PBOC denies reports of reintroducing interest rate controls
MNI with this:
- The PBOC has denied a recent media report about China re-introducing interest rate controls
- Says its a distortion of facts and misleading
- PBOC says voluntary negotiations took place in May over deposit and lending rates among banks in Beijing
- This was aimed at maintaining fair competition and preventing irrational pricing
- People's Bank of China says China will continue with its market-oriented reform efforts while also encouraging financial institutions to set interest rates independently and rationally
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