Interest Rate Liberalization： A Major Step in China＇s Financial Reform

摘要

cqvip:THE People’s Bank of China(PBC)scrapped controls over interest rates on loans offered by financial institutions on July 19.The floor on lending rates,which was 70 percent of benchmark lending rates,has been removed.Financial institutions will now independently determine the interest rates on a client-specific basis,depending on market forces.The move is considered one of the Chinese government’s most significant financial market reforms in recent years,