久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

US EUROPE AFRICA ASIA 中文
Business / Markets

China takes step forward on interest rate reform

(Xinhua) Updated: 2014-11-25 16:44

BEIJING - The decision to expand the floating interest rate range marks an important step forward for China's market-oriented reform, known as interest rate liberalization, economists said.

The decision was announced on Friday by the People's Bank of China (PBOC) together with interest rate cuts, the first time since July 2012.

The deposit rate ceiling was raised to 120 percent of the one-year benchmark deposit rate, which stands at 2.75 percent, from the previous 110 percent "in support of market-oriented interest rate reform", the PBOC said in a statement.

Until June 2012 when the 110-percent deposit rate ceiling was introduced, China's commercial banks were generally not allowed to offer deposits rates higher than the benchmark.

"With the expansion of the upper limit of the floating range for deposit interest rates, financial institutions will have more room in pricing (deposit rates) on their own," the PBOC said in another statement.

It will also help establish a mechanism in which the interest rates are decided by the market, the PBOC said.

The central bank also canceled the five-year benchmark deposit rates, and is merging the one-/three-year and three-/five-year benchmark lending rates into a single rate at 6 percent.

"In making these changes, we think the PBOC is trying to hit two birds with one stone -- lower borrowing costs and accelerate interest rate liberalization," HSBC chief China economist Qu Hongbin said in a note.

UBS chief China economist Wang Tao echoed his view. The PBOC reduced the types of different lending and deposit rate benchmarks available, taking another step towards eventual full interest rate liberalization, she said.

Interest rate liberalization has been high on the agenda of China's overall reform. A reform masterplan, adopted at a key meeting of the Communist Party of China last November, promises to speed up the interest rate reform and allows the market to play a decisive role in resource allocation.

In March this year, central bank governor Zhou Xiaochuan said during China's annual legislative session that the country is very likely to ease its grip on banks' deposit rates -- the last and most important step of interest rate liberalization -- in the coming one or two years.

In July, Zhou reiterated that China is likely to have fully-liberalized interest rates within two years, but the timetable will depend on economic circumstances at home and abroad.

Overall, the PBOC has been following a step-by-step approach in the interest rate reform.

Last December, the PBOC allowed interbank trading of certificates of deposit (CDs), a financial instrument that gives commercial banks further market-determined pricing power, following the removal of the floor on lending rates last July.

Xiang Songzuo, chief economist at the Agricultural Bank of China, one of the country's big four lenders, said Friday's rate change was "a positive shot by the PBOC to eventually abolish the benchmark deposit and lending interest rates".

Qu?from HSBC said both the simplification of the interest rates and the higher upper bound are welcome steps towards interest rate liberalization.

The rate-change decision demonstrated the central bank's commitment to push forward interest rate liberalization even as it pursues monetary easing, Qu said.

Many in the market argued, incorrectly, that the PBOC's commitment to the interest rate liberalization process should preclude monetary easing. This argument blurred two conceptually distinct economic phenomena. With Friday's decision, the PBOC proved that it can easily make this distinction, Qu said.

Wang Tao agreed. "As we have argued, rate cuts and interest rate liberalization can be compatible," she said.

On Friday, the PBOC also said that the next step will be a gradual introduction of CDs to individuals and companies, and continues to liberalize deposit interest rates in an orderly manner.

Hot Topics

Editor's Picks
...
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    成人av电影在线| 欧美岛国在线观看| 午夜视频在线观看一区二区三区 | 色88888久久久久久影院按摩| 一区二区三区欧美亚洲| 欧美日韩视频在线第一区| 美女视频一区二区三区| 国产亚洲欧美一区在线观看| 97国产精品videossex| 午夜在线成人av| 日韩欧美123| 丁香激情综合国产| 一个色在线综合| 日韩精品在线一区二区| 成人午夜视频在线观看| 亚洲综合色自拍一区| 欧美大度的电影原声| 成人免费视频视频| 午夜国产精品一区| 国产亚洲一区二区三区四区| 色老汉av一区二区三区| 奇米四色…亚洲| 中文字幕不卡在线播放| 欧美日韩国产首页| 国产成人亚洲精品狼色在线| 亚洲综合免费观看高清完整版 | 久久久久99精品国产片| 91国在线观看| 久久精品久久综合| 国产精品电影院| 7777精品伊人久久久大香线蕉完整版| 国产经典欧美精品| 午夜久久久久久电影| 国产欧美日韩另类视频免费观看| 欧美三级视频在线观看| 国产乱色国产精品免费视频| 亚洲午夜免费福利视频| 国产喷白浆一区二区三区| 欧美少妇xxx| 懂色av一区二区三区免费观看 | 国内精品免费**视频| 亚洲精品乱码久久久久久日本蜜臀| 欧美不卡一区二区| 91尤物视频在线观看| 久久av中文字幕片| 亚洲香蕉伊在人在线观| 国产视频视频一区| 欧美一二三四区在线| 色综合久久久久久久久久久| 国产一区二区三区四区五区美女| 亚洲高清免费视频| 中文字幕制服丝袜一区二区三区| 欧美一级夜夜爽| 在线一区二区三区四区五区| 国产成人免费在线视频| 久久精品99国产精品| 亚洲电影一级黄| 综合分类小说区另类春色亚洲小说欧美 | 91性感美女视频| 国内精品嫩模私拍在线| 天天综合网天天综合色| 国产精品电影一区二区三区| 2024国产精品视频| 日韩一级欧美一级| 欧美午夜电影一区| 91丨九色丨蝌蚪丨老版| 国产精品夜夜爽| 精油按摩中文字幕久久| 日韩国产在线观看一区| 亚洲综合色区另类av| 亚洲欧洲国产日本综合| 国产亚洲福利社区一区| 日韩欧美一区二区免费| 欧美日韩和欧美的一区二区| 色88888久久久久久影院按摩| 成人18精品视频| 国产suv一区二区三区88区| 激情小说欧美图片| 毛片基地黄久久久久久天堂| 五月天激情综合网| 亚洲电影一级黄| 亚洲午夜激情网站| 亚洲一区二区高清| 艳妇臀荡乳欲伦亚洲一区| 专区另类欧美日韩| 日韩一区日韩二区| 中文字幕一区二区三区av| 中文幕一区二区三区久久蜜桃| 久久夜色精品国产噜噜av| 精品久久久久久久久久久久包黑料| 7777精品伊人久久久大香线蕉完整版 | 国产精品影视天天线| 麻豆精品一区二区| 麻豆91在线观看| 蜜臀久久久99精品久久久久久| 日本亚洲三级在线| 免费成人在线观看视频| 日本va欧美va精品| 麻豆一区二区99久久久久| 免费在线观看成人| 久久97超碰色| 国产一区二区三区香蕉| 国产成人亚洲综合a∨猫咪| 国产iv一区二区三区| 成人免费视频免费观看| gogo大胆日本视频一区| 91丨porny丨首页| 91精品1区2区| 欧美另类一区二区三区| 日韩一区二区在线观看视频 | 日韩美一区二区三区| 精品国产免费一区二区三区四区| 精品三级av在线| 国产亚洲美州欧州综合国| 国产精品人妖ts系列视频| 国产精品进线69影院| 亚洲免费资源在线播放| 一区二区三区蜜桃网| 五月婷婷色综合| 老司机免费视频一区二区| 激情综合网最新| 国产不卡视频一区| 91热门视频在线观看| 欧美系列日韩一区| 日韩一级欧美一级| 国产亚洲综合在线| 亚洲色图清纯唯美| 香蕉加勒比综合久久| 久久99精品久久久久久动态图 | 久久久天堂av| 国产精品久久精品日日| 亚洲一区在线观看免费| 男女视频一区二区| 国产福利一区二区三区视频| 99精品热视频| 欧美高清激情brazzers| 久久亚洲欧美国产精品乐播| 亚洲欧洲国产专区| 天天av天天翘天天综合网色鬼国产| 老司机午夜精品| 99天天综合性| 777奇米四色成人影色区| 久久久久久**毛片大全| 亚洲免费在线播放| 三级欧美韩日大片在线看| 国产精品1区二区.| 在线观看成人小视频| 日韩精品一区二区三区视频| 国产精品不卡一区| 天天操天天干天天综合网| 国产盗摄视频一区二区三区| 在线日韩一区二区| 久久综合一区二区| 一区二区三区不卡视频在线观看| 麻豆成人久久精品二区三区小说| 国产成人av一区| 777久久久精品| 国产精品国产自产拍高清av| 日本在线不卡视频| 99精品欧美一区二区蜜桃免费 | 91成人免费电影| 亚洲精品在线免费播放| 亚洲精品一卡二卡| 精品一区二区久久久| 91精彩视频在线观看| 欧美电视剧在线看免费| 亚洲美女区一区| 国内成人免费视频| 欧美日韩一区高清| 国产精品青草久久| 日本不卡一区二区| 色欧美日韩亚洲| 久久精品视频网| 日韩av中文在线观看| 不卡视频免费播放| 精品国产1区二区| 亚洲国产wwwccc36天堂| 成人黄色片在线观看| 日韩精品一区二区三区在线| 亚洲精品国产无天堂网2021| 国产露脸91国语对白| 91精品久久久久久久99蜜桃 | 成人ar影院免费观看视频| 日韩一卡二卡三卡四卡| 一区二区三国产精华液| 国产精品99久久久| 日韩一级片网站| 亚洲国产美国国产综合一区二区| 成人午夜电影久久影院| 欧美精品一区二区三区在线| 天天综合网天天综合色| 在线观看不卡一区| 中文字幕一区二区三区精华液| 国产综合色在线视频区| 日韩一区二区免费在线电影| 夜色激情一区二区| 91麻豆精品在线观看| 中文字幕第一区二区| 精品亚洲porn| 6080yy午夜一二三区久久|