, allowing lenders to set them themselves.

It is part of the government’s plan to make the economy more efficient and market-oriented.

In a statement on its website, the People’s Bank of China said it was removing the floor on lending rates for commercial banks.

It said it hoped the move would lead to lower costs for companies. (BBC)

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